1 The Trial balance of the worksheet for Ian Di Co.

at December 31, 2020,

are as follows:

Ian Di Company
Worksheet Trial Balance
December 31, 2020
Account title Debit Credit
Cash 270,000
Accounts receivable 160,000
Office supplies 110,000
Equipment 600,000
Accum. Depreciation 120,000
Accounts payable 110,000
Unearned fees 30,000
Jan Di, capital 700,000
Jan Di, drawing 60,000
Fees revenue 300,000
Salaries expense 50,000
Miscellaneous expense 10,000 _______
TOTAL 1,260,000 1,260,000
Other data:
1. Aphysical count of office supplies revealed that P80,000 was on hand.
2. Depreciation expense is P 40,000
3. Unearned fess amounted only to P5,000 as of year end.
4. Accrued salaries is P40,000.

REQUIRED:
1. Journalize the adjusting entries.
2. Journalize the closing entries.
3. Prepare the Income statement and balance sheet.
1. Prepare the Post closing Trial Balance.

2 I. Miguel began operations to provide credit investigation services on October 31,

2020. The trial balance column of the worksheet for Mr. Miguel at October 31, 2020
are as follows:
I. Miguel
Trial Balance
October 31, 2020
Cash and cash equivalents P124,000
Accounts Receivable 56,200
Unused supplies 10,500
Prepaid insurance 24,000
Equipment 300,000
Notes Payable 100,000
Accounts Payable 123,500
I. Miguel, Capital 200,000
 I. Miguel, Drawing 6,000
Professional Fees Earned 136,200
Salaries Expense 12,000
Transportation Expense 13,000
Rent Expense 12,000
Other Expenses 2,000 ________
TOTAL P559,700 P559,700
Other data:
 Supplies on hand, P7,500.
 Depreciation for the period is P4,000.
 Interest accrued on notes payable issued on October 1, P3,000
 Insurance is for a period of six months taken Sept.30, 2020.
 Fees earned but unbilled totaled P7,500.

REQUIRED:
1. Enter the trial balance on a worksheet and complete the worksheet.
2. Journalize the adjusting entries.
3. Prepare an Income Statement, Owners’ Equity Statement and a Balance Sheet at October 31,
2020.
4. Journalize the closing entries from the financial statement column of the worksheet.
5. Rule the accounts and prepare a post-closing trial balance
6. Which of the adjustments prepared can be reversed? For these adjustments, prepare
reversing entries.