Gingood Allied Services

Partial Worksheet
For the quarter ended 31 October 20B

Unadjusted Trial Balance Adjustments

Account Titles
Debit Credit Debit Credit
Cash in Bank ₱ 240,300 a) ₱ 10,000.00
Petty Cash Fund 1,000
Accounts Receivable 54,000
Est. Uncollectible Amount ₱ 1,500.00 b) 500
Supplies Inventory 25,000 c) 10,000
Prepaid Insurance 8,000 d) 5,000
Office Equipment 180,000
Acc. Depreciation 36,000 e) 23,000
Notes payable 80,000
Accounts Payable 35,000
I. Basarte, Capital 305,600
I. Basarte, Drawing 20,000
Service Revenue 145,000 a) 10,000
Taxes and Licenses 3,800 f) 2,500
Salaries Expense 36,000 g) 15,000
Utilities Expense 25,000
Interest Expense 10,000 h) 4,000
Supplies Expense c) 10,000
Uncollectible Accounts b) 500
Depreciation Expense e) 23,000
Insurance Expense d) 5,000
Accrued Interest Expense h) 4,000
Accrued Salaries Expense g) 15,000.00
Accrued Taxes and Licenses f) 2,500.00
Total ₱ 603,100.00 ₱ 603,100.00 70,000.00 70,000.00
Profit (Loss)
Total
ngood Allied Services
Partial Worksheet
uarter ended 31 October 20B

Adjusted Trial Balance Income Statement Balance Sheet

Debit Credit Debit Credit Debit Credit
₱ 250,300.00 ₱ 250,300.00 a)
1,000 1,000
54,000 - 54,000
2,000 2,000 b)
15,000 15,000
3,000 3,000
180,000 180,000 c)
59,000 59,000
80,000 80,000
35,000 35,000 d)
305,600 305,600
20,000 20,000
155,000 155,000 e)
6,300 6,300
51,000 51,000
25,000 25,000 f)
14,000 14,000
10,000 10,000
500 500 g)
23,000 23,000
5,000 5,000 -
4,000 4,000 h)
15,000.00 15,000.00
2,500.00 2,500.00
658,100.00 658,100.00 ₱ 134,800.00 ₱ 155,000.00 ₱ 523,300.00 ₱ 503,100.00
₱ 20,200.00 ₱ 20,200.00
₱ 155,000.00 ₱ 155,000.00 ₱ 523,300.00 ₱ 523,300.00
Adjusting Entries:
Cash in Bank 10,000
Service Revenue 10,000

Est. Uncollectible Accounts 500

Est. Uncollectible Amount 500

Supplies Expense 10,000

Supplies Inventory 10,000

Insurance Expense 5,000

Prepaid Insurance 5,000

Depreciation Expense 23,000

Acc. Depreciation 23,000

Taxes and Licenses 2,500

Accrued Taxes and Licenses 2,500

Salaries Revenue 15,000

Accrued Salaries Expense 15,000

Interest Expense 4,000

Accrued Interest Expense 4,000
 Gingoog Allied Services
Balance Sheet
As of the quarter ended October 31, 20B

Assets
Current Assets:
Cash in Bank 250,300
Petty Cash Fund 1,000
Accounts Receivable 54,000
Less Estimated Uncollectible Accounts 2,000 52,000
Supplies Inventory 15,000
Prepaid Insurance 3,000
Total Current Assets 321,300

Non-current Assets
Office Equipment 180,000
Less: Accu. Depreciation 59,000 121,000
Total Assets 442,300

Liabilities and Owner's Equity

Liabilities
Accrued Taxes and Licenses 2,500
Accrued Interest Expense 4,000
Accrued Salaries Expense 15,000
Accounts payable 35,000
Notes payable 80,000
Total Liabilities 136,500

Owner's Equity
I. Basarte, Capital 305,800

Total Liabilities and Owner's Equity 442,300

A=L+OE
 Gingoog Allied Services
Income Statement
For the quarter ended October 31, 20B

Revenue 155,000
Less: Operating Expenses

Taxes and Licenses 6,300

Salaries Revenue 51,000
Utilities Expense 25,000
Interest Expense 14,000
Supplies Expense 10,000
Uncollectible Accounts 500
Depreciation Expense 23,000
Insurance Expense 5,000 134,800
20,200
Net Income

Gingoog Allied Services

Statement of Changes in Owner's Equity
For the quarter ended October 31, 20B

Capital, Beginning 305,600

Less: Drawing 20,000
Balance 285,600
Add: Net Income 20,200
Capital, end 305,800
I. Basarte, Capital 20,000
I. Basarte, Drawing 20,000
To close drawing account

Service Revenue 155,000

Income and Expense Summary 155,000
To close shope revenue

Income and Expense Summary 134,800

Taxes and Licenses 6,300

Salaries Expense 51,000
Utilities Expense 25,000
Interest Expense 14,000
Supplies Expense 10,000
Uncollectible Accounts 500
Depreciation Expense 23,000
Insurance Expense 5,000

Income an Insurance Expense 20,200

I. Basarte, Capital 20200
Income and Expense Summary I. Basarte, Drawing
134,800 155000 20,000 20000
28000 0
155,000 155,000
0
Service Revenue
155000 155,000
0
A
L
C Taxes and Licenses
D-D 6,300 6,300
I-C 0
E-D

Salaries Expense
51,000 51,000
I. Basarte, Capital 0
20000 305,600
20200
20000 325800
305800
 Utilities expense Interest Expense
25,000 25,000 14,000 14,000
0 0

Supplies Expense Insurance Expense

10000 10,000 5000 5000
0 0

Depreciation Expense Uncollectible Accounts

23,000 23,000 500 500
0 0
 Gingoog Allied Services
Post-Closing Trial Balance
For the quarter ended October 31, 20B

Account Titles Debit Credit

Cash in Bank 250,300
Petty Cash Fund 1,000
Accounts Receivable 54,000
Estimated Uncollectible Accounts 2,000
Supplies Inventory 15,000
Prepaid Insurance 3,000
Office Equipment 180,000
Accu. Depreciation 59,000
Accrued Interest Expense 4,000
Accrued Salaries Expense 15,000
Accrued Taxes and Licenses 2,500
Accounts payable 35,000
Notes payable 80,000
F. Niza, Capital 305,800
Total 503,300 503,300
Reversing Entries:
1. All accruals
2. All deferrals using nominal approach

Accruals
Accrued Interest Expense 4,000
Interest Expense 4,000

Accrued Salaries Expense 15,000

Salaries Expense 15,000

Accrued Taxes and Licenses 2,500

Salaries Expense 2,500

All deferrals using nominal approach