The May 31, 2015 trial balance for Rosalinda Belisario Surveyors is presented as follows: Rosalinda Belisario Surveyors Trial Balance May 31, 2015 Cash 210,000 930,000 360,000 Accounts Receivable Prepaid Advertising Engineering Supplies Survey Equipment Accum. Depreciation - Survey Equipment Accounts Payable Notes Payable Unearned Survey Revenues Belisario, Capital Belisario, Withdrawals Survey Revenues Salaries Expense Rent Expense Insurance Expense Utilities Expense Miscellaneous Expense 270,000 1,890,000 640,000 190,000 500,000 120,000 1,120,000 700,000 6,510,000 3,270,000 960,000 250,000 160,000 80,000 2,080,000 Totals 9,080,000 The following information pertaining to the year-end adjustments is available: a. The Php 360,000 prepaid advertising represents expenditure made on Nov. 1, 2014 for monthly advertising over the next 18 months. b. A count of the engineering supplies at May 31, 2015 amounted to Php 90,000. c. Depreciation on the surveying equipment amounted to Php 160,000. d. One-third of the unearned survey revenues has been earned at the year-end. e. At the year-end, salaries in the amount of Php 140,000 have accrued. f. Interest of Php 60,000 on the notes payable has accrued at the year-end. Required: 1. Prepare the adjustments. Complete the worksheet
The May 31, 2015 trial balance for Rosalinda Belisario Surveyors is presented as follows: Rosalinda Belisario Surveyors Trial Balance May 31, 2015 Cash 210,000 930,000 360,000 Accounts Receivable Prepaid Advertising Engineering Supplies Survey Equipment Accum. Depreciation - Survey Equipment Accounts Payable Notes Payable Unearned Survey Revenues Belisario, Capital Belisario, Withdrawals Survey Revenues Salaries Expense Rent Expense Insurance Expense Utilities Expense Miscellaneous Expense 270,000 1,890,000 640,000 190,000 500,000 120,000 1,120,000 700,000 6,510,000 3,270,000 960,000 250,000 160,000 80,000 2,080,000 Totals 9,080,000 The following information pertaining to the year-end adjustments is available: a. The Php 360,000 prepaid advertising represents expenditure made on Nov. 1, 2014 for monthly advertising over the next 18 months. b. A count of the engineering supplies at May 31, 2015 amounted to Php 90,000. c. Depreciation on the surveying equipment amounted to Php 160,000. d. One-third of the unearned survey revenues has been earned at the year-end. e. At the year-end, salaries in the amount of Php 140,000 have accrued. f. Interest of Php 60,000 on the notes payable has accrued at the year-end. Required: 1. Prepare the adjustments. Complete the worksheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The May 31, 2015 trial balance for Rosalinda Belisario Surveyors is presented as follows:
Rosalinda Belisario Surveyors
Trial Balance
Maу 31, 2015
Cash
210,000
Accounts Receivable
930,000
360,000
Prepaid Advertising
Engineering Supplies
Survey Equipment
Accum. Depreciation – Survey Equipment
Accounts Payable
Notes Payable
270,000
1,890,000
640,000
190,000
500,000
120,000
1,120,000
Unearned Survey Revenues
Belisario, Capital
Belisario, Withdrawals
Survey Revenues
Salaries Expense
700,000
6,510,000
3,270,000
Rent Expense
Insurance Expense
Utilities Expense
Miscellaneous Expense
960,000
250,000
160,000
80,000
9.080,000
Totals
9,080,000
The following information pertaining to the year-end adjustments is available:
The Php 360,000 prepaid advertising represents expenditure made on Nov. 1, 2014 for monthly
advertising over the next 18 months.
A count of the engineering supplies at May 31, 2015 amounted to Php 90,000.
Depreciation on the surveying equipment amounted to Php 160,000.
d. One-third of the unearned survey revenues has been earned at the year-end.
e. At the year-end, salaries in the amount of Php 140,000 have accrued.
f.
a.
b.
C.
Interest of Php 60,000 on the notes payable has accrued at the year-end.
Required:
1. Prepare the adjustments.
2. Complete the worksheet.
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