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The unadjusted trial balance of the E. Bibonia Company for December 31, 2019 follows: Cash 504,000 789,000 Accounts Receivable Prepaid Rent Cooking Supplies 144,00 357,000 Land 530,000 Building Accumulated Depreciation- Building Cooking Equipment 1,250,000 413,000 870,000 Accumulated Depreciation- Cooking 212.000

The unadjusted trial balance of the E. Bibonia Company for December 31, 2019 follows: Cash 504,000 789,000 Accounts Receivable Prepaid Rent Cooking Supplies 144,00 357,000 Land 530,000 Building Accumulated Depreciation- Building Cooking Equipment 1,250,000 413,000 870,000 Accumulated Depreciation- Cooking 212.000

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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What is the adjustment journal entry and the worksheet?
The unadjusted trial balance of the E. Bibonia Company for December 31, 2019 follows: Cash 504,000 Accounts Receivable 789,000 Prepaid Rent Cooking Supplies 144,00 357,000 Land 530,000 Building Accumulated Depreciation- Building Cooking Equipment Accumulated Depreciation- Cooking 1,250,000 413,000 870,000 212,000 Equipment Notes Payable Accounts Payable 1,400,000 117,000 Bibonia, Capital Bibonia, Withdrawals Gourmet Cooking Revenues Salaries Expense Travel Expense Advertising Expense 1,435,000 240,000 2,256,000 619,000 127,000 215,000 Insurance Expense 40,000 Utilities Expense Miscellaneous Expense 102,000 46,000 ТOTAL 5,833,000 5,833,000 Additional Information: a. One-half of the prepaid rent has expired. b. Cooking supplies on hand at year end amounted to P25,000 c. Depreciation on the building and the cooking equipment amounted to P28,000 and P52,000, respectively d. Accrued Salaries at year end amounted to P27,000 e. Interest amounting to P252,000 has accrued on notes payable. Interest on the note is paid every January 1. The note matures on January 1, 2020.
Transcribed Image Text:The unadjusted trial balance of the E. Bibonia Company for December 31, 2019 follows: Cash 504,000 Accounts Receivable 789,000 Prepaid Rent Cooking Supplies 144,00 357,000 Land 530,000 Building Accumulated Depreciation- Building Cooking Equipment Accumulated Depreciation- Cooking 1,250,000 413,000 870,000 212,000 Equipment Notes Payable Accounts Payable 1,400,000 117,000 Bibonia, Capital Bibonia, Withdrawals Gourmet Cooking Revenues Salaries Expense Travel Expense Advertising Expense 1,435,000 240,000 2,256,000 619,000 127,000 215,000 Insurance Expense 40,000 Utilities Expense Miscellaneous Expense 102,000 46,000 ТOTAL 5,833,000 5,833,000 Additional Information: a. One-half of the prepaid rent has expired. b. Cooking supplies on hand at year end amounted to P25,000 c. Depreciation on the building and the cooking equipment amounted to P28,000 and P52,000, respectively d. Accrued Salaries at year end amounted to P27,000 e. Interest amounting to P252,000 has accrued on notes payable. Interest on the note is paid every January 1. The note matures on January 1, 2020.
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