The Trial Balance of PEDRO JOSE Advertising Agency before adjustments are shown below: PEDRO JOSE ADVERTISING AGENCY Trial Balance October 31, 2020

ACCOUNT TITLES DEBIT CREDIT Cash P 260,000 Accounts receivable 28,800 Prepaid rent 70,000 Prepaid insurance 50,000 Office supplies 19,200 Office equipment ` 96,000 Accumulated depreciation P 14,000 Notes payable 30,000 Accounts payable 120,000 Salaries payable 30,000 Interest payable 2,000 PJ Capital 200,000 PJ Drawing 32,000 Commission revenue 160,000 Total P 556,000 P 556,000

INSTRUCTIONS: 1. Prepare a worksheet. 2. Adjustment data on October 31, 2020, the end of the month: (a) the uncollectible account is 5% of accounts receivable (b) Prepaid rent is for six months beginning September 1. (c) Expired insurance, P 36,000. (d) Unearned commission, P 8,000. (e) Unpaid salaries, P 24,000. 3. Prepare an Income Statement, CapitalStatement and balance sheet.

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EXERCISE 5-1 Preparation of a Worksheet The Trial Balance of PEDRO JOSE Advertising Agency before adjustments are shown below: PEDRO JOSE ADVERTISING AGENCY Trial Balance October 31, 2020 CREDIT DEBIT P 260,000 28,800 70,000 50,000 19,200 96,000 ACCOUNT TITLES Cash Accounts receivable Prepaid rent Prepaid insurance Office supplies Office equipment Accumulated depreciation Notes payable Accounts payable Salaries payable Interest payable PJ Capital PJ Drawing Commission revenue Total P 14,000 30,000 120,000 30,000 2,000 200,000 32,000 160,000 P 556.000 P 556.000 INSTRUCTIONS: 1. Prepare a worksheet. 2. Adjustment data on October 31, 2020, the end of the month: (a) the uncollectible account is 5% of accounts receivable (b) Prepaid rent is for six months beginning September 1. (c) Expired insurance, P 36,000. (d) Unearned commission, P 8,000. (e) Unpaid salaries, P 24,000. 3. Prepare an Income Statement, Capital Statement and balance sheet