ANSWER THE FOLLOWING ACCOUNTING PROBLEMS. THERE ARE 3 DIFFERENT TRANSACTIONS AND DIRECTIONS.
ACTIVITY EVALUATION DIRECTION: Prepare adjusting entries on the worksheet (10-column), complete the worksheet, the financial statements, closing entries, post-close trial balance and reversing entries, if any. All journal entries shall be written on a 2-column journal. The May 31, 2020 trial balance for Rosalina Besario Surveyors is presented as follows: Rosalina Besario Surveyors Trial Balance May 31, 2020 Accounts Debit Credit Cash 210,000 Accounts receivable 930,000 Prepaid advertising 360,000 Engineering supplies 270,000 Survey equipment 1,890,000 Accumulated depreciation - Survey equipment 640,000 Accounts payable 190,000 Unearned survey revenue 120,000 Notes payable 500,000 Besario, Capital 1,120,000 Besario, Drawings 700,000 Survey revenue 6,510,000 Salaries expenses 3,270,000 Rent expense 960,000DIRECTION: Perform the complete accounting cycle from analyzing to reversing entries. Put all the journal entries in a general journal (2-column journal sheet). Use T-accounts in posting the entries to the ledgers. Complete a 10-column worksheet. Prepare the financial statements in a yellow sheet of paper. (Develop your own chart of accounts) Edgar Detoya, tax consultant, began his practice on December 1, 2019. The transactions of the firm are as follows: December Detoya invested P150,000 in the firm. 2 Paid rent for December to Recoletos Realty, P8,000. 2 Purchased supplies on account, P7,200. 3 Acquired P75,000 office equipment, paying P37,000 down with the balance due in 30 days. 8 Paid P7,200 on account for supplies purchased. 14 Paid assistants salaries for two weeks P6,000. 20 Perform consulting services for cash, P20,000. 28 Paid assistants salaries for two weeks, P6,000. 30 Billed clients for December consulting services, P48,000. 31 Detoya withdrew P12,000 cash from the business. Additional information at December 31, 2019: a. Supplies on hand at December 31 amounted to P4,700. b. Salaries of P1,800 have accrued at month end.c. Depreciation is P800 for December. d. Detoya spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed at P500 per hour.DIRECTION: Prepare adjusting entries on the worksheet (10-column), complete the worksheet, the financial statements, closing entries, post-close trial balance and reversing entries, if any. All journal entries shall be written on a 2-column journal. Presented below is the unadjusted trial balance of Moises Dondoyano Information Systems for the year ended December 31, 2020. Moises Dondoyano Information Systems Unadjusted Trial Balance December 31, 2020 Accounts Debit Credit Cash 45,000 Notes receivable 360,000 Accounts receivable 156,000 Office supplies 63,000 Land 300,000 Building 1,590,000 Accumulated depreciation - building 254,000 Equipment 2, 150,000 Accumulated depreciation - equipment 612,000 Accounts payable 213,000 Unearned consulting revenues 450,000 Dondoyano, Capital, January 1 2,655,000 Dondoyano, Withdrawals 600,000Consulting revenues 2,108.000 Salaries expense 875,000 Repairs expense 116,000 Miscellaneous expense 37,000 Totals M M Additional information: 3. Ofce supplies on.hand as at December 31, 2020 is P21 ,000. b. One-third of the unearned consulting revenues has been earned as at December 31 , 2020. c. Depreciation for the year amounted to P38,000 for the building and P123000 for the ' equipment. d. Salaries in the amount of P14,000 have accrued at year-end. e. The notes receivable was accepted from several customers. The note was issued on September 1, 2020 and will be settled together with a 20% interest on May 31, 2021. Utilities expense 160,000 Insurance expense ' 250,000 Miscellaneous expense 80.000 Totals M M The follovving information pertaining to the year-end adjustments is available: a. The P360.000 prepaid advertising represents expenditure made on NOVember 1, 2019 for monthly advertising over the next 18 months. A count of engineering supplies at May. 31, 2020 amount to P90,000. Depreciation on the surveying equipment amounted to P160,000. One-third of the unearned survey revenues has been earned at year-end. . At year-end. salaries in the amount of P140,000 have accrued. net-1.057 Interest of P60,000 on the notes payabte has accrued at yearend
