TEAM Name Chupa-Chups

Team Members 1 Noela Mae M.Oco

2 Alyana Ashley Carpio
3 Prince Ralph Abo

To ensure that each member of the group has a fair contribution to the output, you will be required to log all your activitie
with respect to this assignment. You are required to disclose in full details your contribution to the group.
I reserved the right not to put any grade to that particular member if he/she failed to contribute anything, OR even if the
contribution is IMMATERIAL.

LOGSHEET:
Name Timestamp (Date/Time)
N Oco 10/24 4:15pm
A Carpio 10/24 4:17pm
P Abo 10/24 4:18pm
N Oco 10/24 4:16PM
n Oco 10/24 4:30PM
A Carpio 10/24 4:17pm
P Abo 10/24 4:18pm
A Carpio 10/24 4:33pm
P Abo 10/24 4:34pm
N Oco 10/24 4:40pm
N Oco 10/24 4:34pm
All members 10/24 4:40pm
All members 10/24 5:30pm
P Abo 10/25 1:00pm
A Carpio 10/25 1:03pm
N Oco 10/25 1:10pm
A Carpio 10/25 2:08pm
P Abo 10/25 2:10pm
N Oco 10/25 2:12pm
A Carpio 10/26 5:13pm

All members 10/26 4:01pm

J Dela Cruz 10/27 10:19am
 Assigned Task
GL asset , AJE , worksheet , Balance Sheet
GL liabilities ,worksheet , income stament, PC TB
GL equity, worksheet , Changes In Equity, CE

bution to the output, you will be required to log all your activities made
ose in full details your contribution to the group.
member if he/she failed to contribute anything, OR even if the

Activity made ( very brief)

Assigned Tasks to each groupmate
Accepted the assigned task
Accepted assigned task
started answering GL asset
finish Answering GL asset
started answering GL Liabilities
Started answering GL equity
finish Answering GL Liabities
fiished answering GL equity
Started answering AJE
finish Answering GL asset
started answering Worksheet
finished answering Worksheet
Started answering Changes in Equity
Started Answering income Statement
started answering blance sheet
finished Answering income Statement
finished answering Changes in Equity
finished answering blance sheet
started answering PC TB

Opened file simultaneously, did conference call to discuss and finalize answer
Submitted output and Turned-in
Comprehensive Problem

Presented below is the unadjusted trial balance of the Moises Doyano Information Systems Company for the year ended Dece

Moises Doyano Information Systems Company

Unadjusted Trial Balance
As of December 31, 2019

Account Unadjusted Trial Balance

Account Title
Code Debit
110 Cash ₱ 45,000
120 Accounts Receivable 156,000
122 Notes Receivable 360,000
130 Office Supplies 63,000.00
140 Land 300,000.00
150 Building 1,590,000.00
151 Accumulated Depreciation-Building
160 Equipment 2,150,000.00
161 Accumulated Depreciation-Equipment
210 Accounts Payable
220 Unearned Consulting Revenues
310 Doyano, Capital, 1/1/2010
320 Doyano, Withdrawals 600,000.00
410 Consulting Revenue
510 Salaries Expense 875,000.00
520 Repairs Expense 116,000.00
530 Miscellaneous Expense 37,000.00
Totals ₱ 6,292,000

Additional Information:
a. Office supplies on hand as of December 31, 2019 is P21,000.
b. One-third of the unearned revenues has been earned as of Dec 31, 2019.
c. Depreciation for the year amounted to P38,000 for the building, and 123,000 for the equipment.
Separate adjusting entry for each depreciation.
d. Salaries in the amount of P14,000 have accrued at year-end.
e. Doubtful accounts for the year is 10% of the total Accounts Receivable and Notes Receivable.
Use 2 contra-asset account: Allowance for Doubtful Accounts - AR; Allowance for Doubtful Accounts - NR
f. The notes receivable were accepted from a customer. The notes were issued on Sept.1, 2019,
and will be settled together with a 20% interest on May 31, 2020.

Required:
1. Establish a ledger for each of the account in the unadjusted trial balance.
2. Journalize and post the adjusting entries.
3. Prepare a 10-column worksheet.
4. Prepare an income statement, a statement of changes in equity, and a balance sheet.
5. Prepare and post the closing journal entries in the ledger
6. Prepare the Post-closing trial balance. (make sure that accounts are in proper order, and the account numbers fo

Do not forget the peso sign and double rule.

ystems Company for the year ended December 31, 2019.

mpany

Unadjusted Trial Balance

Credit

₱ 254,000

612,000
213,000
450,000
2,655,000

2,108,000

₱ 6,292,000

3,000 for the equipment.

e and Notes Receivable.

AR; Allowance for Doubtful Accounts - NR; and Bad Debts Expense
ssued on Sept.1, 2019,

12pts
balance sheet.

proper order, and the account numbers for new accounts have logic.
 GENERAL LEDGER
Account: Cash Account No.: 110 Account:
Date Item Ref Debit Credit Balance Date
2019 2019
Dec 31 45,000.00 45,000.00 Dec 31

GENERAL LEDGER
Account: Office Supplies Account No.: 130 Account:
Date Item Ref Debit Credit Balance Date
2019 2019
Dec 31 63,000.00 63,000.00 Dec 31

GENERAL LEDGER
Account: Land Account No.: 140 Account:
Date Item Ref Debit Credit Balance Date
2019 2019
Dec 31 300,000.00 300,000.00 Dec 31

GENERAL LEDGER
Account: Accumulted-Depreciation building Account No.: 151 Account:
Date Item Ref Debit Credit Balance Date
2019 2019
Dec 31 254,000.00 254,000.00 Dec 31
 GENERAL LEDGER
Account: Accumulated Depreciation-Equipment Account No.: 161 Account:
Date Item Ref Debit Credit Balance Date
2019
Dec 31 612,000.00 612,000.00

GENERAL LEDGER
Account: Account No.: Account:
Date Item Ref Debit Credit Balance Date
 GENERAL LEDGER
Accounts Recievable Account No.: 120
Item Ref Debit Credit Balance

156,000.00 156,000.00

GENERAL LEDGER
Notes Recievable Account No.: 122
Item Ref Debit Credit Balance

360,000.00 360,000.00

GENERAL LEDGER
Building Account No.: 150
Item Ref Debit Credit Balance

1,590,000.00 1,590,000.00

GENERAL LEDGER
Equipment Account No.: 160
Item Ref Debit Credit Balance

2,150,000.00 2,150,000.00
 GENERAL LEDGER
Account No.:
Item Ref Debit Credit Balance

GENERAL LEDGER
Account No.:
Item Ref Debit Credit Balance
 GENERAL LEDGER
Account: Accounts Payable Account No.: 210 Account:
Date Item Ref Debit Credit Balance Date
2019
Dec 31 213,000.00 213,000.00

GENERAL LEDGER
Account: Account No.: Account:
Date Item Ref Debit Credit Balance Date

GENERAL LEDGER
Account: Account No.: Account:
Date Item Ref Debit Credit Balance Date

GENERAL LEDGER
Account: Account No.: Account:
Date Item Ref Debit Credit Balance Date
 GENERAL LEDGER
Account: Account No.: Account:
Date Item Ref Debit Credit Balance Date
 GENERAL LEDGER
Unearned Consulting Revenues Account No.: 220
Item Ref Debit Credit Balance

450,000 450,000

GENERAL LEDGER
Account No.:
Item Ref Debit Credit Balance

GENERAL LEDGER
Account No.:
Item Ref Debit Credit Balance

GENERAL LEDGER
Account No.:
Item Ref Debit Credit Balance
 GENERAL LEDGER
Account No.:
Item Ref Debit Credit Balance
 GENERAL LEDGER
Account: Doyano, Capital, 1/1/2010 Account No.: 310
Date Item Ref Debit Credit Balance
2019
Dec 31 2,655,000 2,655,000

GENERAL LEDGER
Account: Account No.:
Date Item Ref Debit Credit Balance

GENERAL LEDGER
Account: Account No.:
Date Item Ref Debit Credit Balance

GENERAL LEDGER
Account: Account No.:
Date Item Ref Debit Credit Balance
 GENERAL LEDGER
Account: Account No.:
Date Item Ref Debit Credit Balance
 GENERAL LEDGER
Account: Doyano, Drawings Account No.: 320
Date Item Ref Debit Credit Balance
2019
Dec 31 600,000.00 600,000.00

GENERAL LEDGER
Account: Account No.:
Date Item Ref Debit Credit Balance

GENERAL LEDGER
Account: Account No.:
Date Item Ref Debit Credit Balance

GENERAL LEDGER
Account: Account No.:
Date Item Ref Debit Credit Balance
 GENERAL LEDGER
Account: Account No.:
Date Item Ref Debit Credit Balance
Moises Doyano Information Systems Company (Post in the ledger once done.)
Adjusting Journal Entries 6pts
For the year ended December 31, 2019
Page: 1
DATE ACCOUNT TITLE & EXPLANATION Ref. DEBIT CREDIT
2019
Dec 31 office suplies expense 42,000.00
(a) office supplies 42,000.00

(b) unearened revenue 150,000.00

consulting revenue 150,000.00

(c) depreciation expense - building 38,000.00

accumulative depreciation- building 38,000.00

(d) depreciation expense - equimpment 123,000.00

accumulative depreciation-equipment 123,000.00

(e) salaries expense 14,000.00

salaries payable 14,000.00

(f) interest recievable 24,000.00

interest revenue 24,000.00
 Moises Doyano Information Systems Company
Income Statement
As of December 31, 2019

Revenues
Consulting Revenue ₱ 2,258,000.00
Referral Revenue 24,000.00
Total ₱ 2,282,000.00

Less: Expenses
Salaries & Wages Expense 889,000.00
Utilities Expense 116,000.00
Supplies Expense 37,000.00
Rent Expense 42,000.00
Bad Debts Expense 38,000.00
Depreciation Expense 123,000.00
Delivery Expense
Interest Expense
Total

Net Income ₱
3pts

<------- template guide only. You may insert/delete/adjust the rows/columns and borders and accoun titles as needed.
coun titles as needed.
 Moises Doyano Information
Workshee
For the year ended Dece

Account Account Unadjusted Trial Balance Adjusting Entries

Code Debit Credit Debit
110 Cash ₱ 45,000
120 Accounts Receivable 156,000
121 Notes Receivable 360,000
130 Office Supplies 63,000.00
140 Land 300,000.00
150 Building 1,590,000.00
151 Accumulated Depreciation-Building ₱ 254,000
160 Equipment 2,150,000.00
161 Accumulated Depreciation-Equipment 612,000
210 Accounts Payable 213,000
220 Unearned Consulting Revenues 450,000 150,000.00
310 Doyano, Capital, 1/1/2010 2,655,000
320 Doyano, Withdrawals 600,000.00
410 Consulting Revenue 2,108,000
510 Salaries Expense 875,000.00 14,000.00
520 Repairs Expense 116,000.00
530 Miscellaneous Expense 37,000.00
Totals ₱ 6,292,000 ₱ 6,292,000

Additional Accounts
Office Supplies Expense 42,000.00
Depreciation Expense-Building 38,000.00
Depreciation Expense- Equipment 123,000.00
Bad Debts Expense - Accounts Recievable 15,600.00
Allowance for Doubtful Accounts - Accounts Rcievable
Bad Debts Expense - Notes Recievable 36,000.00
Allowance for Doubtful Accounts -Notes Rcievable
Interest Reievable 24,000.00
Interest Revenue
Accrued Salaries
Totals 442,600.00
ises Doyano Information Systems Company
Worksheet
For the year ended December 31, 2019

Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit Debit
45,000.00 45,000.00
170,000.00 156,000.00
360,000.00 360,000.00
42,000.00 21,000.00 21,000.00
300,000.00 300,000.00
1,590,000.00 1,590,000.00
38,000.00 292,000.00
2,150,000.00 2,510,000.00
123,000.00 735,000.00
213,000.00
300,000.00
2,655,000.00
600,000.00 600,000.00
150,000.00 2,272,000.00 2,258,000.00
875,000.00 889,000.00
116,000.00 116,000.00
37,000.00 37,000.00

42,000.00 42,000.00
38,000.00 38,000.00
123,000.00 123,000.00
15,600.00 15,600.00
15,600.00 15,600.00
36,000.00 36,000.00
36,000.00 36,000.00
24,000.00
24,000.00 24,000.00 24000
14,000.00 14,000.00
442,600.00 6,542,600.00 6,542,600.00 129,600.00
Net Income 985,400.00
Total
 4pts

Balance Sheet
Credit

292,000.00

735,000.00
213,000.00
300,000.00
2,655,000.00
 Moises Doyano Information Systems Company
Statement of Changes in Equity
As of December 31, 2019

Doyano, Capital - beginning ₱ 2,655,000.00

Add: Additional Investment ₱ 985,400.00
Total ₱ 3,640,400.00
Less: Doyano, Withdrawals ₱ 600,000.00
Capital - end ₱ 3,040,400.00
3pts

<------- template guide only. You may insert/delete/adjust the rows/columns and borders as needed.
 Moises Doyano Information Systems Company
Balance Sheet
As of December 31, 2019

Assets
Current Assets <------- template guide only
Cash
Accounts Receivable
Less: Allow. For Doubtful Accounts
Office Supplies
Prepaid Rent
Total Current Assets -
Non-current Assets
Equipment
Accumulated Depreciation - Equip. -
Vehicles
Accum. Dep. - Vehicles - -
Total Assets -

Liabilities
Current Liabilities
Accounts Payable
Notes Payable
Unearned Income
Interest Payable
Salaries & Wages Payable
Utilities Payable
Total Liabilities
D. Salvador, Capital, 12/31/2019
Total Liabilities & Owner's Equity -
 3pts

<------- template guide only. You may insert/delete/adjust the rows/columns and borders, or account titles as needed.
 Moises Doyano Information Systems Company
Post Closing Trial Balance
As of December 31, 2019

Account No. Account Title

Totals
 3pts

tion Systems Company

rial Balance
er 31, 2019

Debit Credit

₱ - ₱ -
Moises Doyano Information Systems Company (Post in the ledger once done.)
Closing Entries 4pts
For the year ended December 31,2019
Page: 1
DATE ACCOUNT TITLE & EXPLANATION Ref. DEBIT CREDIT
2019
Dec 31