Worksheet PreparationThe May 31, 2020 trial balance for Illy Abella Surveyors is presented as follows:problem #4Ily Abella SurveyorsTrial BalanceMay 31, 2020CashP 210,000Accounts Receivable930,000360,000270,0001,890,000Prepaid AdvertisingEngineering SuppliesSurvey EquipmentAccum. Depreciation-Survey Equipt.Accounts PayableUnearned Survey RevenuesNotes PayableAbella, CapitalAbella, WithdrawalsP 640,000190,000120,000500,0001,120,000700,000Survey RevenuesSalaries Expense6,510,0003,270,000Rent ExpenseInsurance Expense960,000250,000Utilities ExpenseMiscellaneous Expense160,00080,000TotalsP9,080,000 P9,080,000The following information pertaining to the year-end adjustments is available:a. The P360,000 prepaid advertising represents expenditure made on Nov. 1, 2019 formonthly advertising over the next 18 months.b. A count of the engineering supplies at May 31, 2020 amounted to P90,000.C. Depreciation on the surveying equipment amounted to P160,000.d. One-third of the unearned survey revenues has been earned at year-end.e. At year-end, salaries in the amount of P140,000 have accrued.T. Interest of P60,000 on the notes payable has accrued at year-end.Required: Prepare the adjustments on the worksheet and complete the worksheet.

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

The following information pertaining to the year-end adjustments is available: a. The P360,000 prepaid advertising represents expenditure made on Nov. 1, 2019 for monthly advertising over the next 18 months. b. A count of the engineering supplies at May 31, 2020 amounted to P90,000. C. Depreciation on the surveying equipment amounted to P160,000. d. One-third of the unearned survey revenues has been earned at year-end. e. At year-end, salaries in the amount of P140,000 have accrued. 1. Interest of P60,000 on the notes payable has accrued at year-end. Required: Prepare the adjustments on the worksheet and complete the worksheet.

The following information pertaining to the year-end adjustments is available: a. The P360,000 prepaid advertising represents expenditure made on Nov. 1, 2019 for monthly advertising over the next 18 months. b. A count of the engineering supplies at May 31, 2020 amounted to P90,000. C. Depreciation on the surveying equipment amounted to P160,000. d. One-third of the unearned survey revenues has been earned at year-end. e. At year-end, salaries in the amount of P140,000 have accrued. 1. Interest of P60,000 on the notes payable has accrued at year-end. Required: Prepare the adjustments on the worksheet and complete the worksheet.

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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