Fo

UNADJUSTED TRIAL BALANCE

ACCOUNT TITLES
Dr Cr
Cash 262,905.80
Petty Cash Fund 10,700.00
Accounts Receivable 81,300.00
Allowance for bad debts 2,500.00
Notes Receivable 150,000.00
Office Supplies Inventory 26,800.00
Merchandise Inventory 100,000.00
Prepaid Insurance 5,000.00
Prepaid Rent 10,000.00
Building 1,000,500.00
Accumulated Depreciation: Building 187,833.33
Office Equipment 50,000.00
Accumulated Depreciation: Office Equipment 5,670.00
Land 1,500,000.00
Accounts Payable 72,500.00
Notes Payable 30,125.00
Unearned Rent Revenue 46,000.00
Interest Payable 1,200.00
Mortgage Payable 500,311.00
Sales 1,306,678.00
Sales Discount 9,897.00
Sales Returns 5,913.00
Purchases 300,800.00
Purchase Discount 3,637.80
Purchase Returns 7,800.00
Salaries Expense 36,000.00
Miscellaneous Expense 1,722.67
Interest Expense 2,100.00
Freight in 4,000.00
Freight-out 7,000.00
Depreciation Expense 89,833.33
Earned Rent Revenue 46,000.00
De Veyra Capital 1,449,216.67
Total 3,656,971.80 3,656,971.80
Adjustments:
Prepaid Salaries
Insurance Expense
Rent Expense
Interest Receivable
Interest Income
Office Supplies Expense
Bad Debts Expense
Merchandise Inventory, end
Total
Net Profit
Total
 De Veyra Company
Worksheet
For the year ended December 31, 2018
ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT
Dr. Cr. Dr Cr Dr
262,905.80
10,700.00
5,000.00 86,300.00
10,000.00 7,500.00
150,000.00
24,300.00 2,500.00
100,000.00 100,000.00
5,000.00
8,000.00 2,000.00
1,000,500.00
8,166.67 196,000.00
50,000.00
4,000.00 9,670.00
1,500,000.00
72,500.00
30,125.00
46,000.00
3,615.00 4,815.00
500,311.00
1,306,678.00
9,897.00 9,897.00
5,913.00 5,913.00
300,800.00 300,800.00
3,637.80
7,800.00
18,000.00 18,000.00 18,000.00
1,722.67 1,722.67
3,615.00 5,715.00 5,715.00
4,000.00 4,000.00
7,000.00 7,000.00
12,166.67 102,000.00 102,000.00
46,000.00 92,000.00
5,000.00 1,454,216.67

18,000.00 18,000.00
5,000.00 5,000.00 5,000.00
8,000.00 8,000.00 8,000.00
22,500.00 22,500.00
22,500.00 22,500.00
24,300.00 24,300.00 24,300.00
 10,000.00 10,000.00 10,000.00

154,581.67 154,581.67 3,707,753.47 3,707,753.47 602,347.67

985,268.13
1,587,615.80
NCOME STATEMENT BALANCE SHEET
Cr Dr Cr
262,905.80
10,700.00
86,300.00
7,500.00
150,000.00
2,500.00

2,000.00
1,000,500.00
196,000.00
50,000.00
9,670.00
1,500,000.00
72,500.00
30,125.00

4,815.00
500,311.00
1,306,678.00

3,637.80
7,800.00

92,000.00
1,454,216.67

18,000.00

22,500.00
22,500.00
 155,000.00 155,000.00
1,587,615.80 3,260,405.80 2,275,137.67
985,268.13
1,587,615.80 3,260,405.80 3,260,405.80
 De Veyra Company
Statement of Financial Performance
For the year ended December 30, 2018

Net Sales
Gross Sales 1,306,678.00
Less: Sales Discount 9,897.00
Sales Return 5,913.00
Net Sales 1,290,868.00

Cost of Goods Sold

Merchandise Inventory, beg. 100,000.00
Purchases 300,800.00
Less: Purchase Discount 3,637.80
Purchase Returns 7,800.00
Net Purchases 289,362.20
Add: Freight in 4,000.00
COGAS 393,362.20
Less: Merchandise Inventory, end. 155,000.00
Cost of Goods Sold 238,362.20
Gross Profit
Add: Interest Income 22,500.00
Rent Revenue 92,000.00
1,167,005.80

Operating Expenses
Freight-out 7,000.00
Salaries Expense 18,000.00
Miscellaneous Expense 1,722.67
Interest Expense 5,715.00
Insurance Expense 5,000.00
Rent Expense 8,000.00
Supplies Expense 24,300.00
Bad Debts Expense 10,000.00
Depreciation Expense:Building 98,000.00
Depreciation Expense:Office Equipment 4,000.00
181,737.67

Net Profit 985,268.13

 De Veyra Company
Statement of Financial Position
As of December 31, 2018

ASSETS
Current Assets: Current Liabilities
Cash 262,905.80
Petty Cash Fund 10,700.00
Accounts Receivable 86,300.00 Non-current Liabities
Allowance for Bad Debts 7,500.00 78,800.00
Notes Receivable 150,000.00
Office Supplies Inventory 2,500.00
Prepaid Salaries 18,000.00
Prepaid Rent 2,000.00 Total Liabilities
Interest Receivable 22,500.00
Merchandise Inventory, end 155,000.00
Total Current Assets 702,405.80
De Veyra, Capital
Non-Current Assets
Total Liabilities and Owner's Equity

Property and Equipment

Building 1,000,500.00
Acc. Dep'n-Building 196,000.00 804,500.00
Office Equipment 50,000.00
Acc. Dep'n-Office Equipment 9,670.00 40,330.00
Land 1,500,000.00
Total Non-current Assets 2,344,830.00

Total Assets
3,047,235.80
 y De Veyra Company
Position Statement of Financial Posit
2018 As of December 31, 2018

LIABILITIES De Veyra Capital January 31, 2018

Current Liabilities Add: Profit
Accounts Payable 72,500.00 Total

Non-current Liabities De Veyra Capital, December 31, 2018

Notes Payable 30,125.00
Interest Payable 4,815.00
Mortgage Payable 500,311.00

Total Liabilities 607,751.00

OWNER'S EQUITY
De Veyra, Capital 2,439,484.80

Total Liabilities and Owner's Equity 3,047,235.80

 De Veyra Company
Statement of Financial Position
As of December 31, 2018

nuary 31, 2018 1,454,216.67

985,268.13
2,439,484.80

December 31, 2018 2,439,484.80

 Cash Purchases
13,068.00 2,000.00 56,000.00
49,000.00 1,000.00 44,800.00
62,068.00 1,500.00
1,800.00 100,800.00
21,952.00
12,902.40
5,000.00 Purchase Discount
22,275.00 448.00
30,732.80 537.60
99,162.20 225.00
37,094.20 627.20
1,837.80

Depreciation Expense:Building
8,166.67
Depreciation Expense:OE
4,000.00

Accumulated Depreciation:Building
8,166.67
Accumulatd Depreciation:OE
4,000.00

Rent Expense
Insurance Expense 8,000.00
5,000.00

Prepaid Rent
Prepaid Insurance 8,000.00
5,000.00

Unearned Rent Revenue Rent Revenue

46,000.00 46,000.00
 Purchase Returns Accounts Receivable Freight in
3,600.00 22,000.00 13,200.00 2,000.00
1,000.00 50,000.00
Sales Discount 1,500.00 63,200.00
132.00 50,000.00 Freight-out
1,000.00 5,000.00
1,132.00 74,500.00
11,300.00
Sales
22,000.00 Office Supplies Invento
50,000.00 Accounts Payable 1,800.00
22,400.00 56,000.00
72,000.00 13,440.00 44,800.00
3,600.00 Office Supplies Expens
Salaries Expense 22,500.00 100,800.00
18,000.00 31,360.00 7,500.00
93,300.00

Interest Receivable Prepaid Salaries

22,500.00 18,000.00

Interest Income De Veyra Capital

22,500.00 5,000.00

Interest Expense Bad Debts Expense

3,615.00 10,000.00

Allowance for Bad Debts

Interest Payable 10,000.00
3,615.00
 Freight in

Freight-out

fice Supplies Inventory

24,300.00
22,500.00

ffice Supplies Expense

24,300.00

-
De Veyra Company
General Journal

Dec-03 Purchases 56,000.00

Accounts Payable 56,000.00

Dec-04 Purchases 44,800.00

Accounts Payable 44,800.00

Dec-05 Freight in 2,000.00

Cash 2,000.00

Dec-06 Accounts Receivable 22,000.00

Sales 22,000.00

Accounts Receivable 1,000.00

Cash 1,000.00

Dec-07 Accounts Receivable 1,500.00

Cash 1,500.00

Dec-08 Office Supplies Inventory 1,800.00

Cash 1,800.00

Dec-10 Accounts Payable 22,400.00

Purchase Discount 448.00
Cash 21,952.00

Dec-14 Accounts Payable 13,440.00

Purchase Discount 537.60
Cash 12,902.40

Dec-15 Freight out 5,000.00

Cash 5,000.00

Dec-17 Accounts Receivable 50,000.00

Sales 50,000.00

Dec-17 Accounts Payable 3,600.00

Purchase Returns and Allowances 3,600.00

Dec-18 Accounts Payable 22,500.00

Purchase Discount 225.00
Cash 22,275.00

Dec-19 Accounts Payable 31,360.00

Purchase Discount 627.20
Cash 30,732.80
 Dec-25 Cash 13,068.00
Sales Discount 132.00
Accounts Receivable 13,200.00

Dec-27 Cash 49,000.00

Sales Discount 1,000.00
Accounts Receivable 50,000.00

Dec-31

Other information
a. Depreciation Expense:Office Equipm 4,000.00
Accumulated Depreciation:Office Equipment 4,000.00

b. Depreciaton Expense:Building 8,166.67

Accumulated Depreciation 8,166.67

c. Accounts Receivable 5,000.00

De Veyra Capital 5,000.00

d. Prepaid Salaries 18,000.00

Salaries Expense 18,000.00

Insurance Expense 5,000.00

Prepaid Insurance 5,000.00

Rent Expense 8,000.00

Prepaid Rent 8,000.00

e.Unearned Rent Revenue 46,000.00

Earned Rent Revenue 46,000.00

f. Interest Receivable 22,500.00

Interest Income 22,500.00

Interest Expense 3,615.00

Interest Payable 3,615.00

g. Office Supplies Expense 24,300.00

Office Supplies Inventory 24,300.00

h. Bad Debts Expense 10,000.00

Allowance for Bad Debts 10,000.00

i. Merchandise Inventory-End 155,000.00

Income and Expense Summary 155,000.00
 purchases
ap
Freight in
cash
ar
sales
supplies
purchase discount
sales discount
mistake amount purchase returns
freight out

mistake date

mistake date and amount

mistake amount, discount, date kasi

NO ENTRY

remaining useful life, not useful life so igmiminus an acc dep'n na 5670

it sales kasi nacloclose kada period so diri macredit hin sales. An sales nakadto ha capital so ha capita ka maadd
diri ka pwede magrecord hin sale ha yana na year kay kanan last year pa adto

bali mayda ka prepaid na salary, not cash, prepaid la. Gin ibanan la an im 36k na salaries hin 18k

half of the unearned revenue was already earned

gin edit na. nag add hin earned rent revenue, tas iban ha capital

accrual of interest

% of AR required allowance
% of Sales bad debts expense
Aging required allowance

No entry kay direct method

adto la ha closing entry
100,800.00
7,500.00
2,000.00
37,094.20
11,300.00
72,000.00
1,800.00
1,837.80
1,132.00
3,600.00
5,000.00
122,032.00 122,032.00
pita ka maadd
Change in accounting estimate

cost of equipment 1,000,000.00

less acc dep'n 300,000.00
BOOK VALUE 700,000.00

remaining useful life 7 years

700,000.00
divided by
7
equals 100,000.00

Correction of error