DATE

DESCRIPTION PR Debit
2019
DEC 31 Rent Expense 520 120,000.00
Prepaid Rent 130
To record the utilized rent for 2 months.
(360,000/6 months = 60,000)
(60,000 x 2 months = 120,000)

31 Office Supplies Expense 530 36,000.00

Office Supplies 140
To record the utilized supplies.
(63,000 - 27,000 = 36,000)

31 Depreciation Expense 540 75,000.00

Accumulated Depreciation 155
To record the depreciation of Furniture for the year.
(no computation, amount is given)

31 Salaries Expense 510 105,000.00

Salaries Payable 230
To record unpaid salaries.
(no computation, amount is given)
Credit

120,000.00

36,000.00

75,000.00

105,000.00
Account Title: CASH Account Code: 110
Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 126,000.00 126,000.00

Account Title: ACCOUNTS RECEIVABLE Account Code: 120

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 645,000.00 645,000.00

Account Title: PREPAID RENT Account Code: 130

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 360,000.00 360,000.00
31 Expense J2 120,000.00 240,000.00

Account Title: OFFICE SUPPLIES Account Code: 140

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 63,000.00 63,000.00
31 Expense J2 36,000.00 27,000.00

Account Title: FURNITURE Account Code: 150

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 2,175,000.00 2,175,000.00

Account Title: ACCUMULATED DEPRECIATION Account Code: 155

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 435,000.00
31 Expense J2 75,000.00

Account Title: NOTES PAYABLE Account Code: 210

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 900,000.00
Account Title: ACCOUNTS PAYABLE Account Code: 220
Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 285,000.00

Account Title: SALARIES PAYABLE Account Code: 220

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Expense J2 105,000.00

Account Title: RAGASA, CAPITAL Account Code: 310

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 1,680,000.00
31 Profit and Loss Summary 933,000.00
31 Withdrawals 1,200,000.00

Account Title: RAGASA, WITHDRAWAS Account Code: 320

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 1,200,000.00 1,200,000.00
31 Closed J2 1,200,000.00 -

Account Title: TRAVEL REVENUES Account Code: 410

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 5,133,000.00
31 Closed J3 5,133,000.00

Account Title: SALARIES EXPENSE Account Code: 510

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 3,771,000.00 3,771,000.00
31 Unpaid J2 105,000.00 3,876,000.00
31 Closed J3 3,876,000.00 -

Account Title: RENT EXPENSE Account Code: 520

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Unpaid J2 120,000.00 120,000.00
31 Closed J3 120,000.00 -

Account Title: OFFICE SUPPLIES EXPENSE Account Code: 530

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Used J2 36,000.00 36,000.00
31 Closed J3 36,000.00 -

Account Title: DEPRECIATION EXPENSE Account Code: 540

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Depreciation - Furniture J2 75,000.00 75,000.00
31 Closed J3 75,000.00 -

Account Title: MISCELLANEOUS EXPENSE Account Code: 550

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 93,000.00 93,000.00
31 Closed J3 93,000.00 -

Account Title: PROFIT AND LOSS SUMMARY Account Code: 610

Transaction Balance
DATE ITEM PR
Debit Credit Debit
DEC 31 Balance forwarded J1 933,000.00
31 Closed J3 933,000.00
Balance
Credit

Balance
Credit

Balance
Credit

Balance
Credit

Balance
Credit

Balance
Credit
435,000.00
510,000.00

Balance
Credit
900,000.00
Balance
Credit
285,000.00

Balance
Credit
105,000.00

Balance
Credit
1,680,000.00
2,613,000.00
1,413,000.00

Balance
Credit

Balance
Credit
5,133,000.00
-

Balance
Credit

Balance
Credit
Balance
Credit

Balance
Credit

Balance
Credit

Balance
Credit
933,000.00
-
 DATE DESCRIPTION PR Debit

DEC 31 Travel Revenues 5,133,000.00

Salaries Expense
Rent Expense
Office Supplies Expense
Depreciation Expense
Miscellaneous Expense
Profit & Loss Summary
To close the income and expense account.

b. Profit & Loss Summary 933,000.00

Ragasa, Capital
To close the profit and loss summary to the
capital account.

c. Ragasa, Capital 1,200,000.00

Ragasa, Withdrawals
To close the drawing account to the
capital account.
Credit

3,876,000.00
120,000.00
36,000.00
75,000.00
93,000.00
933,000.00

933,000.00

1,200,000.00
 R. RAGASA TRAVEL AGENCY
Worksheet
For the year ended December 31, 2019

Account
Account Titile
Unadjusted Trial Balance Adjusted Trial Balance
Code
Debit Credit Debit
110 Cash 126,000.00
120 Accounts Receivable 645,000.00
130 Prepaid Rent 360,000.00
140 Office Supplies 63,000.00
150 Furniture 2,175,000.00
155 Accumulated Depreciation 435,000.00
210 Notes Payable 900,000.00
220 Accounts Payable 285,000.00
230 Salaries Payable
310 Ragasa, Capital 1,680,000.00
320 Ragasa, Withdrawals 1,200,000.00
610 Profit and Loss Summary
410 Travel Revenues 5,133,000.00
510 Salaries Expense 3,771,000.00 105,000.00
520 Rent Expense 120,000.00
530 Office Supplies Expense 36,000.00
540 Depreciation Expense 75,000.00
550 Miscellaneous Expense 93,000.00
Total 8,433,000.00 8,433,000.00 336,000.00
Net Income
Total
djusted Trial Balance Income Statement Financial Position Closing Entries

Credit Debit Credit Debit Credit Debit

126,000.00
645,000.00
120,000.00 240,000.00
36,000.00 27,000.00
2,175,000.00
75,000.00 510,000.00
900,000.00
285,000.00
105,000.00 105,000.00
1,680,000.00 1,200,000.00
1,200,000.00
933,000.00
5,133,000.00 5,133,000.00
3,876,000.00
120,000.00
36,000.00
75,000.00
93,000.00
336,000.00 4,200,000.00 5,133,000.00 4,413,000.00 3,480,000.00 7,266,000.00
933,000.00 933,000.00
5,133,000.00 5,133,000.00 4,413,000.00 4,413,000.00
Closing Entries Post-Closing

Credit Debit Credit

126,000.00
645,000.00
240,000.00
27,000.00
2,175,000.00
510,000.00
900,000.00
285,000.00
105,000.00
933,000.00 1,413,000.00
1,200,000.00
933,000.00

3,876,000.00
120,000.00
36,000.00
75,000.00
93,000.00
7,266,000.00 3,213,000.00 3,213,000.00
 R. RAGASA TRAVEL AGENCY
Post-Closing Trial Balance
For the year ended December 31, 2019

Account
Account Titile Debit Credit
Code
110 Cash 126,000.00
120 Accounts Receivable 645,000.00
130 Prepaid Rent 240,000.00
140 Office Supplies 27,000.00
150 Furniture 2,175,000.00
155 Accumulated Depreciation 510,000.00
210 Notes Payable 900,000.00
220 Accounts Payable 285,000.00
230 Salaries Payable 105,000.00
310 Ragasa, Capital 1,413,000.00
Total 3,213,000.00 3,213,000.00
 R. RAGASA TRAVEL AGENCY
Statement of Comprehensive Income
For the year ended December 31, 2019

Travel Revenues 5,133,000.00

Less: Total Expenses
Salaries Expense 3,876,000.00
Rent Expense 120,000.00
Office Supplies Expense 36,000.00
Depreciation Expense 75,000.00
Miscellaneous Expense 93,000.00 4,200,000.00
Net Profit (Loss) 933,000.00
 R. RAGASA TRAVEL AGENCY R. RAGASA TRAVEL AGENCY
Statement of Owner's Equity Statement of Financial Position
For the year ended December 31, 2019 For the year ended December 31, 20

Ragasa, Capital - Beg. 1,680,000.00 ASSETS

Add: Net Profit 933,000.00 Cash
Total 2,613,000.00 Accounts Receivable
Less: Drawing 1,200,000.00 Prepaid Rent
Ragasa, Capital - Ending 1,413,000.00 Office Supplies
Furniture
Accumulated Depreciation
Total Assets

LIABLITIES & EQUITY

Notes Payable
Accounts Payable
Salaries Payable

Ragasa, Capital - Ending

Total Liabilities & Equity
 R. RAGASA TRAVEL AGENCY R. RAGASA TRAVEL AGENCY
Statement of Financial Position Post Trial Balance
For the year ended December 31, 2019 For the year ended December 31, 2019

ASSETS Account Code Account Titile

126,000.00 110 Cash
645,000.00 120 Accounts Receivable
240,000.00 130 Prepaid Rent
27,000.00 140 Office Supplies
2,175,000.00 150 Furniture
- 510,000.00 1,665,000.00 155 Accumulated Depreciation
2,703,000.00 210 Notes Payable
220 Accounts Payable
230 Salaries Payable
LIABLITIES & EQUITY 310 Ragasa, Capital
900,000.00 Total
285,000.00
105,000.00

1,413,000.00
2,703,000.00
TRAVEL AGENCY
rial Balance
ed December 31, 2019

Debit Credit
126,000.00
645,000.00
240,000.00
27,000.00
2,175,000.00
510,000.00
900,000.00
285,000.00
105,000.00
1,413,000.00
3,213,000.00 3,213,000.00