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Please help me in adjusting entry

Please help me in adjusting entry

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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Please help me in adjusting entry

 

Problem 1 The May 31, 2018 Trial balance for Rosarion Surveyors is presented as follows: Rosarion Surveyors Trial Balance May 31, 2018 P 210,000 930,000 360,000 270,000 1,890,000 Cash Accounts Receivable Prepaid Advertising Engineering Supplies Survey equipment Accum Depreciation-Survey Equipment Accounts Payable Uneamed Survey Revenues Notes Payable Rosarion, Capital Rosarion, Withdrawals Survey Revenues Salaries Expense Rent Expense Insurance Expense Utilities Expense Miscellaneous Expense P 640,000 190,000 120,000 500,000 1,120,000 700,000 6,510,000 3,270,000 960,000 250,000 160,000 80,000 P 9,080,000 P9.080,000 Totals The following information pertaining to the year-end adjustments is available: a The P360,000 prepaid advertising represents expenditure made on November 1, 2017 for monthly advertising over the next 18 months. b. A count of the engineering supplies at May 31, 2018 amounted to P90,000. c. Depreciation on the surveying equipment amounted to P160,000. d One-third of the uneamed survey revenues has been eamed at year-end. e. At year-end, salaries in the amount of P140,000 have accrued at year-end. Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Prepare the financial statements 3. Joumalize adjusting joumal enties 4. Journalize closing entries 5. Prepare post-closing trial balance 6. Prepare reversing entry
Transcribed Image Text:Problem 1 The May 31, 2018 Trial balance for Rosarion Surveyors is presented as follows: Rosarion Surveyors Trial Balance May 31, 2018 P 210,000 930,000 360,000 270,000 1,890,000 Cash Accounts Receivable Prepaid Advertising Engineering Supplies Survey equipment Accum Depreciation-Survey Equipment Accounts Payable Uneamed Survey Revenues Notes Payable Rosarion, Capital Rosarion, Withdrawals Survey Revenues Salaries Expense Rent Expense Insurance Expense Utilities Expense Miscellaneous Expense P 640,000 190,000 120,000 500,000 1,120,000 700,000 6,510,000 3,270,000 960,000 250,000 160,000 80,000 P 9,080,000 P9.080,000 Totals The following information pertaining to the year-end adjustments is available: a The P360,000 prepaid advertising represents expenditure made on November 1, 2017 for monthly advertising over the next 18 months. b. A count of the engineering supplies at May 31, 2018 amounted to P90,000. c. Depreciation on the surveying equipment amounted to P160,000. d One-third of the uneamed survey revenues has been eamed at year-end. e. At year-end, salaries in the amount of P140,000 have accrued at year-end. Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Prepare the financial statements 3. Joumalize adjusting joumal enties 4. Journalize closing entries 5. Prepare post-closing trial balance 6. Prepare reversing entry
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