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siness and Managem -Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021. EFFICIENT SERVICES TRIAL BALANCE As of December 31, 2021 ACCOUNT TITLE CREDIT DEBIT P1,094,000 eceivable 80,000 lies 3,000 nt 60.000

siness and Managem -Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021. EFFICIENT SERVICES TRIAL BALANCE As of December 31, 2021 ACCOUNT TITLE CREDIT DEBIT P1,094,000 eceivable 80,000 lies 3,000 nt 60.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Written Works in Fundamentals of Accountancy, Business and Management 1 Prepare a 10-Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021. EFFICIENT SERVICES TRIAL BALANCE As of December 31, 2021 ACCOUNT TITLE CREDIT DEBIT P1,094,000 Cash Accounts Receivable 80,000 3,000 Office Supplies Prepaid Rent 60,000 Computer 35,000 Delivery Van 1,500,000 Accounts Payable P816,000 Loans Payable 500,000 Clark Kent, Capital 1,000,000 Clark Kent, Drawing 40,000 Revenues 575,000 3,000 Van Maintenance Expense Wages Expense 60,000 Telephone Expense 2,000 10,000 Entertainment Expense Electricity Expense 4,000 P2,891,000 P2,891,000 Adjustments: Long-term assets are depreciated using the straight line method. Depreciation is recorded at full month rate if the asset is bought before the 16th of the month and at half month rate if the asset is bought after the 15th of the month. The same half-month convention is used in accounting for prepaid expenses. The asset method of accounting for prepaid expense is used. 1. Bad debts expense is 1% of the revenues. 2. Expired rent. One year rent was paid on December 7. 3. Depreciate delivery van bought on December 6. Useful life is 7 years and salvage value is P100,000. 4. Depreciate computer bought on December 3. Useful life is 3 years and salvage value is zero. 5. Accrued interest on loans payable. Interest rate is 12%; term is 10 years. Loan was obtained on December 13. 6. Office supplies used, P500. Note: Show your Adjusting Entries using the format.
Transcribed Image Text:Written Works in Fundamentals of Accountancy, Business and Management 1 Prepare a 10-Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021. EFFICIENT SERVICES TRIAL BALANCE As of December 31, 2021 ACCOUNT TITLE CREDIT DEBIT P1,094,000 Cash Accounts Receivable 80,000 3,000 Office Supplies Prepaid Rent 60,000 Computer 35,000 Delivery Van 1,500,000 Accounts Payable P816,000 Loans Payable 500,000 Clark Kent, Capital 1,000,000 Clark Kent, Drawing 40,000 Revenues 575,000 3,000 Van Maintenance Expense Wages Expense 60,000 Telephone Expense 2,000 10,000 Entertainment Expense Electricity Expense 4,000 P2,891,000 P2,891,000 Adjustments: Long-term assets are depreciated using the straight line method. Depreciation is recorded at full month rate if the asset is bought before the 16th of the month and at half month rate if the asset is bought after the 15th of the month. The same half-month convention is used in accounting for prepaid expenses. The asset method of accounting for prepaid expense is used. 1. Bad debts expense is 1% of the revenues. 2. Expired rent. One year rent was paid on December 7. 3. Depreciate delivery van bought on December 6. Useful life is 7 years and salvage value is P100,000. 4. Depreciate computer bought on December 3. Useful life is 3 years and salvage value is zero. 5. Accrued interest on loans payable. Interest rate is 12%; term is 10 years. Loan was obtained on December 13. 6. Office supplies used, P500. Note: Show your Adjusting Entries using the format.
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