Prepare a adjusting entries in worksheet. Refer to the worksheet you have prepared, prepare the Statement of

Financial Position and Statement of Financial Performance.

Godofredo Company

Unadjusted Trial Balance

As of December 31, 2020

Debit Credit

Cash 100,000

Accounts receivable 500,000

ACC 102: Fundamentals of Financial Accounting and Reporting

Student Activity Sheet #14

Page 3 of 5 ACC 102

Merchandise inventory 700,000

Prepaid rent 300,000

Shop equipment 1,600,000

Accumulated depreciation 200,000

Accounts payable 400,000

Godofredo, Capital 1,300,000

Godofredo, Withdrawals 100,000

Sales 2,900,000

Sales discounts 100,000

Purchases 800,000

Purchase returns & Allowances 200,000

Transportation in 100,000

Salaries expense 400,000

Advertising expense 150,000

Utilities expense 100,000

Supplies expense . 50,000 .

Totals 5,000,000 5,000,000

Additional information:

a. Accrued salaries at year-end amounted to P30,000.

b. Rent in the amount of P100,000 has expired during the year.

c. Depreciation on shop equipment is P200,000.

d. The Dec. 31 merchandise inventory amounted to P500,000.