O.B.

Montessori Center
SENIOR HIGH SCHOOL
SECOND SEMESTER 2023-2024
DRILL SHEET# 8

ABM 1: Fundamentals of Accountancy, Business, and Management

Name: _________________________Level / Sec.: __________ Date: _______

Teacher:________________________Campus:_____________ Score:_______

Directions:
1. Review the provided unadjusted trial balance of Dropshot Sports Equipment and
additional information.
2. Prepare the necessary adjusting entries (journal entries) based on the
information provided.
3. Once you have completed the adjusting entries, proceed to prepare the adjusted
trial balance.
Additional Information at December 31, 2023:

1. Php 150 in Wages is owing for services provided during 2023.

2. Property, Plant & Equipment was purchased for Php 25,000 2 years ago. The
asset is being depreciated on a straight-line basis for 10 years. Php 5,000 of
depreciation was reported in prior years. Depreciation for 2023 is Php 2,500.
3. Prepaid web hosting fee was Php 300 at 12/31/2024.
4. The company had total tax liability of Php 2,700 for the year, of this amount, Php
2,400 was paid during the year.

Requirement:
1. Prepare the necessary adjusting entries (journal entries) based on the provided
information.
2. Prepare the adjusted trial balance.