Account Titles Account code Type

Cash 200 Asset

Accounts Receivable 201 Asset
Supplies 202 Asset
Prepaid Rent Expense 203 Asset
Prepaid Insurance 204 Asset
Furniture and Fixture 205 Asset
Accum. Dep. - F&F 2051 Asset
Service Vehicle 206 Asset
Accum. Dep. - SV 2061 Asset
Land 207 Asset
Accounts Payable 300 Liability
Wages Payable 301 Liability
Utilities Payable 302 Liability
Interest Payable 303 Liability
Unearned Consultancy Income 304 Liability
Notes Payable 305 Liability
Bhav, Capital 400 Equity
Consultancy Income 500 Income
Utilities Expense 600 Expense
Wages Expense 601 Expense
Administrative Expense 602 Expense
Interest Expense 603 Expense
Supplies Expense 604 Expense
Rent Expense 605 Expense
Insurance Expense 606 Expense
Depreciation Expense 606 Expense
Vlookup
Unadjusted
Trial Balance Adjustments
Account Code Account Titles Dr. Cr. Dr.
Cash ₱ 50,000.00
Accounts Receivable ₱ 100,000.00
Supplies ₱ 10,000.00
Prepaid Rent Expense ₱ 40,000.00
Prepaid Insurance ₱ 8,000.00
Furniture and Fixture ₱ 100,000.00
Accum. Dep. - F&F ₱ 48,000.00
Service Vehicle ₱ 500,000.00
Accum. Dep. - SV ₱ 240,000.00
Land ₱ 800,000.00
Accounts Payable ₱ 45,000.00
Wages Payable ₱ 75,000.00
Utilities Payable ₱ 15,000.00
Interest Payable ₱ 10,000.00
Unearned Consultancy Income ₱ 200,000.00 ₱ 155,000.00
Notes Payable ₱ 300,000.00
Bhav, Capital, May 1, 2024 ₱ 417,000.00
Bhav, Capital, May 31, 2024
Consultancy Income ₱ 300,000.00
Utilities Expense ₱ 7,000.00
Wages Expense ₱ 15,000.00 ₱ 25,000.00
Administrative Expense ₱ 20,000.00
TOTAL ₱ 1,650,000.00 ₱ 1,650,000.00
Interest Expense ₱ 2,500.00
Supplies Expense ₱ 6,000.00
Rent Expense ₱ 5,000.00
Insurance Expense ₱ 1,000.00
Depreciation Expense ₱ 4,500.00
TOTAL ₱ 199,000.00
Net Income/Loss

Adjusting entries:
A. Supplies left in store room was P4,000.00
B. Earned P155,000.00 this period of amount in unearned consultancy revenue
C. Wages accrued but not paid yet total P25,000.00
D. One month rent has been consumed out of the prepaid rent expense, amounti
E. One month insurance expense must be adjusted amounting to P1,000.00
F. P2,500.00 of Interest from Notes Payable must be accrued. The interest is pay
G. One month Depreciation on Furniture and Fixture must be adjusted
 H. One month Depreciation on Service Vehicle must be adjusted

Note 1: Furniture and Fixture has a useful life of 10 years with a salvage value of P10,0
Note 2: Service Vehicle has a useful life of 10 years with a salvage value of P50,000.00
Note 3: Both Depreciable Assets use straigh-line method in computing its depreciation
 Adjusted Income
Adjustments Tria Balance Statement
Cr. Dr. Cr. Dr. Cr.
₱ 50,000.00
₱ 100,000.00
₱ 6,000.00 ₱ 4,000.00
₱ 5,000.00 ₱ 35,000.00
₱ 1,000.00 ₱ 7,000.00
₱ 100,000.00
₱ 750.00 ₱ 48,750.00
₱ 500,000.00
₱ 3,750.00 ₱ 243,750.00
₱ 800,000.00
₱ 45,000.00
₱ 25,000.00 ₱ 100,000.00
₱ 15,000.00
₱ 2,500.00 ₱ 12,500.00
₱ 45,000.00
₱ 300,000.00
₱ 417,000.00

₱ 155,000.00 ₱ 455,000.00 ₱ 455,000.00

₱ 7,000.00 ₱ 7,000.00
₱ 40,000.00 ₱ 40,000.00
₱ 20,000.00 ₱ 20,000.00

₱ 2,500.00 ₱ 2,500.00
₱ 6,000.00 ₱ 6,000.00
₱ 5,000.00 ₱ 5,000.00
₱ 1,000.00 ₱ 1,000.00
₱ 4,500.00 ₱ 4,500.00
₱ 199,000.00 ₱ 1,682,000.00 ₱ 1,682,000.00 ₱ 86,000.00 ₱ 455,000.00
₱ 369,000.00
₱ 455,000.00 ₱ 455,000.00

unearned consultancy revenue

e prepaid rent expense, amounting to P5,000.00

ed amounting to P1,000.00
t be accrued. The interest is payable at December 31, 2024.
ure must be adjusted
ust be adjusted

ars with a salvage value of P10,000.00.

h a salvage value of P50,000.00.
od in computing its depreciation expense
 Balance Sheet
Statement
Dr. Cr.
₱ 50,000.00
₱ 100,000.00
₱ 4,000.00
₱ 35,000.00
₱ 7,000.00
₱ 100,000.00
₱ 48,750.00
₱ 500,000.00
₱ 243,750.00
₱ 800,000.00
₱ 45,000.00
₱ 100,000.00
₱ 15,000.00
₱ 12,500.00
₱ 45,000.00
₱ 300,000.00

₱ 786,000.00

₱ 1,596,000.00 ₱ 1,596,000.00 ₱ -
 Lentrims Haven
Income Statement
For the Month Ended May 31, 2024

Revenues
Consultancy Income 455,000.00

Expenses
Utilities Expense 7,000.00
Wages Expense 40,000.00
Administrative Expense 20,000.00
Rent Expense 5,000.00
Dpereciation Expense 4,500.00
Supplies Expense 6,000.00
Insurance Expense 1,000.00
Interest Expense 2,500.00
Total 86,000.00

Profit/(Loss) 369,000.00
Question answer Function
1. How much is the 4th largest expense? Large
2. How much is the largest expense? Max
3. How much is the 2nd smallest expense Small
4. How muchi is the avarage expenses? Average
 Lentrims Haven
Statement of Changes in Equity
For the Month Ended May 31, 2024

Bhav, Capital, May 1, 2024 417000

Add: Additional Investment by Bhav 0
Profit 369,000.00 369,000.00
Total 786,000.00
Less: Withdrawals 0
Bhav, Capital, May 31, 2024 786,000.00
 Lentrims Haven
Balance Sheet
May 31, 2024

Assets

Current Assets
Cash
Accounts Receivable
Supplies
Prepaid Rent Expense
Prepaid Insurance
Total Current Assets

Non-Current Assets
Furniture and Fixture
Accum. Dep. - F&F
Service Vehicle
Accum. Dep. - SV
Land
Total Non-Current Assets
Total Assets

Liabilities

Current Liabilities
Accounts Payable
Wages Payable
Utilities Payable
Interest Payable
Unearned Consultancy Income
Total Current Liabilities

Non-Current Liabilities
Notes Payable
Total Non-Current Liabilities
Total Liabilities

Owner's Equity

Bhav, Capital, May 31, 2024

Total Liabilities and Owner's Equity
 Use Vlookup
Sheet
, 2024

ets

-
-
-
-
-
-

-
- -
-
- -
-
-
-

ities

-
-
-
-
-
-

-
-
-

Equity

-
-
A.
B.
C.
D.
E.
F.
G.
H.
Supplies left in store room was P4,000.00
Earned P155,000.00 this period of amount in unearned consultancy revenue
Wages accrued but not paid yet total P25,000.00
One month rent has been consumed out of the prepaid rent expense, amounting to P5,000.00
One month insurance expense must be adjusted amounting to P1,000.00
P2,500.00 of Interest from Notes Payable must be accrued. The interest is payable at December 31, 2024.
One month Depreciation on Furniture and Fixture must be adjusted
One month Depreciation on Service Vehicle must be adjusted
 2024
May 31 Supllies Expense 6,000.00
Supplies 6,000.00
To record adjustments in Supplies.

31 Unearned Consultancy Income 155,000.00

Consultancy Income 155,000.00
To record earned income

31 Wages Expense 25,000.00

Wages Payable 25,000.00
Description

31 Rent expense 5,000.00

Prepaid Rent Expense 5,000.00
Description

31 Insurance Expense 1,000.00

Insurance 1,000.00

31 Interest Expense 2,500.00

Interest Payable 2,500.00
Desc

31 Depreciation Expense 4,500.00

Accum. Dep. - F&F 750.00
Accum. Dep. - SV 3,750.00
Consulting Revenues 455,000.00
Income Summary 455,000.00

Income Summary 86,000.00

Utilities Expense 7,000.00
Wages Expense 40,000.00
Administrative Expense 20,000.00
Rent Expense 5,000.00
Dpereciation Expense 4,500.00
Supplies Expense 6,000.00
Insurance Expense 1,000.00
Interest Expense 2,500.00

Income Summary 369,000.00

Bhav, Capital 369,000.00
 Lentrims Haven
Post Closing Trial Balance
May 31, 2024

Cash 50,000.00
Accounts Receivable 100,000.00
Supplies 4,000.00
Prepaid Rent Expense 35,000.00
Prepaid Insurance 7,000.00
Furniture and Fixture 100,000.00
Accum. Dep. - F&F 48,750.00
Service Vehicle 500,000.00
Accum. Dep. - SV 243,750.00
Land 800,000.00
Accounts Payable 45,000.00
Wages Payable 100,000.00
Utilities Payable 15,000.00
Interest Payable 12,500.00
Unearned Consultancy Income 45,000.00
Notes Payable 300,000.00
Bhav, Capital, May 31, 2024 786,000.00
1,596,000.00 1,596,000.00 -
 Reversing Entry

AJE
May 31 Salary Expense 1,800.00 May 31
Salaries Payable 1,800.00

June 1 Salaries Payable 1,800.00

Salary Expense 1,800.00

June 15 Salaries Expense 7,200.00 June 15

Cash 7,200.00
Salary Expense 1,800.00
Salaries Payable 1,800.00

Salaries Expense 5,400.00

Salaries Payable 1,800.00
Cash 7,200.00