Professional Documents
Culture Documents
Cash 280,000
Land 1,350,000
Merchandise Inventory 510,000
Notes Payable 350,000
Labausa, Capital 1,790,000
Cash 1,790,000
Balhag, Capital 1,790,000
PROBLEM 2
Equipment 400,000
Accounts Receivable 360,000
Allowance for doubtful accounts (360,000x15%) 54,000
Sabio, Capital 706,000
150,000-16,000 = 134,000 vs 140,000 Opening j
decrease allowance by 6,000 Cash
increase inventory to 460,000 Accounts Receivable
135,000 - 75,000 = 60,000 vs. 124,000 Inventory
increase the equipment to 124,000 Equipment
Allowance 6,000
E. Capital 6,000
Inventory 20,000
E. Capital 20,000
AccDep 64,000
E. Capital 64,000
Opening journal entries
(36,000 + 730,000) 766,000
ccounts Receivable 150,000
460,000
124,000
Allowance for Doubtful Accounts 10,000
Accounts Payable 30,000
Espanol, Capital 730,000
Selisana, Capital 730,000
1,500,000 1,500,000
Assets
Cash 766,000
Accounts Receivable 150,000
Less: Allowance for Dobutful Accounts 10,000 140,000
Inventory 460,000
Equipment 124,000
Total Assets 1,490,000
Closing Entries
Mulles, Capital 2,393,000
Accumulated Depreciation (97,500-7,500) 90,000
Accounts Payable 505,500
Notes Payable 330,000
Cash 229,500
Accounts Receivable (2,103,000-304,000) 1,799,000
Inventory (1,012,500 - 112,500) 900,000
Store Equipment 390,000
Opening Entries
Cash 229,500
Accounts Receivable 1,799,000
Inventory 900,000
Store Equipment (390,000 - 90,000) 300,000
Accounts Payable 505,500
Notes Payable 330,000
Mulles, Capital 2,393,000
Cash 443,000
Land 500,000
Building 1,450,000
Lucena, Capital 2,393,000
000 = 1,799,000
Closing Entries
Medina, Capital 805,600
Allowance for Uncollectible Accounts 22,400
Accumulated Depreciation-Office Equipment 8,000
Accumulated Depreciation-Repair Equipment 48,000
Accounts Payable 170,000
Notes Payable 60,000
Mortgage Payable 200,000
Cash 42,000
Accounts Receivable 389,200
Merchandise Inventory 356,400
Office Supplies 30,400
Land 108,000
Building 192,000
Office Equipment 24,000
Repair Equipment 172,000
Opening Entries
Cash 72,000
Accounts Receivable 558,400
Merchandise Inventory 664,400
Office Supplies 34,400
Prepaid Rent 6,000
Land 108,000
Building 192,000
Office Equipment 56,000
Repair Equipment 124,000
Allowance for Uncollectible Accounts 36,800
Accounts Payable 281,600
Notes Payable 60,000
Mortgage Payable 200,000
Medina, Capital 805,600
Dalangin, Capital 431,200
1,815,200 1,815,200
Land 68,000
Accumulated Depreciation - Building 32,000
Building 64,000
Accumulated Depreciation - Repair Equipment 20,000
Notes Payable 60,000
Merchandise Inventory 105,200
Accumulated Depreciation - Office Equipment 2,000
Medina, Capital 136,800
Geron 614,476
Yumol 683,052
Closing Entries
Geron, Capital 614,476
Accounts Payable 178,940
Notes Payable 200,000
Cash 11,000
Accounts Receivable 214,536
Inventories 114,535
Land 603,000
Furnitures and Fixtures 50,345
2,265,118 2,265,118
PROBLEM 1
Original Profit
Investment
a Diaz 330,000 3/4 315,000
Manalo 110,000 1/4 105,000
440,000 420,000
GALANG
6 mos to
December 31, Balance
2021 Salary 40:40:20 Profit
Baral 25,000 60,000 85,000
Malaluan - 60,000 60,000
Castro - 30,000 30,000
25,000 150,000 175,000
Total
Baral 196,000
Malaluan 124,000
Castro 30,000
350,000
PROBLEM 5
Profit
1 a Calamba 750,000
Brillantes 750,000
1,500,000
Original
Investment Profit
b Calamba 200,000 2/5 600,000
Brillantes 300,000 3/5 900,000
500,000 1,500,000
Time
Full = 100% Devoted Profit
PT = 50% c Calamba 100 2/3 1,000,000
Brillantes 50 1/3 500,000
150 1,500,000
Profit
264,000
396,000
660,000
Profit
440,000
220,000
660,000
135,000
105,000
240,000
RABENA
Jan 1 80,000 4/12 26,667
May 1 65,000 8/12 43,333 70,000
DELA CRUZ
Jan 1 90,000 8/12 60,000
Sept 1 60,000 4/12 20,000 80,000
240,000
Bonus 8% (Profit - B)
Bonus 8% (450,000 - B)
Bonus 36,000 - .08B
B + .08B 36,000
1.08B 36,000
Bonus 33,333
Requirement number 1
Profit Before Adjustment (2021) 1,450,000
Adjustments:
Less: Understated Beginning Inventory (80,000)
Add: Understated Ending Inventory 180,000
Less: Understated Depreciation Exp. (50,000)
Profit After Adjustment (2021) 1,500,000
Requirement 2
40:40:20
a a - on BI b - on EI
Gascon (28,000) 28,000 32,000
Pahilagao (28,000) 28,000 32,000
Nolasco (14,000) 14,000 16,000
(70,000) 70,000 80,000 150,000
Requirement 2
Before Adjustment
2019 Salary Bonus Balance Profit
Gascon 150,000 - 200,000 350,000
Pahilagao 150,000 - 200,000 350,000
Nolasco 50,000 - 100,000 150,000
350,000 - 500,000 850,000
After Adjustment
2019 Salary Bonus Balance Profit
Gascon 150,000 - 172,000 322,000
Pahilagao 150,000 - 172,000 322,000
Nolasco 50,000 - 86,000 136,000
350,000 - 430,000 780,000
2019 Corrections
Gascon (28,000)
Pahilagao (28,000)
Nolasco (14,000)
(70,000)
Before Adjustment
2020 Salary Bonus Balance Profit
Gascon 150,000 40,000 268,000 458,000
Pahilagao 150,000 40,000 268,000 458,000
Nolasco 50,000 - 134,000 184,000
350,000 80,000 670,000 1,100,000
After Adjustment
2020 Salary Bonus Balance Profit
Gascon 150,000 70,000 304,000 524,000
Pahilagao 150,000 70,000 304,000 524,000
Nolasco 50,000 - 152,000 202,000
350,000 140,000 760,000 1,250,000