INSTRUCTIONS:(1) Complete the adjustments section of the worksheet [WS]. Use the following information regarding unadjusted items.(a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. Accrued Expense(b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. Accrued Income(c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. Prepaid Expense(d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an adjustment for the expired insurance in September. Round-off answer to the nearest peso. Prepaid Expense 12345678910111213293031323314Office Supplies15Prepaid Insurance16Warehouse Equipment17 Accumulated Depreciation - Warehouse Equipment18Office Equipment19 Accumulated Depreciation - Office Equipment20Notes Payable, due June 30 202221Accounts Payable22Unearned Revenue23Interest Payable24Notes Payable, Long term25Vincent Fabron, Capital26Vincent Fabron, Drawing27Income Summary28SalesSales Returns and AllowancesInterest IncomePurchasesFreight InPurchase Returns and AllowancesPurchase DiscountsDelivery Expense3435363738394041424344454647484950Account Name515253CashPetty Cash FundNotes Receivable, due May 1, 2022Accounts ReceivableAllowance for Doubtful AccountsInterest ReceivableMerchandise InventoryWarehouse SuppliesDepreciation Expense - Office EquipmentDepreciation Expense - Warehouse EquipmentDoubtful Accounts ExpenseInsurance ExpenseInterest ExpenseOffice Supplies ExpenseRent ExpenseRepairs ExpenseSalaries Expense - WarehouseSalaries Expense - OfficeSalaries Expense - SalesSSS, Philhealth, Pagibig ExpensesWarehouse Supplies ExpenseTelephone ExpenseTravel Expense - SalesUtilities ExpenseTOTALUnadiusted Trial Balance.CRDR4,950,00030,000750,0007,010,00010,5006,425,000165,00035,000154,667990,000470,0001,532,500420,00023,150,000490,0001,871,25025,00015,000190,00077,333200,00061,000280,000185,0005,430,0004,250,0007,585,0001,580,000290,000164,0001,200,000400,00070.386.250for the month ended September 30, 2021AdjustmentsCR190,00015,00025,000750,0002,845,00081,24020,000850,00014,838,50049,761,51010,500537,500462,000Vincent Fabron AutomobilesWorksheet70.386.250DRAdjusted Trial Balance.DRCR

Trial Balance : Trial Balance is the statement which is prepared to check the numerical accuracy of…

Answered: NSTRUCTIONS: (1) Complete the…

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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INSTRUCTIONS: (1) Complete the adjustments section of the worksheet [WS]. Use the following information regarding unadjusted items. (a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. Accrued Expense (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. Accrued Income (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. Prepaid Expense (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an adjustment for the expired insurance in September. Round-off answer to the nearest peso. Prepaid Expense

1
2
3
4
5
6
7
8
9
10
11
12
13
29
30
31
32
33
14
Office Supplies
15
Prepaid Insurance
16
Warehouse Equipment
17 Accumulated Depreciation - Warehouse Equipment
18
Office Equipment
19 Accumulated Depreciation - Office Equipment
20
Notes Payable, due June 30 2022
21
Accounts Payable
22
Unearned Revenue
23
Interest Payable
24
Notes Payable, Long term
25
Vincent Fabron, Capital
26
Vincent Fabron, Drawing
27
Income Summary
28
Sales
Sales Returns and Allowances
Interest Income
Purchases
Freight In
Purchase Returns and Allowances
Purchase Discounts
Delivery Expense
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Account Name
51
52
53
Cash
Petty Cash Fund
Notes Receivable, due May 1, 2022
Accounts Receivable
Allowance for Doubtful Accounts
Interest Receivable
Merchandise Inventory
Warehouse Supplies
Depreciation Expense - Office Equipment
Depreciation Expense - Warehouse Equipment
Doubtful Accounts Expense
Insurance Expense
Interest Expense
Office Supplies Expense
Rent Expense
Repairs Expense
Salaries Expense - Warehouse
Salaries Expense - Office
Salaries Expense - Sales
SSS, Philhealth, Pagibig Expenses
Warehouse Supplies Expense
Telephone Expense
Travel Expense - Sales
Utilities Expense
TOTAL
Unadiusted Trial Balance.
CR
DR
4,950,000
30,000
750,000
7,010,000
10,500
6,425,000
165,000
35,000
154,667
990,000
470,000
1,532,500
420,000
23,150,000
490,000
1,871,250
25,000
15,000
190,000
77,333
200,000
61,000
280,000
185,000
5,430,000
4,250,000
7,585,000
1,580,000
290,000
164,000
1,200,000
400,000
70.386.250
for the month ended September 30, 2021
Adjustments
CR
190,000
15,000
25,000
750,000
2,845,000
81,240
20,000
850,000
14,838,500
49,761,510
10,500
537,500
462,000
Vincent Fabron Automobiles
Worksheet
70.386.250
DR
Adjusted Trial Balance.
DR
CR

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