PAMANTASAN NG LUNGSOD NG VALENZUELA The following information is taken from the records of Bernardo Accounting Services as of

September 30, 2018:

College of Accountancy
FINANCIAL ACCOUNTING AND REPORTING (FAR1) Petty cash fund P 10,000.00
Assignment 01: Balance Sheet and Income Statement Cash in Bank 65,780.72
Professional fees receivable 22,750.00
Name: Course Year-Section: Unused office supplies 12,850.00
Prepaid taxes 2,450.00
Classify the accounts. Place a checkmark under the proper column to indicate your answer. Other prepaid expenses 900.00
Office equipment 150,000.00
Account Title Asset Liability Equity Income Expense
Furniture and fixtures 120,800.00
1. Alexieva Valerio, Capital
Leasehold improvements 45,000.00
2. Deferred income
Accounts payable 12,500.75
3. Notes due to suppliers
Loans payable 200,000.00
4. Land improvement Accrued office expenses 32,652.25
5. Service fees earned Accrued rent expense 12,000.00
6. Loss due to theft Advances from clients 10,000.00
7. Unexpired insurance Taxes payable 3,685.00
8. Unearned rent income Cara Bernardo, Capital 100,000.00
9. Audit and legal fees paid Cara Bernardo, Personal 60,000.00
10. Precollected rent Professional fees 350,000.00
11. Insurance expired Miscellaneous income 13,392.79
12. Commission expense Salaries and wages 75,000.00
13. Investment in real estate Taxes 25,000.00
14. Accrued liabilities Rent expense 36,000.00
15. Notes due from customers Repairs and maintenance 1,250.00
16. 13th month pay of employees Transportation and travel 21,860.00
17. Depreciation Representation and entertainment 23,452.50
18. Rent receivable Membership dues 12,000.00
19. Franchise Utilities 20,750.66
20. Bad debts Supplies used 12,635.55
21. Amortization – Franchise Depreciation – Office equipment 5,200.00
22. Gain on sale of land Depreciation – Furniture and fixtures 3,200.00
23. Interest on loan from bank Depreciation – Leasehold improvements 3,570.00
24. Patents Miscellaneous expense 3,781.36
25. Research expense Cara Bernardo made an additional investment of P20,000 on July 25, 2018.

FAR1: Assignment 01 – Balance Sheet and Income Statement (2018-2019 - 1st Semester) jvacpa Page 1 of 1