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Worksheet Exercise - Acctg. 1

This document provides the accounts and balances for Goodgood Consulting Services before year-end adjustments on December 31, 2018, including revenues, expenses, assets, and equity accounts. It also lists the adjustments needed for accrued salaries, depreciation, expired insurance, unearned revenue, and used office supplies.

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Evangeline Gicale
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369 views1 page

Worksheet Exercise - Acctg. 1

This document provides the accounts and balances for Goodgood Consulting Services before year-end adjustments on December 31, 2018, including revenues, expenses, assets, and equity accounts. It also lists the adjustments needed for accrued salaries, depreciation, expired insurance, unearned revenue, and used office supplies.

Uploaded by

Evangeline Gicale
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Accounting 1

Practice Exercise

Below are the accounts of Goodgood Consulting Services prior to the December
31, 2018 year end adjustments:

Revenues Earned P 17,500 Unearned Revenue P 4,000


Office equipment 10,000 Accounts Payable 3,500
Good, Capital 7,000 Accounts Receivable 3,000
Salary expense 6,500 Good, Withdrawals 2,500
Office supplies on hand 6,000 Cash 2,000
Accumulated Depreciation 5,000 Rent Expense 1,500
Prepaid Insurance 4,500 Miscellaneous Expense 1,000

The following data are available for the December 31, 2018 year end
adjustments:

1. Accrued salaries, P2,500.00


2. Depreciation 2,000.00’
3. Expired insurance 1,500.00
4. Unearned revenue
during the Year 1,000.00
5. Office supplies on
Hand 500.00
‘

Prepare a complete worksheet using a columnar working paper.

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