Gracia Bigasan Co.

Worksheet
December 31, 2018

Unadjusted Trial Balance

Particulars
DEBIT CREDIT
Cash 55,000.00
Accounts Receivable 224,000.00
Allowance for bad debts 34,100.00
Merchandise Inventory 50,000.00
Supplies 23,600.00
Machine 180,000.00
Accumulated Depreciation-Machine 60,000.00
Furniture 60,000.00
Accumulated Depreciation-Furniture 34,000.00
Vehicle 450,000.00
Accounts Payable 121,000.00
Notes Payable 300,000.00
M. Gracia, Capital 450,000.00
M. Gracia, Drawing 18,500.00
Service Revenue 480,000.00
Purchases 280,000.00
Rent Expense 48,000.00
Salaries Expense 54,000.00
Utilities Expense 36,000.00
Total ₱ 1,479,100.00 ₱ 1,479,100.00

Bad Debts Expense

Supplies Expense
Depreciation Expense- Machine
Depreciation Expense-Furniture
Depreciation Expense-Vehicle
Interest Expense
Interest Payable
Unearned Revenue
Total
 igasan Co.
ksheet
er 31, 2018

Adjustments Adjusted Trial Balance

DEBIT CREDIT DEBIT CREDIT
55,000.00
224,000.00
1,900.00 36,000.00
50,000.00
11,600.00 12,000.00
180,000.00
20,000.00 80,000.00
60,000.00
4,000.00 38,000.00
450,000.00
17,500.00 138,500.00
300,000.00
450,000.00
18,500.00
34,000.00 446,000.00
280,000.00
48,000.00
54,000.00
36,000.00

1,900.00 1,900.00
11,600.00 11,600.00
20,000.00 20,000.00
4,000.00 4,000.00
17,500.00 17,500.00
16,000.00 16,000.00
16,000.00 16,000.00
34,000.00 34,000.00
₱ 105,000.00 ₱ 105,000.00 ₱ 1,538,500.00 ₱ 1,538,500.00
 Gracia Bigasan Co.
GENERAL JOURNAL
Adjusting Entries
Date
Account Titles and Explanation P.R. Debit
a Bad Debts Expense 1,900
Allowance for bad debts
To record the allowance for bad debts
36,000 - 34,100 = 1,900

b Supplies Expense 11,600

Supplies
To record the supplies used
23,600 - 12,000 = 11,600

c Depreciation Expense- Machine 20,000

Depreciation Expense-Furniture 4,000
Depreciation Expense-Vehicle 17,500
Accumulated Depreciation- Machine
Accumulated Depreciation- Furniture
Accumulated Depreciation- Vehicle
To record the depreciation
(180,000 - 20,000) / 8 = 20,000
(60,000 / 15) = 4,000
( (450,000 - 30,000) / 10 ) x (5 / 12) = 17,500

d Interest Expense 16,000

Interest Payable
To record the accrued interest
(300,000 x 8%) x 8/12

e Service Revenue 34,000

Unearned Revenue
To record the unearned portion of service revenue

Balance 105,000
 GJ-1

Credit

1,900

11,600

20,000
4,000
17,500

16,000

34,000

105,000