04 Prelim Examination
04 Prelim Examination
YEAR-END PROCEDURES
PROBLEM NO. 1
The May 31, 2020 trial balance for lly Abella Surveyors is presented
as follows:
Cash 210,000
Accounts Receivable 930,000
Prepaid Advertising 360,000
Engineering Supplies 270,000
Survey Equipment 1,890,000
Accum. Depreciation-Survey Equipt. 640,000
Accounts Payable 190,000
Unearned Survey Revenues 120,000
Notes Payable 500,000
Abella, Capital 1,120,000
Abella, Withdrawals 700,000
Survey Revenues 6,510,000
Salaries Expense 3,270,000
Rent Expense 960,000
Insurance Expense 250,000
Utilities Expense 160,000
Miscellaneous Expense 80,000
TOTAL 9,080,000 9,080,000
Required:
1. Adjusting Journal Entries.
2. Prepare the following documents: worksheet, income statement,
statement of changes in equity, balance sheet.
3. Closing entries.
4. Post-Closing Trial Balance.
5. Reversing entries.