Venus Joy Cebulan

BSA-2

1)

DATE 2020 PARTICULARS DEBIT CREDIT

Dec. 31 Rent expense ₱80,000

Prepaid Rent ₱80,000

Dec. 31 Salaries Expense ₱12,400

Accrued salaries ₱12,400

Dec. 31 Telephone expense ₱1,240

Accrued Telephone Expense ₱1,240

Dec. 31 Prepaid Transportation ₱1,900

Transportation Expense ₱1,900

Dec. 31 Accrued Interest on notes Receivable ₱8,000

Interest income ₱8,000

Dec. 31 Interest Expense ₱19,200

Accrued Interest on notes payable ₱19,200

Dec. 31 Unused office Supplies ₱12,000

Office Supplies Expense ₱12,000

Dec. 31 Unearned Consultancy Revenue ₱70,000

Consultancy Revenue ₱70,000

Dec. 31 Interest Expense ₱80,000

Accrued Interest on loans payable ₱80,000

Dec. 31 Depreciation expense ₱50,000

Accumulated depreciation – Bldg. ₱40,000

Accumulated depreciation – FF ₱10,000

 UNADJUSTE ADJUSTMENT ADJUSTED INCOME BALANCE
WORKSHEET D TRIAL S TRIAL STATEMEN SHEET
ACCOUNTS BALANCE BALANCE T
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
Cash 420,000.00 420,000.00 420,000.00
Accounts 180,000.00 180,000.00 180,000.00
Receivable
Accrued 8,000.00 8,000.00 8,000.00
Interest on
notes
Receivable
Notes 200,000.00 200,000.00 200,000.00
Receivable
Unsused 12,000.00 12,000.00 12,000.00
Office Supplies
Prepaid Rent 96,000.00 80,000.00 16,000.00 16,000.00
Prepaid 1,900.00 1,900.00 1,900.00
Transportatio
n
Land
1,300,000.00 1,300,000.0 1,300,000.0
0 0
Furniture and 220,000.00 220,000.00 220,000.00
Fixture
Accumulated 160,000.00 10,000.00 170,000.00 170,000.00
Depreciation –
FF
Building
2,860,000.00 2,860,000.0 2,860,000.0
0 0
Accumulated 240,000.00 40,000.00 280,000.00 280,000.00
depreciation –
Bldg.
Accounts 140,000.00 140,000.00 140,000.00
Payable
Unearned 106,000.00 70,000.00 36,000.00 36,000.00
Consultancy
Revenue
Interest 82,000.00 82,000.00 82,000.00
Payable
Note payable
1,800,000.0 1,800,000.0 1,800,000.0
0 0 0
Accrued 80,000.00 80,000.00 80,000.00
Interest on
Loans Payable
Accrued 19,200.00 19,200.00 19,200.00
Interest on
notes Payable
Loans Payable
– Bank 2,000,000.0 2,000,000.0 2,000,000.0
0 0 0
Accrued 12,400.00 12,400.00 12,400.00
Salaries
Accrued 1,240.00 1,240.00 1,240.00
Telephone
Expense
Gonzales, 428,300.00 428,300.00 428,300.00
Capital
Gonzales, 142,000.00 142,000.00 142,000.00
Withdrawals
Consultancy 810,000.00 70,000.00 880,000.00
Revenue 880,000.0
0
Interest 8,000.00 8,000.00 8,000.00
Income
Interest 82,000.00 99,200.00 181,200.00 181,200.00
Expense
Insurance 44,000.00 44,000.00 44,000.00
Expense
Miscellaneous 6,200.00 6,200.00 6,200.00
Expense
Office Supplies 32,000.00 12,000.00 20,000.00 20,000.00
Expense
Rent Expense 35,000.00 80,000.00 115,000.00 115,000.00
Salaries 128,000.00 12,400.00 140,400.00 140,400.00
Expense
Telephone 8,200.00 1,240.00 9,440.00 9,440.00
Expense
Transportatio 12,900.00 1,900.00 11,000.00 11,000.00
n Expense
Depreciation 50,000.00 50,000.00 50,000.00
Expense
Totals 334,740.00 577,240.00
5,766,300.00 5,766,300.0 334,740.0 5,937,140.0 5,937,140.0 888,000.0 5,359,900.0 5,049,140.0
0 0 0 0 0 0 0
 Net Income 310,760.00 310,760.00
Totals 888,000.00
888,000.0 5,359,900.0 5,359,900.0
0 0 0

3)

GONZALES CONSULTANCY
STATEMENT OF PROFIT OR LOSS
Year Ended December 31,2020

Revenues:
Consulting Revenue ₱880,000.00
Interest Income 8,000.00
Total Income 888,000.00
Less: Expenses
Interest Expense 181,200.00
Insurance Expense 44,000.00
Miscellaneous Expense 6,200.00
Office Supplies Expense 20,000.00
Rent Expense 115,000.00
Salaries Expense 140,400.00
Telephone Expense 9,440.00
Transportation Expense 11,000.00
Depreciation Expense 50,000.00 ₱577,240.00
₱310,760.00

4)

GONZALES CONSULTANCY
STATEMENT OF CHANGES IN EQUITY
Year Ended December 31,2020

Gonzales, Capital beg. ₱428,300.00

Additional Investment ₱- 0
Net Income for the year ₱310,760.00 ₱310,760.00
Total ₱739,060.00
Less: Withdrawals ₱142,000.00
Gonzales, Capital Dec. 31,2020 ₱597,060.00

6) GONZALES CONSULTANCY
 STATEMENT OF FINANCIAL POSITION
As of December 31,2020

ASSETS LIABILITIES AND

PROPRIETORSHI
P
Current assets Current
Liabilities
Cash ₱420,000.00 Accounts ₱140,000.00
Payable
Accounts ₱180,000.00 Unearned ₱36,000.00
Receivable Consultancy
Revenue
Accrued ₱8,000.00 Interest ₱82,000.00
Interest on Payable
Notes
Receivable
Notes ₱200,000.00 Notes Payable ₱1,800,000.00
Receivable
Unused ₱12,000.00 Accrued ₱80,000.00
Office Supplies interest on loans
payable
Prepaid Rent ₱16,000.00 Accrued ₱19,200.00
Interest on notes
Payable
Prepaid ₱1,900.00 Accrued ₱12,400.00
Transportation Salaries
Land ₱1,300,000.00 Accrued ₱1,240.00
Telephone
Expense
Total current ₱2,137,900.00 ₱2,170,840.00
assets
Noncurrent
Liabilities
Noncurrent Loans payable ₱2,000,000.00
Assets - Bank
Furniture ₱220,000.00 Total Liabilities ₱4,170,840.00
and Fixture
-₱170,000.00 ₱50,000.00
Accumulated
Depreciation -
FF
Building ₱2,860,000.00 Proprietorship
-₱280,000.00 ₱2,580,000.00 Gonzales ₱597,060.00
Accumulated Capital
Depreciation -
Bldg.
₱2,630,000.00 Total ₱597,060.00
Proprietorship

TOTAL ASSETS ₱4,767,900.00 TOTAL ₱4,767,900.00

LIABILITIES AND
PROPRIETORSHI
P
Date Particulars F Debit Credit
31/12/202 Consulting Revenue 1 880,000.00
0
Interest Income 8,000.00
Income and expense Summary 888,000.00
(to close revenue account)
31/12/202 Income and Expense Summary 2 577,240.00
0
Interest Expense 181,200.00
Insurance Expense 44,000.00
Miscellaneous Expense 6,200.00
Office Supplies Expense 20,000.00
Rent Expense 115,000.00
Salaries Expense 140,000.00
Telephone Expense 9,400.00
Transportation Expense 11,000.00
Depreciation Expense 50,000.00
(to close all expense account)
31/12/202 Income and Expense Summary 3 310,760.00
0
Gonzales, Capital 310,760.00
(to close the balance of income and expense
summary account)
31/12/202 Gonzales, Capital 4 142,000.00
0
Gonzales, Withdrawals 142,000.00
(to close the withdrawals account to capital)

GONZALES CONSULTANCY
POST-CLOSING TRIAL BALANCE

ACCOUNTS TITLE DEBIT CREDIT

Cash 420,000.00
Accounts Receivable 180,000.00
Accrued Interest on notes Receivable 8,000.00
Notes Receivable 200,000.00
Unsused Office Supplies 12,000.00
Prepaid Rent 16,000.00
Prepaid Transportation 1,900.00
Land 1,300,000.00
Furniture and Fixture 220,000.00
Accumulated Depreciation - FF 170,000.00
Building 2,860,000.00
Accumulated depreciation - Bldg. 280,000.00
Accounts Payable 140,000.00
Unearned Consultancy Revenue 36,000.00
Interest Payable 82,000.00
Note payable 1,800,000.00
Accrued Interest on Loans Payable 80,000.00
Accrued Interest on notes Payable 19,200.00
Loans Payable - Bank 2,000,000.00
Accrued Salaries 12,400.00
Accrued Telephone Expense 1,240.00
Gonzales, Capital 597,060.00
5,217,900.00 5,217,900.00
 GENERAL JOURNAL

REVERSING ENTRIES

DATE PARTICULARS F DEBIT CREDIT

01/01/202 Accrued salaries 1 12,400
1
Salaries Expense 12,400
01/01/202 Accrued Telephone Expense 2 1,240
1
Telephone Expense 1,240
01/01/202 Interest Income 3 8,000
1
Accrued Interest on notes 8,000
Receivable
01/01/202 Accrued interest on notes payable 4 19,200
1
Interest Expense 19,200
01/01/202 Accrued Interest on loan payable 5 80,000
1
Interest Expense 80,000