WORK SHEET ACTIVITY # 1

1. Presented is the year-end unadjusted trial balance of Star Services

Star Services
Trial Balance
December 31, 2019
Cash Php 150,000
Accounts Receivable 120,000
Supplies 7,000
Prepaid Insurance 15,000
Office Equipment 125,000
Accumulated Depreciation- 5,000
Office Equipment
Accounts Payable 55,000
Mol, Capital 273,000
Mol, Drawing 50,000
Service Income 198,000
Rent Expense 30,000
Salaries Expense 25,000
Utilities Expense 9,000
TOTAL 531,000 531,000

Year End Adjustments

A. Insurance Expense for the year is Php 8,000.

B. Depreciation Expense for the office equipment is Php 10,000.

C. Allowance for Bad Debts is Php 6,000.

2. Presented is the year-end unadjusted trial balance of Look New
Repair Shop
Look New Repair Shop
Trial Balance
December 31, 2019
Cash Php 50,000
Accounts Receivable 59,000
Prepaid Rent 78,000
Equipment 127,000
Accumulated Depreciation- 25,000
Equipment
Accounts Payable 66,000
Mol, Capital 100,000
Mol, Drawing 50,000
Service Income 320,000
Rent Expense 75,000
Salaries Expense 45,000
Utilities Expense 27,000
TOTAL 511,000 511,000

Year End Adjustments

A. Rent Expense for the year is Php 28,000

B. Depreciation Expense for Equipment is Php 25,000

C. Allowance for Bad Debts is Php 3,000