Scribd
Upload
4K views

MM Company Unadjusted Trial Balance December 31, 2020

The unadjusted trial balance of MM Company shows various asset, liability, capital, revenue and expense accounts with debit and credit balances as of December 31, 2020. The adjusted trial balance incorporates adjusting entries for prepaid insurance, supplies, accumulated depreciation and accrued salaries. The income statement shows fees earned of PHP 208,250 and expenses of PHP 141,250, resulting in net income of PHP 67,000. The statement of owner's equity shows an increase in capital from net income, less withdrawals.

Uploaded by

KianJohnCentenoTurico
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
4K views

MM Company Unadjusted Trial Balance December 31, 2020

The unadjusted trial balance of MM Company shows various asset, liability, capital, revenue and expense accounts with debit and credit balances as of December 31, 2020. The adjusted trial balance incorporates adjusting entries for prepaid insurance, supplies, accumulated depreciation and accrued salaries. The income statement shows fees earned of PHP 208,250 and expenses of PHP 141,250, resulting in net income of PHP 67,000. The statement of owner's equity shows an increase in capital from net income, less withdrawals.

Uploaded by

KianJohnCentenoTurico
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
You are on page 1/ 22

MM Company

Unadjusted Trial Balance


December 31, 2020

Debit
Cash ₱ 8,700.00
Accounts Receivables 20,600.00
Prepaid Insurance 4,400.00
Supplies 1,950.00
Land 45,000.00
Building 134,500.00
Accum. Depreciation - Building
Equipment 80,100.00
Accum. Depreciation - Equipment
Accounts Payable
Unearned Revenue
M, Capital
M, Withdrawal 8,000.00
Fees Earned
Salaries and Wages Expense 70,200.00
Utilities Expense 23,200.00
Advertising Expense 18,000.00
Repairs Expense 11,500.00
Miscellaneous Expense 4,050.00
Total ₱ 430,200.00
Credit

a. Insurance Expense
₱ 86,700.00 Prepaid Insurance

61,300.00 b. Supplies Expense


7,500.00 Supplies
6,000.00
69,300.00 c. Depreciation Expense
Accum. Depreciation - Bu
199,400.00
d. Depreciation Expense
Accum. Depreciation - Eq

e. Unearned Revenue
Fees Earned
₱ 430,200.00
f. Salaries and Wages Expense
Accrued Salaries and Wag

g. Accounts Receivables
Fees Earned
2,900
urance 2,900

1,550
1,550

1,750
preciation - Building 1,750

5,800
preciation - Equipment 5,800

4,000
4,000

es Expense 2,300
aries and Wages Expense 2,300

4,850
4,850
MM Company
Worksheet
For The Year Ended December 31, 2020
Adjusted Trial Balance
ACCOUNT
# ACCOUNT TITLES Debit Credit
Cash 8,700
Accounts Receivables 25,450
Prepaid Insurance 1,500
Supplies 400
Land 45,000
Building 134,500
Accum. Depreciation - Building 88,450
Equipment 80,100
Accum. Depreciation - Equipment 67,100
Accounts Payable 7,500
Unearned Revenue 2,000
M, Capital 69,300
M, Withdrawal 8,000
Fees Earned 208,250
Salaries and Wages Expense 72,500
Utilities Expense 23,200
Advertising Expense 18,000
Repairs Expense 11,500
Miscellaneous Expense 4,050
Total

a. Insurance Expense 2,900


b. Supplies Expense 1,550
c./d. Depreciation Expense 7,550
f. Accrued Salaries and Wages Expense 2,300
Totals 444,900 444,900
Net Income(Net Loss) Income Summary
Totals
Company
rksheet
d December 31, 2020
Income Statement Balance Sheet Closing Entries
Debit Credit Debit Credit Debit
8,700
25,450
1,500
400
45,000
134,500
88,450
80,100
67,100
7,500
2,000
69,300 8000
8,000
208,250 208,250
72,500
23,200
18,000
11,500
4,050

2,900
1,550
7,550
2,300
141,250 208,250 303,650 236,650
67,000 67,000 208,250
208,250 208,250 303,650 303,650 424,500
Closing Entries Post Closing Trial Balance
Credit Debit Credit
8,700
25,450
1,500
400
45,000
134,500
88,450
80,100
67,100
7,500
2,000
67000 128,300
8000 -
-
72,500 -
23,200 -
18,000 -
11,500 -
4,050 -

2,900 -
1,550 -
7,550 -
2,300

208,250 - -
424,500 295,650 295,650
MM Company
Adjusted Trial Balance
For The Year Ended December 31, 2020

Account # Account Titles Debit


Cash ₱ 8,700.00
Accounts Receivables 25,450.00
Prepaid Insurance 1,500.00
Supplies 400.00
Land 45,000.00
Building 134,500.00
Accum. Depreciation - Building
Equipment 80,100.00
Accum. Depreciation - Equipment
Accounts Payable
Accrued Salaries and Wages Expense
Unearned Revenue
M, Capital
M, Withdrawal 8,000.00
Fees Earned
Salaries and Wages Expense 72,500.00
Utilities Expense 23,200.00
Advertising Expense 18,000.00
Repairs Expense 11,500.00
Depreciation Expense 7,550.00
Insurance Expense 2,900.00
Supplies Expense 1,550.00
Miscellaneous Expense 4,050.00
Total ₱ 444,900.00
20

Credit

₱ 88,450.00

67,100.00
7,500.00
2,300.00
2,000.00
69,300.00

208,250.00

₱ 444,900.00
MM Company
Income Statement
For The Year Ended December 31, 2020

Fees Earned 208,250.00


Less: Expenses
Salaries and Wages Expense ₱ 72,500.00
Utilities Expense 23,200.00
Advertising Expense 18,000.00
Repairs Expense 11,500.00
Depreciation Expense 7,550.00
Insurance Expense 2,900.00
Supplies Expense 1,550.00
Miscellaneous Expense 4,050.00
Total Expenses 141,250.00
Net Income ₱ 67,000.00
MM Company
Statement of Changes in Owner's Equity
For The Year Ended December 31, 2020

M, Capital Beginning ₱ 69,300.00


Add: Additional Investment -
Net Income 67,000.00
Less: M, Withdrawals 8,000.00
M, Capital Ending ₱ 128,300.00
MM Company
Statement of Financial Position
As of December 31, 2020

Assets
Current Assets
Cash ₱ 8,700.00
Accounts Receivables 25,450.00
Prepaid Insurance 1,500.00
Supplies 400.00
Total Current Assets
Non Current Assets
Land 45,000.00
Building 134,500.00
Less: Accumulated Depreciation-Bldg. 88,450.00 46,050.00
Equipment 80,100.00
Less: Accumulated Depreciation - Eq. 67,100.00 13,000.00
Total Non Current Assets
Total Assets

Liabilities and Owner's Equity


Current Liabilities
Accounts Payable ₱ 7,500.00
Accrued Salaries and Wages Expense 2,300.00
Unearned Revenue 2,000.00
Total Current Liabilities

M, Capital Ending
Total Liabilities and Owner's Equity
₱ 36,050.00

104,050.00
₱ 140,100.00

₱ 11,800.00

128,300.00
₱ 140,100.00
CLOSING ENTRIES

Step 1 Close all Income accounts to Income Summary


Dec-31 Fees Earned 208,250
Income Summary 208,250

Step 2 Close all Expense Accounts to Income Summary


Income Summary 141,250
Salaries and Wages Expense 72,500
Utilities Expense 23,200
Advertising Expense 18,000
Repairs Expense 11,500
Depreciation Expense 7,550
Insurance Expense 2,900
Supplies Expense 1,550
Miscellaneous Expense 4,050

Step 3 Close Income Summary to appropriate Capital Account


Income Summary 67,000
M, Capital 67,000

Step 4 Close Withdrawal account to Capital Account


M, Capital 8,000
M, Withdrawal 8,000
MM Company
Post Closing Trial Balance
December 31, 2020

Account No. Account Titles Debit


Cash ₱ 8,700.00
Accounts Receivables 25,450.00
Prepaid Insurance 1,500.00
Supplies 400.00
Land 45,000.00
Building 134,500.00
Accum. Depreciation - Building
Equipment 80,100.00
Accum. Depreciation - Equipment
Accounts Payable
Accrued Salaries and Wages Expense
Unearned Revenue
M, Capital
Total ₱ 295,650.00
Credit

₱ 88,450.00

67,100.00
7,500.00
2,300.00
2,000.00
128,300.00
₱ 295,650.00
REVERSING ENTRIES

WITH REVERSING ENTRIES

Interest Income
1,000.00 Dec-31
CE Dec-31 1,000.00
- Dec-31

RE Jan-01 1,000.00

3,000.00 Feb-28

2,000.00 Feb-28

Dec-31 Interest Receivable 1000 Dec-31


Interest Income 1000

Jan-01 Interest Income 1000


Interest Receivable 1000

Feb-28 Cash 3000


Interest Income 3000

WITHOUT REVERSING ENTRIES

Interest Income
1,000.00 Dec-31
Dec-31 1,000.00
- Dec-31
2,000.00 Feb-28

2,000.00 Feb-28

Dec-31 Interest Receivable 1000 Dec-31


Interest Income 1000

Feb-28 Cash 3000


Interest Receivable 1000
Interest Income 2000
Interest Receivable
Dec-31 1,000.00

1,000.00 Jan-01 RE

0 Feb-28

Interest Income 1000


Income Summary 1000

Interest Receivable
Dec-31 1,000.00
1,000.00 Feb-28

0 Feb-28

Interest Income 1000


Income Summary 1000

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