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  • Tesorero, Princess Kelly V, HRM 1-4 Baen m9

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    Kelly Tesorero
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    1. Transfer accounts from the trial balance to the income statement and balance sheet columns. Accounts like Cash, Accounts Receivable, and Capital are balance sheet accounts. Income and expense accounts like Service Income and Salaries Expense go to the income statement. 2. Adjust accounts as needed. For example, depreciate Equipment and reduce Accumulated Depreciation. Also estimate Uncollectible Accounts from Accounts Receivable. 3. Calculate net income/loss by subtracting total expenses from total revenues in the income statement. 4. Calculate total assets by adding all balance sheet accounts with debit balances. Calculate total liabilities and equity by

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    1. Transfer accounts from the trial balance to the income statement and balance sheet columns. Accounts like Cash, Accounts Receivable, and Capital are balance sheet accounts. Income and expense accounts like Service Income and Salaries Expense go to the income statement. 2. Adjust accounts as needed. For example, depreciate Equipment and reduce Accumulated Depreciation. Also estimate Uncollectible Accounts from Accounts Receivable. 3. Calculate net income/loss by subtracting total expenses from total revenues in the income statement. 4. Calculate total assets by adding all balance sheet accounts with debit balances. Calculate total liabilities and equity by

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    206 views6 pages

    Tesorero, Princess Kelly V, HRM 1-4 Baen m9

    Uploaded by

    Kelly Tesorero
    1. Transfer accounts from the trial balance to the income statement and balance sheet columns. Accounts like Cash, Accounts Receivable, and Capital are balance sheet accounts. Income and expense accounts like Service Income and Salaries Expense go to the income statement. 2. Adjust accounts as needed. For example, depreciate Equipment and reduce Accumulated Depreciation. Also estimate Uncollectible Accounts from Accounts Receivable. 3. Calculate net income/loss by subtracting total expenses from total revenues in the income statement. 4. Calculate total assets by adding all balance sheet accounts with debit balances. Calculate total liabilities and equity by

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    of 6

    NAME: TESORERO, PRINCESS KELLY V.

    SEC: BSBA HRM 1-4


    PROF: MAAM ROSARIO CALAMBA
    MODULE 9
    PRE-ASSESSMENT
    Preparing the Working Paper

    Shown below is the Trial Balance of Mr. Alfred Dela

    Cruz for the quarter ended March 31, 2019 – Dela

    Cruz Auto Repair Shop.

    Cash in Bank 320,000


    Accounts receivable 54,000
    Estimated Uncollectible Accounts 1,500
    Unused Shop Supplies 36,000
    Furniture and Fixtures 120,000
    Accumulated Depreciation – F/F 48,000
    Shop Equipment 250,000
    Accumulated Depreciation – S/E 50,000
    Accounts Payable 135,000
    VAT Payable 6,000
    J. Dela Cruz, Capital 391,700
    J. Dela Cruz, Drawing 10,000
    Service Income 290,000
    Taxes and Licenses 3,200
    Rent Expense 18,000
    Utilities Expense 21,000
    Salaries and Wages 90,000
    Requirement:

    1. Prepare a work sheet then into Income Statement and Balance


    Sheet column.
    DELA CRUZ AUTO REPAIR SHOP
    Income Statement
    For the month ended March 31, 2019
    DELA CRUZ AUTO REPAIR SHOP
    Balance Sheet
    March 31, 2019
    ACTIVITY/ EVALUATION

    Unadjusted trial balance


    Account Titles DEBIT CREDIT
    Cash in Bank 223,800
    Client fees Receivable 712,500
    Studio Supplies 60,000
    Studio Equipment 985,000
    Accumulated Depreciation- S/E 260,000
    Accounts Payable 124,200
    Notes Payable 440,000
    Unearned Client Fees 84,800
    J. Philip Capital 750,000
    Client Fees Earned 823,100
    Studio Supplies Expense 40,000
    Salaries Expense 172,500
    Utilities Expense 150,300
    Consultancy Expense 138,000
    Total 2,482,100 2,482,100

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