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TRIAL BALANCE MAY 31, 2019 DEBIT CREDIT CASH 210,000 ACCOUNTS RECEIVABLE 930,000 PREPAID ADVERTISING 360,000 ENGINEERING SUPPLIES SURVEY EQUIPMENT ACCUM. DEPRECIATION-SURVEY EQPT ACCOUNTS PAYABLE 270,000 1,890,000 640,000 190,000 UNEARNED SURVEY REVENUES 120,000 500,000 1,120,000 NOTES PAYABLE RUBANS CAPITAL RUBANS DRAWING SURVEY REVENUES SALARIES EXPENSE RENT EXPENSE INSURANCE EXPENSE UTILITIES EXPENSE MISCELLANEOUS EXPENSE TOTAL 700,000 6,510,000 3,270,000 960,000 250,000 160,000 80,000 9,080,000 9,080,000 ADDITIONAL INFORMATION FOR ADJUSTMENTS 1. The 360,000 prepaid advertising represents expenditure made on Nov. 1, 2018 for monthly advertising over the next 18 months. 2. A count of the engineering supplies at May 31, 2019 amounted to P90,000. 3. Depreciation on the surveying equipment amounted to P160,000. 4. One-third of the unearned survey revenues has been earned at year-end. 5. At year-end, salaries in the amount of P140,000 have accrued. 6. Interest of P60,000 on the notes payable has accrued at year end.

TRIAL BALANCE MAY 31, 2019 DEBIT CREDIT CASH 210,000 ACCOUNTS RECEIVABLE 930,000 PREPAID ADVERTISING 360,000 ENGINEERING SUPPLIES SURVEY EQUIPMENT ACCUM. DEPRECIATION-SURVEY EQPT ACCOUNTS PAYABLE 270,000 1,890,000 640,000 190,000 UNEARNED SURVEY REVENUES 120,000 500,000 1,120,000 NOTES PAYABLE RUBANS CAPITAL RUBANS DRAWING SURVEY REVENUES SALARIES EXPENSE RENT EXPENSE INSURANCE EXPENSE UTILITIES EXPENSE MISCELLANEOUS EXPENSE TOTAL 700,000 6,510,000 3,270,000 960,000 250,000 160,000 80,000 9,080,000 9,080,000 ADDITIONAL INFORMATION FOR ADJUSTMENTS 1. The 360,000 prepaid advertising represents expenditure made on Nov. 1, 2018 for monthly advertising over the next 18 months. 2. A count of the engineering supplies at May 31, 2019 amounted to P90,000. 3. Depreciation on the surveying equipment amounted to P160,000. 4. One-third of the unearned survey revenues has been earned at year-end. 5. At year-end, salaries in the amount of P140,000 have accrued. 6. Interest of P60,000 on the notes payable has accrued at year end.

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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Help me solve the adjustments in the transactions. Thank you in advance

TRIAL BALANCE MAY 31, 2019 DEBIT CREDIT CASH ACCOUNTS RECEIVABLE 210,000 930,000 PREPAID ADVERTISING 360,000 ENGINEERING SUPPLIES SURVEY EQUIPMENT ACCUM. DEPRECIATION-SURVEY EQPT ACCOUNTS PAYABLE UNEARNED SURVEY REVENUES NOTES PAYABLE RUBANS CAPITAL RUBANS DRAWING SURVEY REVENUES SALARIES EXPENSE RENT EXPENSE INSURANCE EXPENSE UTILITIES EXPENSE MISCELLANEOUS EXPENSE TOTAL 270,000 1,890,000 640,000 190,000 120,000 500,000 1,120,000 700,000 6,510,000 3,270,000 960,000 250,000 160,000 80,000 9,080,000 9,080,000 ADDITIONAL INFORMATION FOR ADJUSTMENTS 1. The 360,000 prepaid advertising represents expenditure made on Nov. 1, 2018 for monthly advertising over the next 18 months. 2. A count of the engineering supplies at May 31, 2019 amounted to P90,000. 3. Depreciation on the surveying equipment amounted to P160,000. 4. One-third of the unearned survey revenues has been earned at year-end. 5. At year-end, salaries in the amount of P140,000 have accrued. 6. Interest of P60,000 on the notes payable has accrued at year end.
Transcribed Image Text:TRIAL BALANCE MAY 31, 2019 DEBIT CREDIT CASH ACCOUNTS RECEIVABLE 210,000 930,000 PREPAID ADVERTISING 360,000 ENGINEERING SUPPLIES SURVEY EQUIPMENT ACCUM. DEPRECIATION-SURVEY EQPT ACCOUNTS PAYABLE UNEARNED SURVEY REVENUES NOTES PAYABLE RUBANS CAPITAL RUBANS DRAWING SURVEY REVENUES SALARIES EXPENSE RENT EXPENSE INSURANCE EXPENSE UTILITIES EXPENSE MISCELLANEOUS EXPENSE TOTAL 270,000 1,890,000 640,000 190,000 120,000 500,000 1,120,000 700,000 6,510,000 3,270,000 960,000 250,000 160,000 80,000 9,080,000 9,080,000 ADDITIONAL INFORMATION FOR ADJUSTMENTS 1. The 360,000 prepaid advertising represents expenditure made on Nov. 1, 2018 for monthly advertising over the next 18 months. 2. A count of the engineering supplies at May 31, 2019 amounted to P90,000. 3. Depreciation on the surveying equipment amounted to P160,000. 4. One-third of the unearned survey revenues has been earned at year-end. 5. At year-end, salaries in the amount of P140,000 have accrued. 6. Interest of P60,000 on the notes payable has accrued at year end.
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