Scribd Logo
Upload

Welcome to Scribd!

  • 135 views

    CHAPTER 4: DO IT! 1 Worksheet: Blessie, Capital Jan. 1, 2019 961,900

    Uploaded by

    Cacjungoy
    Event Buddies had various account balances as of December 31, 2019. Adjusting entries were recorded for accrued salaries, allowance for doubtful accounts, depreciation expense, and prepaid rent expense. A 10-column worksheet was prepared showing unadjusted balances, adjustments, adjusted balances, an income statement and statement of financial position. Closing entries were made to transfer revenue and expenses to an income summary account, and then to close that account to the capital account along with a withdrawal, leaving the capital account balance as the net income for the period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    CHAPTER 4: DO IT! 1 Worksheet: Blessie, Capital Jan. 1, 2019 961,900

    Uploaded by

    Cacjungoy
    135 views3 pages
    Event Buddies had various account balances as of December 31, 2019. Adjusting entries were recorded for accrued salaries, allowance for doubtful accounts, depreciation expense, and prepaid rent expense. A 10-column worksheet was prepared showing unadjusted balances, adjustments, adjusted balances, an income statement and statement of financial position. Closing entries were made to transfer revenue and expenses to an income summary account, and then to close that account to the capital account along with a withdrawal, leaving the capital account balance as the net income for the period.

    Original Title

    (Done)Do It 1 Worksheet

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Event Buddies had various account balances as of December 31, 2019. Adjusting entries were recorded for accrued salaries, allowance for doubtful accounts, depreciation expense, and prepaid rent expense. A 10-column worksheet was prepared showing unadjusted balances, adjustments, adjusted balances, an income statement and statement of financial position. Closing entries were made to transfer revenue and expenses to an income summary account, and then to close that account to the capital account along with a withdrawal, leaving the capital account balance as the net income for the period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    135 views3 pages

    CHAPTER 4: DO IT! 1 Worksheet: Blessie, Capital Jan. 1, 2019 961,900

    Uploaded by

    Cacjungoy
    Event Buddies had various account balances as of December 31, 2019. Adjusting entries were recorded for accrued salaries, allowance for doubtful accounts, depreciation expense, and prepaid rent expense. A 10-column worksheet was prepared showing unadjusted balances, adjustments, adjusted balances, an income statement and statement of financial position. Closing entries were made to transfer revenue and expenses to an income summary account, and then to close that account to the capital account along with a withdrawal, leaving the capital account balance as the net income for the period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    CHAPTER 4: DO IT!

    1 Worksheet
    Event Buddies had the following account balances on December 31, 2019:
    Cash P 181,100 Accounts receivable 300,000
    Service Revenue 401,600 Blessie, Capital Jan. 1, 2019 961,900
    Salaries Expense 190,000 Taxes and Licenses 45,000
    Equipment 500,000 Utilities expense 82,400
    Accounts payable 135,000 Prepaid Rent 170,000
    Blessie, withdrawal 30,000

    Additional information:

     Accrued salaries at December 31, 2019 amounted to P30,700.


     5% of the accounts receivable is estimated to be uncollectible.
     Depreciation on Equipment for the year is P100,000.
     P60,000 of the Prepaid rent has expired into expense by December 31, 2019.

    Requirements:

    Prepare the 10-column Worksheet. Use the format given on the next page.
    EVENT BUDDIES
    WORKSHEET
    December 31, 2019
    Statement of
    Accoun Statement of Financial
    Account Name Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Financial
    t Position
    Performance
    Code   Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
      Cash   P181,100        P181,100        P181,100  
       Accounts Receivable 300,000        300,000        300,000   
      Allowance for Bad Debts     P 15,000               
      Prepaid Rent  170,000      P 60,000  110,000        110,000   
       Equipment   500,00         500,00         500,00  
      Accumulated Depreciation       P100,000    P100,000        P100,000 
        Accounts payable   P135,000        135,000        135,000 
      Salaries Payable       P 30,700    30,700        30,700 
       Blessie, Capital     961,900         961,900         961,900
      Blessie, Withdrawal 30,000        30,000        30,000   
        Service Revenue   401,600        401,600    401,600     
      Taxes and Licenses  45,000        45,000    45,000       
      Utilities expense  82,400        82,400    82,400       
      Salaries Expense 190,000    P 30,700    220,700    220,700       
       Bad Debts       P 15,000    15,000    15,000     
       Depreciation Expense     P100,000    100,000    100,000       
      Rent Expense     P 60,000      60,000     60,000      
     P1,644,20  P1,644,20
      TOTAL P 1,498, 500 P 1,498, 500   P205,700  P205,700 0 0  P508,100 P416,600  P1,136,100  P1,227,600
       NET INCOME(LOSS)               91,500    91,500  
                     P508,100 P508,100 P 1,227,600  P1,227,600
                           
    DO IT! 2 Closing Entries
    After preparing worksheet, prepare the CLOSING JOURNAL ENTRIES necessary to close the nominal/temporary accounts.

    STEP 1: CLOSE THE REVENUE ACCOUNT TO INCOME SUMMARY ACCOUNT

    Service Revenue P 401,600


    Bad Debts P 15,000
    Income Summary P 416,600

    STEP 2: CLOSE THE EXPENSES ACCOUNTS TO INCOME SUMMARY ACCOUNT

    Income Summary P508,100


    Taxes and Licenses P 45,000
    Utilities Expense P 82,400
    Salaries Expense P 220,700
    Depreciation Expense P 100,000
    Rent Expense P 60,000

    STEP 3: CLOSE THE INCOME SUMMARY ACCOUNT TO CAPITAL ACCOUNT

    Income Summary P 961, 900

    Blessie, Capital P 961,600

    STEP 4: CLOSE THE DRAWING ACCOUNT TO CAPITAL

    Blessie , Capital P 30,000

    Blessie, Withdrawal P 30,000

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy