Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lugue Consulting Co. Accounts Unadjusted Trial Balance Adjustments Adjusted Trial balance Income Statement Balance Sheet October 31, 2018 SET A 12% yearly DR CR DR

image text in transcribedimage text in transcribedimage text in transcribed
Lugue Consulting Co. Accounts Unadjusted Trial Balance Adjustments Adjusted Trial balance Income Statement Balance Sheet October 31, 2018 SET A 12% yearly DR CR DR CR DR CR DR CR DR CR Cash 371,195 Accounts Receivable 158,620 Notes Receivable 23,000 Office Supplies 14,600 Prepaid Insurance 24,000 Land 385,000 Office Furniture and Equipment 255,000 Computer Equipment 64,500 Accounts Payable 133,900 Notes Payable 231,000 Unearned Revenue 34,500 c. Ms. Lugue, Capital 761,500 Consulting Revenue 208,015 Salaries Expense 36,000 Rent Expense 21,500 Repair Expense 2,500 Utilities Expense 9,500 Miscellaneous Expense 3,500 TOTAL 1,368,915 1,368,915 NET PROFIT/LOSSThe followlng information pertaining to the year-end adjustments: a. Office Supplies on hand at October 31, 2018 amounted to P2000 b. Solve for the accrued expense of the Notes Payable. The Notes are payable in 2 years with 12% interest per annum. c. Determine that 1f3 of the unearned revenue of seminar was earned at the end of the month. d. The notes receivable were accepted from client last September 30, 2018 . The notes will be settled with 4% interest on January 31, 2019. Compute for the accrued intrest income e. Solve for the depreciation of Non Current Assets using the following information. Asset Salvage Value Useful life Office Furniture 8: Eqpt P25000 5 years Computer P5600 5 yea rs Note: Noncurrent assets were purchased last month. f. Company made a payment for 1 year coverage of insurance last September 1, 2018. Compute for the expired portion. REQUIRED: 1. Prepare the adjustments using Worksheet 2. Prepare the Adjusted Trial Balance using Worksheet 3. Prepare the Income Statement using Worksheet and separate sheet with the proper format 4. Prepare the Balance Sheet using Worksheet and separate sheet with the proper format (Report form) 5. Prepare the closing entries Use the additional accounts Interest Receivable Office Supplies expense Interest Income Depreciation expense Interest Expense Accumulated Depreciation Interest Payable Other Revenue Insurance Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A First Course In Probability

Authors: Sheldon Ross

9th Edition

978-9332519077, 9332519072

Students also viewed these Accounting questions