The University of Manila

College of Business Administration and Accountancy

Refresher 1
A. Martinez
Sample Repair Shop
Trial Balance
December 31, 2017

Accounts Debit Credit

Cash 179,670.12
Accounts receivable 37,000.00
Tools 12,368.50
Furnitures and fixtures 15,530.00
Office Equipment 24,000.00
Repair Equipment 57,000.00
Notes payable 3,000.00
Accounts payable 49,367.80
Loan payable 80,000.00
A. Capital 152,368.50
A. Drawing 5,000.00
Repair Income 120,370.25
Rental Income 2,500.00
Salaries expense 50,328.00
Rent expense 3,800.00
Supplies expense 2,367.80
Light and water expense 9,634.88
Gas and oil expnse 3,000.00
Communication expense 2,156.75
Taxes and licences expense 1,250.50
Advertising expense 4,500.00
407,606.55 407,606.55

Adjustments to be made to be made on December 31, 2017:

1.) Unused supplies, P367.80.

2.) One half of advertising expense is still prepaid.
3.) Unpaid water bill, P995.12.
4.) Uncollected rental income, P2,500.
5.) Accrued interest on note payable, P20.
6.) P5,000 of the repair income is collected in advance
7.) Total fixed assets are to be depreciated as follows:
Furnitures and fixtures 1,553.00
Office equipment 1,200.00
Repair equipment 2,350.00
8.) Bad debts (Impairment loss), P370.