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    Junqueira's Basic Histology Text & Atlas, 12e

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    Rod
    The document is a trial balance for Lucerna Bacalso Surveyors as of May 31, 2013. It provides account balances for assets, liabilities, equity, revenues and expenses. Adjusting entries are needed for prepaid advertising, supplies inventory, depreciation, unearned revenue, accrued salaries and interest. The adjusted trial balance, income statement and balance sheet are presented.

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    Junqueira's Basic Histology Text & Atlas, 12e

    Uploaded by

    Rod
    10K views10 pages
    The document is a trial balance for Lucerna Bacalso Surveyors as of May 31, 2013. It provides account balances for assets, liabilities, equity, revenues and expenses. Adjusting entries are needed for prepaid advertising, supplies inventory, depreciation, unearned revenue, accrued salaries and interest. The adjusted trial balance, income statement and balance sheet are presented.

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    The document is a trial balance for Lucerna Bacalso Surveyors as of May 31, 2013. It provides account balances for assets, liabilities, equity, revenues and expenses. Adjusting entries are needed for prepaid advertising, supplies inventory, depreciation, unearned revenue, accrued salaries and interest. The adjusted trial balance, income statement and balance sheet are presented.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    10K views10 pages

    Junqueira's Basic Histology Text & Atlas, 12e

    Uploaded by

    Rod
    The document is a trial balance for Lucerna Bacalso Surveyors as of May 31, 2013. It provides account balances for assets, liabilities, equity, revenues and expenses. Adjusting entries are needed for prepaid advertising, supplies inventory, depreciation, unearned revenue, accrued salaries and interest. The adjusted trial balance, income statement and balance sheet are presented.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 10

    Lucerna Bacalso Surveyors

    Trial Balance
    May 31, 2013
    Account Title Debit Credit
    Cash 210000
    Accounts Receivable 930000
    Prepaid Advertising 360000
    Engineering Supplies 270000
    Survey Equipment 1890000
    Accum. Depreciation-Survey Equipment 640000
    Accounts Payable 190000
    Unearned Survey Revenues 120000
    Notes Payable 500000
    Bacalso, Capital 1120000
    Bacalso, Withdrawals 700000
    Survey Revenues 6510000
    Salaries Expense 3270000
    Rent Expense 960000
    Insurance Expense 250000
    Utilities Expense 160000
    Miscellaneous Expense 80000

    Total 9080000 9080000

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


    The P360,000 prepaid advertising represents expenditure made on Nov. 1, 2012 for monthly advertising over the next 18 months.
    A count of the engineering supplies at May 31, 2013 amounted to P90,000.
    Depreciation on the surveying equipment amounted to P160,000.
    One-third of the unearned survey revenues has been earned at year-end.
    At year-end, salaries in the amount of P140,000 have accrued.
    Interest of P60,000 on the notes payable has accrued at year-end.
    Required: Prepare the adjustments and financial statements.
    ng over the next 18 months.
    Adjustment Enntries
    No Account Title & Explanation Debit Credit
    1 Advertising Expenses 140000
    Prepaid Advertising 140000

    2 Supplies Expense 180000


    Engineering Supplies 180000

    3 Depreciation Expenses 160000


    Accum. Depreciation-Survey Equipment 160000

    4 Unearned Survey Revenues 40000


    Survey Revenues 40000

    5 Salaries Expense 140000


    Salary Payable 140000

    6 Interest Expenses 60000


    Interest Payable 60000
    Lucerna Bacalso Surveyors
    Trial Balance Adjustment
    May 31, 2013
    Account Title Debit Credit Debit Credit
    Cash 210000
    Accounts Receivable 930000
    Prepaid Advertising 360000 1 140000
    Engineering Supplies 270000 2 180000
    Survey Equipment 1890000
    Accum. Depreciation-Survey Equipment 640000 160000
    Accounts Payable 190000
    Unearned Survey Revenues 120000 4 40000
    Salary Payable 5 140000
    Interest Payable 6 60000
    Notes Payable 500000
    Bacalso, Capital 1120000
    Bacalso, Withdrawals 700000
    Survey Revenues 6510000 4 40000
    Salaries Expense 3270000 5 140000
    Rent Expense 960000
    Insurance Expense 250000
    Utilities Expense 160000
    Advertising Expenses 1 140000
    Supplies Expense 2 180000
    Depreciation Expenses 3 160000
    Interest Expenses 6 60000
    Miscellaneous Expense 80000

    Total 9080000 9080000 720000 720000

    Lucerna Bacalso Surveyors


    Adjusted Trial Balance
    May 31, 2013
    Account Title
    Cash 210000
    Accounts Receivable 930000
    Prepaid Advertising 220000
    Engineering Supplies 90000
    Survey Equipment 1890000
    Accum. Depreciation-Survey Equipment 800000
    Accounts Payable 190000
    Unearned Survey Revenues 80000
    Salary Payable 140000
    Interest Payable 60000
    Notes Payable 500000
    Bacalso, Capital 1120000
    Bacalso, Withdrawals 700000
    Survey Revenues 6550000
    Salaries Expense 3410000
    Rent Expense 960000
    Insurance Expense 250000
    Utilities Expense 160000
    Advertising Expenses 140000
    Supplies Expense 180000
    Depreciation Expenses 160000
    Interest Expenses 60000
    Miscellaneous Expense 80000

    Total 9440000 9440000


    Adjusted Trial Balance

    Debit Credit
    210000
    930000
    220000
    90000
    1890000
    800000
    190000
    80000
    140000
    60000
    500000
    1120000
    700000
    6550000
    3410000
    960000
    250000
    160000
    140000
    180000
    160000
    60000
    80000

    9440000 9440000
    Lucerna Bacalso Surveyors
    Income Statement
    For the Year Ended May 31, 2013
    Amount (in Dollar)
    Revenue
    Survey Revenues
    Total Revenue
    Expenses
    Salaries Expense 3,410,000
    Rent Expense 960,000
    Insurance Expense 250,000
    Utilities Expense 160,000
    Advertising Expenses 140,000
    Supplies Expense 180,000
    Depreciation Expenses 160,000
    Interest Expenses 60,000
    Miscellaneous Expense 80,000
    Total Expenses
    Net income
    mount (in Dollar)

    6,550,000
    6,550,000

    5,400,000
    1,150,000
    Lucerna Bacalso Surveyors
    Balance Sheet
    as on May 31, 2013

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

    Property, Plant, and Equipment


    Survey Equipment 1,890,000
    Accum. Depreciation-Survey Equipment 800,000
    Total PPE 1,090,000

    Total Assets 2,540,000


    Lucerna Bacalso Surveyors
    Balance Sheet
    as on May 31, 2013

    Liabilities
    Current Liabilities
    Accounts Payable 190,000
    Unearned Survey Revenues 80,000
    Salary Payable 140,000
    Interest Payable 60,000 470,000

    Long Term Liabilities


    Notes Payable 500,000 500,000
    Total Liabilities 970,000

    Equity
    Bacalso, Capital 1,570,000
    Total Equity 1,570,000

    Total Liabilities & Equity 2,540,000

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