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Eg (Dela Cruz, Juan S. - Adjusting Entries and Recommendation)

The document provides the trial balance, adjustments, income statement, and balance sheet for Franchesca Yvonne Logistics Company for the period ended December 31, 2018. It includes account balances, adjustments for depreciation, bad debts, and other expenses. The accounting team needs to prepare the interim financial statements from this information to help management make decisions for the next quarter.

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Peyti Peyt
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136 views15 pages

Eg (Dela Cruz, Juan S. - Adjusting Entries and Recommendation)

The document provides the trial balance, adjustments, income statement, and balance sheet for Franchesca Yvonne Logistics Company for the period ended December 31, 2018. It includes account balances, adjustments for depreciation, bad debts, and other expenses. The accounting team needs to prepare the interim financial statements from this information to help management make decisions for the next quarter.

Uploaded by

Peyti Peyt
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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You are the accountants of a company based in Banawe, Quezon City named Franchesca Yvonne Logistics Compamny.

It’s about the end of the quarte

Name of Members and assigned task/contribution


eg ( Dela Cruz, Juan S. - Adjusting Entries and Recommendation)
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of the year, and part of your goal is to prepare the interim financial statements of the company based on the existing data that you journalized and posted duri
u journalized and posted during the period in accordance with the generally accepted accounting principles, Philippine Accounting Standard (PAS), and Philipp
Standard (PAS), and Philippine Financial Reporting Standard (PFRS). The report and recommendation that you will be generating and crafting are highly neede
erating and crafting are highly needed by the internal users such as the owner, manager and other directors of the company for them to create sound decisions
y for them to create sound decisions for the company for the next quarter.
Date PARTICULARS F DEBIT
2018
Dec.31 Notes Receivable ₱ 25,800.00
Legal fees revenue

Dec. 31 Supplies Expense 12,000


Supplies

Dec. 31 Bad debt expense 7,000


Allowance for doubtful accounts

Dec. 31 Depreciation expense


Accumulated depreciation-furnitures 6,000
and fixtures
asset cost: 35,000
less: estimated salvage value: 5,000
divided by est. useful life: 5
depreciable cost: 6,000

Dec. 31 Depreciation expense 6,000


Accumulated depreciation
asset cost: 30,000
less: estimated salvage value: 0
divided by est. useful life: 5
depreciable cost: 6,000

Dec. 31 Depreciation expense


Accumulated depreciation- office 48,000
equipment
asset cost: 280,000
less: estimated salvage value: 40000
divided by est. useful life: 5
depreciable cost: 6,000

Salary expense 9,000


social security payable
Phihealth payable
Pag ibig payable
withholding tax payable
cash

Payroll Tax expense 4,000


social security payable
Phihealth payable
Pag ibig payable
withholding tax payable

Legal Fees Revenue 7,000


Unearned legal fees revenue

Income Tax expense 5,000


Income tax payable
CREDIT

₱ 25,800.00

12,000

7,000

6,000

6,000

48,000

2,000
1,000
1,000
0
5,000

2,000
1,000
1000
0

7,000

5,000
Timothy Law Office
10-column worksheet
For the period ended December 31, 2018
Unadjusted Trial Balance Adjustments
Accounts Debit Credit Debit Credit
Cash ₱ 191,000.00 ₱ 5,000.00
Acccounts Receivables 27,000
Notes Receivable 60,000 ₱ 28,500.00
Office Supplies 39,000 12,000
Furnitures and fixtures 65,000
office equipment
Accumulated Depreciation- 280,000
Furnitures and fixtures
Accumulated Depreciation- 12,000
office equipment 48,000
Accounts Payable ₱ 5,000.00
SS payable 4,000
Philhealth payable 2,000
Pagibig payable 2,000
income tax payable 5,000
Unearned legal fees revenue 17,000 7,000
Atty. Timothy, Capital 175,000
Atty. Timothy , Personal 16,000
Legal fees revenue 658,000 7,000 28,500
rent expense 93,000
taxes and licenses 15,000
Utilities Expense 69,000
bad debt Expense 7,000
Salary Expense 9,000
payroll tax expense 4,000
income tax expense 5,000
supplies
allowance expense
for doubtful 12,000
accounts 7,000
depreciation expense 60,000

Total= ₱ 855,000.00 ₱ 855,000.00 ₱ 132,500.00 ₱ 132,500.00


Adjusted Trial Balance Income Statement Balance sheet
Debit Credit Debit Credit
₱ 186,000.00 ₱ 186,000.00
27,000 27,000
88,500 88,500
27,000 27,000
65,000 65,000
280,000 280,000
₱ 12,000.00
48,000
5,000
4,000
2,000
2,000
5,000
24,000
175,000 175,000
16,000 16,000
679,500 679,500
93,000 93,000
15,000 15,000
69,000 69,000
7,000 7,000
9,000 9,000
4,000 4,000
5,000 5,000
12,000 12,000
7,000 7,000
60,000 60,000

₱ 963,500.00 ₱ 963,500.00 ₱ 290,000.00 ₱ 861,500.00 ₱ 673,500.00


571,500
861,500
₱ 12,000.00
48,000
5,000
4,000
2,000
2,000
5,000
24,000

₱ 102,000.00
571,500
673,500

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