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Adjusting entries and worksheet The books of Kasa Kahan Services owned and managed by Miss Kasa Kahan showed the following account balances on December 31, 2015. Certain accounts need to be adjusted and the following adjustments are visible. Kasa Kahan Services Trial Balance December 31, 2015 Trial Balance Particular Debit 178000 Credit Cash on hand Accounts Receivable 135000 Allowance for Doubtful Accounts Prepaid Insurance Land 124000 1250000 1300000 Building Accumulated Depreciation - building Fumiture and Fixtures Accumulated Depreciation - F & F Accounts Payable 1120000 167000 Unearned Income 142000 J. Capital J. Withdrawal Service Income Other Income Doubtful Accounts Depreciation - building Depreciation - Furniture and Fixtures Insurance Expense 2980000 50000 1235000 168000 128000 Utilities Expense Miscellaneous Expense Salaries Expense Total 83000 78000 246000 4692000 4692000 The following data for adjustments were made available: Provisions for doubtful accounts should be set up to 1.5% of the outstanding balance of the accounts receivable. Php 12,000 of the prepaid insurance has expired. Building is to be depreciated by P130000. Furniture and fixture has an estimated useful life of 15 years with a scrap value of Php 1. 2. 3. 4. 70000. It was purchased on January 1, 2015. Unrecorded payments of accounts payable amounted to Php 67000. Php 50000 of the unearned income is already earned. 5. 6. Adjusting Journal Entries: (2 points each transaction)

Adjusting entries and worksheet The books of Kasa Kahan Services owned and managed by Miss Kasa Kahan showed the following account balances on December 31, 2015. Certain accounts need to be adjusted and the following adjustments are visible. Kasa Kahan Services Trial Balance December 31, 2015 Trial Balance Particular Debit 178000 Credit Cash on hand Accounts Receivable 135000 Allowance for Doubtful Accounts Prepaid Insurance Land 124000 1250000 1300000 Building Accumulated Depreciation - building Fumiture and Fixtures Accumulated Depreciation - F & F Accounts Payable 1120000 167000 Unearned Income 142000 J. Capital J. Withdrawal Service Income Other Income Doubtful Accounts Depreciation - building Depreciation - Furniture and Fixtures Insurance Expense 2980000 50000 1235000 168000 128000 Utilities Expense Miscellaneous Expense Salaries Expense Total 83000 78000 246000 4692000 4692000 The following data for adjustments were made available: Provisions for doubtful accounts should be set up to 1.5% of the outstanding balance of the accounts receivable. Php 12,000 of the prepaid insurance has expired. Building is to be depreciated by P130000. Furniture and fixture has an estimated useful life of 15 years with a scrap value of Php 1. 2. 3. 4. 70000. It was purchased on January 1, 2015. Unrecorded payments of accounts payable amounted to Php 67000. Php 50000 of the unearned income is already earned. 5. 6. Adjusting Journal Entries: (2 points each transaction)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Adjusting entries and worksheet The books of Kasa Kahan Services owned and managed by Miss Kasa Kahan showed the following account balances on December 31, 2015. Certain accounts need to be adjusted and the following adjustments are visible. Kasa Kahan Services Trial Balance December 31, 2015 Trial Balance Particular Debit Credit Cash on hand Accounts Receivable 178000 135000 Allowance for Doubtful Accounts Prepaid Insurance Land 124000 1250000 Building Accumulated Depreciation - building Fumiture and Fixtures 1300000 1120000 Accumulated Depreciation - F & F Accounts Payable Unearned Income J. Capital J. Withdrawal Service Income 167000 142000 2980000 50000 1235000 Other Income 168000 Doubtful Accounts Depreciation - building Depreciation - Furniture and Fixtures Insurance Expense Utilities Expense 128000 83000 78000 Miscellaneous Expense Salaries Expense 246000 Total 4692000 4692000 The following data for adjustments were made available: 1. Provisions for doubtful accounts should be set up to 1.5% of the outstanding balance of the accounts receivable. 2. Php 12,000 of the prepaid insurance has expired. Building is to be depreciated by P130000. Furniture and fixture has an estimated useful life of 15 years with a scrap value of Php 70000. It was purchased on January 1, 2015. Unrecorded payments of accounts payable amounted to Php 67000. Php 50000 of the unearned income is already earned. 3. 4. 5. 6. Adjusting Journal Entries: (2 points each transaction)
Transcribed Image Text:Adjusting entries and worksheet The books of Kasa Kahan Services owned and managed by Miss Kasa Kahan showed the following account balances on December 31, 2015. Certain accounts need to be adjusted and the following adjustments are visible. Kasa Kahan Services Trial Balance December 31, 2015 Trial Balance Particular Debit Credit Cash on hand Accounts Receivable 178000 135000 Allowance for Doubtful Accounts Prepaid Insurance Land 124000 1250000 Building Accumulated Depreciation - building Fumiture and Fixtures 1300000 1120000 Accumulated Depreciation - F & F Accounts Payable Unearned Income J. Capital J. Withdrawal Service Income 167000 142000 2980000 50000 1235000 Other Income 168000 Doubtful Accounts Depreciation - building Depreciation - Furniture and Fixtures Insurance Expense Utilities Expense 128000 83000 78000 Miscellaneous Expense Salaries Expense 246000 Total 4692000 4692000 The following data for adjustments were made available: 1. Provisions for doubtful accounts should be set up to 1.5% of the outstanding balance of the accounts receivable. 2. Php 12,000 of the prepaid insurance has expired. Building is to be depreciated by P130000. Furniture and fixture has an estimated useful life of 15 years with a scrap value of Php 70000. It was purchased on January 1, 2015. Unrecorded payments of accounts payable amounted to Php 67000. Php 50000 of the unearned income is already earned. 3. 4. 5. 6. Adjusting Journal Entries: (2 points each transaction)
Complete the 10-column worksheet and prepare income statement, balance sheet and statement of changes in owner's equity. (1 point per entry) Adjustments Adjusted Trial Balance Income Balance Sheet Trial Balance Statement Particular Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash on hand 178000 Accounts Receivable 135000 Allowance for Doubtful Accounts Prepaid Insurance 124000 Land 1250000 Building Accumulated Depreciation - building 1300000 Fumiture and Fixtures Accumulated Depreciation - F & 1120000 Accounts Payable 167000 Uneaned Income 142000 J. Capital 2980000 J. Withdrawal 50000 Service Income 1235000 Other Income 168000 Doubtful Accounts Depreciation - building Depreciation - Furniture and Fixtures Insurance Expense 128000 Utilities Expense 83000 Miscellaneous Expense 78000 Salaries Expense 246000 Total 4692000 4692000
Transcribed Image Text:Complete the 10-column worksheet and prepare income statement, balance sheet and statement of changes in owner's equity. (1 point per entry) Adjustments Adjusted Trial Balance Income Balance Sheet Trial Balance Statement Particular Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash on hand 178000 Accounts Receivable 135000 Allowance for Doubtful Accounts Prepaid Insurance 124000 Land 1250000 Building Accumulated Depreciation - building 1300000 Fumiture and Fixtures Accumulated Depreciation - F & 1120000 Accounts Payable 167000 Uneaned Income 142000 J. Capital 2980000 J. Withdrawal 50000 Service Income 1235000 Other Income 168000 Doubtful Accounts Depreciation - building Depreciation - Furniture and Fixtures Insurance Expense 128000 Utilities Expense 83000 Miscellaneous Expense 78000 Salaries Expense 246000 Total 4692000 4692000
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