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    Accounting Finals

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    nica onte
    1. The document shows the unadjusted trial balance of Xander Computer Center as of May 31, 2021. It includes accounts such as cash, accounts receivable, computer equipment, accounts payable, and capital. 2. Adjusting entries are recorded for expenses such as office supplies, rent, depreciation, and salaries. 3. The adjusted trial balance, income statement, statement of owner's equity, and balance sheet are presented. The company had net income of $51,500 for the period.

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    Accounting Finals

    Uploaded by

    nica onte
    4K views18 pages
    1. The document shows the unadjusted trial balance of Xander Computer Center as of May 31, 2021. It includes accounts such as cash, accounts receivable, computer equipment, accounts payable, and capital. 2. Adjusting entries are recorded for expenses such as office supplies, rent, depreciation, and salaries. 3. The adjusted trial balance, income statement, statement of owner's equity, and balance sheet are presented. The company had net income of $51,500 for the period.

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    Accounting Cycle

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    1. The document shows the unadjusted trial balance of Xander Computer Center as of May 31, 2021. It includes accounts such as cash, accounts receivable, computer equipment, accounts payable, and capital. 2. Adjusting entries are recorded for expenses such as office supplies, rent, depreciation, and salaries. 3. The adjusted trial balance, income statement, statement of owner's equity, and balance sheet are presented. The company had net income of $51,500 for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    4K views18 pages

    Accounting Finals

    Uploaded by

    nica onte
    1. The document shows the unadjusted trial balance of Xander Computer Center as of May 31, 2021. It includes accounts such as cash, accounts receivable, computer equipment, accounts payable, and capital. 2. Adjusting entries are recorded for expenses such as office supplies, rent, depreciation, and salaries. 3. The adjusted trial balance, income statement, statement of owner's equity, and balance sheet are presented. The company had net income of $51,500 for the period.

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    © All Rights Reserved
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    You are on page 1of 18

    Dr. Cr.

    1 Cash 100,000
    Xander, Capital 100,000

    1 Computer 60,000
    Cash 10,000
    Accounts Payable 50,000

    1 Prepaid Rent 12,000


    Cash 12,000

    3 Office Supplies 6,000


    Accounts Payable 6,000

    7 Cash 30,000
    Word Processing Fees 30,000

    13 Salaries Expense 6,500


    Cash 6,500

    18 Advertising Expense 2,500


    Accounts Payable 2,500

    20 Xander, Withdrawal 6,250


    Cash 6,250

    22 Accounts Receivable 50,000


    Word Processing Fee 50,000

    28 Accounts Payable 25,000


    Cash 25,000

    29 Telephone Expense 2,200


    Cash 2,200
    Xander Computer Center
    Unadjusted Trial Balance
    May 31, 2021

    Cash ₱ 68,050

    Accounts Receivable 50,000


    Office Supplies 6,000
    Prepaid Rent 12,000
    Computer 60,000

    Accounts Payable ₱ 33,500

    Xander, Capital 100,000

    Xander, Withdrawal 6,250

    Word Processing
    Fees 80,000

    Salaries Expense 6,500

    Telephone Expense 2,200

    Advertising Expense 2,500

    ₱ 213,500 ₱ 213,500
    nter
    ance
    Adjusting Entries

    a. Office Supplies Expense 5,000


    Office Supplies 5,000

    b. Rent Expense 8,000


    Prepaid Rent 8,000

    Deprecitaion Expense,
    c. Computer 800
    Accumulated
    Depreciation,
    Computer 800

    d. Salaries Expense 3,500


    Salaries Payable 3,500
    TRIAL BALANCE ADJUSTMENTS
    ACCOUNT TITLE Dr. Cr. Dr. Cr.
    Cash ₱ 68,050
    Acoounts Receivable ₱ 50,000
    Office Supplies ₱ 6,000 5,000
    Preaid Rent ₱ 12,000 8,000
    Computer ₱ 60,000
    Accounts Payable ₱ 33,500
    Xander, Capital ₱ 100,000
    Xander, Withdrawal 6,250
    Word Processing Fees ₱ 80,000
    Salaries Expense ₱ 6,500 3,500
    Telephone Expense ₱ 2,200
    Advertising Expense ₱ 2,500
    ₱ 213,500.00 ₱ 213,500.00

    Office Supplies Expense 5,000


    Rent Expense 8,000
    Accumulated
    Depreciation,
    Computer 800
    Depreciation
    Expense, Computer 800
    Salaries Payable 3,500
    17,300 17,300
    Net Income
    Xander Computer Center
    WORKSHEET
    FOR MONTH ENDED May 31, 2020

    ADJUSTED TRIAL BALANCE INCOME STATEMENT


    Dr. Cr. Dr. Cr.
    ₱ 68,050
    ₱ 50,000
    ₱ 1,000
    4,000
    60,000
    ₱ 33,500
    100,000
    6,250
    80,000 ₱ 80,000
    10,000 ₱ 10,000
    2,200 2,200
    2,500 2,500

    5,000 5,000
    8,000 8,000

    800

    800 800
    3,500
    ₱ 217,800 ₱ 217,800 28,500 80,000
    51,500
    ₱ 80,000.00 ₱ 80,000.00
    BALANCE SHEET
    Dr. Cr.
    ₱ 68,050
    50,000
    1,000
    4,000
    60,000
    33,500
    100,000
    ₱ 6,250

    800

    3,500
    ₱ 189,300 ₱ 137,800
    ₱ 51,500
    ₱ 189,300.00 ₱ 189,300.00
    Xander Computer Center
    Adjusted Trial Balance
    May 31, 2021

    Cash ₱ 68,050
    Accounts
    Receivable 50,000
    Office Supplies 1,000
    Prepaid Rent 4,000
    Computer 60,000

    Accounts Payable ₱ 33,500


    Xander, Capital 100,000
    Xander,
    Withdrawal 6,250
    Word Processing
    Fees 80,000
    Salaries Expense 10,000
    Telephone
    Expense 2,200
    Advertising
    Expense 2,500

    Office Supplies
    Expense 5,000
    Rent Expense 8,000
    Depreciation
    Expense,
    Computer 800
    Accumulated
    Depreciation,
    Computer 800
    Salaries Payable 3,500
    ₱ 217,800 ₱ 217,800
    Center
    lance
    1
    Xander Computer Center
    INCOME STATEMENT
    For the Month Ended May 31, 2021

    Revenue
    Word Processing Fee
    Operating Expenses
    Salaries Expense ₱ 10,000
    Telephone Expense 2,200
    Advertising Expense 2,500
    Office Supplies Expense 5,000
    Rent Expense 8,000
    Depreciation Expense 800

    NET INCOME
    Xander Computer Center
    INCOME STATEMENT
    or the Month Ended May 31, 2021

    ₱ 80,000

    ₱ 28,500

    ₱ 51,500
    Xander Computer Center
    STATEMENT OF CHANGES IN OWNER'S EQUITY
    For the Month Ended May 31, 2021

    Xander, Capital,
    beg. ₱ 100,000
    Net Income 51,500
    Less: Withdrawals 6,250
    Increase in
    Capital 45,250
    Xander, Capital,
    end. ₱ 145,250
    r Computer Center
    HANGES IN OWNER'S EQUITY
    nth Ended May 31, 2021
    Xander Computer Center
    BALANCE SHEET
    As of May 31, 2021
    ASSETS
    Current Assets
    Cash ₱ 68,050
    Accounts
    Receivable 50,000
    Office Supplies 1,000
    Prepaid Rent 4,000
    TOTAL CURRENT ASSETS 123,050
    Non-Current
    Assets
    Computer 60,000
    Accumulated
    Depreciation,
    Less: Computer 800
    TOTAL NON-CURRENT ASSETS 59,200
    TOTAL ASSETS

    LIABILITIES AND OWNER'S EQUITY

    LIABILITIES
    Accounts Payable 33,500
    Salaries Payable 3,500
    Total Laibilities 37,000

    OWNER'S EQUITY
    Xander, Capital 145, 250
    Total Owner's Equity 145,250

    TOTAL LIABILITIES AND EQUITY


    er Computer Center
    ALANCE SHEET
    of May 31, 2021

    ₱ 182,250

    ₱ 182,250
    CLOSING ENTRIES

    Revenue 80,000
    Income Summary 80,000

    Income Summary 28,500


    Salaries Expense 10,000
    Telephone Expense 2,200
    Advertising Expense 2,500
    Office Supplies Expense 5,000
    Rent Expense 8,000
    Depreciation Expense 800

    Income Summary 51,500


    Xander, Capital 51,500

    Xander, Capital 6,250


    Xander, Drawing 6,250
    Xander Computer Center
    POST CLOSING TRIAL BALANCE
    May 31, 2021

    Cash 68,050
    Accounts Receivable 50,000
    Office Supplies 1,000
    Prepaid Rent 4,000
    Computer 60,000
    Accumulated Depreciation
    Accounts Payable
    Salaries Payable
    Xander, Capital

    ₱ 183,050
    Xander Computer Center
    OST CLOSING TRIAL BALANCE
    May 31, 2021

    800
    33,500
    3,500
    145,250

    ₱ 183,050

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