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This document provides an adjusted trial balance, income statement, and balance sheet for Moises Dondoyano Information Systems for the year ended December 31, 2019. It shows revenue of $6,550,000 and expenses of $5,370,000, resulting in a net profit of $1,240,000. It also provides adjustments to various accounts, including $260,000 to prepaid advertising expense, $90,000 to engineering supplies, and $160,000 to accumulated depreciation on survey equipment.

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Blesh Macusi
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5K views14 pages

MODULE-5 Ac 5 in

This document provides an adjusted trial balance, income statement, and balance sheet for Moises Dondoyano Information Systems for the year ended December 31, 2019. It shows revenue of $6,550,000 and expenses of $5,370,000, resulting in a net profit of $1,240,000. It also provides adjustments to various accounts, including $260,000 to prepaid advertising expense, $90,000 to engineering supplies, and $160,000 to accumulated depreciation on survey equipment.

Uploaded by

Blesh Macusi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Moises Dondoyano Information Systems

Worksheet
For the year ended December 31, 2019
Revenue
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement
Account Title Debit Credit Debit Credit Debit Credit Debit
110 Cash 210,000.00 210,000.00
120 Accounts Receivable 930,000.00 930,000.00
130 Prepaid Advertising 360,000.00 260,000.00 100,000.00
140 Engineering Supplies 270,000.00 90,000.00 180,000.00
150 Survey Equipment 1,890,000.00 1,890,000.00
160 Accum Depreciation-Survey Equipment 640,000.00 160,000.00 800,000.00
210 Accounts Payable 190,000.00 190,000.00
220 Unearned Service Revenues 120,000.00 40,000.00 80,000.00
230 Notes Payable 500,000.00 500,000.00
310 Besario, Capital 1,120,000.00 1,120,000.00
320 Besario, Withdrawals 700,000.00 700,000.00
330 Survey Revenues 6,510,000.00 40,000.00 6,550,000.00
410 Salaries Expense 3,270,000.00 140,000.00 3,410,000.00 3,410,000.00
420 Rent Expense 960,000.00 960,000.00 960,000.00
430 Insurance Expense 250,000.00 250,000.00 250,000.00
440 Utilities Expense 160,000.00 160,000.00 160,000.00
450 Miscellaneous Expense 80,000.00 80,000.00 80,000.00
Totals 9,080,000.00 9,080,000.00
460 Advertising Expense 260,000.00 260,000.00 260,000.00
470 Engineering Supplies Expense 90,000.00 90,000.00 90,000.00
480 Depreciation Exp-Equipment 160,000.00 - 160,000.00 160,000.00
490 Salaries Payable 140,000.00 140,000.00
465 Interest Receivable 60,000.00 60,000.00
340 Interest Revenue 60,000.00 60,000.00
Totals 750,000.00 750,000.00 9,440,000.00 9,440,000.00 5,370,000.00
Profit 1,240,000.00
6,610,000.00
Expense
e Statement Balance Sheet
Credit Debit Credit
210,000.00
930,000.00
100,000.00
180,000.00
1,890,000.00
800,000.00
190,000.00
80,000.00
500,000.00
1,120,000.00
700,000.00
6,550,000.00

140,000.00
60,000.00
60,000.00
6,610,000.00 4,070,000.00 2,830,000.00
1,240,000.00
6,610,000.00 4,070,000.00 4,070,000.00
Moises Dondoyano Information Systems
Income Statement
For the year ended December 31, 2019

Revenues
Consulting Revenues 2,258,000.00
Interest Revenue 24,000.00
Total 2,282,000.00
Expenses
Salaries Expense 889,000.00
Dep'n Expense-Equipment 123,000.00
Repairs Expense 116,000.00
Office Supplies Expense 42,000.00
Dep'n Expense-Building 38,000.00
Miscellaneous Expense 37,000.00
Total 1,245,000.00
PROFIT 1,037,000.00

Moises Dondoyano Information Systems


Statement of Changes in Equity
For the year ended December 31, 2019

Dondoyano, Capital , 1/1/2019 2,655,000.00


Add: Profit 1,037,000.00
Total 3,692,000.00
Less: Withdrawals 600,000.00
Dondoyano, Capital , 12/31/2019 3,092,000.00
Moises Dondoyano Information Systems
Balance Sheet
As of December 31, 2019

ASSETS
Current Assets
Cash
Notes Receivable
Accounts Receivable
Interest Receivable
Office Supplies
Total Current Assets
Property & Equipment
Land
Building 1,590,000.00
less:Accum Depreciation-Building 292,000.00
Equipment 2,150,000.00
less:Accum Depreciation-Equipment 735,000.00
TOTAL ASSETS

LIABILITIES
Current Liabilities
Accounts Payable
Unearned Consulting Revenues
Salaries Payable
Total Current Liabilities

OWNER'S EQUITY
Dondoyano, Capital , 12/31/2019
TOTAL LIABILITIES & OWNER'S EQUITY
ation Systems
t
2019

45,000.00
360,000.00
156,000.00
24,000.00
21,000.00
606,000.00

300,000.00

1,298,000.00

1,415,000.00 3,013,000.00
3,619,000.00

213,000.00
300,000.00
14,000.00
527,000.00

TY
3,092,000.00
3,619,000.00
Adjusting Entries
a) Office Supplies Expense 42,000 Asset
Office Supplies 42,000

b) Unearned Consulting Revenues 150,000 Liability


Consulting Revenues 150,000

c) Depreciation Expense-Building 38,000


Depreciation Expense-Equipment 123,000
Accumulated Depreciation -Building 38,000
Accumulated Depreciation -Equipment 123,000

d) Salaries Expense 14,000


Salaries Payable 14,000

e) Interest Receivable 24,000


Interest Revenues 24,000

2019 360,000 x .20 x 4/12 = 24,000


Office Supplies Expense
42,000

Office Supplies
63,000 42,000
21,000
CLOSING ENTRY/IES

Real/Permanent Accounts
2019 Assets 2020
Liab
OE
Nominal/Temporary Accounts
2019 Rev 2020 Rev
Exp Zero Exp

2019 DEBIT CREDIT 2020


Cash 45,000.00
Notes Receivable 360,000.00 Income Summary
Accounts Receivable 156,000.00 1,245,000
Interest Receivable 24,000.00
Office Supplies 21,000.00 0
Land 300,000.00
Building 1,590,000.00
Accum Depreciation-Building 735,000.00
Equipment 2,150,000.00
Accum Depreciation-Equipment 213,000.00
Accounts Payable 213,000.00
Unearned Consulting Revenues 300,000.00
Salaries Payable 14,000.00
Dondoyano, Capital, 1/1/2019 2,655,000.00
Dondoyano, Withdrawals 600,000.00
Consulting Revenues 2,258,000.00
Interest Revenue 24,000.00
Salaries Expense 889,000.00
Repairs Expense 116,000.00
Miscellaneous Expense 37,000.00
Office Supplies Expense 42,000.00
Depreciation Exp-Bldg 38,000.00
Depreciation Exp-Equipment 123,000.00
Closing Entries

1 Consulting Revenues 2,258,000


Interest Revenue 24,000
Income Summary

2 Income Summary 1,245,000


Salaries Expense
Repairs Expense
Miscellaneous Expense
Office Supplies Expense
Depreciation Exp-Bldg
Depreciation Exp-Equipment
Income Summary
2,282,000
1,037,000 3 Income Summary 1,037,000
0 Dondoyano, Capital

4 Dondoyano, Capital 600,000


Dondoyano, Withdrawals
2,282,000

889,000.00
116,000.00
37,000.00
42,000.00
38,000.00
123,000.00

1,037,000

600,000
Moises Dondoyano Information Systems
Post-Closing Trial Balance
For the year ended December 31, 2019

Cash 45,000.00
Notes Receivable 360,000.00
Accounts Receivable 156,000.00
Interest Receivable 24,000.00
Office Supplies 21,000.00
Land 300,000.00
Building 1,590,000.00
Accum Depreciation-Building 292,000.00
Equipment 2,150,000.00
Accum Depreciation-Equipment 735,000.00
Accounts Payable 213,000.00
Unearned Consulting Revenues 300,000.00
Salaries Payable 14,000.00
Dondoyano, Capital, 12/31/2019 3,092,000.00
4,646,000.00 4,646,000.00
Adjustments

Accrual of Income and Expense

Deferral Asset and Liability using Expense Method and Income Method
2020
2020 WITHOUT R.E.
Jan-01 Salaries Payable 14,000 Jan-01
Salaries Expense 14,000

Interest Revenue 24,000 May-31 Cash


Interest Receivable 24,000

360,000 x . 20 x 9/12 = 54,


2019
2020
WITH

2020
WITH R.E
Jan-01 Interest Revenue 24,000
Interest Receivable 24,000

414,000 May-31 Cash 414,000


Notes Receivable 360,000 Notes Receivable 360,000
Interest Receivable 24,000 Interest Revenue 54,000
Interest Revenue 30,000
360,000 x . 20 x 9/12 = 54,000
24,000 4 mos
30,000 5 mos

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