Name: ________________________________________________ University of Luzon

ACC100-SW (Worksheet and FS preparation and Closing entries) College of Accountancy

I. Lalaban Advertising Agency was founded in January 2008. Presented below is an incomplete worksheet after adjustments as of December 31, 2018.

Lalaban Advertising Agency

Worksheet
December 31, 2018
Account Titles Adjusted Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr.
Cash P11, 000
Accounts Receivable 23, 500
Art Supplies 3, 000
Prepaid Insurance 2, 500
Printing Equipment 55, 000
Accumulated Depreciation P33, 000
Accounts Payable 5, 000
Interest Payable 150
Salaries Payable 1, 300
Unearned Advertising Revenue 5, 600
Notes Payable 5, 000
Lalaban, Capital 13,500
Lalaban, Withdrawals 5, 000
Advertising Revenue 63, 500
Salaries Expense 11, 300
Insurance Expense 850
Interest Expense 500
Depreciation Expense 5, 000
Art Supplies Expense 5, 400
Rent Expense 4, 000
P127, 050 P127, 050
Net Income (Net Loss)

Required: Complete the worksheet above.

Prepare the following in good form: (Use separate sheet of paper)
a. Income Statement
b. Statement of Changes in Equity
c. Statement of Financial Position
d. Closing entries
Name: ________________________________________________ University of Luzon
ACC100-SW (Worksheet and FS preparation and Closing entries) College of Accountancy
II. Kakayanin Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.

Kakayanin Company
Worksheet
For the month ended September 30, 2018
Account Titles Unadjusted Trial Balance Adjustments Adjusted Trial Income Statement Balance Sheet
Balance
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash P37,400
Supplies 18,600
Prepaid Insurance 31,900
Land 80,000
Equipment 120,000
Accumulated Depreciation P36,200
Accounts Payable 14,600
Unearned Admissions Revenue 2,700
Property Taxes Payable
Interest Payable
Mortgage Payable 50,000
Kakayanin, Capital 109,700
Kakayanin, Drawing 14,000
Admissions Revenue 278,500
Salaries Expense 109,000
Repair Expense 30,500
Advertising Expense 9,400
Utilities Expense 16,900
Property Taxes Expense 18,000
Interest Expense 6,000
Totals P491,700 P491,700
Insurance Expense
Supplies Expense
Depreciation Expense

Net Income (Net Loss)

Name: ________________________________________________ University of Luzon
ACC100-SW (Worksheet and FS preparation and Closing entries) College of Accountancy
Additional Information:
a. Expired insurance for the period amounts to P28, 000.
b. Of the supplies, P14, 400 was used for the period.
c. Depreciation on the equipment for the period is P5, 800.
d. P2, 000 of unearned admissions revenue has been earned.
e. Accrued property taxes for the period, P3, 000.
f. Accrued interest expense, P6, 000.

Required:
a. Prepare adjusting entries.
b. Complete the worksheet.
c. Prepare closing entries.