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Accounting Excel Ass

1) Entity A recorded various transactions throughout the year including investments, purchases, revenues, expenses, and withdrawals. 2) An adjusted trial balance was prepared to accrue expenses and record depreciation for the year. 3) Financial statements were prepared including a statement of financial position and income statement to report the company's year-end financial results.

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Francheskalane Valencia
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56 views15 pages

Accounting Excel Ass

1) Entity A recorded various transactions throughout the year including investments, purchases, revenues, expenses, and withdrawals. 2) An adjusted trial balance was prepared to accrue expenses and record depreciation for the year. 3) Financial statements were prepared including a statement of financial position and income statement to report the company's year-end financial results.

Uploaded by

Francheskalane Valencia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Entity A

Journal Entry
For the Year Ended December 31,20x1

Date Account Titles Debit


1-Jan Cash Php 2,000,000
Entity A, Capital
To record the investment of the owner
1-Jan Equipment 1,000,000
Cash
To record the acquired equipment for cash
1-Jul Cash 500,000
Loans payable
To record the bank loan
30-Sep Prepaid insurance 160,000
Cash
To record the prepayment of insurance
1-Jan Cash 2,000,000
Accounts receivable 4,000,000
Service fees
To record the service earned
1-Jan Cash 1,800,000
Accounts receivable
To record the collection from customers
1-Jan Salaries Expense 1,200,000
Cash
To record the payment of salaries expense
1-Jan Utilities Expense 500,000
Cash
To record the payment of utilities expense
1-Jan Supplies 120,000
Cash
To record the purchased supplies
1-Jan Entity A, Drawings 1,400,000
Cash
To record the total withdrawals of entity A
TOTAL Php 14,680,000
Posting

Cash
1-Jan Php 2,000,000 Php 1,000,000 1-Jan
1-Jul 500,000 160,000 30-Sep
1-Jan 2,000,000 1,200,000 1-Jan
1-Jan 1,800,000 500,000 1-Jan
Php 6,300,000 120,000 1-Jan
1,400,000 1-Jan
Php 4,380,000
Total C Php 1,920,000

Prepaid Insurance
30-Sep Php 160,000

Loans Payable
Php 500,000 1-Jul

Service fees
Php 6,000,000 1-Jan

Entity A
Unadjusted Trial Balance
For the year Ended December 31, 20x1
Account Title
Cash
Accounts receivable
Supplies
Prepaid Insurance
Equipment
Loans payable
Entity A, Capital
Entity A, Drawings
Service fees
Salaries expense
Utilities expense
TOTAL

Entity A
Adjusting Entries
For the year ended December 31,20x1

Date Account Titles Debit


31-Dec Depreciation Expense - Equipment Php 100,000
Accumulated Depreciation- Equipment
To record the acquisition of Equipment
31-Dec Interest expense 30,000
Interest payable
To accrue interest expense incurred but not yet paid
31-Dec Insurance expense 40,000
Prepaid insurance
To accrue insurance expense
31-Dec Supplies expense 80,000
Supplies
To record the total used supplies
TOTAL Php 250,000
Accounts Unadjusted Trial Balance
Dr. Cr.
Cash Php 1,920,000
Accounts Receivable 2,200,000
Supplies 120,000
Prepaid Insurance 160,000
Equipment 1,000,000
Loans payable
Entity A, Capital
Entity A, Drawings 1,400,000
Service fees
Salaries expense 1,200,000
Utilities expense 500,000
Totals Php 8,500,000
Adjustments:
Accumulated Depreciation- Equipment
Interest payable
Depreciation Expense - Equipment
Insurance expense
Interest expense
Supplies expense
Totals
Net Income

Entity A
Statement of Financial Position
For the year ended December 31, 20x1

ASSETS
Current Assets
Cash Php 1, 920,000
Accounts receivable 2,200,000
Supplies 40,000
Prepaid insurance 120,000

Non- Current Assets


Equipment 1,000,000
Accumulated Depreciation - Equipment -100,000
TOTAL ASSETS

LIABILITIES & OWNER'S EQUITY

Liabilities
Loans payable Php 500,000
Interest payable 30,000

Owner's equity
Entity A, Capital
TOTAL LIABILITIES AND OWNER'S EQUITY
x1

Debit Credit
Php 2,000,000
Php 2,000,000

1,000,000
1,000,000

500,000
500,000

160,000
160,000

2,000,000
4,000,000
6,000,000

1,800,000
18,000,000

1,200,000
1,200,000

500,000
500,000

120,000
120,000

1,400,000
1,400,000

Php 14,680,000
Php 14,680,000
Accounts Receivable Supplies
1-Jan Php 4,000,000 Php 1,800,000 1-Jan 1-Jan Php 120,000

Total Php 2,200,000 Total Php 120,000

Equipment
1-Jan Php 1,000,000

Entity A, Capital
Php 2,000,000 1-Jan 1-Jan Php 1,400,000

Salaries Expense
1-Jan Php 1,200,000 1-Jan Php 500,000

Entity A
sted Trial Balance
Ended December 31, 20x1
Debit Credit
Php 1,920,000
2,200,000
120,000
160,000
1,000,000
Php 500,000
2,000,000
1,400,000
6,000,000
1,200,000
500,000
Php 8,500,000 Php 8,500,000

Entity A
Adjusted Trial Balance
For the year ended December 31, 20

Account Titles
Credit Cash
Accounts Receivable
Php 100,000 Supplies
Prepaid insurance
Equipment
30,000 Accumulated depreciation- equipment
Loans payable
Interest payable
40,000 Entity A, Capital
Entity A, Drawings
Service fees
80,000 Salaries expense
Utilities expense
Php 250,000 Depreciation expense- equipment
Insurance expense
Interest expense
Supplies expense
TOTAL

Entity A
Worksheet
For the period ended December 31, 20x1
usted Trial Balance Adjustments Adjusted Trial Balance
Cr. Dr. Cr. Dr. Cr.
Php 1,920,000
2,200,000
Php 80,000 40,000
40,000 120,000
1,000,000
Php 500,000 Php 500,000
2,000,000 2,000,000
1,400,000
6,000,000 6,000,000
1,200,000
500,000
Php 8,500,000

Php 100,000 100,000


30,000 30,000
Php 100,000 100,000
40,000 40,000
30,000 30,000
80,000 80,000
Php 250,000 Php 250,000 Php 8,630,000 Php 8,630,000
Service fees
Php 1, 920,000 Less: Expense
2,200,000
40,000
120,000 Php 4,280,000

1,000,000
-100,000 Php 900,000 Net Income
Php 5,180,000

Php 500,000
30,000 Php 530,000

4,650,000
Php 5,180,000
Supplies
Php 120,000

Php 120,000

Entity A, Drawings
Php 1,400,000

Utilities Expense
Php 500,000
Entity A
Adjusted Trial Balance
r the year ended December 31, 20x1

Debit Credit
Php 1,920,000
2,200,000
40,000
120,000
1,000,000
ted depreciation- equipment Php 100,000
500,000
30,000
2,000,000
1,400,000
6,000,000
1,200,000
500,000
on expense- equipment 100,000
40,000
30,000
80,000
Php 8,630,000 Php 8,630,000

Balance Income Statement Balance Sheet


Cr. Dr. Cr. Dr. Cr.
Php 1,920,000
2,200,000
40,000
120,000
1,000,000
Php 500,000 Php 500,000
2,000,000 2,000,000
1,400,000
6,000,000 6,000,000
1,200,000
500,000

100,000 100,000
30,000 30,000
100,000
40,000
30,000
80,000
Php 8,630,000 1,950,000 6,000,000 6,680,000 2,630,000
4,050,000 4,050,000
Php 6,000,000 Php 6,000,000 Php 6,680,000 Php 6,680,000
Entity A
Statement of Comprehensive Income
For the year ended December 31, 20x1

Service fees Php 6,000,000


Less: Expense
Salaries expense Php 1, 200,000
Utilities Expense 500,000
Dpreciation expense - equipment 100,000
Insurance expense 40,000
Interest expense 30,000
Supplies expense 80,000
Net Income 1,950,000
Php 4,050,000

Entity A
Statement of Owner's Equity
For the year ended December 31, 20x1

Beginning Capital Php 2,000,000


Add: Net income 4,050,000
Subtotal 6,050,000
Less: owner's withdrawals 1,400,000
Ending Capital Php 4,650,000
Closing Entries Post-Closing Trial Balance
Dr. Cr. Dr. Cr.
Php 1, 920,000
2,200,000
40,000
120,000
1,000,000
Php 500,000
Php 1,400,000 Php 4,050,000 4,650,000
1,400,000
6,000,000
1,200,000
500,000

100,000
30,000
100,000
40,000
30,000
80,000
Php 7,400,000 Php 7,400,000 Php 5,280,000 Php 5,280,000

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