NAME:

SECTION:
SCORE:
Problem#4
PROFESSOR:
Worksheet Preparation

The May 31, 2022 trial balance for lly Abella

m Surveyors is presented as follows:
Ily Abella Surveyors
Trial Balance
May 31,2022
Cash
P 210,000
Accounts Receivable
Prepaid Advertising 930,000
360,000
Engineering Supplies
Survey Equipment 270,000
1,890,000
Accum. Depreciation-Survey Equipt. P 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
of
Miscellaneous Expense 80,000
Totals P9,080,000 P9,080,000

The following information pertaining to the year-end adjustments is available:

a. The P360,000 prepaid advertising representsexpenditure made on Nov. 1, 2021 for
monthly advertising over the next 18 months.
P90,000.
0. A count of the èngineering supplies at May 31, 2022 amounted to
amounted to P160,000.
C. Depreciation on the surveying equipment
has been earned at year-end.
. One-third of the unearned survey revenues
P140,000 have accrued.
Atyear-end, salaries in the amount of accrued at year-end.
Interest of P60,000 on the notes payable has
the worksheettand complete the worksheet.
Required: Prepare the adjustments on
 PROFESSOR:

Problem #5
Comprehensive Problem
Presented below is the unadjusted trial balance of the Leah May Santiago Information
Systems for the year ended Dec. 31, 2022:
Leah May Santiago Information Systems
Unadjusted Trial Balance
Dec. 31, 2022
Cash
45,000
Notes Receivable
Accounts Receivable
360,000
Office Supplies
156,000
Land
63,000
300,000
Building 1,590,000
Accumulated Depreciation-Building P 254,000
Equipment 2,150,000
Accumulated Depreciation-Equipment
Accounts Payable 612,000
Unearned Consulting Revenues 213,000
Santiago, Capital, 1/1/2022 450,000
Santiago, Withdrawals 2,655,000
Consulting Revenues 600,000
Salaries Expense 2,108,000
Repairs Expense 875,000
Miscellaneous Expense 116,000
Totals 37,000
P6,292,000 P6,292,000
Additional information:
a. Office supplies on hand as at Dec. 31, 2022 is
b.One-third of the unearned revenues has beenP21,000.
earned as at Dec. 31, 2022.
c. Depreciation for the year
for the equipment.
amounted to P38,000 for the building and P123,000
d. Salaries in the amount of P14,000
have
e. The notes receivable were accepted accrued at year-end.
from several
issued on Sept. 1, 2022 and will be settled togethercustomers. The notes were
with a 20% interest on May
31, 2023.

Required:
1. Establish a ledger account for each of the account in the
unadjusted trial balance.
2. Journalize and post the adjusting entries.
3. Prepare an adjusted trial balance.
4. Prepare an income statement, astatement of changes in equity and a balance
sheet.
Problem #12
Preparing the Financial Statements
The accounts for the balance
sheet,
statement of MarrielCullano, CPA, are asstatement of changes in equity, and income
follows:
Accounts Payable P 63,500
Accounts Receivable
Accumulated Depreciation-Building 198,000
110,000
Accumulated Depreciation-Office Equipment 120,000
Auditing Revenues
Building 1,361,500
Cash 750,000
118,500
Depreciation Expense-Building 55,000
Depreciation Expense-Office Equipment 60,000
Cullano, Capital, 1/1/2022 1,193,500
Cullano, Withdrawals
Land 165,000
Notes Receivable 75,000
Office Equipment 60,000
Office Supplies Expense 362,500
Office Supplies 96,000
Professional Development Expense 28,000
Rent Expense 86,500
Salaries Expense 52,500
Salaries Payable 735,000
Travel Expense 30,500
Utilities Expense 41,000
18,000
During the year, Cullano invested additional P22,000 in the
business.
Required:
Prepare the income statement, statement of changes in equity and
balance sheet.
Problem #2
Preparing Adjusting Entries from Unadjusted and Adjusted Trial Balances
The unadjusted and adjusted Dec. 31, 2022 trial balances for the A.T. Design are
presented below:

A.T. Design
Trial Balances
December 31, 2022

Unadjusted Adjusted

Cash P 72,000 P 72,000

Accounts Receivable 331,000 331,000
Prepaid Insurance 48,000 36,000
125,000 72,000
Supplies 170,000
Land 170,000
850,000 850,000
Building P 245,000
Accum. Depreciation-Building P 230,000
620,000 620,000
Computer Equipment 124,000
Accum. Depreciation-Computer Equipt. 106,000
550,000 S50,000
Notes Payable 143,000 143,000
Accounts Payable 34,000
Salaries Payable 77,000
Interest Payable 470,000 470,000
Mortgage Payable 310,000 310,000
Tejero, Capital 250,000
250,000
Tejero, Withdrawals 1,470,000 1,470,000
Computer-Aided Design Service Revenues 813,000 847,000
Salaries Expense 12,000
Insurance Expense 53,000
Supplies Expense 15,000
Depreciation Expense-Building 18,000
Depreciation Expense-Computer Equipt. 77,000
P3,423,000 P3,423,000
Interest Expense P3,279,000 P3,279,000
Totals

Required:
trial balances. Determine the adjustments that
adjusted
Compare the unadjusted and
were made.
 Problem #2
Permanent or Temporary Accounts
Classify the accounts listed below as permanent or temporary, and indicate whether or
financial statementin which each
not each account is closed. Also, indicate the account
willappear.
Closed
Balance
No Sheet
Income
Account Title Permanent Temporary Yes
X
Statement
Example: Building X

a. Rent Expense
b. Prepaid Insurance
C. Accounts Receivable
d. Supplies Expense
e. Accum. Depreciation-F/F
f. Interest Payable
g. Service Revenues
h. Notes Payabie
i. Depreciation Expense-F/F

Problem #3
Extension of Account Balances to Proper Worksheet Columns

Listed below are the ledger accounts appearing in the adjusted trial balance columns of
a worksheet from Elaine Joy Claudel Animators:
1. Cash 11. Accounts Receivable
2. Buildings 12.
3.
Interest Expense
Salaries Expense 13. Interest Revenues
4. Mortgage Payable 14. Unearned Revenues
S. Prepaid lnsurance 15. Office Supplies
6. Equipment 16. Withdrawals
7. Utilities Expense
8
17. Interest Payable
Land 18.
9. Service Revenues
Accum. Depreciation-Bldg.
19. Rent Expense
10. Salaries Payable 20. Accounts Payable
Required:
On the space provided, indicate in which column of the worksheet the amount ineach
account would be extended by entering the following
debit; b. income statement, credit; c. balance sheet, debit;letters: a. income stateme
d. balance sheet, credit.