Anne Curtis is a lawyer specializing in corporate tax law. Provided below is a trial balance taken on Dec. 31, 2018: Curtis Legal Services Trial Balance Dec. 31, 2018 111 Cash P 75,000 112 Office Supplies 8,000 113 Prepaid Insurance 12,000 114 Office Equipment 150,000 116 Computer Equipment 60,000 211 Notes Payable P 50,000 212 Accounts Payable 5,000 311 De Guzman, Capital 114,000 312 De Guzman,Withdrawals 35,000 411 Consulting Revenues 390,000 511 Rent Expense 50,000 512 Salaries Expense 120,000 513 Telephone Expense 10,000 514 Utilities Expense 39,000 P 559,000 P 559,000 Information for year-end adjustments: a. Office supplies on hand at year-end amounted to P3,000. b. On January 1 of the current year, Curtis purchased office equipment which cost P150,000 with and expected life of 5 years and no salvage value. c. Computer equipment costing P60,000 with an expected useful life of three years and no salvage value was purchased on July 1 of the current year. d. A premium of P12,000 for one-year insurance policy was paid on Dec. 1. e. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000. Chart of Accounts for New Accounts: 115 Accumulated Depreciation – Office Equipment 117 Accumulated Depreciation – Computer Equipment 213 Salaries Payable 515 Supplies Expense 516 Depreciation Expense 517 Insurance Expense Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Journalize the adjusting entries. (no need for posting) 3. Prepare the income statement and balance sheet. 4. Journalize the closing entries and prepare a post-closing trial balance. (no need for posting) Anne Curtis is a lawyer specializing in corporate tax law. Provided below is a trial balance takenon Dec. 31, 2018:Curtis Legal ServicesTrial BalanceDec. 31, 2018111CashP75,000112Office Supplies8,000113Prepaid Insurance12,000114Office Equipment150,000116Computer Equipment60,000211Notes Payable50,000212 Accounts Payable5,000311De Guzman, Capital114,000312De Guzman, Withdrawals35,000411 Consulting Revenues390,000511 Rent Expense50,000512 Salaries Expense120,000513 Telephone Expense10,000514 Utilities Expense39,000559.000 P559,000Information for year-end adjustments:a. Office supplies on hand at year-end amounted to P3,000.b. On January 1 of the current year, Curtis purchased office equipment which cost P150,000with and expected life of 5 years and no salvage value. c. Computer equipment costing P60,000 with an expected useful life of three years and nosalvage value was purchased on July 1 of the current year.d. A premium of P12,000 for one-year insurance policy was paid on Dec. 1.e. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000.Chart of Accounts for New Accounts:115Accumulated Depreciation – Office Equipment117Accumulated Depreciation - Computer Equipment213Salaries Payable515Supplies Expense516Depreciation Expense517Insurance ExpenseRequired:1. Prepare the adjustments on the worksheet and complete the worksheet.2. Joumalize the adjusting entries. (no need for posting)3. Prepare the income statement and balance sheet.4. Journalize the closing entries and prepare a post-closing trial balance. (no need forposting)

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Anne Curtis is a lawyer specializing in corporate tax law. Provided below is a trial balance taken on Dec. 31, 2018: Curtis Legal Services Trial Balance Dec. 31, 2018 111 Cash P 75,000 112 Office Supplies 8,000 113 Prepaid Insurance 12,000 114 Office Equipment 150,000 116 Computer Equipment 60,000 211 Notes Payable P 50,000 212 Accounts Payable 5,000 311 De Guzman, Capital 114,000 312 De Guzman,Withdrawals 35,000 411 Consulting Revenues 390,000 511 Rent Expense 50,000 512 Salaries Expense 120,000 513 Telephone Expense 10,000 514 Utilities Expense 39,000 P 559,000 P 559,000 Information for year-end adjustments: a. Office supplies on hand at year-end amounted to P3,000. b. On January 1 of the current year, Curtis purchased office equipment which cost P150,000 with and expected life of 5 years and no salvage value. c. Computer equipment costing P60,000 with an expected useful life of three years and no salvage value was purchased on July 1 of the current year. d. A premium of P12,000 for one-year insurance policy was paid on Dec. 1. e. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000. Chart of Accounts for New Accounts: 115 Accumulated Depreciation – Office Equipment 117 Accumulated Depreciation – Computer Equipment 213 Salaries Payable 515 Supplies Expense 516 Depreciation Expense 517 Insurance Expense Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Journalize the adjusting entries. (no need for posting) 3. Prepare the income statement and balance sheet. 4. Journalize the closing entries and prepare a post-closing trial balance. (no need for posting)

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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Anne Curtis is a lawyer specializing in corporate tax law. Provided below is a trial balance taken on Dec. 31, 2018: Curtis Legal Services Trial Balance Dec. 31, 2018 111 Cash P 75,000 112 Office Supplies 8,000 113 Prepaid Insurance 12,000 114 Office Equipment 150,000 116 Computer Equipment 60,000 211 Notes Payable P 50,000 212 Accounts Payable 5,000 311 De Guzman, Capital 114,000 312 De Guzman,Withdrawals 35,000 411 Consulting Revenues 390,000 511 Rent Expense 50,000 512 Salaries Expense 120,000 513 Telephone Expense 10,000 514 Utilities Expense 39,000 P 559,000 P 559,000 Information for year-end adjustments: a. Office supplies on hand at year-end amounted to P3,000. b. On January 1 of the current year, Curtis purchased office equipment which cost P150,000 with and expected life of 5 years and no salvage value. c. Computer equipment costing P60,000 with an expected useful life of three years and no salvage value was purchased on July 1 of the current year. d. A premium of P12,000 for one-year insurance policy was paid on Dec. 1. e. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000. Chart of Accounts for New Accounts: 115 Accumulated Depreciation – Office Equipment 117 Accumulated Depreciation – Computer Equipment 213 Salaries Payable 515 Supplies Expense 516 Depreciation Expense 517 Insurance Expense Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Journalize the adjusting entries. (no need for posting) 3. Prepare the income statement and balance sheet. 4. Journalize the closing entries and prepare a post-closing trial balance. (no need for posting)

c. Computer equipment costing P60,000 with an expected useful life of three years and no
salvage value was purchased on July 1 of the current year.
d. A premium of P12,000 for one-year insurance policy was paid on Dec. 1.
e. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000.
Chart of Accounts for New Accounts:
115
Accumulated Depreciation – Office Equipment
117
Accumulated Depreciation - Computer Equipment
213
Salaries Payable
515
Supplies Expense
516
Depreciation Expense
517
Insurance Expense
Required:
1. Prepare the adjustments on the worksheet and complete the worksheet.
2. Joumalize the adjusting entries. (no need for posting)
3. Prepare the income statement and balance sheet.
4. Journalize the closing entries and prepare a post-closing trial balance. (no need for
posting)

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