Rhina Calimlim

Worksheet
For the Period End

Unadjusted TB Adjustments Adjusted Trial Balance

Accounts
Debit Credit Debit Credit Debit Credit
Cash 310,000.00 310,000.00
Notes Receivable 100,000.00 100,000.00
Accounts Receivable 120,000.00 120,000.00
Unused Office Supplies 36,000.00 27,000.00 9,000.00
Prepaid Rent 60,000.00 40,000.00 20,000.00
Prepaid Advertising 2,000.00 2,000.00
Accrued Interest Income 7,000.00 7,000.00
Office Equipment 120,000.00 120,000.00
Furnitures 80,000.00 80,000.00
Accumulated Depreciation- Office Equipment 20,000.00 24,000.00 44,000.00
Accumulated Depreciation- Furnitures 14,000.00 8,000.00 22,000.00
Notes Payable 50,000.00 50,000.00
Loans Payable - Bank 200,000.00 200,000.00
Unearned Professional Fees 40,000.00 30,000.00 10,000.00
Accrued Interest Expense 18,000.00 18,000.00
Accrued Salaries Expense 14,000.00 14,000.00
Accured Telephone Expense 3,000.00 3,000.00
Professional Fees 510,000.00 30,000.00 540,000.00
Interest Income 7,000.00 7,000.00
Calimlim, Capital 203,200.00 203,200.00
Calimlim, Withdrawals 42,000.00 42,000.00
Salaries Expense 108,000.00 14,000.00 122,000.00
Transportation Expense 16,000.00 16,000.00
Advertising Expense 14,000.00 2,000.00 12,000.00
Light and Water Expense 9,000.00 9,000.00
mlim
et
d End

Income Statement Balance Sheet Closing Entries Post Closing TB

Debit Credit Debit Credit Debit Credit Debit Credit
310,000.00 310,000.00
100,000.00 100,000.00
120,000.00 120,000.00
9,000.00 9,000.00
20,000.00 20,000.00
2,000.00 2,000.00
7,000.00 7,000.00
120,000.00 120,000.00
80,000.00 80,000.00
44,000.00 44,000.00
22,000.00 22,000.00
50,000.00 50,000.00
200,000.00 200,000.00
10,000.00 10,000.00
18,000.00 18,000.00
14,000.00 14,000.00
3,000.00 3,000.00
540,000.00 540,000.00 -
7,000.00 7,000.00 -
203,200.00 191,800.00 395,000.00
42,000.00 42,000.00 -
122,000.00 122,000.00 -
16,000.00 16,000.00 -
12,000.00 12,000.00 -
9,000.00 9,000.00 -
 Rhina Calimlim
General Journal Statement of Profit or Loss
Adjusting Entries For the year ended December 31, 2020

Account Description Debit Credit Professional Fee 540,000.00

Supplies Expense 27,000.00 Interest Income 7,000.00
Unused Office Supplies 27,000.00 Total Revenue 547,000.00
to adjust supplies on hand Less: Expenses
Salaries Expense 122,000.00
Doubtful Accounts 4,000.00 Transportation Expense 16,000.00
Allowance for Doubtful Accounts 4,000.00 Advertising Expense 12,000.00
Light and Water Expense 9,000.00
Telephone Expense 21,000.00
to recognize doubtful accounts Miscellaneous Expense 12,200.00
Supplies Expense 27,000.00
Rent Expense 40,000.00 Doubtful Accounts Expense 4,000.00
Preaid Rent 40,000.00 Rent Expense 40,000.00
to adjust the prepaid rent Depreciation Expense - Office Eqpt 24,000.00
Depreciation Expense - F&F 8,000.00
Depreciation Expense - Office Eqpt 24,000.00 Interest Expense 18,000.00 313,200.00
Net Income 233,800.00

Depreciation Expense - F&F 8,000.00

Accumulated Depn - Office Ept 24,000.00

Accumulated Depn - F&F 8,000.00
to recognize depreciation expense

Interest Expense 18,000.00

Accrued Interest Expense 18,000.00
 Rhina Calimlim
Statement of Changes in Equity
For the year ended December 31, 2020

Ocampo, capital beg. 203,200.00

Add: Additional Investment
Net Income 233,800.00

Less: Withdrawals - 42,000.00

Ocampo, capital end 395,000.00
 Rhina Calimlim
Statement of Financial Position
As of December 31, 2020

Assets
Cash 310,000.00
Notes Receivable 100,000.00
Accounts Receivable 120,000.00
Allowance for Doubtful Accounts - 12,000.00
Unused Office Supplies 9,000.00
Prepaid Rent 20,000.00
Prepaid Advertising 2,000.00
Accrued Interest Income 7,000.00
Total Current Assets 556,000.00

Office Equipment 120,000.00

Furnitures 80,000.00
Accumulated Depreciation- Office Equipment - 44,000.00
Accumulated Depreciation- Furnitures - 22,000.00
Total Non Current Assets 134,000.00
Total Asset 690,000.00

Liabilities
Notes Payable 50,000.00
Loans Payable - Bank 200,000.00
Unearned Professional Fees 10,000.00
Accrued Interest Expense 18,000.00
Accrued Salaries Expense 14,000.00
Accured Telephone Expense 3,000.00
Total Liabilities 295,000.00
General Journal
Closing Entries

Account Description Debit Credit

Salaries Expense 122,000.00
Transportation Expense 16,000.00
Advertising Expense 12,000.00
Light and Water Expense 9,000.00
Telephone Expense 21,000.00
Miscellaneous Expense 12,200.00
Supplies Expense 27,000.00
Doubtful Accounts Expense 4,000.00
Rent Expense 40,000.00
Depreciation Expense - Office Eqpt 24,000.00
Depreciation Expense - F&F 8,000.00
Interest Expense 18,000.00
Income Summary Account 313,200.00

Professional Fee 540,000.00

Interest Income 7,000.00
Income Summary Account 547,000.00

Income Summary Account 233,800.00

Calimlim, Capital 233,800.00

Calimlim Withdrawal 42,000.00

Calimlim, Capital 42,000.00
Telephone Expense 18,000.00 3,000.00 21,000.00
Miscellaneous Expense 12,200.00 12,200.00
Allowance for Doubtful Accounts 8,000.00 4,000.00 12,000.00
Supplies Expense 27,000.00 27,000.00
Doubtful Accounts Expense 4,000.00 4,000.00
Rent Expense 40,000.00 40,000.00
Depreciation Expense - Office Eqpt 24,000.00 24,000.00
Depreciation Expense - F&F 8,000.00 8,000.00
Interest Expense 18,000.00 18,000.00
Income Summary Account

Totals 1,045,200.00 1,045,200.00 177,000.00 177,000.00 1,123,200.00 1,123,200.00

Reversing Entries:

Interest Expense 18,000.00

Accrued Interest Expense 18,000.00

Accrued Interest Income 7,000.00

Insterest Income 7,000.00

Salaries Expense 14,000.00

Accrued Salaries Expense 14,000.00

Telephone Expense 3,000.00

Accrued Telephone Expense 3,000.00

Prepaid Advertising 2,000.00

Advertsing Expense 2,000.00
 21,000.00 21,000.00 -
12,200.00 12,200.00 -
12,000.00 12,000.00
27,000.00 27,000.00 -
4,000.00 4,000.00 -
40,000.00 40,000.00 -
24,000.00 24,000.00 -
8,000.00 8,000.00 -
18,000.00 18,000.00 -
547,000.00 547,000.00 -

313,200.00 547,000.00 810,000.00 576,200.00 1,094,000.00 1,094,000.00 768,000.00 768,000.00

233,800.00 233,800.00 - -
to record interest expense on loans payable

Accrued Interest Income 7,000.00

Insterest Income 7,000.00
to record interest income on notes receivable

Unearned Professional Fees 30,000.00

Professional Fees 30,000.00
to adjust the unearned prof fees

Salaries Expense 14,000.00

Accrued Salaries Expense 14,000.00
To record accrued salaries expense

Prepaid Advertising 2,000.00

Advertsing Expense 2,000.00
to record prepaid advertising

Telephone Expense 3,000.00

Accrued Telephone Expense 3,000.00
to record accrued telephone expense
Total Equity 395,000.00
Total Liab and Equity 690,000.00
Asset Method:

Original Entries Adjusting Entries

Date Account Debit Credit Date Account Debit Credit
Oct-01 Prepaid Insurance 12,000.00 Dec-20 Insurance Expense 3,000.00
Cash 12,000.00 Prepaid Amortization 3,000.00

Sep-01 Prepaid Rent 9,000.00 Rent Expense 6,000.00

Cash 9,000.00 Prepaid Rent 6,000.00

Supplies on hand 10,000.00 Supplies Expense 7,000.00

Cash 10,000.00 Supplies on Hand 7,000.00

Expense Method:

Original Entries Adjusting Entries

Date Account Debit Credit Date Account Debit Credit
Oct-01 Insurance Expense 12,000.00 Dec-20 Prepaid Insurance 9,000.00
Cash 12,000.00 Insurance Expense 9,000.00

Sep-01 Rent Expense 9,000.00 Prepaid Rent 3,000.00

Cash 9,000.00 Rent Expense 3,000.00

Supplies Expense 10,000.00 Supplies on Hand 3,000.00

Cash 10,000.00 Supplies Expense 3,000.00