Homework Help is Here – Start Your Trial Now!
Business
Accounting
John Bala is a lawyer specializing in corporate tax law. Provided below is a trial balanc: taken on Dec. 31, 2004: Bala Legal Services Trial Balance Dec. 31, 2004 Cash Office Supplies P 75,000 8,000 Prepaid Insurance Office Equipment 12,000 150,000 60,000 Computer Equipment Notes Payable Accounts Payable P 50,000 5,000 Bala, Capital Bala, Withdrawals 114,000 35,000 Consulting Revenues Rent Expense Salaries Expense 390,000 50,000 120,000 Telephone Expense 10,000 39,000 P559,000 Utilities Expense P559,000 Information for year-end adjustments: a. Office supplies on hand at year-end amounted to P3,000. b. On Jan. 1 of the current year, Bala purchased office equipment which cost P150,000 with an expected life of 5 year and no salvage value. c. 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. d. 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 е.

John Bala is a lawyer specializing in corporate tax law. Provided below is a trial balanc: taken on Dec. 31, 2004: Bala Legal Services Trial Balance Dec. 31, 2004 Cash Office Supplies P 75,000 8,000 Prepaid Insurance Office Equipment 12,000 150,000 60,000 Computer Equipment Notes Payable Accounts Payable P 50,000 5,000 Bala, Capital Bala, Withdrawals 114,000 35,000 Consulting Revenues Rent Expense Salaries Expense 390,000 50,000 120,000 Telephone Expense 10,000 39,000 P559,000 Utilities Expense P559,000 Information for year-end adjustments: a. Office supplies on hand at year-end amounted to P3,000. b. On Jan. 1 of the current year, Bala purchased office equipment which cost P150,000 with an expected life of 5 year and no salvage value. c. 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. d. 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 е.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Preparation John Bala is a lawyer specializing in corporate tax law. Provided below is a trial balance taken on Dec. 31, 2004: Bala Legal Services Trial Balance Dec. 31, 2004 Cash Office Supplies Prepaid Insurance Office Equipment P 75,000 8,000 12,000 150,000 Computer Equipment Notes Payable Accounts Payable Bala, Capital 60,000 P 50,000 5,000 114,000 Bala, Withdrawals 35,000 Consulting Revenues Rent Expense 390,000 50,000 Salaries Expense 120,000 Telephone Expense Utilities Expense 10,000 39,000 P559,000 P559,000 Information for year-end adjustments: a. Office supplies on hand at year-end amounted to P3,000. b. On Jan. 1 of the current year, Bala 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. с. d. 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- е.
Transcribed Image Text:Preparation John Bala is a lawyer specializing in corporate tax law. Provided below is a trial balance taken on Dec. 31, 2004: Bala Legal Services Trial Balance Dec. 31, 2004 Cash Office Supplies Prepaid Insurance Office Equipment P 75,000 8,000 12,000 150,000 Computer Equipment Notes Payable Accounts Payable Bala, Capital 60,000 P 50,000 5,000 114,000 Bala, Withdrawals 35,000 Consulting Revenues Rent Expense 390,000 50,000 Salaries Expense 120,000 Telephone Expense Utilities Expense 10,000 39,000 P559,000 P559,000 Information for year-end adjustments: a. Office supplies on hand at year-end amounted to P3,000. b. On Jan. 1 of the current year, Bala 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. с. d. 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- е.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS