Module 4 Quiz 1 Adjusting entries, Worksheet, FS preparation

The accounts and their balances in the ledger of Gray Company on December 31, 2019 are as follows
GRAY COMPANY
Trial Balance
December 31, 2019
Cash P 72,000 P
Accounts Receivable 331,000
Prepaid insurance 48,000
Supplies 125,000
Land 170,000
Building 850,000
Accumulated Depreciation-building 230,000
Computer Equipment 620,000
Accumulated Depreciation-computer equipment 106,000
Notes Payable 550,000
Accounts Payable 143,000
Salaries Payable
Interest Payable
Utilities Payable
Unearned Computer-Aided Design Revenue
Mortgage Payable 470,000
Gray, Capital 310,000
Gray, Withdrawal 250,000
Computer-Aided Design Revenue 1,470,000
Salaries Expense 813,000
Insurance Expense
Supplies Expense
Depreciation Expense-building
Depreciation Expense-Computer equipment
Utilities Expense
Interest Expense _________ ________
Totals P 3,279,000 P
3,279,000 The following information pertaining to the year-end adjustments is available:
a. Interest expense incurred but not paid at Dec. 31, P 23,000
b. Insurance expired during the year is P12,000.
c. Supplies on hand at December 31, are P72,000.
d. Depreciation of building for the year is P15,000.
e. Depreciation of computer equipment for the year is P18,000.
f. Accrued salaries amounted to P72,000.
g. Unpaid utilities bill at year end amounted to P9,000
h. Unearned Computer-Aided Design Revenue totaled P30,000 at year end.
Required:
1. Journalize the adjusting entries.
2. Prepare a 10-column worksheet.
3. Prepare the income statement, a statement of changes in equity and a balance sheet.