Question
Worksheet Preparation The May 31, 2018 trial balance of Rosalina Besario Surveyors is presented as follows: Rosalina Besario Surveyors Trial Balance May 31, 2018 Cash
Worksheet Preparation
The May 31, 2018 trial balance of Rosalina Besario Surveyors is presented as follows:
Rosalina Besario Surveyors
Trial Balance
May 31, 2018
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 Revenues 120,000
Notes Payable 500,000
Besario, Capital 1,120,000
Besario, Withdrawals 700,000
Survey Revenues 6,510,000
Salaries Expense 3,270,000
Rent Expense 960,000
Insurance Expense 250,000
Utilities Expense 160,000
Miscellaneous Expense 80,000
Total 9,080,000 9,080,000
The following information pertaining to the year-end adjustments is available:
a. The P360,000 prepaid advertising represents expenditure made on November 1, 2017 for
monthly advertising over the next 18 months.
b. A count of the engineering supplies at May 31, 2018 amounted to P90,000.
c. Depreciation on the surveying equipment amounted to P160,000.
d. One-third of the unearned survey revenues has been earned at year-end.
e. At year-end, salaries in the amount of P140,000 have accrued.
f. Interest of P60,000 on the notes payable has accrued at year-end.
Required: Prepare the adjustments and complete the worksheet.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started