10 COLUMN WORKSHEET

TIMOTHY LAW OFFICE

UNADJUSTED TRIAL BALANCE (THOUSANDS OMITTED)
DECEMBER 31,2020

ACCOUNT TITLE
CASH
ACCOUNTS RECEIVABLE
NOTES RECEIVABLE
OFFICE SUPPLIES
FURNITURE AND FIXTURES
OFFICE EQUIPMENT
ACCOUNTS PAYABLE
UNEARNED LEGAL FEES REVENUE
ATTY. TIMOTHY, CAPITAL
ATTY. TIMOTHY, PERSONAL
LEGAL FEES REVENUE
RENT EXPENSE
TAXES AND LICENSES
UTILITIES EXPENSE
TOTAL

A) INTEREST RECEIVABLE 60X20%/12/2 = 0.5

INTEREST INCOME
B) OFFICE SUPPLIES EXPENSE 39-12 = 27
BAD DEBTS EXPENSE
C) DEPRECIATION EXPENSE - F& 35-5 =30/5 =6 30/5=6X6=36/12= 3
ACCUMULATED DEPRECIATION - F&F
D) DEPRECIATION EXPENSE - OF 280-40 = 240/5=48/12=4X10=40
ACCUMULATED DEPRECIATION - OE

E) SALARY EXPENSE
SSSS PREMIUM EXPENSE
PHILHEALTH PREMIUM EXPENSE
PAG-IBIG PREMIUM EXPENSE
SSS PAYABLE
PHILHEALTH PAYABLE
PAG-IBIG PAYABLE
G) TAX PAYABLE 5x3% = 0.15
TIMOTHY LAW OFFICE
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31,2020

LEGAL FEES INCOME 668

LESS OPERATING EXPENSES:
RENT EXPENSE 93
TAXES AND LICENSES 15.15
UTILITIES EXPENSE 69
OFFICE SUPPLIES EXPENSE 27
BAD DEBTS EXPENSE 7
DEPRECIATION EXPENSE - F&F 9
DEPRECIATION EXPENSE - OFFICE E 40
SALARY EXPENSE 9
SSSS PREMIUM EXPENSE 2
PHILHEALTH PREMIUM EXPENSE 1
PAG-IBIG PREMIUM EXPENSE 1 273.15
OPERATING INCOME 394.85
ADD INTEREST INCOME 0.5
NET INCOME 395.35
UNADJUSTED TRIAL BALANCE AJUSTMENTS ADJUSTED TRIAL BALANCE
DEBIT CREDIT DEBIT CREDIT DEBIT
₱ 191.00 9 182
27 7 20
60 60
39 27 12
65 65
280 280
₱ 5.00
17 F 10
175
16 16
658 F 10
93 93
15 G 0.15 15.15
69 69
₱ 855.00 ₱ 855.00

A 0.5 0.5
A 0.5
B 27 27
B 7 7
C 9 9
C 9
D 40 40
40

E 9 9
E 2 2
E 1 1
E 1 1
2
1
1
0.15
106.65 106.65 908.65
TIMOTHY LAW OFFICE
FINANCIAL POSITION
DECEMBER 31,2020
CURRENT ASSETS:
CASH 182
ACCOUNTS RECEIVABLE 20
NOTES RECEIVABLE 60
OFFICE SUPPLIES 12
INTEREST RECEIVABLE 0.5
TOTAL CURRENTS ASSETS 274.5

NON-CURRENT ASSETS
FURNITURE AND FIXTURES 65
ACCUMULATED DEPRECIATI -9 56
OFFICE EQUIPMENT 280
ACCUMULATED DEPRECIATI -40 240
TOTAL NON-CURRENT ASSETS 296
570.5

LIABILITIES
ACCOUNTS PAYABLE 5
UNEARNED LEGAL FEES REVENUE 7
SSS PAYABLE 2
PHILHEALTH PAYABLE 1
PAG-IBIG PAYABLE 1
TAX PAYABLE 0.15
TOTAL LIABILITIES 16.15

OWNER'S EQUITY
ATTY. TIMOTHY, CAPITAL 175
LESS TIMOTHY, PERSONAL -16
159
ADD NET INCOME 395.35
OWNER'S EQUITY 554.35
TOTAL LIABILITIES & OWNER'S EQUITY 570.5
DJUSTED TRIAL BALANCE INCOME STATEMENT FINANCIAL POSITION
CREDIT DEBIT CREDIT DEBIT CREDIT
182
20
60
12
65
280
5 5
7 7
175 175
16
668 668
93
15.15
69

0.5
0.5 0.5
27
7
9
9 9
40
40 40

9
2
1
1
2 2
1 1
1 1
0.15 0.15
908.65 273.15 668.5 635.5 240.15
395.35 395.35
668.5 669 635.5 635.5