Ily Abella Surveyors

Worksheet
For the month ended May 31, 2022
TRIAL BALANCE ADJUSTMENTS
Account Title
Debit Credit Debit Credit
Cash 210,000
Accounts Receivable 930,000
Prepaid Advertising 360,000 (a) 140,000
Engineering Supplies 270,000 (b) 180,000
Survey Equipment 1,890,000
Accum. Depreciation-Equipment 640,000 c) 160,000
Accounts Payable 190,000
Unearned Survey Revenues 120,000 (d) 40,000
Notes Payable 500,000
Abella, Capital 1,120,000
Abella,Withdrawals 700,000
Survey Revenues 6,510,000 (d) 40,000
Salaries Expense 3,270,000 (b) 140,000
Rent Expense 960,000
Insurance Expense 250,000
Utilities Expense 160,000
Miscellaneous Expense 80,000
Adjusting Entries
Advertising Expense (a) 140,000
Engineering Supplies Expense (b) 180,000
Depreciation Expense c) 160,000
Salaries Payable e) 140,000
Interest Expense (f) 60,000
Interest Payable (f) 60,000
Total 9,080,000 9,080,000 720,000 720,000
Net Income

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

a. The P360,000 prepaid advertising represents expenditure made on Nov. 1, 2021

for monthly advertising over the next 18 months.
b. A count of the engineering supplies at May 31, 2022 amounted to P90,000
c. Depreciation on the surveying equipment amounted to P160,000.
d. One-third of the unearned 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 in the notes payable has accrued at year-end.
lla Surveyors
orksheet
ended May 31, 2022
ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Closing trial balance
Debit Credit Debit Credit Debit Credit Debit
210,000 210,000
930,000 930,000
220,000 220,000
90,000 90,000
1,890,000 1,890,000
800,000 800,000
190,000 190,000
80,000 80,000
500,000 500,000
1,120,000 1,120,000 700,000
700,000 700,000
6,550,000 6,550,000 6,550,000
3,410,000 3,410,000
960,000 960,000
250,000 250,000
160,000 160,000
80,000 80,000

140,000 140,000
180,000 180,000
160,000 160,000
140,000 140,000
60,000 60,000
60,000 60,000
9,440,000 9,440,000 5,400,000 6,550,000 4,040,000 2,890,000 7,250,000
1,150,000 1,150,000
6,550,000 6,550,000 4,040,000 4,040,000
Adjusting Entries:
Debit Credit
a. Advertising Expense 140,000
Prepaid Advertising 140,000

b. Engineering Supplies Expense 180,000

Engineering Supplies 180,000

c. Depreciation Expense 160,000

Accumulated Depreciation 160,000

d. Unearned Survey Revenues 40,000

Survey Revenue 40,000
e. Salaries Expense 140,000
Salaries Payable 140,000

f. Interest Expense 60,000

Interest Payable 60,000
Closing trial balance Post-closing trial balance
Credit Debit Credit
210,000
930,000
220,000
90,000
1,890,000
800,000
190,000
80,000
500,000
1,150,000 1,570,000
700,000

3,410,000
960,000
250,000
160,000
80,000

140,000
180,000
160,000
140,000
60,000
60,000
7,250,000 3,340,000 3,340,000
 Ily Abella Surveyors
INCOME STATEMENT
For the month ended May 31, 2022
Survey Revenue 6,550,000
Less: Expenses
Salaries Expense 3,410,000
Rent Expense 960,000
Insurance Expense 250,000
Utilities Expense 160,000
Miscellaneous Expense 80,000
Advertising Expense 140,000
Engineering Supplies Expense 180,000
Depreciation Expense 160,000
Interest Expense 60,000 5,400,000
Net income 1,150,000

Ily Abella Surveyors

Statement of Changes in Equity
For the month ended May 31, 2022
Abella, Capital, Beg 1,120,000
Additional Investment -
Add: Net Income 1,150,000
Subtotal 2,270,000
Less: Drawings 700,000
Abella, Capital, End 1,570,000

Ily Abella Surveyors

Balance Sheet
As of May 31, 2022

ASSETS
Current Assets
Cash 210,000
Accounts Receivable 930,000
Prepaid Advertising 220,000
Engineering Supplies 90,000
Total Current Assets 1,450,000

Non-current Assets
Survey Equipment 1,890,000
Less: Accumulated Depreciation 800,000
Total Non-Current Asset 1,090,000

Total Assets 2,540,000

 LIABILITIES
Current Liab
Accounts Payable 190,000
Unearned Survey Revenues 80,000
Salaries Payable 140,000
Interest Payable 60,000
Total Current Liablities 470,000

Non-Current Liablities
Notes Payable 500,000
Total Liabilities 970,000

Owner's Equity
Abella, Capital 1,570,000

Total Liab and OE 2,540,000

 Closing entries Income Summary

1st step: Closing the revenue account 5,400,000

Survey Revenue 6,550,000
Income Summary 6,550,000

2nd step: Closing the expense account

Income Summary 5,400,000
Salaries Expense 3,410,000
Rent Expense 960,000 Survey Revenue
Insurance Expense 250,000 Salaries Expense
Utilities Expense 160,000 Rent Expense
Miscellaneous Expense 80,000 Insurance Expense
Advertising Expense 140,000 Utilities Expense
Engineering Supplies Expense 180,000 Miscellaneous Expense
Deprecition Expense 160,000 Advertising Expense
Interest Expense 60,000 Engineering Supplies Expense
Deprecition Expense
3rd step: Closing the income summary account Interest Expense
Income Summary 1,150,000 Income Summary
Abella, Capital 1,150,000

4th step: Closing the withdrawal account

Abella, Capital 700,000
Abella, Withdrawals 700,000
 Income Summary
6,550,000

1,150,000

sales
Puchase Returns and A
6,550,000 Purchase Discounts
3,410,000 Income Summary 1,150,000
960,000 Abella, Capital 1,150,000
250,000
160,000
80,000
140,000
Supplies Expense 180,000
160,000
60,000
1,150,000
 sales
Puchase Returns and Allowances Sales return and Allowances
Purchase Discounts Sales Discounts
Sales return and Allowances Income Summary
Sales Discounts
Purchase Puchase Returns and Allowances
Salaries exp Purchase Discounts
Other Expense Income summary
Income Summary Purchase
Salaries exp
Other Expense