ABM 2 – Fundamentals of Accountancy, Business and Management 1

Bob Uy, INC.

Unadjusted Trial Balance
December 31, 2019

Particulars Debit Credit

Cash in Bank P 1,314,500.00
Accounts Receivable 232,500.00
Machineries and Equipment 405,000.00
Furniture and Fixtures 340,200.00
Transportation Equipment 1,486,500.00
Accounts Payable P 239,700.00
Bob Patrick, Capital 2,450,000.00
Bob Patrick, Drawing 150,000.00
Sales 4,130,000.00
Cost of Goods Sold 500,000.00
Rent Expense 60,000.00
Supplies and Materials 1,438,000.00
Salaries and Wages 600,000.00
Utilities Expense 245,000.00
Tax, Duties and Licenses 48,000.00
TOTAL P 6,819,700.00 P 6,819,700.00

Requirements:

1. Journalize the following adjustments:

A. Annual depreciation for the following fixed assets with certain useful life:
 Machineries and Equipment = 10 years useful life with acquisition cost of Php 155,000.00
 Furniture and Fixtures = 10 years useful life with acquisition cost of Php 155,000.00
 Transportation Equipment = 10 years useful life with acquisition cost of Php 250,000.00
B. Collected accounts receivable amounting Php 100,000.00. The amount was deposited in Bob Uy’s bank
account.
C. Paid accounts payable from a partner company amounting Php 110,000.00 cash in bank.
D. The income tax for the year 201B will be paid on January 2, 201C – Php 200,500.00.
E. Paid rent in advance for the month of January 2020 worth Php 5,000.00.

2. Prepare a 10-columnar worksheet.

A. Unadjusted Trial Balance
B. Adjusting Entries
C. Adjusted Trial Balance
D. Income Statement
E. Balance Sheet