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Excel Assignment 1 FABM

The document provides the adjusting entries, unadjusted trial balance, adjusted trial balance, income statement, and balance sheet for a company. It lists transactions including an initial investment of $400,000 cash, $50,000 in services rendered on account, and $10,000 paid for rent expense. Adjusting entries are made for $56,000 cash received for prior services, $1,500 in accrued utility expenses, and $12,000 in accrued salaries. The adjusted trial balance, income statement, and balance sheet reflect the adjustments.

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G Vidamo Charisma Kizmeth B.
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184 views3 pages

Excel Assignment 1 FABM

The document provides the adjusting entries, unadjusted trial balance, adjusted trial balance, income statement, and balance sheet for a company. It lists transactions including an initial investment of $400,000 cash, $50,000 in services rendered on account, and $10,000 paid for rent expense. Adjusting entries are made for $56,000 cash received for prior services, $1,500 in accrued utility expenses, and $12,000 in accrued salaries. The adjusted trial balance, income statement, and balance sheet reflect the adjustments.

Uploaded by

G Vidamo Charisma Kizmeth B.
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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FABM 2 -Assignment 1 /Midterm

Prepare the worksheet reflecting the adjusting entries

Transactions : 1- March 1, 2019 Owner made intial investment of P400,000 cash.


Transactions : 2- March 5, 2019 Rendered services on account P 50,000.
Transcations: 3-March 25, 2019 Paid rent expense, P10,000

Unadjusted Trial Adjustments Adjusted Trial


Balance Balance
Account Dr. Cr. Dr. Cr. Dr. Cr.
Cash 400,000 10,000 56,000 446,000
Capital 400,000 400,000

Accounts Receivable 50,000 50,000


Service income 50,000 56,000 106,000

Rent Expense 10,000 10,000

Utility Expense 1,500 1,500


Accounts Payable 1,500 1,500

Salaries Expense 12,000 12,000


Accounts Payable 12,000 12,000

TOTAL: 460,000 460,000 69,500 69,500 519,500 519,500

requires adjustmenmts, as follows;

1. On March 31, 2019, the company received P56,000- cash for services to rendered on April 5, 2019 that was credited to serv
income account.
2. Received utility bill for P1,500 expected to be paid on the first week of April 2019.
3. Salaries for the month of March 2019 has been accrued and will be paid on April 2, 2019, P12,000.

Income Statement
Service Income ₱106,000

Less: Operating Expenses


Rent Expenses ₱10,000.00
Utility Expenses ₱1,500.00
Salaries Expenses ₱12,000.00
Total Expense: ₱23,500.00

Net Income ₱82,500.00


Balance Sheet
Assets
Current Asset
Cash ₱446,000.00
Accounts Recievable ₱50,000.00
Total Current Assets ₱496,000.00

Non-Current Assets ₱0.00


Total Non-current Assets ₱0.00
Total Assets: ₱496,000.00

Liabilities
Current Liabilities
Accounts Payable ₱13,500.00
Total Current Liabilities ₱13,500.00

Non-Current Liabilities ₱0.00


₱0.00
Total Liabilities: ₱13,500.00

Equity
Owners Capital ₱400,000.00
Equity ₱82,500.00
Total Equity: ₱482,500.00
Total Liabilities and Equity: ₱496,000.00
2019 that was credited to service

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