Fundamentals of Accounting,

Business and Management 2

Activity 3
Summa Cum Laude
Company

TOLENTINO, Mary DJazel A.

ABM 12 -2
 Summa Cum Laude Company
Trial Balance
December 31, 2019

Account No. Account Title P/R Debit Credit

101 Cash ₱ 4 8 2 6 0 0 0 00
102 Rent receivable 5 4 0 0 0 00
103 Office supplies 1 0 0 0 0 00
104 Prepaid insurance 6 0 0 0 0 00
105 Land 5 0 0 0 0 0 0 00
106 Building 30 0 0 0 0 0 0 00
106-a Accumulated depreciation - Building ₱ 2 0 0 0 0 0 0 00
107 Furniture and fixtures 3 0 0 0 0 0 0 00
107-a Accumulated depreciation - Furniture and fixtures 1 0 0 0 0 0 00
108 Computers 3 0 0 0 0 0 00
108-a Accumulated depreciation - Computers 2 0 0 0 0 00
201 Accounts payable 1 9 0 0 0 0 0 00
202 Unearned rent revenue 1 0 0 0 0 0 00
203 Interest payable 6 0 0 0 0 00
204 Salaries and wages payable 5 0 0 0 0 00
205 Utilities payable 1 0 0 0 0 0 00
206 Notes payable 6 5 0 0 0 0 0 00
301 Matalino, capital 9 0 0 0 0 0 0 00
302 Matalino, drawing 2 0 0 0 0 0 00
401 Rent revenue 25 0 0 0 0 0 0 00
402 Gain on disposal of equipment 5 0 0 0 0 0 00
501 Administrative expense 4 0 0 0 0 00
502 Advertising expense 8 0 0 0 0 00
503 Salaries and wages expense 8 0 0 0 0 0 00
504 Maintenance and repairs expense 3 5 0 0 0 0 00
505 Utilities expense 5 5 0 0 0 0 00
506 Insurance expense 6 0 0 0 0 00
Totals ₱ 45 3 3 0 0 0 0 00 ₱ 45 3 3 0 0 0 0 00
 Adjusting Entries Page 1

Date
Description P/R Debit Credit
2019
Dec 31 Rent receivable ₱ 5 4 0 0 0 00
Rent revenue ₱ 5 4 0 0 0 00

31 Supplies expense 7 0 0 0 00
Supplies 7 0 0 0 00

31 Insurance expense 2 0 0 0 0 00
Prepaid insurance 2 0 0 0 0 00

31 Depreciation expense 1 7 6 6 6 6 67
Accumulated depreciation - Building 1 6 6 6 6 6 67
Accumulated depreciation - Furniture and Fixtures 8 3 3 3 33
Accumulated depreciation - Computers 1 6 6 6 67

31 Unearned rent revenue 1 0 0 0 0 0 00

Rent revenue 1 0 0 0 0 0 00

31 Salaries and wages expense 5 0 0 0 0 00

Salaries and wages payable 5 0 0 0 0 00
Totals ₱ 4 0 7 6 6 6 67 ₱ 4 0 7 6 6 6 67
 Summa Cum Laude Company
Adjusted Trial Balance
December 31, 2019

Account No. Account Title P/R Debit Credit

101 Cash ₱ 4 8 2 6 0 0 0 00
102 Rent receivable 1 0 8 0 0 0 00
103 Office supplies 3 0 0 0 00
104 Prepaid insurance 4 0 0 0 0 00
105 Land 5 0 0 0 0 0 0 00
106 Building 30 0 0 0 0 0 0 00
106-a Accumulated depreciation - Building ₱ 2 1 6 6 6 6 6 67
107 Furniture and fixtures 3 0 0 0 0 0 0 00
107-a Accumulated depreciation - Furniture and fixtures 1 0 8 3 3 3 33
108 Computers 3 0 0 0 0 0 00
108-a Accumulated depreciation - Computers 2 1 6 6 6 67
201 Accounts payable 1 9 0 0 0 0 0 00
202 Unearned rent revenue -- --
203 Interest payable 6 0 0 0 0 00
204 Salaries and wages payable 1 0 0 0 0 0 00
205 Utilities payable 1 0 0 0 0 0 00
206 Notes payable 6 5 0 0 0 0 0 00
301 Matalino, capital 9 0 0 0 0 0 0 00
302 Matalino, drawing 2 0 0 0 0 0 00
401 Rent revenue 25 1 5 4 0 0 0 00
402 Gain on disposal of equipment 5 0 0 0 0 0 00
501 Administrative expense 4 0 0 0 0 00
502 Advertising expense 8 0 0 0 0 00
503 Salaries and wages expense 8 5 0 0 0 0 00
504 Maintenance and repairs expense 3 5 0 0 0 0 00
505 Utilities expense 5 5 0 0 0 0 00
506 Insurance expense 8 0 0 0 0 00
507 Office supplies expense 7 0 0 0 00
508 Depreciation expense 1 7 6 6 6 6 67
Totals ₱ 45 6 1 0 6 6 6 67 ₱ 45 6 1 0 6 6 6 67
 Summa Cum Laude Company
Worksheet
December 31, 2019
P/ Trial Balance Adjustments Adjusted Trial Balance Comprehensive Income Financial Position
Account No. Account Title
R Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
101 Cash ₱ 4 8 2 6 0 0 0 00 ₱ 4 8 2 6 0 0 0 00 ₱ 4 8 2 6 0 0 0 00
102 Rent receivable 5 4 0 0 0 00 a) 5 4 0 0 0 00 1 0 8 0 0 0 00 1 0 8 0 0 0 00
103 Office supplies 1 0 0 0 0 00 b) 7 0 0 0 00 3 0 0 0 00 3 0 0 0 00
104 Prepaid insurance 6 0 0 0 0 00 c) 2 0 0 0 0 00 4 0 0 0 0 00 4 0 0 0 0 00
105 Land 5 0 0 0 0 0 0 00 5 0 0 0 0 0 0 00 5 0 0 0 0 0 0 00
106 Building 30 0 0 0 0 0 0 00 30 0 0 0 0 0 0 00 30 0 0 0 0 0 0 00
106-aAccumulated depreciation - Building ₱ 2 0 0 0 0 0 0 00 d) 1 6 6 6 6 6 67 ₱ 2 1 6 6 6 6 6 67 ₱ 2 1 6 6 6 6 6 67
107 Furniture and fixtures 3 0 0 0 0 0 0 00 3 0 0 0 0 0 0 00 3 0 0 0 0 0 0 00
107-aAccumulated depreciation - Furniture and fixtures 1 0 0 0 0 0 00 d) 8 3 3 3 33 1 0 8 3 3 3 33 1 0 8 3 3 3 33
108 Computers 3 0 0 0 0 0 00 3 0 0 0 0 0 00 3 0 0 0 0 0 00
108-aAccumulated depreciation - Computers 2 0 0 0 0 00 d) 1 6 6 6 67 2 1 6 6 6 67 2 1 6 6 6 67
201 Accounts payable 1 9 0 0 0 0 0 00 1 9 0 0 0 0 0 00 1 9 0 0 0 0 0 00
202 Unearned rent revenue 1 0 0 0 0 0 00 e) 1 0 0 0 0 0 00 -- -- -- --
203 Interest payable 6 0 0 0 0 00 6 0 0 0 0 00 6 0 0 0 0 00
204 Salaries and wages payable 5 0 0 0 0 00 f) 5 0 0 0 0 00 1 0 0 0 0 0 00 1 0 0 0 0 0 00
205 Utilities payable 1 0 0 0 0 0 00 1 0 0 0 0 0 00 1 0 0 0 0 0 00
206 Notes payable 6 5 0 0 0 0 0 00 6 5 0 0 0 0 0 00 6 5 0 0 0 0 0 00
301 Matalino, capital 9 0 0 0 0 0 0 00 9 0 0 0 0 0 0 00 9 0 0 0 0 0 0 00
302 Matalino, drawing 2 0 0 0 0 0 00 2 0 0 0 0 0 00 2 0 0 0 0 0 00
401 Rent revenue 25 0 0 0 0 0 0 00 a)e) 1 5 4 0 0 0 00 25 1 5 4 0 0 0 00 ₱ 25 1 5 4 0 0 0 00
402 Gain on disposal of equipment 5 0 0 0 0 0 00 5 0 0 0 0 0 00 5 0 0 0 0 0 00
501 Administrative expense 4 0 0 0 0 00 4 0 0 0 0 00 ₱ 4 0 0 0 0 00
502 Advertising expense 8 0 0 0 0 00 8 0 0 0 0 00 8 0 0 0 0 00
503 Salaries and wages expense 8 0 0 0 0 0 00 f) 5 0 0 0 0 00 8 5 0 0 0 0 00 8 5 0 0 0 0 00
504 Maintenance and repairs expense 3 5 0 0 0 0 00 3 5 0 0 0 0 00 3 5 0 0 0 0 00
505 Utilities expense 5 5 0 0 0 0 00 5 5 0 0 0 0 00 5 5 0 0 0 0 00
506 Insurance expense 6 0 0 0 0 00 c) 2 0 0 0 0 00 8 0 0 0 0 00 8 0 0 0 0 00
Totals ₱ 45 3 3 0 0 0 0 00 ₱ 45 3 3 0 0 0 0 00
Adjustments:
507 Office supplies expense b) 7 0 0 0 00 7 0 0 0 00 7 0 0 0 00
508 Depreciation expense d) 1 7 6 6 6 6 67 1 7 6 6 6 6 67 1 7 6 6 6 6 67
Totals ₱ 4 0 7 6 6 6 67 ₱ 4 0 7 6 6 6 67 ₱ 45 6 1 0 6 6 6 67 ₱ 45 6 1 0 6 6 6 67 ₱ 2 1 3 3 6 6 6 67 ₱ 25 6 5 4 0 0 0 00 ₱ 43 4 7 7 0 0 0 00 ₱ 19 9 5 6 6 6 6 67
Net Income 23 5 2 0 3 3 3 33 23 5 2 0 3 3 3 33
Totals ₱ 25 6 5 4 0 0 0 00 ₱ 25 6 5 4 0 0 0 00 ₱ 43 4 7 7 0 0 0 00 ₱ 43 4 7 7 0 0 0 00
 Summa Cum Laude Company
Statement of Comprehensive Income
For the month ended December 31, 2019

Rent revenue ₱ 25 1 5 4 0 0 0 00
Less: Operating expense
Salaries and wages expense ₱ 8 5 0 0 0 0 00
Utilities expense 5 5 0 0 0 0 00
Maintenance and repairs expense 3 5 0 0 0 0 00
Depreciation expense 1 7 6 6 6 6 67
Advertising expense 8 0 0 0 0 00
Insurance expense 8 0 0 0 0 00
Office supplies expense 7 0 0 0 00 ( 2 0 9 3 6 6 6 67)
Net income from operations ₱ 23 0 6 0 3 3 3 33
Less: Administrative expenses ( 4 0 0 0 0 00)
Net income after administration ₱ 23 0 2 0 3 3 3 33
Add: Other income:
Gain on disposal of equipment 5 0 0 0 0 0 00
Net income ₱ 23 5 2 0 3 3 3 33

Summa Cum Laude Company

Statement of Change in Equity
For the month ended December 31, 2019
Matalino, capital January 1, 2019 ₱ 9 0 0 0 0 0 0 00
Add: Net income 23 5 2 0 3 3 3 33
₱ 32 5 2 0 3 3 3 33
Less: Matalino, drawing ( 2 0 0 0 0 0 00)
Matalino, capital December 31, 2019 ₱ 32 3 2 0 3 3 3 33
 Summa Cum Laude Company
Statement of Financial Position
December 31, 2019

Assets
Current assets:
Cash ₱ 4 8 2 6 0 0 0 00
Rent receivable 1 0 8 0 0 0 00
Office supplies 3 0 0 0 00
Prepaid insurance 4 0 0 0 0 00
Total current assets ₱ 4 9 7 7 0 0 0 00
Non-current assets:
Land ₱ 5 0 0 0 0 0 0 00
Building ₱30,000,000.00
Accumulated depreciation - Building ( 2,166,666.67 ) 27 8 3 3 3 3 3 33
Furniture and fixtures ₱3,000,000.00
Accumulated depreciation - Furniture and fixtures ( 108,333.33 ) 2 8 9 1 6 6 6 67
Computers ₱300,000.00
Accumulated depreciation - Computers ( 21,666.67 ) 2 7 8 3 3 3 33
Total non-current assets 36 0 0 3 3 3 3 33
Total current and non-current assets ₱ 40 9 8 0 3 3 3 33

Liabilities
Current liabilities:
Accounts payable ₱ 1 9 0 0 0 0 0 00
Unearned rent revenue -- --
Interest payable 6 0 0 0 0 00
Salaries and wages payable 1 0 0 0 0 0 00
Utilities payable 1 0 0 0 0 0 00
Total current liabilities ₱ 2 1 6 0 0 0 0 00
Non-current liabilities:
Notes payable 6 5 0 0 0 0 0 00
Total current and non-current liabilities ₱ 8 6 6 0 0 0 0 00

Capital
Matalino, capital 32 3 2 0 3 3 3 33
Total liabilities and capital ₱ 40 9 8 0 3 3 3 33