Scribd Logo
Upload

Welcome to Scribd!

  • 138 views

    Accounting Practice

    Uploaded by

    Antonette Laurio
    The document presents an unadjusted trial balance for ABC Engineering & Co. as of May 31, 2022 including asset, liability, capital, revenue and expense accounts, along with adjustments to prepare an adjusted trial balance, income statement, and balance sheet. Adjustments are made for prepaid expenses, inventory counts, depreciation, revenue recognition, accrued expenses, and interest. The adjustments are recorded on a worksheet to prepare the adjusted trial balance, income statement, and balance sheet for the period ended May 31, 2022.

    Copyright:

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

    Accounting Practice

    Uploaded by

    Antonette Laurio
    138 views6 pages
    The document presents an unadjusted trial balance for ABC Engineering & Co. as of May 31, 2022 including asset, liability, capital, revenue and expense accounts, along with adjustments to prepare an adjusted trial balance, income statement, and balance sheet. Adjustments are made for prepaid expenses, inventory counts, depreciation, revenue recognition, accrued expenses, and interest. The adjustments are recorded on a worksheet to prepare the adjusted trial balance, income statement, and balance sheet for the period ended May 31, 2022.

    Original Title

    Accounting-Practice

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document presents an unadjusted trial balance for ABC Engineering & Co. as of May 31, 2022 including asset, liability, capital, revenue and expense accounts, along with adjustments to prepare an adjusted trial balance, income statement, and balance sheet. Adjustments are made for prepaid expenses, inventory counts, depreciation, revenue recognition, accrued expenses, and interest. The adjustments are recorded on a worksheet to prepare the adjusted trial balance, income statement, and balance sheet for the period ended May 31, 2022.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    138 views6 pages

    Accounting Practice

    Uploaded by

    Antonette Laurio
    The document presents an unadjusted trial balance for ABC Engineering & Co. as of May 31, 2022 including asset, liability, capital, revenue and expense accounts, along with adjustments to prepare an adjusted trial balance, income statement, and balance sheet. Adjustments are made for prepaid expenses, inventory counts, depreciation, revenue recognition, accrued expenses, and interest. The adjustments are recorded on a worksheet to prepare the adjusted trial balance, income statement, and balance sheet for the period ended May 31, 2022.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 6

    The May 31, 2022, Trial Balance for ABC Engineering & Co.

    UNADJUSTED TRIAL BALANCE


    Dr. Cr.
    Cash 210,000.00
    Accounts Receivable 930,000.00
    Prepaid Advertising 360,000.00
    Engineering Supplies 270,000.00
    Surveing Equipment 1,890,000.00
    Accum. Dep. - Surveing Equipment 640,000.00
    Accounts Payable 190,000.00
    Unearned Survey Revenues 120,000.00
    Notes Payable 500,000.00
    Abella, Capital 1,120,000.00
    Abella, Withdrawals 700,000.00
    Survey Revenues 6,510,000.00
    Salaries Expense 3,270,000.00
    Rent Expense 960,000.00
    Insurance Expense 250,000.00
    Utilities Expense 160,000.00
    Miscellaneous Expense 80,000.00
    Totals 9,080,000.00 9,080,000.00

    Advertising Expense
    Engineering Supplies Expense
    Depreciation Expense - Surveying Equipment
    Salaries Payable
    Interest Expense
    Interest Payable
    ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT
    Dr. Cr. Dr. Cr. Dr.
    210,000.00
    930,000.00
    140,000.00 220,000.00
    180,000.00 90,000.00
    1,890,000.00
    160,000.00 800,000.00
    190,000.00
    40,000.00 80,000.00
    500,000.00
    1,120,000.00
    700,000.00
    40,000.00 6,550,000.00
    140,000.00 3,410,000.00 3,410,000.00
    960,000.00 960,000.00
    250,000.00 250,000.00
    160,000.00 160,000.00
    80,000.00 80,000.00

    140,000.00 140,000.00 140,000.00


    180,000.00 180,000.00 180,000.00
    160,000.00 160,000.00 160,000.00
    140,000.00 140,000.00
    60,000.00 60,000.00 60,000.00
    60,000.00 60,000.00
    720,000.00 720,000.00 9,440,000.00 9,440,000.00 5,400,000.00
    1,350,000.00
    6,750,000.00
    INCOME STATEMENT BALANCE SHEET
    Cr. Dr. Cr.
    210,000.00
    930,000.00
    220,000.00
    90,000.00
    1,890,000.00
    800,000.00
    190,000.00
    80,000.00
    500,000.00
    1,120,000.00
    700,000.00
    6,550,000.00

    140,000.00

    60,000.00
    6,750,000.00 4,040,000.00 2,690,000.00
    1,350,000.00
    6,750,000.00 4,040,000.00 4,040,000.00
    Survey Revenues 6,550,000.00
    Income Summary 6,550,000.00

    Income Summary 5,400,000.00


    Salaries Expense 3,410,000.00
    Rent Expense 960,000.00
    Insurance Expense 250,000.00
    Utilities Expense 160,000.00
    Miscellaneous Expense 80,000.00
    Advertising Expense 140,000.00
    Engineering Supplies Expense 180,000.00
    Depreciation Expense - Surveing Equipment 160,000.00
    Interest Expense 60,000.00

    Income Summary
    5,400,000.00 6,550,000.00

    1,150,000.00 1,150,000.00

    Income Summary 1,150,000.00


    Abella, Capital 1,150,000.00
    The following information pertaining to the year-end adjustments is available:
    a. The P360,000 prepaid advertising represents expenditure made on Nov. 1, 2021 for monthly advertising over the next 18 m
    b. A count of the engineering supplies at May 31, 2022 amounted to P90,000.
    c. Depreciation on the surveying equipment amounted to P160,000.
    d. One-third of the unearned survey revenues has been earned at year-end.
    e. At year-end, salaries in the amount of P140,000 have accrued.
    f. Interest of P60,000 on the notes payable has accrued at year-end.
    Required: Prepare the adjustments on the worksheet and complete the worksheet.

    a. Advertising Expense (360,000/18 months * 7 months)


    Prepaid Advertising

    b. Engineering Supplies Expense


    Engineering Supplies

    c. Depreciation Expense - Surveying Equipment


    Acc. Depreciation - Surveying Equipment

    d. Unearned Survey Revenues


    Survey Revenues

    e. Salaries Expense
    Salaries Payable

    f. Interest Expense
    Interest Payable

    Straight-Line Method of Depreciation


    CA/CV - Salvage Value/Residual Value
    EUL
    140,000.00
    140,000.00

    180,000.00
    180,000.00

    160,000.00
    160,000.00

    40,000.00
    40,000.00

    140,000.00
    140,000.00

    60,000.00
    60,000.00

    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