Mr. Jose Calves operates a realty office in its third year. His accountant prepared the following...
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Mr. Jose Calves operates a realty office in its third year. His accountant prepared the following unadjusted trial balance as of December 31 of the current year. Cash Accounts Receivable Notes Receivable Accrued Interest Income Office Supplies Prepaid Insurance Prepaid Advertising Office Equipment Accumulated Depreciation Accounts Payable. Accrued Expenses Unearned Fees Jose Calves, Capital Jose Calves, Drawing Fees Earned JOSE CALVES REALTY UNADJUSTED TRIAL BALANCE DECEMBER 31, 2021 Advertising Expense Salary Expense Rent Expense Utilities Expense Insurance Expense Supplies Expense Depreciation Expense Miscellaneous Expense Interest Income Totals P30.250.00 50.000 20,000 91,600 40,400 215,500 55,000 16,500 7,200 5,400 - 12,600 P544,450 P18,320.00 9,250 12,500 64,880 439,500 P544,450 The data needed to determine the year-end adjustments are as follows: 1. Office Supplies used during the year was 4,050. 2. Office Equipment has a useful life of 10 years without salvage 3. Accrued Fees Earned but not yet collected, P10,000 4. Unpaid Salaries and wages at December 31 was 4,400 5. Fees of P5,000 collected in advance on December 30 will be for services to be rendered next year 6. Miscellaneous expense was erroneously recorded as P12,600 instead of 10,000 REQUIRED: 1. Prepare the necessary adjusting journal entries 2. Prepare a 6-column worksheet to show adjustments and balances 3. Prepare an adjusted trial balance at December 31 Mr. Jose Calves operates a realty office in its third year. His accountant prepared the following unadjusted trial balance as of December 31 of the current year. Cash Accounts Receivable Notes Receivable Accrued Interest Income Office Supplies Prepaid Insurance Prepaid Advertising Office Equipment Accumulated Depreciation Accounts Payable. Accrued Expenses Unearned Fees Jose Calves, Capital Jose Calves, Drawing Fees Earned JOSE CALVES REALTY UNADJUSTED TRIAL BALANCE DECEMBER 31, 2021 Advertising Expense Salary Expense Rent Expense Utilities Expense Insurance Expense Supplies Expense Depreciation Expense Miscellaneous Expense Interest Income Totals P30.250.00 50.000 20,000 91,600 40,400 215,500 55,000 16,500 7,200 5,400 - 12,600 P544,450 P18,320.00 9,250 12,500 64,880 439,500 P544,450 The data needed to determine the year-end adjustments are as follows: 1. Office Supplies used during the year was 4,050. 2. Office Equipment has a useful life of 10 years without salvage 3. Accrued Fees Earned but not yet collected, P10,000 4. Unpaid Salaries and wages at December 31 was 4,400 5. Fees of P5,000 collected in advance on December 30 will be for services to be rendered next year 6. Miscellaneous expense was erroneously recorded as P12,600 instead of 10,000 REQUIRED: 1. Prepare the necessary adjusting journal entries 2. Prepare a 6-column worksheet to show adjustments and balances 3. Prepare an adjusted trial balance at December 31
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Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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