DE LA SALLE LIPA

College of Business, Economics, Accountancy and Management

Accountancy and Accounting Information Systems Department
Financial Accounting and Reporting
Assignment # 3.2

Directions: Read the problems below. Give what is required. (Use Microsoft Excel)

Preparation of the Worksheet

The unadjusted trial balance of Realyn Maguinoo was given below:

Realyn Maguino Agency

Trial Balance
December 31, 20x8

110 Cash P 156,000

120 Accounts Receivable 545,000
130 Prepaid Rent 240,000
140 Office Supplies 63,000
150 Furniture and Fixtures 1,050,000
155 Accumulated Depreciation 135,000
210 Notes Payable 40,000
220 Accounts Payable 285,000
230 Salaries Payable
240 Interest Payable
310 Masayahin, Capital 500,000
320 Masayahin, Withdrawals 200,000
410 Service Revenues 3,062,000
510 Salaries Expense 1,675,000
520 Rent Expense
530 Office Supplies Expense
540 Depreciation Expense
550 Interest Expense
560 Miscellaneous Expense 93,000 __________
Totals P 4,022,000 P 4,022,000

Additional information are as follows:

a. On November 1, 20x8, Maguinoo paid P 120,000 for six months’ rent commencing on
that date.
b. Office supplies on hand at December 31, 20x8 was P 12,000
c. Depreciation expense for furniture and fixtures amounted to P 50,000 per year.
d. Salaries amounting to P 35,000 was not recorded as of year-end. Payroll are paid every
10th and 25th of the month.
e. The note payable was issued last May 31, 20x8 and bears interest of 8% per year. The
interest and principal will be repaid after 1 year.
Required: Prepare the worksheet .

Inputs from Basic Financial Accounting and Reporting (2018) by Win Lu Ballada