Scribd Logo
Upload

Welcome to Scribd!

  • 840 views

    Bac MQ2 1

    Uploaded by

    JESSON VILLA
    The third document provides an unadjusted trial balance for an inn as of June 30,

    Copyright:

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

    Bac MQ2 1

    Uploaded by

    JESSON VILLA
    840 views3 pages
    The third document provides an unadjusted trial balance for an inn as of June 30,

    Original Title

    -BAC-MQ2-1

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The third document provides an unadjusted trial balance for an inn as of June 30,

    Copyright:

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

    Bac MQ2 1

    Uploaded by

    JESSON VILLA
    The third document provides an unadjusted trial balance for an inn as of June 30,

    Copyright:

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

    Quizz 1

    Test 1. Prepare the adjusting entries required by the following information made available to you on
    December 31, 2019, the end of the reporting period:

    a. On December 31, two notes are on-hand:

    ● 1,500.00 for 60 days dated December 16, 2019 at 14% was received from a customer. (use 360
    days)
    ● 1,800.00, 90 days, issued to BPI on December 1, 2019 at 1% monthly interest.

    b. The Unexpired insurance account balance of 23,000.00 represents premium paid on a two-year
    insurance policy taken on December 1, 2018. The expired portion for the year 2018 has been adjusted.

    c. The business has Accounts Receivable of 14,500 as at the end of 2019. It is estimated that only 90% of
    this is collectible. Allowance for Doubtful Accounts has an unadjusted balance of 750.00.

    d. A six-month advertising contract was entered into by the business which required an advance
    payment of 2,400.00 on November 2, 2019 and was debited to Advertising Expense.

    e. Rent Income was credited for 18,000.00 representing three months rent received from a lessee on
    October 15, 2019.

    f. Office equipment costing 75,000.00 was purchased on October 1, 2019 and estimated to have useful
    life of five years after which it could be sold for 5,000.00.

    g. Supplies Expense has a balance of 9,500.00 representing supplies purchased during the year of which
    only 4,500.00 has been taken out from the stockroom.

    Test II. The trial balance of Ty’s business which started only on November 1, 2019 has the following
    information:

    1. Computer system has a useful life of 5 years after which scrap value will be 5,000.00.
    2. The office equipment has a useful life of 5 years. Scrap value will be 20,000.00.
    3. Supplies unused amounted to 500.00
    4. Revenue includes 7,500.00 already collected but not due for consultancy until 2020.
    5. December utility bills for 5,000.00 were received only on January 2020.
    6. Salaries for 15th and 30th of employees are only paid 5 days after the said dates. Total monthly
    salaries amounted to 45,000.00.

    Business Solution Company


    Trial Balance
    December 31, 2019

    Cash on hand 9,730.00


    Cash in bank 40,000.00
    Accounts Receivable 6,000.00
    Computer Supplies 1,420.00
    Computer System 20,000.00
    Office Equipment 80,000.00
    Ty, Capital 100,000.00
    5% 30 day note issued December 15 (use 360 days) 45,000.00
    Ty, Drawings 3,000.00
    Computer Fees Revenue 33,400.00
    Advertising 1,500.00
    Repairs 1,750.00
    Salaries 15,000.00 _________
    Totals 178,400.00 178,400.00

    Prepare the worksheet for the statement of Financial Position and Performance.

    Quiz No. 2

    Test 1. Sleepy Hallow is an inn located at Bagong Buhay Cavite and is owned by Mr. Sawyer. It opened
    on May 1, 2019 and uses the fiscal accounting period ending June 30. The unadjusted trial balance
    (thousands omitted) below is as of June 30, 2020.

    Account Account Title Debits Credits


    No.

    101 Cash on Hand 5,000.00

    102 Cash in Bank 20,000.00

    103 Prepaid Insurance 24,000.00

    104 Linen Supplies 19,000.00

    201 Land 150,000.00

    202 Lodge 700,000.00

    203 Furniture 168,000.00

    301 Accounts Payable 53,000.00

    302 Unearned Rent 46,000.00

    303 Mortgage Payable 350,000.00

    401 Sawyer, Capital 600,000.00

    402 Sawyer, Personal 10,000.00


    501 Rent Revenue 92,000.00

    601 Advertising Expense 5,000.00

    602 Salaries Expense 30,000.00

    603 Utilities Expense 10,000.00

    Total 1,141,000.00 1,141,000.00

    Additional Information:

    ● Insurance expires 2,000.00 per month. Insurance was acquired on July 2019.
    ● 9,000.00 of the linen supplies remain on hand.
    ● Annual depreciation is 10% for the lodge and 5% for the furniture.
    ● The mortgage was taken on August 1, 2019 and is at a rate of 8%.
    ● 25,000.00 of the unearned rent has been earned.
    ● Salaries of 8,000.00 have accrued and are unpaid.

    Instructions: Prepare the Worksheet of the above information. After which, prepare the necessary
    closing entries, Post-Closing Trial Balance, and Reversing Entries.

    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