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Comprehensive Problem: Flashback Activity 4

The unadjusted trial balance of Moises Dondoyano Information Systems Company for the year ended December 31, 2019 is presented. Additional information provided includes office supplies on hand, unearned revenues earned, depreciation expense for the year, accrued salaries, and notes receivable with interest. Required is to journalize adjusting entries, prepare an adjusted trial balance, income statement, statement of changes in equity, and balance sheet.

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James Sy
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399 views

Comprehensive Problem: Flashback Activity 4

The unadjusted trial balance of Moises Dondoyano Information Systems Company for the year ended December 31, 2019 is presented. Additional information provided includes office supplies on hand, unearned revenues earned, depreciation expense for the year, accrued salaries, and notes receivable with interest. Required is to journalize adjusting entries, prepare an adjusted trial balance, income statement, statement of changes in equity, and balance sheet.

Uploaded by

James Sy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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FLASHBACK ACTIVITY 4

Comprehensive Problem

Presented below is the unadjusted trial balance of the Moises Dondoyano Information
Systems Company for the year ended Dec. 31, 2019:

Moises Dondoyano Information Systems Company


Unadusted Trial Balance
Dec. 31, 2019

Cash 45,000.00
Notes Receivable 360,000.00
Accounts Recevable 156,000.00
Office Supplies 63,000.00
Land 300,000.00
Building 1,590,000.00
Accumulated Depreciation - Building 254,000.00
Equipment 2,150,000.00
Accumulated Depreciation - Equipment 612,000.00
Accounts Payable 213,000.00
Unearned Consulting Revenues 450,000.00
Dondoyano, Capital 1/1/2019 2,655,000.00
Dondoyano, Withdrawals 600,000.00
Consulting Revenues 2,108,000.00
Salaries Expense 875,000.00
Repairs Expense 116,000.00
Miscellaneous Expense 37,000.00
Total 6,292,000.00 6,292,000.00

Additional information:
a. Office supplies on hand at Dec. 31, 2019 is 21,000.
b. One-third of the unearned revenues has been earned at Dec. 31, 2019.
c. Depreciation for the year amounted to 38,000 for the building and 123,000 for the equipment.
d. Salaries in the amount of 14,000 have accrued at year-end.
e. The notes receivable were accepted from several customers. The notes were issued on
Sept. 1, 2019 and will be settled together with a 20% interest on May 31, 2020.

Required:
1. Journalize and post the adjusting entries by establishing a ledger for accounts affected by the
adjustments.
2. Prepare adjusted trial balance.
3. Prepare income statement, statement of changes in equity, and balance sheet.

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