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    Seatwork #4

    Uploaded by

    Jasmine Maningo
    The document is a worksheet for De Guzman Legal Services for the month of December 2017. It includes trial balances, adjustments, and adjusted trial balances for accounts. The adjusted trial balances are then used to generate an income statement showing revenues of $390,000 and expenses of $228,000, resulting in a net income of $162,000. A balance sheet shows assets of $374,000 and equity of $162,000 and liabilities of $212,000.

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    Seatwork #4

    Uploaded by

    Jasmine Maningo
    79 views2 pages
    The document is a worksheet for De Guzman Legal Services for the month of December 2017. It includes trial balances, adjustments, and adjusted trial balances for accounts. The adjusted trial balances are then used to generate an income statement showing revenues of $390,000 and expenses of $228,000, resulting in a net income of $162,000. A balance sheet shows assets of $374,000 and equity of $162,000 and liabilities of $212,000.

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    The document is a worksheet for De Guzman Legal Services for the month of December 2017. It includes trial balances, adjustments, and adjusted trial balances for accounts. The adjusted trial balances are then used to generate an income statement showing revenues of $390,000 and expenses of $228,000, resulting in a net income of $162,000. A balance sheet shows assets of $374,000 and equity of $162,000 and liabilities of $212,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    79 views2 pages

    Seatwork #4

    Uploaded by

    Jasmine Maningo
    The document is a worksheet for De Guzman Legal Services for the month of December 2017. It includes trial balances, adjustments, and adjusted trial balances for accounts. The adjusted trial balances are then used to generate an income statement showing revenues of $390,000 and expenses of $228,000, resulting in a net income of $162,000. A balance sheet shows assets of $374,000 and equity of $162,000 and liabilities of $212,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 2

    De Guzman Legal Services

    Worksheet
    For the month ended Dec. 31, 2017
    Date Trial balance Adjustments Adjusted Trial Balance
    Account title Debit Credit Debit Credit Debit
    Cash P75,000 P75,000
    Office Supplies 8,000 P5,000 3,000
    Prepaid Insurance 12,000 1,000 11,000
    Office Equipment 150,000 P30,000 180,000
    Accum. Depreciation Office equipment 30,000
    Computer Equipment 60,000 10,000 70,000
    Accum. Depreciation Computer equipment 10,000
    Notes Payable P50,000
    Accounts Payable 5,000
    Salaries Payable 3,000
    De Guzman, Capital 114,000
    De Guzman, Withdrawals 35,000 35,000

    Consulting Revenues 390,000


    Rent Expense 50,000 50,000
    Salaraies Expense 120,000 3,000 123,000
    Telephone Expenses 10,000 10,000
    Utilities Expense 39,000 39,000
    Office supply Expense 5,000 5,000
    Insurance Expense 1,000 1,000
    TOTAL: P559,000 P559,000 P49,000 P49,000 P602,000
    profit
    ices

    31, 2017
    Adjusted Trial Balance income Statement Balance Sheet
    Credit Debit Credit Debit Credit
    P75,000
    3,000
    11,000
    180,000
    P30,000 30,000
    70,000
    10,000 10,000
    50,000 50,000
    5,000 5,000
    3,000 3,000
    114,000 114,000
    35,000

    390,000 P390,000
    50,000
    123,000
    10,000
    39,000
    5,000
    1,000
    P602,000 P228,000 212,000
    162,000 162,000
    P390,000 P390,000 P374,000 P374,000

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