Lucerna Bacalso Surveyors Surveyors Trial Balance May 31, 2013 Debit
Cash Accounts Receivable Prepaid Advertising Engineering Supplies Survey Equipment Accum. Depreciation-Survey Equipment Accounts Payable
Credit 210000 930000 360000 270000 190000 6!0000 190000
"nearned Survey #evenues
120000
$otes %ayable
&00000
Bacalso Capital Bacalso !ithdra"als
1120000 700000
Survey #evenues Salaries '()ense
6&10000 3270000
#ent '()ense
960000
*nsurance '()ense
2&0000
"+li+es '()ense
160000
Miscellaneous '()ense Total
0000 900000
900000
The following information pertaining to the year-end adjustments is available: The P360,000 P360,000 prepaid prepaid advertis advertising ing represent represents s expenditur expenditure e made on ov ov! ", #0"# for monthly monthly advert advertising ising over over the n % &ount of the engineering supplies at 'ay 3", #0"3 amounted to P(0,000! )epre&iation on the surveying e*uipment amounted to P"60,000! +ne-third of the unearned survey revenues has been earned at year-end! %t year-end, salaries in the amount amount of P"0,000 have a&&rued! a&&rued! nterest of P60,000 on the notes payable has a&&rued at year-end! .e*uired: Prepare the adjustments and finan&ial statements!
xt "$ months!
d-ust.ent 'nntries $o
ccount Title / '()lana+on
1
dver+sin '()enses
Debit 1!0000
Prepaid Advertising 2
Su))lies '()ense
1!0000 10000
Engineering Supplies 3
De)recia+on '()enses
10000 160000
Accum. Depreciation-Survey Equipment !
"nearned Survey #evenues
Salaries '()ense
!0000 1!0000
Salary Payable 6
*nterest '()enses *nterest %ayable
160000
!0000
Survey #evenues &
Credit
1!0000 60000 60000
Lucerna Bacalso Surveyors Trial Balance
d-ust.ent May 31, 2013 Debit
Cash Accounts Receivable Prepaid Advertising Engineering Supplies Survey Equipment Accum. Depreciation-Survey Equipment Accounts Payable
Credit
Debit
Credit
210000 930000 360000
1
1!0000
270000
2
10000
190000 6!0000
160000
190000
"nearned Survey #evenues
120000
!
!0000
Salary Payable
&
1!0000
*nterest %ayable
6
60000
!
!0000
$otes %ayable
&00000
Bacalso Capital Bacalso !ithdra"als
1120000 700000
Survey #evenues
6&10000
Salaries '()ense
3270000
&
1!0000
dver+sin '()enses
1
1!0000
Su))lies '()ense
2
10000
De)recia+on '()enses
3
160000
*nterest '()enses
6
60000
#ent '()ense
960000
*nsurance '()ense
2&0000
"+li+es '()ense
160000
Miscellaneous '()ense
0000
Total
900000
Lucerna Bacalso Surveyors d-usted Trial Balance May 31, 2013
Cash Accounts Receivable Prepaid Advertising Engineering Supplies Survey Equipment
210000 930000 220000 90000 190000
900000
720000
720000
Accum. Depreciation-Survey Equipment Accounts Payable
00000 190000
"nearned Survey #evenues
0000
Salary Payable
1!0000
*nterest %ayable
60000
$otes %ayable
Bacalso Capital Bacalso !ithdra"als
&00000 1120000 700000
Survey #evenues Salaries '()ense
6&&0000 3!10000
#ent '()ense
960000
*nsurance '()ense
2&0000
"+li+es '()ense
160000
dver+sin '()enses
1!0000
Su))lies '()ense
10000
De)recia+on '()enses
160000
*nterest '()enses
60000
Miscellaneous '()ense
0000
Total
9!!0000
9!!0000
d-usted Trial Balance Debit
Credit 210000 930000 220000 90000 190000 00000 190000 0000 1!0000 60000 &00000 1120000 700000 6&&0000 3!10000 960000 2&0000 160000 1!0000 10000 160000 60000 0000 9!!0000
9!!0000
Lucerna Bacalso Surveyors #ncome Statement
$or the %ear Ended &ay '( )*(' Amount +in Revenue Survey Revenues otal Revenue Epenses Salaries Epense Rent Epense #nsurance Epense 3tilities Epense Advertising Epenses Supplies Epense Depreciation Epenses #nterest Epenses &iscellaneous Epense otal Epenses 5et income
'/(**** 01**** )2**** (1**** (/**** (4**** (1**** 1**** 4****
Dollar, 122**** 122****
2/***** ((2****
/u&erna a alan as on ' %ssets 2urrent %ssets Cas %&&ounts .e&eivable
210,000
%re)aid dver+sin ngineering 1upplies
930,000 220,000 90,000
Total Current ssets
1,!&0,000
Property, Plant, and *uipment Survey 'ui).ent %&&um! )epre&iation-1urvey *uipment
1,90,000 00,000
Total %%'
1,090,000
Total ssets
2,&!0,000
also 1urveyors &e 1heet y 3", #0"3 /iabilities 2urrent /iabilities ccounts %ayable "nearned Survey #evenues
190,000 0,000
1alary Payable
1!0,000
nterest Payable
60,000
!70,000
&00,000
&00,000
/ong Term /iabilities $otes %ayable
970,000
Total /iabilities *uity a&also, 2apital
1,&70,000
Total *uity
1,&70,000
Total /iabilities 4 *uity
2,&!0,000