The May 31 trial balance of Rosalina Besario Surveyors is presented as follows:

Rosalina Besario Surveyors

Trial Balance
May 31, 2019

dr cr
Cash ₱210,000.00
Accounts receivable 930,000.00
Prepaid advertising 360,000.00
Engineering supplies 270,000.00
Survey equipment 1,890,000.00
Accumulated depreciation - Survey equipment ₱640,000.00
Accounts payable 190,000.00
Unearned survey revenues 120,000.00
Notes payable 500,000.00
Besario Capital 1,120,000.00
Besario Withdrawals 700,000.00
Survey revenues 6,510,000.00
Salaries expense 3,270,000.00
Rent expense 960,000.00
Insurance expense 250,000.00
Utilities expense 160,000.00
Other expenses 80,000.00
Total ₱9,080,000.00 ₱9,080,000.00

The following pertaining to the year-end adjustments is available:

a. The P360,000 prepaid advertising represents expenditure made on November 1, 2018 for
monthly advertising over the next 18 months.
b. A count of the engineering supplies at May 31, 2019 amounted to P90,000.
c. Depreciation on the surveying equipment amounted to P160,000
d. One-third of the unearned survey revenues has been earned at year-end.
e. At year-end, salaries in the amount of P140,000 have accrued.
f. Interest of P60,000 on the notes payable has accrued at year-end.

Required: 1) Worksheet
2) Closing Entries
3) Financial Statements
Particulars Unadjusted Trial Balance Adjustments
dr cr dr
Cash ₱210,000.00
Accounts receivable 930,000.00
Prepaid Advertising 360,000.00
Engineering supplies 270,000.00
Survey equipment 1,890,000.00
Accumulated depreciation - Survey equipment ₱ 640,000.00
Accounts payable 190,000.00
Unearned survey revenues 120,000.00 d ₱ 40,000.00
Notes payable 500,000.00
Besario Capital 1,120,000.00
Besario Withdrawals 700,000.00
Survey revenues 6,510,000.00
Salaries expense 3,270,000.00 e 140,000.00
Rent expense 960,000.00
Insurance expense 250,000.00
Utilities expense 160,000.00
Other expenses 80,000.00
Totals ₱9,080,000.00 ₱ 9,080,000.00
Adjustments
a. Advertising Expense 140,000.00
b. Engineering supplies expense 180,000.00
c. Depreciation expense 160,000.00
e. Salaries payable
f. Interest expense 60,000.00
g. Interest payable
₱ 720,000.00
 Rosalina Besario Surveyors
Worksheet
May 31, 2019

Adjustments Adjusted Trial Balance Income Statement

cr dr cr dr cr
₱210,000.00
930,000.00
₱ 140,000.00 a 220,000.00
180,000.00 b 90,000.00
1,890,000.00
160,000.00 c ₱ 800,000.00
190,000.00
80,000.00
500,000.00
1,120,000.00
700,000.00
40,000.00 d 6,550,000.00 ₱ 6,550,000.00
3,410,000.00 ₱ 3,410,000.00
960,000.00 960,000.00
250,000.00 250,000.00
160,000.00 160,000.00
80,000.00 80,000.00

140,000.00 140,000.00
180,000.00 180,000.00
160,000.00 160,000.00
140,000.00 140,000.00
60,000.00 60,000.00
60,000.00 60,000.00
₱ 720,000.00 ₱9,440,000.00 ₱ 9,440,000.00 ₱ 5,400,000.00 ₱ 6,550,000.00
1,150,000.00
6,550,000.00 6,550,000.00
 Balance Sheet Post Closing Trial Balance
dr cr dr cr
₱210,000.00 ₱210,000.00
930,000.00 930,000.00
220,000.00 220,000.00
90,000.00 90,000.00
1,890,000.00 1,890,000.00
₱ 800,000.00
190,000.00
80,000.00
500,000.00
1,120,000.00
700,000.00

140,000.00

₱4,040,000.00 ₱ 2,830,000.00
1,210,000.00
₱4,040,000.00 ₱ 4,040,000.00