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Accounting Activity 6

The document is a trial balance worksheet for Jayson Rivero Payapag Trading Co. with adjustments. It provides instructions to prepare adjusting entries and an adjusted trial balance based on 10 items of additional financial information, such as estimated bad debts, depreciation, prepaid expenses, accrued revenues and expenses, and inventory amounts. The adjustments are to be recorded in the adjustments column and totals transferred to the adjusted trial balance columns to reflect the accurate financial position and results of operations for the company.

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Kae Abegail Garcia
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163 views2 pages

Accounting Activity 6

The document is a trial balance worksheet for Jayson Rivero Payapag Trading Co. with adjustments. It provides instructions to prepare adjusting entries and an adjusted trial balance based on 10 items of additional financial information, such as estimated bad debts, depreciation, prepaid expenses, accrued revenues and expenses, and inventory amounts. The adjustments are to be recorded in the adjustments column and totals transferred to the adjusted trial balance columns to reflect the accurate financial position and results of operations for the company.

Uploaded by

Kae Abegail Garcia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ACTIVITY 6

The Adjustment and Worksheet

Name: ___________________________________________ Student Number: _______________________


(Last Name, Given Name, Middle Name)
Course/Year/Section: _____________________________ Mobile Number: ________________________

JAYSON RIVERO PAYAPAG TRADING CO.


TRIAL BALANCE
DECEMBER 31, 2013

Debit Credit
Cash ₱ 500,000
Accounts Receivable 60,000
Notes Receivable 10,000
Allowance for Bad Debts ₱ 40,000
Inventory, Jan 1 10,000
Land 1,600,000
Building 2,500,000
Accumulated Depreciation-Building 240,000
Furniture & Fixtures 120,000
Accumulated Depreciation- F&F 40,000
Prepaid Insurance 60,000
Accounts Payable 660,000
Mortgage Payable 500,000
Unearned Rent Income 33,000
Jayson Payapag, Capital 3,400,000
Jayson Payapag, Drawing 10,000
Sales 100,000
Sales Return & Allowances 5,000
Purchases 94,800
Freight in 30,000
Advertising Expense 3,000
Salaries & Wages 4,000
Interest Expense 1,200
Miscellaneous Expense 5,000
₱ 5,013,000 ₱ 5,013,000

Required:
Prepare an adjusting entry and worksheet for the following information
1. Estimated doubtful accounts is 2% of net sales.
2. The useful life of a building is 10 years with a residual value of ₱100, 000 while the Furniture & Fixtures have 5 years useful
life having a residual value of ₱20,000. The last depreciation has taken place on December 31, 2012. The building was
bought on January 1, 2012 while the furniture & fixtures were on January 1, 2011.
3. The accumulated expired portion for 2013 of the insurance is ₱40,000
4. Interest of 10% is payable every October 1 on the mortgage payable.
5. Salaries of employees accrued on December 31, 2013 amounting to ₱12,000
6. Prepaid advertising on December 31, 2013 is ₱1,000.
7. Office supplies bought during 2013 were charged to Miscellaneous Expense, ₱4,500.
8. ₱22,000 of cash received from advance payment of tenant have already been earned.
9. Accrued interest on notes receivable, ₱5,000
10. Merchandise inventory, December 31, 2013, ₱ 60,000
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Particulars
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

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