Name: EDMALYN R.

CANTON - BSA 1 - BE 302 Morning

Course/code: 892 - Acc 111

RUBAN SURVEY SPECIALIST

WORKSHEET
MAY 31 2019
UNADJUSTED TRIAL BALANCE REF
ACCOUNT TITLE DEBIT CREDIT
Cash 210,000
Accounts Receivable 930,000
Prepaid Advertising 360,000 a.
Engineering Supplies 270,000 b.
Survey Equipment 1,890,000
Accumulated Depreciation - Survey Equipment 640,000 c.
Accounts Payable 190,000
Unearned Survey Revenues 120,000 d.
Notes Payable 500,000
Rubans, Capital 1,120,000
Rubans, Drawings 700,000
Survey Revenues 6,510,000 d.
Salaries Expenses 3,270,000 e.
Rent Expense 960,000
Insurance Expense 250,000
Utilities Expense 160,000
Miscellaneous expense 80,000
TOTAL 9,080,000 9,080,000

Advertising Expense a.
Supplies Expense b.
Depreciation Expense c.
Salaries Payable e.
Interest Expense f.
Interest Payable f.
Total
Net Income
Grand total

ADJUSTING JOURNAL ENTRIES

a.     The 360,000 prepaid advertising expenditure made on Nov. 1, 2018 for monthly advertising over the next
18 months

Advertising Expense 14,000

Prepaid Advertising 14,000
To recognize the expense portion of prepaid advertising
b. A count of the engineering supplies at May 31, 2019 amounted to 90,000
Engineering Supplies Expense 180,000
Engineering Supplies 180,000
To recognize the used portion

c. Depreciation on the surveying equipment amounted to 160,000

Depreciation Expense 160,000
Accumulated Depreciation - Survey Equipment 160,000
To provide for the depreciation of equipment

d. One-third of the unearned survey revenues has been earned at year-end

Unearned Survey Revenues 40,000
Survey Revenues 40,000
To recognize earned portion
e. At year-end, salaried in the amount of 140,000 have accrued.
Salaries Expense 140,000
Salaries Payable 140,000
To recognize the unpaid salaries

f. Interest of 60,000 on notes payable has accrued at year end

Interest Expense 60,000
Interest Payable 60,000
To recognize unpaid interest on notes payable
 ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT
DEBIT CREDIT DEBIT CREDIT DEBIT
210,000
930,000
140,000 220,000
180,000 90,000
1,890,000
160,000 800,000
190,000
40,000 80,000
500,000
1,120,000
700,000
40,000 6,550,000
140,000 3,410,000 3,410,000
960,000 960,000
250,000 250,000
160,000 160,000
80,000 80,000
- -
- -
140,000 140,000 140,000
180,000 180,000 180,000
160,000 160,000 160,000
140,000 140,000
60,000 60,000 60,000
60,000 60,000
720,000 720,000 9,440,000 9,440,000 5,400,000
1,150,000
6,550,000

RUBANS SURVEY SPECIALIST

Statement of Changes in Equity
For the year ended, May 31, 2019
Beginning Capital Balance ₱ 1,120,000
Add: Net Income 1,150,000
Total 2,270,000
Less: Jay, Drawings 700,000
Ending Capital Balance ₱ 1,570,000
INCOME STATEMENT BALANCE SHEET
CREDIT DEBIT CREDIT
210,000
930,000
220,000
90,000
1,890,000
800,000
190,000
80,000
500,000
1,120,000
700,000
6,550,000

140,000

60,000
6,550,000 4,040,000 2,890,000
0 0 1,150,000
6,550,000 4,040,000 4,040,000