Comprehensive ProblemPresented below is the unadjusted trial balance of the Moises Dondoyano InformationSystems for the year ended Dec. 31, 2019:Moises Dondoyano Information SystemsUnadjusted Trial BalanceDec. 31, 2019CashNotes ReceivableAccounts ReceivableOffice SuppliesLandP 45,000360,000156,00063,000300,0001,590,000P 254,000BuildingAccumulated Depreciation-BuildingEquipmentAccumulated Depreciation-EquipmentAccounts PayableUnearned Consulting RevenuesDondoyano, Capital, 1/1/2019Dondoyano, WithdrawalsConsulting RevenuesSalaries ExpenseRepairs ExpenseMiscellaneous Expense2,150,000612,000213,000450,0002,655,000600,0002,108,000875,000116,00037,000TotalsP6,292,000P6,292,000Additional information:a. Office supplies on hand as at Dec. 31, 2019 is P21,000.b. One-third of the unearned revenues has been earned as at Dec. 31, 2019.c. Depreciation for the year amounted to P38,000 for the building and P123,000for the equipment.d. Salaries in the amount of P14,000 have accrued at year-end.e. The notes receivable were accepted from several customers. The notes wereissued on Sept. 1, 2019 and will be settled together with a 20% interest on May31, 2020.Required:1. Establish a ledger account for each of the account in the unadjusted trial balance.2. Journalize and post the adjusting entries.3. Prepare an adjusted trial balance.4. Prepare an income statement, a statement of changes in equity and a balancesheet.

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Compreh Presented below is the unadjusted trial balance of the Moises Dondoyano Information Systems for the year ended Dec. 31, 2019: Moises Dondoyano Information Systems Unadjusted Trial Balance Dec. 31, 2019 P 45,000 360,000 156,000 63,000 300,000 1,590,000 Cash Notes Receivable Accounts Receivable Office Supplies Land P 254,000 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Consulting Revenues Dondoyano, Capital, 1/1/2019 Dondoyano, Withdrawals Consulting Revenues Salaries Expense Repairs Expense Miscellaneous Expense 2,150,000 612,000 213,000 450,000 2,655,000 600,000 2,108,000 875,000 116,000 37,000 P6,292,000 Totals P6,292,000 Additional information: a. Office supplies on hand as at Dec. 31, 2019 is P21,000. b. One-third of the unearned revenues has been earned as at Dec. 31, 2019. c. Depreciation for the year amounted to P38,000 for the building and P123,000 for the equipment. d. Salaries in the amount of P14,000 have accrued at year-end. e. The notes receivable were accepted from several customers. The notes were issued on Sept. 1, 2019 and will be settled together with a 20% interest on May 31, 2020. Required: 1. Establish a ledger account for each of the account in the unadjusted trial balance. 2. Journalize and post the adjusting entries. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, a statement of changes in equity and a balance sheet.

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6P