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  • p176 Maria Jasmine

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    Isaiah Valencia
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    The document is a 10-column worksheet for Maria Jasmine, Park Place for the year ended December 31, 2018. It shows trial balances, adjustments, and adjusted trial balances for income and expense accounts. Key adjustments include reclassifying advances from tenants as a liability, calculating depreciation expense for leasehold improvements and furniture & fixtures, and estimating bad debt expense. After closing temporary accounts, net income for the period is $272.

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    The document is a 10-column worksheet for Maria Jasmine, Park Place for the year ended December 31, 2018. It shows trial balances, adjustments, and adjusted trial balances for income and expense accounts. Key adjustments include reclassifying advances from tenants as a liability, calculating depreciation expense for leasehold improvements and furniture & fixtures, and estimating bad debt expense. After closing temporary accounts, net income for the period is $272.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    4K views9 pages

    p176 Maria Jasmine

    Uploaded by

    Isaiah Valencia
    The document is a 10-column worksheet for Maria Jasmine, Park Place for the year ended December 31, 2018. It shows trial balances, adjustments, and adjusted trial balances for income and expense accounts. Key adjustments include reclassifying advances from tenants as a liability, calculating depreciation expense for leasehold improvements and furniture & fixtures, and estimating bad debt expense. After closing temporary accounts, net income for the period is $272.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 9

    MARIA JASMINE, PARK PLACE

    TEN-COLUMN WORKSHEET
    FOR THE YEAR ENDED DECEMBER 31, 2018
    ADJUSTED TRIAL
    TRIAL BALANCE ADJUSTMENTS
    BALANCE
    AcctNo Debit Credit Debit Credit Debit Credit
    101 Cash 218 218
    111 Accounts Receivable 180 180
    111-A Allowance for Bad Debts 3 g.) 6 9
    116 Prepaid Insurance 4 e.) 2 2
    120 Leasehold Improvements 504 504
    120-A Accumulated Depn- LhI 42 d.) 63 105
    121 Furniture & Fixtures 30 30
    121-A Accum. Depn. Furn. & Fix 3 f.) 4 7
    201 Accounts Payable 35 35
    202 Notes Payable 400 400
    203 SS & EC Prem Pay 3 3
    204 Pag-ibig Prem Pay 2 2
    205 PH Prem Pay 2 2
    206 WT Payble 4 4
    207 Advance from Tenant 15 c.) 5 10
    301 Jasmine, Capital 144 144
    302 Jasmine, Personal 85 85
    401 Parking Fees 854 c.) 5 859
    402 Interest Income 14 14
    506 Office Supplies Expense 8 b.) 1 7
    507 HDMF Expense 4 4
    508 PhilHealth Expense 4 4
    509 SS & EC Expense 4 4
    510 Rent Expense 180 180
    511 Salaries Expense 186 a.) 4 190
    512 Taxes & Licenses 18 i.) 15 33
    513 Utilities Expense 96 96
    1521 1521
    Salaries Payable a.) 4 4
    Unused Office Supplies b.) 1 1
    Depreciation Exp-Lhi d.) 63 63
    Insurance Expense e.) 2 2
    Depreciation Exp-F&F f.) 4 4
    Bad Bebts Expense g.) 6 6
    Interest Expense h.) 8 8
    Interest Payable h.) 8 8
    Taxes&Licenses Payable i.) 15 15
    Totals 108 108 1621 1621
    Net Income
    Totals
    PARK PLACE
    WORKSHEET
    ECEMBER 31, 2018
    INCOME FINANCIAL
    STATEMENT POSITION
    Debit Credit Debit Credit
    218
    180
    9
    2
    504
    105
    30
    7
    35
    400
    3
    2
    2
    4
    10
    144
    85
    859
    14
    7
    4
    4
    4
    180
    190
    33
    96

    4
    1
    63
    2
    4
    6
    8
    8
    15
    601 873 1020 748
    272 272
    873 873 1020 1020
    a.) Salaries Expense 4
    Salaries Payable 4

    b.) Unused Office Supplies 1


    Office Supplies Expense 1

    c.) Advances from Tenants 5 Advances to Employees


    Parking Fees Income 5 Advances to Suppliers
    15/3 * 1 Advances from Customer

    d.) Depreciation Expense - LHI 63 63 42 Annual Depr


    Acc. Dep. - LHI 63 504/8 63*8/12 Monthly Depreciation
    5.25*8
    e.) Insurance Expense 2
    Prepaid Insurance 2
    4/6mos * 3mos
    AnnualDepreciation
    f.) Deprecitaion Expense - F&F 3 20 - Jan 1 2017 3 Expense
    Acc Dep F&F 3 Acc Dep

    Deprecitaion Expense - F&F 1 10 - june 30 2018 2 Expense


    Acc Dep F&F 1 Acc Dep

    g.) Bad Debts Expense 6 A/R 180


    Allowance for DA 6 Allowance 5% 9
    Existing 3
    Adjustment 6

    h.) Interest Expense 8 Principal 400 Exact number of days:


    Interest Payable 8 Interest for 2 months 8 Exclude the first day
    Interest for 60 days 8 Include the last day
    i.) Taxes & Licenses 15 Taxes 500*3% 15
    Taxes & Licenses Payable 15
    63
    5.25

    2017 2018
    3 3
    3 6

    0 1
    0 1

    Exact number of days:


    Exclude the first day
    Include the last day
    Dec. 31 1.) Closing of Credit temporary/nominal Accounts
    Parking Fees Income 859
    Interest Income 14
    Income Summary 873

    2.) Closing of Debit temporary/nominal Accounts


    Income Summary 601
    Office Supplies Expense 7
    HDMF Expense 4
    PhilHealth Expense 4
    SS & EC Expense 4
    Rent Expense 180
    Salaries Expense 190
    Taxes & Licenses 33
    Utilities Expense 96
    Depreciation Exp-Lhi 63
    Insurance Expense 2
    Depreciation Exp-F&F 4
    Bad Bebts Expense 6
    Interest Expense 8

    Balance In Ledger CR Income Summary 272

    3.) To Close Income Summary to Capital Account


    Income Summary 272
    Jasmine, Capital 272

    4.) To close drawings/personal accounts to capital


    Jasmine, Capital 85
    Jasmine, Personal 85

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