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    Accounting Worksheet Problem 3

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    RELLON, James, M.
    The document contains journal entries for a business called "Guitar Doc" for cash received from the owner, supplies purchased, service fees received from customers, cash received from customers, owner's drawings, and salaries paid. It also includes an unadjusted trial balance, adjusting entries, income statement, and balance sheet.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Accounting Worksheet Problem 3

    Uploaded by

    RELLON, James, M.
    64 views17 pages
    The document contains journal entries for a business called "Guitar Doc" for cash received from the owner, supplies purchased, service fees received from customers, cash received from customers, owner's drawings, and salaries paid. It also includes an unadjusted trial balance, adjusting entries, income statement, and balance sheet.

    Original Title

    ACCOUNTING WORKSHEET PROBLEM 3

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    © © All Rights Reserved

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    The document contains journal entries for a business called "Guitar Doc" for cash received from the owner, supplies purchased, service fees received from customers, cash received from customers, owner's drawings, and salaries paid. It also includes an unadjusted trial balance, adjusting entries, income statement, and balance sheet.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    64 views17 pages

    Accounting Worksheet Problem 3

    Uploaded by

    RELLON, James, M.
    The document contains journal entries for a business called "Guitar Doc" for cash received from the owner, supplies purchased, service fees received from customers, cash received from customers, owner's drawings, and salaries paid. It also includes an unadjusted trial balance, adjusting entries, income statement, and balance sheet.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 17

    JOURNAL ENTRIES

    DATE ACCOUNT DR CR
    1 Cash ₱ 100,000.00
    Owner's Equity ₱ 100,000.00

    2 Supplies Expense ₱ 60,000.00


    Cash ₱ 60,000.00

    3 Accounts Receivables ₱ 400,000.00


    Service Fees ₱ 400,000.00

    4 Cash ₱ 270,000.00
    Accounts Receivables ₱ 270,000.00

    5 Owner's Drawings ₱ 60,000.00


    Cash ₱ 60,000.00

    6 Salaries Expense ₱ 180,000.00


    Cash ₱ 180,000.00
    ASSETS

    Cash Account
    1 ₱ 100,000.00 ₱ 60,000.00 2 3
    4 ₱ 270,000.00 ₱ 60,000.00 5
    ₱ 180,000.00 6

    ₱ 370,000.00 ₱ 300,000.00
    ₱ 70,000.00

    LIABILITIES

    EQUITY
    Owner's Equity Owne
    ₱ 100,000.00 1 5
    ₱ 100,000.00

    INCOME

    Service Fees
    ₱ 400,000.00 3

    ₱ 400,000.00

    EXPENSES

    Supplies Expense Salar


    2 ₱ 60,000.00 6
    ₱ 60,000.00
    Accounts Receivables
    ₱ 400,000.00 ₱ 270,000.00 4
    ₱ 130,000.00
    Owner's Drawings
    ₱ 60,000.00
    ₱ 60,000.00

    Salaries Expense
    ₱ 180,000.00
    ₱ 180,000.00
    "Guitar Doc"
    Unadjusted Trial Balance
    For the year ended xxx

    Debit Credit
    ASSETS ₱ 70,000.00
    Cash ₱ 130,000.00
    Accounts Receivables
    EQUITY
    Owner's Equity ₱ 100,000.00
    Owner's Drawings ₱ 60,000.00
    INCOME
    Service Fees ₱ 400,000.00
    EXPENSES
    Supplies Expense ₱ 60,000.00
    Salaries Expense ₱ 180,000.00
    TOTAL ₱ 500,000.00 ₱ 500,000.00
    ADJUSTING ENTRIES
    DATE ACCOUNT DR CR
    1 Bad Debt Expense ₱ 10,000.00
    Allowance For Bad Debt ₱ 10,000.00

    2 Prepaid Supplies ₱ 20,000.00


    Supplies Expense ₱ 20,000.00

    3 Salaries Expense ₱ 30,000.00


    Salaries Payable ₱ 30,000.00
    Unadjusted Trial Balance Adjusting Entries
    Accounts
    Debit Credit Debit
    Cash ₱ 70,000.00
    Accounts Receivables ₱ 130,000.00
    Owner's Equity ₱ 100,000.00
    Owner's Drawings ₱ 60,000.00
    Service Fees ₱ 400,000.00
    Supplies Expense ₱ 60,000.00
    Salaries Expense ₱ 180,000.00 ₱ 30,000.00
    TOTAL ₱ 500,000.00 ₱ 500,000.00
    Adjustments
    Bad Debt Expense ₱ 10,000.00
    Allowance For Bad Debt
    Prepaid Supplies ₱ 20,000.00
    Salaries Payable
    ₱ 60,000.00
    Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet

    Credit Debit Credit Debit Credit Debit


    ₱ 70,000.00 ₱ 70,000.00
    ₱ 130,000.00 ₱ 130,000.00
    ₱ 100,000.00
    ₱ 60,000.00 ₱ 60,000.00
    ₱ 400,000.00 ₱ 400,000.00
    ₱ 20,000.00 ₱ 40,000.00 ₱ 40,000.00
    ₱ 210,000.00 ₱ 210,000.00

    ₱ 10,000.00 ₱ 10,000.00
    ₱ 10,000.00 ₱ 10,000.00
    ₱ 20,000.00 ₱ 20,000.00
    ₱ 30,000.00 ₱ 30,000.00
    ₱ 60,000.00 ₱ 540,000.00 ₱ 540,000.00 ₱ 260,000.00 ₱ 400,000.00 ₱ 280,000.00
    PROFIT ₱ 140,000.00
    ₱ 400,000.00 ₱ 400,000.00 ₱ 280,000.00
    Balance Sheet Closing Entries Post Closing Trial Balance

    Credit Debit Credit Debit Credit


    ₱ 70,000.00
    ₱ 130,000.00
    ₱ 100,000.00 ₱ 60,000.00 ₱ 140,000.00 ₱ 180,000.00
    ₱ 60,000.00 ₱ -
    ₱ 400,000.00
    ₱ 40,000.00
    ₱ 210,000.00

    ₱ 10,000.00
    ₱ 10,000.00 ₱ 10,000.00
    ₱ 20,000.00
    ₱ 30,000.00 ₱ 30,000.00
    ₱ 140,000.00 ₱ 460,000.00 ₱ 460,000.00 ₱ 220,000.00 ₱ 220,000.00
    ₱ 140,000.00
    ₱ 280,000.00
    CLOSING ENTRIES
    DATE ACCOUNT DR CR
    1 Service Fees ₱ 400,000.00
    Supplies Expense ₱ 40,000.00
    Salaries Expense ₱ 210,000.00
    Bad Debt Expense ₱ 10,000.00

    2 Income Summary ₱ 140,000.00


    Owner's Equity ₱ 140,000.00

    3 Owner's Equity ₱ 60,000.00


    Owner's Drawings ₱ 60,000.00
    "Guitar Doc"
    Income Statement
    For the xxx ended xxx

    INCOME ₱ 400,000.00

    EXPENSES
    Supplies Expense ₱ 40,000.00
    Salaries Expense ₱ 210,000.00
    Bad Debt Expense ₱ 10,000.00
    ₱ 260,000.00 minus to total income

    PROFIT OF THE PERIOD ₱ 140,000.00


    "Guitar Doc"
    Balance Sheet
    As of xxxxx

    ASSETS
    Cash ₱ 70,000.00
    Accounts Receivables ₱ 130,000.00
    (Allowance For Bad Debt) ₱ (10,000.00)
    Prepaid Supplies ₱ 20,000.00
    TOTAL ASSETS ₱ 210,000.00

    LIABILTY
    Salaries Payable ₱ 30,000.00
    TOTAL LIABILITY ₱ 30,000.00

    EQUITY
    Owner's Equity ₱ 180,000.00
    TOTAL EQUITY ₱ 180,000.00

    TOTAL LIABILITIES AND EQUITY ₱ 210,000.00

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