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    ACCOUNTING 2 (PRAC. COMP. EXAM)

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    3 views14 pages

    Accounting 2 (Prac. Comp. Exam)

    Uploaded by

    ouia ioo

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 14

    GENERAL LEDGER

    CASH RINA DESTAJO, CAPITAL


    Jan-01 200,000 60,000 Jan-02
    Jan-10 70,000 12,000 Jan-03
    Jan-25 8,000 2100 Jan-11
    7,500 Jan-12
    2,400 Jan-28

    278,000 84,000

    194,000

    SUPPLIES EXPENSE
    RENT EXPENSE Jan-06 3,500
    Jan-03 12,000 9,000
    ENDING B. 1,500
    ENDING B, 3,000

    ACCOUNTS RECEIVABLE SERVICE INCOME


    Jan-10 30,000 8,000 Jan-25

    22,000
    LIGHT AND POWER TELEPHONE EXPENSE
    Jan-11 1000 Jan-11 800
    RINA DESTAJO, CAPITAL EQUIPMENT INSUR
    200,000 Jan-01 Jan-02 60,000 Jan-28

    ENDING B.

    INTE

    INTE
    Jan-31

    SUPPLIES EXPENSE ACCOUNTS PAYABLE


    2,000 3,500 Jan-06

    ALL

    DEPREC

    SERVICE INCOME WATER EXPENSE


    100,000 Jan-10 Jan-11 300

    ACCUMULAT
    TELEPHONE EXPENSE SALARIES EXPENSE
    Jan-12 7,500
    INSURANCE EXPENSE
    2,400 2,200 PREPAID RENT
    9,000
    200

    INTEREST PAYABLE
    100 Jan-31

    SUPPLIES
    2,000
    INTEREST EXPENSE
    100

    PREPAID INSURANCE
    2,200
    BAD DEBTS
    2,200

    ALLOWANCE FOR BAD DEBTS


    2,200

    DEPRECIATION EXPENSE
    1,000

    ACCUMULATED DEPRECIATION - EQUIPMENT


    1,000
    GENERAL JOURNAL
    DATE PARTICULARS PR. DR. CR.
    2023
    Jan-01 CASH 200,000
    RINA DESTAJO, CAPITAL 200,000

    2 EQUIPMENT 60,000
    CASH 60,000

    5 RENT EXPENSE 12,000


    CASH 12,000

    6 SUPPLIES EXPENSE 3,500


    ACCOUNTS PAYABLE 3,500

    10 CASH 70,000
    ACCOUNTS RECEIVABLE 30,000
    SERVICE INCOME 100,000

    11 WATER EXPENSE 300


    LIGHT AND POWER 1000
    TELEPHONE EXPENSE 800
    CASH 2100

    12 SALARIES EXPENSE 7,500


    CASH 7,500

    25 CASH 8,000
    ACCOUNTS RECEIVABLE 8,000

    28 INSURANCE EXPENSE 2,400


    CASH 2,400

    31 INTEREST EXPENSE 100


    INTEREST PAYABLE 100

    ADJUSTING ENTRIES

    BAD DEBTS 2,200


    ALLOWANCE FOR BAD DEBTS 2,200

    DEPRECIATION EXPENSE 1,000


    ACCUMULATED DEPRECIATION - EQUIPMENT 1,000

    PREPAID RENT 9,000


    RENT EXPENSE 9,000
    SUPPLIES 2,000
    SUPPLIES EXPENSE 2,000

    PREPAID INSURANCE 2,200


    INSURANCE EXPENSE 2,200
    WORKSHEET

    CHARTS OF ACCOUNTS TRIAL BALANCE ADJUSTMENTS


    DR. CR. DR.
    CASH 194,000
    ACCOUNTS RECEIVABLE 22,000
    EQUIPMENT 60,000
    ACCOUNTS PAYABLE 3,500
    INTEREST PAYABLE 100
    RINA DESTAJO, CAPITAL 200,000
    SERVICE INCOME 100,000
    WATER EXPENSE 300
    LIGHT AND POWER 1000
    TELEPHONE EXPENSE 800
    SALARIES EXPENSE 7,500
    RENT EXPENSE 12,000
    SUPPLIES EXPENSE 3,500
    INTEREST EXPENSE 100
    INSURANCE EXPENSE 2,400

    TOTAL 303,600 303,600

    BAD DEBTS 2,200


    ALLOWANCE FOR BAD DEBTS
    SUPPLIES 2,000
    ACCUMULATED DEPRECIATION - EQUIPMENT
    DEPRECIATION EXPENSE 1,000
    PREPAID RENT 9,000
    PREPAID INSURANCE 2,200
    TOTAL 16,400
    NET INCOME
    ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
    CR. DR. CR. DR. CR. DR.
    194,000 194,000
    22,000 22,000
    60,000 60,000
    3,500
    100
    200,000
    100,000 100,000
    300 300
    1000 1000
    800 800
    7,500 7,500
    9,000 3,000 3,000
    2,000 1,500 1,500
    100 100
    2,200 200 200

    2,200 2,200
    2,200 2,200
    2,000 2,000
    1,000 1,000
    1,000 1,000
    9,000 9,000
    2,200 2,200
    16,400 306,800 306,800 17600 100,000 289,200
    82,400
    1OO,OOO 100,000 289,200
    BALANCE SHEET
    CR.

    3,500
    100
    200,000

    2,200

    1,000

    206,800
    82,400
    289,200
    RD COMPANY
    FINANCIAL POSITION
    AS OF JANUARY 2023

    CURRENT ASSETS: DR. CR.


    CASH 194,000
    ACCOUNTS RECEIVABLE 22,000
    SUPPLIES 2,000
    PREPAID INSURANCE 2,200
    PREPAID RENT 9,000
    total current assets: 229,200

    Non-Current Assets:
    EQUIPMENT 60,000
    TOTAL NON-CURRENT ASSETS: 60,000

    CONTRA ASSET:
    ACCUMULATED DEPRECIATION - EQUIPMENT 1,000
    ALLOWANCE FOR BAD DEBTS 2,200
    TOTAL CONTRA-ASSET: 3,200

    TOTAL ASSETS: 286,000

    LIABILITIES:
    ACCOUNTS PAYABLE 3,500
    INTEREST PAYABLE 100

    TOTAL LIABILITIES: 3,600

    OWNER'S EQUITY
    RINA DESTAJO, CAPITAL 282,400

    TOTAL LIABILITIES + TOTAL EQUITY 286,000

    RD COMPANY
    STATEMENT OF COMPREHENSIVE INCOME
    AS OF JANUARY 2023

    SERVICE INCOME 100,000

    WATER EXPENSE 300


    LIGHT AND POWER 1000
    TELEPHONE EXPENSE 800
    SALARIES EXPENSE 7,500
    RENT EXPENSE 3,000
    SUPPLIES EXPENSE 1,500
    INTEREST EXPENSE 100
    INSURANCE EXPENSE 200
    BAD DEBTS 2,200
    DEPRECIATION EXPENSE 1,000
    17600 100,000
    NET INCOME 82,400
    RD COMPANY
    POST-CLOSING TRIAL BALANCE
    AS OF JANUARY 2023
    DR. CR.
    CASH 194,000
    ACCOUNTS RECEIVABLE 22,000
    SUPPLIES 2,000
    PREPAID INSURANCE 2,200
    PREPAID RENT 9,000
    EQUIPMENT 60,000
    ACCUMULATED DEPRECIATION - EQUIPMENT 1,000
    ALLOWANCE FOR BAD DEBTS 2,200
    ACCOUNTS PAYABLE 3,500
    INTEREST PAYABLE 100
    RINA DESTAJO, CAPITAL 282,400
    TOTAL P 289,200 289,200

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