Worksheet Page 176-177

Maria Jasmine, Park Place
Unadjusted Trial Balance

as of Decemmber 31, 2022
Account No. Account Title Debit

101 Cash ₱ 25,000.00
111 Accounts Receivable ₱ 180,000.00
111-A Allowance for Bad Debts
116 Prepaid Insurance ₱ 4,000.00
120 Leasehold Improvement ₱ 504,000.00
120-A Accumulated Depreciation - Leasehold Improvement
121 Furniture and Fixtures ₱ 30,000.00
121-A Accumulated Depreciation - Furniture and Fixtures
201 Accounts Payable
202 12% Notes Payable
203 SS& EC Premiums Payable
204 Pag-ibig Premiums Payable
205 Philhealth Premiums Payable
206 Withholding Taxes Payable
207 Advances from Tenants
301 Maria Jasmine, Capital
302 Maria Jasmine, Personal ₱ 85,000.00
401 Parking Fees Income
402 Interest Income
506 Office Supplies Expense ₱ 8,000.00
507 Pag-ibig Premiums Expense ₱ 4,000.00
508 Philhealth Premiums Expense ₱ 4,000.00
509 SS& EC Premiums Expense ₱ 4,000.00
510 Rent Expense ₱ 180,000.00
511 Salaries Expense ₱ 186,000.00
512 Taxes and Licenses ₱ 18,000.00
513 Utilities Expense ₱ 96,000.00
TOTALS ₱ 1,328,000.00
₱ -
Page 176 in the book
Credit
₱ 3,000.00
₱ 42,000.00
₱ 3,000.00
₱ 35,000.00
₱ 400,000.00
₱ 6,000.00
₱ 4,000.00
₱ 4,000.00
₱ 4,000.00
₱ 15,000.00
₱ 144,000.00
₱ 654,000.00
₱ 14,000.00
₱ 1,328,000.00
16. Maria Jasmine began business on January 1, 2021 leasing the basement of
Jaka Towers The building tenants are her regular customers, some of them
paying in advance. The following data were available on December 31, 2022
(thousands omitted):
a. Salary of a casual employee in the amount of P4000 has been incurred as of

December 31 but remains unpaid
b. A count of the office supplies showed PI000 remaining on hand as at
December 31.
c. Three months parking fees were received in advance from 5 tenants on
December 1, 2022
d. Maria Jasmine made some improvements on the basement building on May 1,
2021. Her lease contract runs for eight years. Amortization for 2021 already
recorded.
e. Ms. Jasmine took out a six-month insurance policy for her business effective
Oct. 1, 2022.
f. Maria Jasmine invested P20,000 of the furniture and fixtures on January 1,
2021. Estimated useful life of 5 years, scrap value of P5000. The remaining
amount was acquired on June 30, 2022 with an estimated life of 5 years, no scrap
value.
g. The accountant maintains an allowance for doubtful accounts equal to 5% of
the outstanding accounts receivable.
h. The note issued to Philippine Bank was dated November 1, 2022 and is due
January 31, 2023
i. 3% tax is due for the last quarter. Gross receipts for October and November
amounted to P50,000.00.
Particulars Debit Credit
a Salaries Expense ₱ 4,000.00
Salaries Payable ₱ 4,000.00
b Office Supplies Expense ₱ 7,000.00

Office Supplies ₱ 7,000.00
c Advances from Tenants ₱ 5,000.00

Parking Fees Income ₱ 5,000.00
d Lease Improvement Expense ₱ 63,000.00 5250 per month

Lease Improvements ₱ 63,000.00
e Insurance Expense ₱ 2,000.00

Prepaid Insurance ₱ 2,000.00
f Depreciation Expense - Furniture and Fixtures ₱ 4,000.00

Accumulated Depreciation - Furniture and Fixtures ₱ 4,000.00
g Bad Debts Expense ₱ 6,000.00

Allowance for Bad Debts ₱ 6,000.00
h Interest Receivable ₱ 8,000.00

Interest Income ₱ 8,000.00
i Taxes Expense ₱ 1,500.00

Withholding Taxes Payable ₱ 1,500.00
5250 per month 504k/96 (8yrs)
computed based on receivables so yung

amount na makukuha is makikita mismo sa
balance sheet
Unadjusted Trial Balance
Debit Credit
Cash ₱ 25,000.00
Accounts Receivable ₱ 180,000.00
Allowance for Bad Debts ₱ 3,000.00
Prepaid Insurance ₱ 4,000.00
Leasehold Improvement ₱ 504,000.00
Accumulated Depreciation - Leasehold Improvement ₱ 42,000.00
Furniture and Fixtures ₱ 30,000.00
Accumulated Depreciation - Furniture and Fixtures ₱ 3,000.00
Accounts Payable ₱ 35,000.00
12% Notes Payable ₱ 400,000.00
SS& EC Premiums Payable ₱ 6,000.00
Pag-ibig Premiums Payable ₱ 4,000.00
Philhealth Premiums Payable ₱ 4,000.00
Withholding Taxes Payable ₱ 4,000.00
Advances from Tenants ₱ 15,000.00
Maria Jasmine, Capital ₱ 144,000.00
Maria Jasmine, Personal ₱ 85,000.00
Parking Fees Income ₱ 654,000.00
Interest Income ₱ 14,000.00
Office Supplies Expense ₱ 8,000.00
Pag-ibig Premiums Expense ₱ 4,000.00
Philhealth Premiums Expense ₱ 4,000.00
SS& EC Premiums Expense ₱ 4,000.00
Rent Expense ₱ 180,000.00
Salaries Expense ₱ 186,000.00
Taxes and Licenses ₱ 18,000.00
Utilities Expense ₱ 96,000.00
₱ 1,328,000.00 ₱ 1,328,000.00
Salaries Payable
Supplies
Lease Improvement Expense
Insurance Expense
Depreciation Expense
Bad Debts Expense
Interest Receivable
Taxes Expense
Net gain
Adjustments Adjusted Trial Balance Income Statement
Debit Credit Debit Credit Debit Credit
₱ 25,000.00
₱ 180,000.00
₱ 6,000.00 ₱ 9,000.00
₱ 2,000.00 ₱ 2,000.00
₱ 63,000.00 ₱ 441,000.00
₱ 42,000.00
₱ 30,000.00
₱ 4,000.00 ₱ 7,000.00
₱ 35,000.00
₱ 400,000.00
₱ 6,000.00
₱ 4,000.00
₱ 4,000.00
₱ 1,500.00 ₱ 5,500.00
₱ 5,000.00 ₱ 10,000.00
₱ 144,000.00
₱ 85,000.00
₱ 5,000.00 ₱ 659,000.00 ₱ 659,000.00
₱ 8,000.00 ₱ 22,000.00 ₱ 22,000.00
₱ 7,000.00 ₱ 15,000.00 ₱ 15,000.00
₱ 4,000.00 ₱ 4,000.00
₱ 4,000.00 ₱ 4,000.00
₱ 4,000.00 ₱ 4,000.00
₱ 180,000.00 ₱ 180,000.00
₱ 4,000.00 ₱ 190,000.00 ₱ 190,000.00
₱ 18,000.00 ₱ 18,000.00
₱ 96,000.00 ₱ 96,000.00
₱ 4,000.00 ₱ 4,000.00
₱ 7,000.00 ₱ 7,000.00
₱ 63,000.00 ₱ 63,000.00 ₱ 63,000.00
₱ 2,000.00 ₱ 2,000.00 ₱ 2,000.00
₱ 4,000.00 ₱ 4,000.00 ₱ 4,000.00
₱ 6,000.00 ₱ 6,000.00 ₱ 6,000.00
₱ 8,000.00 ₱ 8,000.00
₱ 1,500.00 ₱ 1,500.00 ₱ 1,500.00
₱ 100,500.00 ₱ 100,500.00 ₱ 1,358,500.00 ₱ 1,358,500.00 ₱ 587,500.00 ₱ 681,000.00

₱ - ₱ - ₱ 93,500.00
Balance Sheet
Debit Credit
₱ 25,000.00
₱ 180,000.00
₱ 9,000.00
₱ 2,000.00
₱ 441,000.00
₱ 42,000.00
₱ 30,000.00
₱ 7,000.00
₱ 35,000.00
₱ 400,000.00
₱ 6,000.00
₱ 4,000.00
₱ 4,000.00
₱ 5,500.00
₱ 10,000.00
₱ 144,000.00
₱ 85,000.00
₱ 4,000.00
₱ 7,000.00
₱ 8,000.00
₱ 771,000.00 ₱ 677,500.00
₱ 93,500.00

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Maria Jasmine, Park Place

Unadjusted Trial Balance

Account No. Account Title Debit

a. Salary of a casual employee in the amount of P4000 has been incurred as of

b Office Supplies Expense ₱ 7,000.00

c Advances from Tenants ₱ 5,000.00

d Lease Improvement Expense ₱ 63,000.00 5250 per month

e Insurance Expense ₱ 2,000.00

f Depreciation Expense - Furniture and Fixtures ₱ 4,000.00

g Bad Debts Expense ₱ 6,000.00

h Interest Receivable ₱ 8,000.00

i Taxes Expense ₱ 1,500.00

computed based on receivables so yung

₱ 100,500.00 ₱ 100,500.00 ₱ 1,358,500.00 ₱ 1,358,500.00 ₱ 587,500.00 ₱ 681,000.00

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