RHINA CALIMLIM

ADJUSTING JOURNAL ENTRIES

FOR THE MONTH OF DEC. 31,2020

DATE ACCOUNTS DR CR

12/31/2020 SUPPLIES EXPENSE 27,000

UNUSED OFFICE SUPPLIES 27,000
to record the adjustment of unused office supplies
DOUBTFUL ACCOUNT EXPENSE 4,000
ALLOWANCE FOR DOUBTFUL ACC 4,000
to record the doubtful accounts
RENT EXPENSE 40,000
PREPAID RENT 40,000
to record the adjustment of prepaid rent
DEPRECIATION EXP-OFF EQUIP 24,000
DEPRECIATION EXP-FF 8,000
ACCUM DEP-OFF EQUIP 24,000
ACCUM DEP-FF 8,000
to record the depreciations of fixed assets
INTEREST EXP 18,000
INTEREST PAYABLE 18,000
to record the interest on loans payable
INTEREST RECEIVABLE 7,000 ma'am nasa ibang sheets p
INTEREST INCOME 7,000
to record the accrued interest on a/r
UNEARNED PROFESSIONAL FEES 30,000
PROFESSIONAL FEES 30,000
to record the adjustment of unearned prof fees
SALARIES EXPENSE 14,000
SALARIES PAYABLE 14,000
to record the adjustment of salaries exp
PREPAID AD 2,000
ADVERTISING EXPENSE 2,000
to record the adjustment of ad exp
TELEPHONE EXP 3,000
TEL PAYABLE 3,000
to record the adjustment of tel exp
ma'am nasa ibang sheets po ung worksheet tsaka po financial statements po
 RHINA CALIMLIM
WORKSHEET
WORKSHEET
DECEMBER 31,2020
UNADJUSTED ADJUSTMENTS ADJUSTED
PARTICULARS DR CR DR CR DR CR
CASH 310,000 310,000
A/R 120,000 120,000
ALLOWANCE FOR DOUBTFUL ACC 8,000 4,000 12,000
NOTES RECEIVABLE 100,000 100,000
UNUSED OFFICE SUPPLIES 36,000 27,000 9,000
PREPAID RENT 60,000 40,000 20,000
OFFICE EQUIP 120,000 120,000
ACCUM DEP-OE 20,000 24,000 44,000
FURNITURES AND FIXTURES 80,000 80,000
ACCUM DEP-FF 14,000 8,000 22,000
NOTES PAYABLE 50,000 50,000
LOANS PAY-BANK 200,000 200,000
UNEARNED PROFESSIONAL FEES 40,000 30,000 10,000
PROFESSIONAL FEES 510,000 30,000 540,000
CALIMLIM,CAPITAL 203,200 203,200
CALIMLIM,DRAWING 42,000 42,000
SALARIES EXP 108,000 14,000 122,000
TRANSPORTATION EXP 16,000 16,000
ADVERTISING EXP 14,000 2,000 12,000
LIGHT/WATER EXP 9,000 9,000
TEL EXP 18,000 3,000 21,000
MISC EXP 12,200 12,200

SUPPLIES EXP 27,000 27,000

DOUBTFUL ACC EXP 4,000 4,000
RENT EXP 40,000 40,000
DEP EX-OE 24,000 24,000
DEP EXP-FF 8,000 8,000
INTEREST EXP 18,000 18,000
INTEREST PAYABLE 18,000 18,000
INTEREST RECEIVABLE 7,000 7,000
INTEREST INCOME 7,000 7,000
SALARIES PAYABLE 14,000 14,000
PREPAID AD 2,000 2,000
TEL PAYABLE 3,000 3,000
1,045,200 1,045,200 177,000 177,000 1,123,200 1,123,200
NET INCOME
TOTAL
INCOME STATEMENT BALANCE SHEET CLOSING ENTRIES POST CLOSING TB
DR CR DR CR DR CR DR CR
310,000 310000
120,000 120000
12,000 12000
100,000 100000
9,000 9000
20,000 20000
120,000 120000
44,000 44000
80,000 80000
22,000 22000
50,000 50000
200,000 200000
10,000 10000
540,000 540,000
203,200 42,000 233,800 395,000
42,000 42,000
122,000 122000
16,000 16000
12,000 12000
9,000 9000
21,000 21000
12,200 12200

27,000 27000
4,000 4000
40,000 40000
24,000 24000
8,000 8000
18,000 18000
18,000 18000
7,000 7000
7,000 7,000
14,000 14000
2,000 2000
3,000 3000
313,200 547,000 810,000 576,200 589,000 589,000 768,000 768,000
233,800 233,800
547,000 547,000 810,000 810,000
 RHINA CALIMLIM
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED DEC 31, 2020

PROFESSIONAL FEES 540,000

ADD:INTEREST INCOME 7,000
547,000
LESS:EXPENSES
SALARIES EXP 122,000
TRANS EXP 16,000
AD EXP 12,000
LIGHT/WATER EXP 9,000
TEL EXP 21,000
MISC EXP 12,200
SUPPLIES EXP 27,000
RENT EXP 40,000
DEP EXP-OE 24,000
DEP EXP-FF 8,000
INTEREST EXP 18,000
DOUBTFL ACC EXP 4,000 313,200

NET INCOME 233,800

 RHINA CALIMLIM
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DEC 31, 2020

CALIMLIM,CAPITAL 203,200
ADDITIONAL INVESTMENT 0
NET INCOME FOR THE MONTH 233,800
SUBTOTAL 437,000

LESS:CALIMLIM,WITHDRAWAL 42,000

CALIMLIM, CAPITAL DEC 31,2020 395,000

 RHINA CALIMLIM
STATEMENT OF FINANCIAL POSITION
AS OF ENDED DEC 31,2020
ASSETS LIABILITIES AND PROPRIETOR
CURRENT ASSETS CURRENT LIABILITIES
CASH 310,000 NP
NOTES RECEIVABLE 100,000 LOANS PAY-BANK
ACCOUNTS RECEIVABLE 120,000 INTEREST PAYABLE
LESS:ALLOWANCE FOR DOUBTFUL ACC 12,000 208,000 SALARIES PAYABLE
INTEREST RECEIVABLE 7,000 TEL PAYABLE
UNUSED OFF SUPPLIES 9,000 UNEARNED PROFESSIONAL F
PREPAID RENT 20,000
PREPAID AD 2,000
TOTAL CURRENT ASSETS 556,000 NON-CURRENT LIABILITY
NON-CURRENT ASSETS
OFFICE EQUIP 120,000 TOTAL LIABILITIES
LESS:ACCUM DEP-OE 44,000 76,000
FURNITURES AND FIXTURES 80,000 PROPRIETORSHIP
LESS:ACCUM DEP-FF 22,000 58,000 CALIMLIM,CAPITAL
TOTAL NO-CURRENT ASSETS 134,000

TOTAL ASSETS 690,000 TOTAL LIABILITIES AND PROP

LIABILITIES AND PROPRIETORSHIP
CURRENT LIABILITIES
50,000
LOANS PAY-BANK 200,000
INTEREST PAYABLE 18,000
SALARIES PAYABLE 14,000
TEL PAYABLE 3,000
UNEARNED PROFESSIONAL FEES 10,000 245,000
TOTAL CURRENT LIABILITY 295,000

NON-CURRENT LIABILITY 0

TOTAL LIABILITIES 295,000

PROPRIETORSHIP
CALIMLIM,CAPITAL 395,000

TOTAL LIABILITIES AND PROPRIETORSHIP 690,000

 GENERAL JOURNAL
CLOSING ENTRIES

DR CR

PROFESSIONAL FEES 540,000

INCOME SUMMARY 540,000
to close professional fees

INTEREST INCOME 7,000

INCOME AND EXPENSE SUMMARY 7,000
to close interest income

INCOME SUMMARY 313,200

SALARIES EXP 122,000
TRANS EXP 16,000
AD EXP 12,000
LIGHT/WATER EXP 9,000
TEL EXP 21,000
MISC EXP 12,200
SUPPLIES EXP 27,000
RENT EXP 40,000
DEP EXP-OE 24,000
DEP EXP-FF 8,000
INTEREST EXP 18,000
DOUBTFUL ACC EXP 4,000
a compound entry to close all expenses

INCOME AND EXPENSE SUMMARY 233,800

CALIMLIM,CAPITAL 233,800
to close income and expense summary

CALIMLIM,CAPITAL 42,000
CALIMLIM,WITHDRAWAL 42,000
to close Calimlim withdrawal
 RHINA CALIMLIM
POST TRIAL BALANCE
DEC. 31, 2020

ACCOUNTS DR CR
CASH 310,000
NOTES RECEIVABLE 100,000
ACCOUNTS RECEIVABLE 120,000
ALLOWANCE FOR DOUBTFUL ACC 12,000
INTEREST RECIEVABLE 7,000
UNUSED SUPPLIES 9,000
PREPAID RENT 20,000
PREPAID AD 2,000
OFFICE EUIP 120,000
ACCUM DEP-OE 44,000
FURNITURES AND FIXTURES 80,000
ACCUM DEP-FF 22,000
NOTES PAYABLE 50,000
LOANS PAYABLE-BANK 200,000
INTEREST PAYABLE 18,000
SALARIES PAYABLE 14,000
TEL PAYABLE 3,000
UNEARNED PROFESSIONAL FEES 10,000
CALIMLIM,CAPITAL 395,000
768,000 768,000
 GENERAL JOURNAL
REVERSING ENTRIES

DATE PARTICULARS DR CR

12/31/2020 PREPAID RENT 40,000

RENT EXP 40,000

INTEREST PAYABLE 18,000

INTEREST EXPENSE 18,000

PROFESSIONAL FEES 30,000

UNEARNED PROFESSIONAL FEES 30,000

SALARIES PAYABLE 14,000

SALARIES EXPENSE 14,000

TELEPHONE PAYABLE 3,000

TELEPHONE EXPENSE 3,000