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The trial balance section of the work sheet for Ace Consulting as of December 31 is as follows: Cash 4,455,000 Accounts Receivable Office Equipment Accumulated Depreciation-office equipment Accounts Payable Ace Capital Service Revenue 1,363,000 2,379,000 1,626,000 2,697,000 Salaries Expense Rent Expense Telephone Expense Office supplies Expense 3,074,000 7,324,000 2,532,000 3,000,000 360,000 632,000 Data for the adjustments are as follows: O Depreciation of furniture and fixtures is P324, 000. O Estimated credit loss on receivables is at 5% of the Accounts Receivable balance at December 31. O Unexpired portion of the rent, P500, 000 O Unused office supplies, P172, 000. Required: Prepare a 10-column worksheet using the above information. You are also required to show the adjusting journal entries for the adjustment parts of the work sheet. Please use a 10-column worksheet as your answer sheet. Use a 2-column work sheet for your adjusting journal entries.

The trial balance section of the work sheet for Ace Consulting as of December 31 is as follows: Cash 4,455,000 Accounts Receivable Office Equipment Accumulated Depreciation-office equipment Accounts Payable Ace Capital Service Revenue 1,363,000 2,379,000 1,626,000 2,697,000 Salaries Expense Rent Expense Telephone Expense Office supplies Expense 3,074,000 7,324,000 2,532,000 3,000,000 360,000 632,000 Data for the adjustments are as follows: O Depreciation of furniture and fixtures is P324, 000. O Estimated credit loss on receivables is at 5% of the Accounts Receivable balance at December 31. O Unexpired portion of the rent, P500, 000 O Unused office supplies, P172, 000. Required: Prepare a 10-column worksheet using the above information. You are also required to show the adjusting journal entries for the adjustment parts of the work sheet. Please use a 10-column worksheet as your answer sheet. Use a 2-column work sheet for your adjusting journal entries.

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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The trial balance section of the work sheet for Ace Consulting as of December 31 is as follows: 4,455,000 1,363,000 2,379,000 1,626,000 2,697,000 3,074,000 7,324,000 2,532,000 3,000,000 360,000 632,000 Cash Accounts Receivable Office Equipment Accumulated Depreciation-office equipment Accounts Payable Ace Capital Service Revenue Salaries Expense Rent Expense Telephone Expense Office supplies Expense Data for the adjustments are as follows: O Depreciation of furniture and fixtures is P324, 000. O Estimated credit loss on receivables is at 5% of the ACcounts Receivable balance at December 31. O Unexpired portion of the rent, P500, 000 O Unused office supplies, P172, 000. Required: Prepare a 10-column worksheet using the above information. You are also required to show the adjusting journal entries for the adjustment parts of the work sheet. Please use a 10-column worksheet as your answer sheet. Use a 2-column work sheet for your adjusting journal entries.
Transcribed Image Text:The trial balance section of the work sheet for Ace Consulting as of December 31 is as follows: 4,455,000 1,363,000 2,379,000 1,626,000 2,697,000 3,074,000 7,324,000 2,532,000 3,000,000 360,000 632,000 Cash Accounts Receivable Office Equipment Accumulated Depreciation-office equipment Accounts Payable Ace Capital Service Revenue Salaries Expense Rent Expense Telephone Expense Office supplies Expense Data for the adjustments are as follows: O Depreciation of furniture and fixtures is P324, 000. O Estimated credit loss on receivables is at 5% of the ACcounts Receivable balance at December 31. O Unexpired portion of the rent, P500, 000 O Unused office supplies, P172, 000. Required: Prepare a 10-column worksheet using the above information. You are also required to show the adjusting journal entries for the adjustment parts of the work sheet. Please use a 10-column worksheet as your answer sheet. Use a 2-column work sheet for your adjusting journal entries.
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