Diana Margallo,

Work
Decembe
ACCOUNT TITLES UNADJUSTED TRIAL BALANCE
Cash 186,000
Accounts Receivable 71,200
Prepaid Rent 19,200
Equipment 177,500
Accumulated Depreciation-Equipment 4,750
Accounts Payable 18,750
Notes Payable 12,000
Margallo, Capital 300,000
Margallo, Drawings 19,000
Professional Fees 276,300
Salaries Expense 82,500
Supplies Expense 17,000
Utilities Expense 37,800
Interest Expense 1,600
Rent Expense
Depreciation Expense-Equipments
Salaries Payable
Interest Payable
Bad Debts Expense
Allowance for Bad Debts
Supplies
Total 611,800 611,800
Net Income
Diana Margallo, Interior Decorator
Worksheet
December 31, 2021
ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT
186,000
71,200
7,200 12,000
177,500
7,125 11,875
18,750
12,000
300,000
19,000
276,300 276,300
12,000 94,500 94,500
5,000 12,000 12,000
37,800 37,800
80 1,680 1,680
7,200 7,200 7,200
7,125 7,125 7,125
12,000 12,000
80 80
3,560 3,560 3,560
3,560 3,560
5,000 5,000
34,965 34,965 634,565 634,565 163,865 276,300
112,435
276,300 276,300
 Rent Expense
Prepaid Rent

FINANCIAL POSITION Depreciation Expense-Equipment

186,000 Accumulated Depreciation-Equipment
71,200
12,000 Salaries Expense
177,500 Salaries Payable
11,875
18,750 Interest Expense
12,000 Interest Payable
300,000
19,000 Bad Debts Expense
Allowance for Bad Debts

Supplies
Supplies Expense

12,000
80

3,560
5,000
470,700 358,265
112,435
470,700 470,700
 7,200
7,200

7,125
7,125

12,000
12,000

80
80

3,560
3,560

5,000
5,000
 Dian Margallo, Interior Decorator
Income Statement
For the year ended December 31, 2018
Revenues:
Professional Fees ₱276,300
Expenses:
Salaries Expense 94,500
Utilities Expense 37,800
Supplies Expense 12,000
Rent Expense 7,200
Depreciation Expense-Equipment 7,125
Bad Debts Expense 3,560
Interest Expense 1,680
Total (163,865)
Net Income ₱112,435

Dian Margallo, Interior Decorator

Capital Statement
For the year ended December 31, 2018
Margallo, Capital January 1 ₱300,000
Add: Net Income 112,435
Total 412,435
Less: Margallo, Drawings (19,000)
Margallo, Capital December 31 ₱393,435
 Dian Margallo, Interior Decorator
Statement of Financial Statement
December 31, 2018
ASSETS
Current Assets
Cash 186,000
Accounts Receivable 67,640
Prepaid Rent 12,000
Supplies 5,000
Totals 270,640
Non-Current Assets
Equipment 165,625
Total Assets 436,265
LIABILITIES AND OWNER'S EQUITY
Current Liabilities
Accounts Payable 18,750
Notes Payable 12,000
Salaries Payable 12,000
Interest Payable 80
Total Current Liabilities 42,830
Owner's Equity
Margallo, Capital 393,435
Total Liabilities and OE 436,265