GROUP

Company Name
Income Statement
For the Year Ended December 31, 200A

Revenues
Service Income ₱
Interest Income
Rental Income
Total Revenues ₱
Less: Expenses
Salaries Expense
Rent Expense
Utilities Expense

Total Expenses ₱
Net Loss ₱

Company Name
Statement of Changes in Owner's Equity
For the Year Ended December 31, 200A

, Capital, january 1 ₱
Add Additional Investment ₱
Total ₱
Less , Drawing
, Capital, December 31 ₱

Company Name
Balance Sheet
December 31, 200A

ASSETS
Current Assets
Cash ₱
 Notes Receivable
Accounts Receivable
Total Current Assets ₱

Non-Current Assets
Furnitures and Fixtures ₱
Office Equipment
Total Non-Current Assets ₱
TOTAL ASSETS ₱

LIABILITIES AND OWNER'S EQUIY

Current Liabilities
Notes Payable ₱
Accounts Payable
Utilities Payable
Non-Current Liabilities
Mortgage Payable
Total Liabilities ₱

Owner's Equity
, Capital, December 31
TOTAL LIABILITIES AND OWNER'S EQUITY ₱
 Worksheet
For the Year Ended December 202_

ADJUSTED TRIAL
TRIAL BALANCE ADJUSTMENTS BALANCE INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

Total
Adjustments:

Total
Net Income
Total
DATE PARTICULARS DATE
DATE DEBIT
 DATE
NAME REMARKS REPORTED
GROUP 1
1 Angelie Apura Nov 16, 2021
2 Asliah Cosain Nov 16, 2021
3 Camille Kyle Peñero Nov 16, 2021
4 Cristy Diaz Nov 16, 2021
5 Darwin Ong Nov 16, 2021
6 Frencis Lyn H. Aduca Nov 16, 2021
7 Jan Pamela Ison Quimzon Nov 16, 2021
8 Karynne Faith Fermin Remollena Nov 16, 2021
9 Maechelle R. Tañola Nov 16, 2021
10 Mohammad T. Hadji Azis Nov 16, 2021
11 Ricky G. Banias Jr. Leader Nov 16, 2021

GROUP 2
1 Aldas, Jackie Nov 18
2 Chuca, Khazel
3 Del Puerto, Patricia
4 Duaman, Krizelle
5 Javier, Ma. Leonisa
6 Bacordo, Lenielyn
7 Perillo, Diana Lyka Marie
8 Boloy, Sadia
9 Murillo, Nicca Mae
10 Salomon, Reyna
11 Flor, Rebecca

GROUP 3
1 Mariano, Kristine Clare L.
2 Bautista, Elaine Grace C.
3 Bertiz, Herbie John
4 Puzon, Rose
5 Gonzales, Florabel
6 Delos Santos, Precy
7 Santiago, Vanjoseph
8 Molo, Angel Anne
9 Garcia, Kenneth
10 Cruz, Raymond
11 Lauriano, Mariel

GROUP 4
1 Adranida, Annabel
2 Almeria, Alyanna Mae
3 Barcancel, Jennifer
4 Cunot, Marinela
5 Garcia, Carl Joemil
6 Joaqin, Zylene Caryll
7 Maghanoy, Princess Mae
8 Nilo, Jaizel V.
9 Nono, Kenneth James
10 Rodriqueza, Germaine D.
11 Santos, Lorenz
Trucking Service Income P 267,000
Rental Income 12,000
Rent (48,000)
Repairs and Maintenance (36,000)
Utilities (12,450)
Gas and Oil (76,000)
Insurance (25,000)
Taxes and Licenses (8,450)
Net Income P 73,100

Nelson Trucking Company

Statement of Changes in Owner's Equity
For the Year Ended June 30, 200C

Nelson, Capital June 30, 200B P 500,000

Additional Investment P 20000
Net Income 73,100 93,100
Total 593,100
Nelson, Personal (25,000)
Nelson, Capital June 30, 200C P 568,100
GROUP 1
MAGINHAWA SERVICE CENTER
Income Statement
For the Year Ended December 31, 200A

Revenues
Service Income ₱ 78,560
Interest Income 360
Rental Income 6,000 ₱

Less: Expenses
Salaries Expense 21,000
Tel. & Telegrams Expense 1,250
Interest Expense 220
Postage & Stamps Expense 50
Insurance Expense 4,100
Utilities Expense 160
Supplies Expense 3,150

Net Income ₱

MAGINHAWA SERVICE CENTER

Statement of Changes in Owner's Equity
For the Year Ended December 31, 200A

E. Liwanag Capital, january 1 ₱

Add Additional Investment
Profit
Total ₱
Less E. Liwanag Drawing
E. Liwanag Capital, December 31 ₱

MAGINHAWA SERVICE CENTER

Balance Sheet
December 31, 200A
 ASSETS
Current Assets
Cash ₱ 18,540
Accounts Receivable 21,460
Notes Receivable 1,200
Total Current Assets ₱

Non-Current Assets
Office Equipment ₱ 12,000
Furnitures and Fixtures 8,900
Tools 21,500
Car 84,700
Massage Equipment 36,290
Total Non-Current Assets ₱
TOTAL ASSETS ₱

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Accounts Payable ₱ 16,600
Loan Payable 20,000
Notes Payable 8,000
Non-Current Liabilities
Mortgage Payable 30,000
Total Liabilities ₱

Owner's Equity
E. Liwanag Capital, December 31
TOTAL LIABILITIES AND OWNER'S EQUITY ₱
 84,920

29,930

54,990 ok

85,000

54,990
139,990
10,000
129,990 ok
 62,700

141,890
204,590

74,600

129,990
204,590
GROUP 2
LENMAR SERVICE COMPANY
Income Statement
For the Year Ended December 31, 200B

Service Income ₱
Less: Operating Expenses
Salaries Expense 114,600
Rent Expense 30,000
Utilities Expense 8250
Supplies Expense 4160
Advertising Expense 40,000
Insurance Expense 24000
Taxes & Licenses 12,000
Interest Expense 200
Impairment Loss 280
Dep. Furniture & Fixture 840
Dep. Office Equipment 500
Operating Loss
Add: Other Income
Interest Income 40
Rental Income 22,000
Total
Less: Interest Expense
Net Loss ₱

LENMAR SERVICE COMPANY

Statement of Changes in Owner's Equity
For the Year Ended December 31, 200B

Lenmar, Capital, january 1 ₱

Add Additional Investment
Net Loss
Total ₱
Less Lenmar, Drawing
Lenmar, Capital, December 31 ₱
 LENMAR SERVICE COMPANY
Balance Sheet
December 31, 200B

ASSETS
Current Assets
Cash ₱ 40,860
Notes Receivable 4,000
Accounts Receivable 57,880
Allow. for Impairment Loss (3,280)
Prepaid Advertising 10,000
Unexpired Insurance 6,000
Supplies Inventory 1,260
Interest Receivable 40 ₱

Non-Current Assets
Furnitures and Fixtures ₱ 36,800
Accum. Dep. Furniture & Fixture (1,840) 34,960
Office Equipment 50,000
Accum. Dep. Office Equipment (2,500) 47,500
TOTAL ASSETS ₱

LIABILITIES AND OWNER'S EQUIY

Current Liabilities
Notes Payable (Short term) ₱ 2,000
Accounts Payable 24,250
Utilities Payable 4,250
Interest Payable 10
Unearned Rental 2,000 32,510
Non-Current Liabilities
Mortgage Payable 120,000

Owner's Equity
M. Lanza, Capital, December 31
TOTAL LIABILITIES AND OWNER'S EQUITY ₱
204,500

234,830
(30,330)

22,040
(8,290)
(200)
(8,490)

75, 000

(8, 290)
66, 710
20, 000
46, 710 ok
116,760

82,460
199, 220 ok

152,510

46, 710
199, 220 ok
 DATE PR DEBIT
December 31 Unused Office Supplies ₱ 320
Supplies Expense

Prepaid Insurance 1,800

Insurance Expense

Depreciation Expense 9,000

Accumulated Depreciation

Rental Income 4,000

Unearned Rental

Accounts Receivable 3,000

Service Income

Interest Receivable 100

Interest Income

Impairment Loss 1,050

Allowance for Impairment Loss

SOLUTION
Accounts receivable 22,500
Should be Allowance for Impairment Loss 2,250
Balance of Allowance for Impairment Loss 1,200
Increase in allowance for Impairment Loss 1,050

Salaries Expense 12,000

Salaries Payable

TOTAL 31,270
 CREDIT
₱
320 ok

7,200/12 600
1,800 7,200 5,400 9 months April 1 to Dec 31=expense (expired por
1,800 3 months Jan to Mar 30 = prepaid

cost - salvage value / number of useful life

9,000 92,000 - 2,000 / 10 = 9,000

12,000 x 1 / 3 =4,000
4,000

20,000 x 6% (1/12)
3,000 ok

100

1,050

12,000

31,270
ril 1 to Dec 31=expense (expired portion)
n to Mar 30 = prepaid
Group 3

Speedy Trucking Company

Income Statement
For the month ended March 31, 200F

Revenues
Trucking Service Fees ₱

Less: Expenses
Salaries Expense ₱ 15,000
Gas and Oil Expenses 6,190
Supplies Expense 3,150
Tel. and Telegrams Expense 1,250
Taxes and Licenses Expense 4,010
Miscellaneous Expense 210
Net Income ₱

Speedy Trucking Company

Statement of Changes in Owner's Equity
For the month ended March 31, 200F

L. Ball, Capital, January 1 ₱

Add Net Income
Total ₱
Less L. Ball, Drawing
L. Ball, Capital, March 31 ₱

Speedy Trucking Company

Balance Sheet
For the month ended March 31, 200F

ASSETS
Current Assets
 Cash ₱ 18,540
Receivable from Employee 360 ₱

Non-Current Assets
Office Equipment ₱ 48,290
Furnitures and Fixtures 28,900
Tools 21,500
Truck 284,700
TOTAL ASSETS ₱

LIABILITIES AND OWNER'S EQUITY

Liabilities
Loan Payable (short-term) ₱

Owner's Equity
L. Ball , Capital, March 31
TOTAL LIABILITIES AND OWNER'S EQUITY ₱

Speedy Trucking Company

Statement of Cash Flows
For the month ended March 31, 200F

Operating Activities
Trucking Service Fees ₱ 145,500
Salaries expepense (15,000)
Gas and Oil Expense (6,190)
supplies Expense (3,150)
Telephone and Telegram Expense (1,250)
Miscellaneous Expense (210)
Taxes and Licenses (4,010) ₱

Investing Activities
Receivable from Employees ₱ (360)
Office Equipment (48,290)
Tools (21,500)
Furniture Expense (28,900)
 Truck (284,700)

Financing Activities
Loan Payable (Short Term) 16,600
L. Ball Drawing (10,000)
Net Cash Flow
Cash, January 1
Cash, March 31 ₱
145,500

29,810
115,690 ok

280,000
115,690
395,690
10,000
385,690
 18,900

383,390
402,290

16,600

385,690
402,290

115,690
(383,750)

6,600
(261,460)
280,000
18,540
 M. Cerda Consulting Service
Worksheet
For the Year Ended June 30, 200__

TRIAL BALANCE ADJUSTMENTS

ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Cash 152,360
Accounts Recievable 70,500
Furniture and Equipment 150,000
Accumulated Depreciation 30,000 AJE6 15,000
Accounts Payable 66,000
M.Cerda, Capital 247,350
M. Cerda, Drawing 72,000
Consulting Fees 393,480 AJE4 4,800
Office Supplies Expense 18,850 AJE5 6,400
Insurance Expense 10,800 AJE2 5,400
Salary Expense 139,600
Advertising Expense 11,000 AJE3 1,000
Rent Expense 50,000 AJE1 10,000
Taxes and Licenses Expense 16,820
Utility Expense 31,250
Miscellaneous Expense 13,650

Total 736,830 736,830

Adjustments:
Rent Payable AJE1 10,000
Prepaid Insurance AJE2 5,400
Advertising Payable AJE3 1,000
Unearned Consulting Fees AJE4 4,800
Office Supplies AJE5 6,400
Depreciation Expense AJE6 15,000
Total 42,600 42,600
Net Income
Total
Below are the data needed for adjustments:
1. Office rentals for May and June at P5,000 per month were still unrecorded and unpaid at June 30

30-Jun Rent Expense

Rent Payable

2. Insurance paid on January 1 was for one year period.

30 Prepaid Insurance
Insurance Expense

3. Advertising for the month of June P1,000 was still unpaid.

30 Advertising Expense
Advertising Payable

4. One-half of the P9,600 collected in advance on June 1 for consulting services is applicable for the mont

30 Consulting Fees
Unearned Consulting Fees

5. Office Supplies on hand at the end of June amounted to P6,400

30 Office Supplies
Office Supplies Expense

6. The estimated life of the furniture and Equipment is Ten years without salvage value. Depreciation for th

30 Depreciation Expense
Accumulated Depriciation

150,000/10=15,000
 lting Service
heet
June 30, 200__

ADJUSTED TRIAL
BALANCE INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
152,360 152,360
70,500 70,500
150,000 150,000
45,000 45,000
66,000 66,000
247,350 247,350
72,000 72,000
388,680 388,680
12,450 12,450
5,400 5,400
139,600 139,600
12,000 12,000
60,000 60,000
16,820 16,820
31,250 31,250
13,650 13,650

10,000 10,000
5,400 5,400
1,000 1,000
4,800 4,800
6,400 6,400
15,000 15,000
762,830 762,830 306,170 388,680 456,660 374,150
82,510 82,510
388,680 388,680 456,660 456,660
 Adjusting Entries

d unpaid at June 30

10,000
10,000

5,400
5,400

1,000
1,000

is applicable for the month of July of the fiscal year.

4,800
4,800

6,400
6,400

e value. Depreciation for the current year has been recorded.

15,000
15,000
Debit Credit
GROUP 4
Champion Forwarders
Adjusting Entries
December 31, 2019

Date Particulars ( Account Title and Explanation)

December 31 1 Unused Supplies P

Supplies Expense
To record Unused Supplies

/ 2 Prepaid Advertising
Advertising Expense
To record Prepaid Advertising

Note 1: 18,000 / 3 months = P 6,000

/ 3 Prepaid Insurance
Insurance Expense
To record Prepaid Insurance

/ 4 Interest Receivable
Interest Income
To record Accrued interest for 30 days

Note 2: .06 x 2,400 x 15 days / 360 = P 6

/ 5 Salaries Expense
Salaries Payable
To record Accrued Salaries Expense

/ 6 Depreciation Expenses
Accumulated Depreciation
To record Provision for Depreciation

Note 3: 164,000 / 20 = 8,200 + 24,000 X 15 / 360 = P 8,800

Annum 1 / .05 = 20

/ 7 Interest Expense
Interest Payable
To record Accrued Interest Expense
 Note 4: .06 x 14,000 x 30/ 360 = P 70

/ 8 Depreciation - Furniture and Fixtures

Accumulated Depreciation- F&F
To record Provision for Depreciation

Note 5: 48,000 / 10 = P 4,800

/ 9 Rent Receivable
Rental Income
To record Unearned Rental Income

Note 6: .3,000 / 2 ( 15 days , 1 month )

/ 10 Impairment Loss
Allowance for Impairment Loss
To record Provision for Bad Depts

Note 7: .04 x 26,000 = 1,040 - 800 = P 240

/ 11 Prepaid Rent
Rent Expense
To record Prepaid Rent

Note 8: 24,000 / 2 ( 15 days, 1 month )

/ 12 Service Income
Unearned Service Income
To record Unearned Service Income

ENTRY MADE
Cash
Service Income

/ 13 Depreciation Expense
Accumulated Depreciation
To record Provision for Depreciation

Note 9 : 800,000 - 720,000 / 20 = 80,000 / 2 years = P 40,000

Annum 1 / .05 = 20
 Delivery VAn 800,000
Accumulated Depreciation 80,000
Should be Depreciation Expens 40,000

/ 14 Interest Expense
Interest Payable
To record Accrued Interest Expense

Note 10 : .15 x 120,000 x 30 / 360 = P 1,500

Oct 2 (120,000 x 15% )

Nov
Dec
Jan
Feb
Mar

/ Bank Service Charge

Cash
To record bank service charge

TOTALS:
 Debit Credit

3,160
P 3,160

6,000
6,000

7,000
7,000

6
6

15,650
15,650

7,600
7,600

P 8,800

70
70
 4,800
4,800

1,500
1,500

240
240

12,000
12,000

10,000
10,000

10,000
10,000

40,000
40,000

P 40,000
 4,500
4,500

1,500.00
1,500.00
1,500.00 4,500.00
1,500.00
1,500.00
1,500.00

125
125

P 113, 851 P 113,851

GROUP 4
Abelada Law Ofiic

For The Year Ended Decemb

TRIAL BALANCE ADJUSTMENTS

ACCOUNT NAME
DEBIT CREDIT DEBIT CREDIT
Cash 62,350
Accounts Receivable 40,780
Furniture and Equipment 250,000
Accumulated Derpreciation 40,000 22,500
Accounts Payable 36,250
Abelada, Capital 186,760
Abelada, Drawing 54,000
Professional Fees 438,800 3,400
Rent Expense 39,000 3,000
Office Supplies Expense 13,600 2,950
Salary Expense 165,800
Advertising Expense 5,500 1,200
Insurance Expense 7,500 1,500
Travel Expense 25,950
Utilities Expense 24,700
Miscellaneous Expense 12,630
TOTALS: 701,810.00 701,810.00
Unearned Prof. Fees 3,400
Depreciation Expense 22,500
Prepaid Rent 3,000
Prepaid Insurance 1,500
Advertising Payable 1,200
Unused Office Supplies 2,950
TOTALS: 34,550 34,550
Net Income
Total

Adjusting Entries
Date Particulars Debit
Dec. 31 Professional Fees P 3,400
Unearned Professional Fees

Note 1: 10,200 x 1/3 = P 3,400

/ Depreciation Expense 22,500

Accumulated Depreciation

Note 2: 200,000 / 10 = 20,000 + 50,000 / 10 x 6 / 12 = P 22,500

/ Prepaid Rent 3,000

Rent Expense

/ Prepaid Insurance 1,500

Insurance Expense

Note 3: 2,000 x 3 / 4 = P 1,500

/ Advertising Expense 1,200

Advertising Payable

Note 4: 600 x 2 = 1,200

/ Office Supplies 2,950

Supplies Expense
 Abelada Law Ofiice
Worksheet
The Year Ended December 31, 2019

ADJUSTED TRIAL
INCOME STATEMENT BALANCE SHEET
BALANCE
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
62,350 62,350
40,780 40,780
250,000 250,000
62,500 62,500
36,250 36,250
186,760 186,760
54,000 54,000
435,400 435,400
36,000 36,000
10,560 10,650
165,800 165,800
6,700 6,700
6,000 6,000
25,950 25,950
24,700 24,700
12,630 12,630

3,400 3,400
22,500 22,500
3,000 3,000
1,500 1,500
1,200 1,200
2,950 2,950
725,420 725,510 310,930 435,400 414,580 290,110 2,971,050
124,470 124,470
P 435,400 P 435,400 P 414,580 P 414,580 ok
 Credit
P
3,400

22,500

0 x 6 / 12 = P 22,500

3,000

1,500

1,200

2,950