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Angeles De Guzman is a lawyer specializing in corporate tax law. Provided below is a trial balance taken on Dec. 31, 2017: De Guzman Legal Services Trial Balance Dec. 31, 2017 P 75,000 8,000 Cash Office Supplies 12,000 Prepaid Insurance Office Equipment 150,000 60,000 Computer Equipment Notes Payable Accounts Payable De Guzman, Capital P 50,000 5,000 114,000 De Guzman, Withdrawals 35,000 Consulting Revenues Rent Expensę 390,000 50,000 Salaries Expense 120,000 10,000 Telephone Expense Utilities Expense 39,000 P559,000 P559,000 Information for year-end adjustments: Office supplies on hand at year-end amounted to P3,000. On Jan. 1 of the current year, De Guzman purchased office equipment which cost P150,000 with an expected life of 5 year and no salvage value. Computer equipment costing P60,000 with an expected life of three years and no salvage value was purchased on July 1 of the current year. A premium of P12,000 for a one-year. insurance policy was paid on Dec. 1. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000. a. b. C. d. е. Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Journalize the adjusting entries.

Angeles De Guzman is a lawyer specializing in corporate tax law. Provided below is a trial balance taken on Dec. 31, 2017: De Guzman Legal Services Trial Balance Dec. 31, 2017 P 75,000 8,000 Cash Office Supplies 12,000 Prepaid Insurance Office Equipment 150,000 60,000 Computer Equipment Notes Payable Accounts Payable De Guzman, Capital P 50,000 5,000 114,000 De Guzman, Withdrawals 35,000 Consulting Revenues Rent Expensę 390,000 50,000 Salaries Expense 120,000 10,000 Telephone Expense Utilities Expense 39,000 P559,000 P559,000 Information for year-end adjustments: Office supplies on hand at year-end amounted to P3,000. On Jan. 1 of the current year, De Guzman purchased office equipment which cost P150,000 with an expected life of 5 year and no salvage value. Computer equipment costing P60,000 with an expected life of three years and no salvage value was purchased on July 1 of the current year. A premium of P12,000 for a one-year. insurance policy was paid on Dec. 1. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000. a. b. C. d. е. Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Journalize the adjusting entries.

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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I need answers for my worksheet like the format of the other picture. Thank you.

Problem #2 Worksheet Preparation TH Angeles De Guzman is a lawyer specializing in corporate tax law. Provided below is a trial balance taken on Dec. 31, 2017: 20 De Guzman Legal Services Trial Balance Dec. 31, 2017 P 75,000 8,000 Cash Office Supplies 12,000 Prepaid Insurance Office Equipment 150,000 60,000 Computer Equipment Notes Payable Accounts Payable P 50,000 5,000 114,000 De Guzman, Capital De Guzman, Withdrawals 35,000 Consulting Revenues 390,000 Rent Expensę 50,000 Salaries Expense 120,000 Telephone Expense 10,000 Utilities Expense 39,000 P559,000 P559,000 Information for year-end adjustments: Office supplies on hand at year-end amounted to P3,000. On Jan. 1 of the current year, De Guzman purchased office equipment which cost P150,000 with an expected life of 5 year and no salvage value. Computer equipment costing P60,000 with an expected life of three years and no salvage value was purchased on July 1 of the current year. A premium of P12,000 for a one-year insurance policy was paid on Dec. 1. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000. a. b. С. d. е. Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Journalize the adjusting entries.
Transcribed Image Text:Problem #2 Worksheet Preparation TH Angeles De Guzman is a lawyer specializing in corporate tax law. Provided below is a trial balance taken on Dec. 31, 2017: 20 De Guzman Legal Services Trial Balance Dec. 31, 2017 P 75,000 8,000 Cash Office Supplies 12,000 Prepaid Insurance Office Equipment 150,000 60,000 Computer Equipment Notes Payable Accounts Payable P 50,000 5,000 114,000 De Guzman, Capital De Guzman, Withdrawals 35,000 Consulting Revenues 390,000 Rent Expensę 50,000 Salaries Expense 120,000 Telephone Expense 10,000 Utilities Expense 39,000 P559,000 P559,000 Information for year-end adjustments: Office supplies on hand at year-end amounted to P3,000. On Jan. 1 of the current year, De Guzman purchased office equipment which cost P150,000 with an expected life of 5 year and no salvage value. Computer equipment costing P60,000 with an expected life of three years and no salvage value was purchased on July 1 of the current year. A premium of P12,000 for a one-year insurance policy was paid on Dec. 1. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000. a. b. С. d. е. Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Journalize the adjusting entries.
Del Mundo Landscape Speclalist Worksheet For the Month Ended Nov. 30, 2018 Adjusted Trial Balance Income Statement Balance Sheet Adjustments Debit Trial Balance Account Title Debit Credit Credit Debit Credit Debit Credit Debit Credit No. 182,250 10,000 182,250 7,500 1,000 21,000 182,250 10,000 A500 14,000 22,000 300,000 110 Cash 120 Accounts Receivable i. 2,500 500 500 Supplies Prepaid Rent Prepaid Insurance Vehicles 130 С. 14,000 22,000 300,000 140 a. 7,000 150 24,000 b. 2,000 160 300,000 4,500 4,500 Accum. Depreciation-Vehicles Equipment Accum. Depreciation-Equipment Notes Payable Accounts Payable Salaries Payable Interest Payable Unearned Revenues 165 d. 4,500 170 54,000 54,000 54,000 1,000 100,000 1,000 1,600 1,400 11,250 450,000 1,000 100,000 1,000 1,600 1,400 11,250 450,000 175 е. 1,000 100,000 1,000 210 220 1,600 g. h. 230 240 1,400 2,250 13,500 f. 450,000 250 Del Mundo, Capital Del Mundo, Withdrawals Income Summary Landscaping Revenues 420 Lawn Cutting Revenues 310 320 5,000 5,000 5,000 330 410 37,500 f. 42,250 42,250 2,250 2,500 i. 5,600 4,000 1,600 -500 5,600 500 Salaries Expense Supplies Expense Rent Expense Insurance Expense Gas Expense Advertising Expense Depreciation Expense-Vehicles Depreciation Expense-Equipment Interest Expense 510 g. 520 C. 500 7,000 7,000 2,000 530 a. 7,000 2,000 1,500 1,750 4,500 1,000 1,400 22,750 613,000 2,000 1,500 1,750 4,500 1,000 1,400 25,250 540 b. 1,500 1,750 550 560 4,500 1,000 1,400 570 d. 580 е. 590 h. 602,000 602,000 22,750 613,000 42,250 587,750 570,750 17,000 42,250 17,000 587,750 Profit 42,250 587,750 Exhibit 6-4 Income Statement and Balance Sheet Columns, and Computation of Profit 193
Transcribed Image Text:Del Mundo Landscape Speclalist Worksheet For the Month Ended Nov. 30, 2018 Adjusted Trial Balance Income Statement Balance Sheet Adjustments Debit Trial Balance Account Title Debit Credit Credit Debit Credit Debit Credit Debit Credit No. 182,250 10,000 182,250 7,500 1,000 21,000 182,250 10,000 A500 14,000 22,000 300,000 110 Cash 120 Accounts Receivable i. 2,500 500 500 Supplies Prepaid Rent Prepaid Insurance Vehicles 130 С. 14,000 22,000 300,000 140 a. 7,000 150 24,000 b. 2,000 160 300,000 4,500 4,500 Accum. Depreciation-Vehicles Equipment Accum. Depreciation-Equipment Notes Payable Accounts Payable Salaries Payable Interest Payable Unearned Revenues 165 d. 4,500 170 54,000 54,000 54,000 1,000 100,000 1,000 1,600 1,400 11,250 450,000 1,000 100,000 1,000 1,600 1,400 11,250 450,000 175 е. 1,000 100,000 1,000 210 220 1,600 g. h. 230 240 1,400 2,250 13,500 f. 450,000 250 Del Mundo, Capital Del Mundo, Withdrawals Income Summary Landscaping Revenues 420 Lawn Cutting Revenues 310 320 5,000 5,000 5,000 330 410 37,500 f. 42,250 42,250 2,250 2,500 i. 5,600 4,000 1,600 -500 5,600 500 Salaries Expense Supplies Expense Rent Expense Insurance Expense Gas Expense Advertising Expense Depreciation Expense-Vehicles Depreciation Expense-Equipment Interest Expense 510 g. 520 C. 500 7,000 7,000 2,000 530 a. 7,000 2,000 1,500 1,750 4,500 1,000 1,400 22,750 613,000 2,000 1,500 1,750 4,500 1,000 1,400 25,250 540 b. 1,500 1,750 550 560 4,500 1,000 1,400 570 d. 580 е. 590 h. 602,000 602,000 22,750 613,000 42,250 587,750 570,750 17,000 42,250 17,000 587,750 Profit 42,250 587,750 Exhibit 6-4 Income Statement and Balance Sheet Columns, and Computation of Profit 193
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