ANSWER KEY:

I. Arranging the Accounts for a Trial Balance Preparation

AVM Pawnshop
Trial Balance
June 30, 2020

Cash in Bank P 320,000.00

Petty Cash Fund 1,000.00
Loan Pledge Receivable 218,000.00
Furniture and Fixture 85,000.00
Vaults and Other Equipment 110,000.00
Accounts Payable P 20,000.00
E. Asilan, Capital 631,077.00
E. Asilan, Drawing 10,000.00
Interest Income 79,113.00
Service Fee 1,050.00
Interest Past Due (receivable/income) 32,015.00
Liquidated Damage (receivable/income) 28,075.00
Miscellaneous Income 2,000.00
Gain on Auction Sale 15,000.00
Taxes and Licenses 4,576.00
Postage and Communication 2,325.00
Salaries Expense 22,000.00
Rent Expense 29,000.00
Utilities Expense 6,429.00 ___________
T O T A L P808,330.00 P808,330.00

II. Trial Balance Preparation

Gensan Bowling Lanes

Trial Balance
XXXXXX 31, 2020

Cash in Bank P 750,000.00

Petty Cash Fund 1,000.00
Accounts Receivable 10,000.00
Prepaid Rent 15,000.00
Prepaid Insurance 8,000.00
Furniture and Fixture 50,000.00
Bowling Equipment 965,000.00
Accounts Payable P 56,734.00
G. de Gracia, Capital 1,632,641.00
G. de Gracia, Withdrawal 8,000.00
Bowling Income 192,850.00
Miscellaneous Income 11,325.00
Salaries Expense 12,000.00
Supplies Expense 36,000.00
Taxes and Licenses 7,500.00
Utilities Expense 31,050.00 ___________
T O T A L P1,893,550.00 P1,893,550.00

III. Preparation of a Corrected Trial Balance

Atty. Bea Clarice Cebedo

Trial Balance
September 30, 2019

Account Titles Debit Credit

Cash in bank P 150,000

Accounts Receivable 25,000
Office Supplies Inventory 10,000
Library Books 30,000
Accounts Payable P 5,000
Notes Payable 8,000
BC CEbedo, Capital 173,000
BC Cebedo, Drawing 2,000
Legal Fees Income 40,000
Taxes and Licenses 1,000
Rental Expenses 8,000 ______
Total P 226,000 P 226,000