Fundamentals of Accountancy, Business, and Management Grade 12 Problem 3 Basic Ballada PDF

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Remedios Palaganas Gourmet Food Worksheet December 31, 2018Accounts TitleUnadjusted Adjusted Trial Balance Adjustment Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 504,000) 504,000) 504,000) Accounts Receivable 789,000) 789,000) 78...

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Remedios Palaganas Gourmet Food Worksheet December 31, 2018 Unadjusted Accounts Title

Adjusted

Trial Balance Debit Credit

Adjustment Debit

Credit

Trial Balance Debit Credit

Income Statement Debit Credit

Balance Sheet Debit Credit

Cash

504,000

504,000

504,000

Accounts Receivable

789,000

789,000

789,000

Prepaid Rent

144,000

a

72,000

72,000

72,000

Cooking Supplies

357,000

b

332,000

25,000

25,000

530,000 1,250,000

530,000 1,250,000

Land Building

530,000 1,250,000

Accumulated Depreciation - building Cooking Equipment

413,000

Accumulated Depreciation - cooking expense

1,400,000 117,000

Palaganas, Capital

Travel Expense Advertising Expense

127,000 215,000

Total Rent Expense

28,000

252,000

465,000 870,000

240,000

240,000

1,148,000 117,000

1,148,000 117,000

1,435,000

1,435,000

240,000 2,256,000

619,000

Insurance Expense

465,000

1,435,000

Gourmet Cooking Revenues

Utilities Expense

c e

240,000

Salaries Expense

Miscellaneous Expense

52,000 870,000

212,000

Notes Payable Accounts Payable Palaganas, Withdrawal

c

870,000

240,000 2,256,000

d

27,000

2,256,000

646,000

646,000

127,000 215,000

127,000 215,000

40,000

40,000

40,000

102,000

102,000

102,000

46,000 5,833,000

46,000

46,000

5,833,000 a

72,000

72,000

72,000

Supplies Expense

b

332,000

332,000

332,000

Depreciation Expense - Cooking Equipment

c

28,000

28,000

28,000

Depreciation Expense - Building Accrued Salaries

c

52,000

52,000

52,000

Accrued Interest Total Net Income Total

763,000

d

27,000

27,000

27,000

e

252,000 763,000

252,000 5,940,000

5,940,000

1,660,000

2,256,000

4,280,000

252,000 3,684,000

596,000 2,256,000

2,256,000

4,280,000

596,000 4,280,000

ADJUSTING JOURNAL ENTRY Debit a

Rent Expense

72,000

Prepaid Rent b

Supplies Expense (P357,000 - P25,000)

72,000 332,000

Cooking Supplies c

d

332,000

Depreciation Expense - Cooking Equipment

28,000

Depreciation Expense - Building

52,000

Accumulated Depreciation - Cooking Equipment

28,000

Accumulated Depreciation - Building

52,000

Salaries Expense

27,000

Accrued Salaries e

Debit

Notes Payable Accrued Interest

27,000 252,000 252,000

CLOSING ENTRIES Debit a

Gourmet Cooking Revenues Income Summary

b

Income Summary

2,256,000 1,660,000

Salaries Expense

646,000

Travel Expense

127,000

Advertising Expense

215,000

Insurance Expense

40,000

Utilities Expense

102,000

Miscellaneous Expense

46,000

Rent Expense

72,000

Supplies Expense

c

332,000

Depreciation Expense - Cooking Equipment

28,000

Depreciation Expense - Building

52,000

Income Summary

1,435,000

Palaganas, Capital d

Credit

2,256,000

Palaganas, Capital Palaganas, Withdrawal

1,435,000 240,000 240,000

FINANCIAL STATEMENT Remedios Palaganas Gourmet Food Income Statement for the ended year - December 31,2018 Gourmet Cooking Revenues Less:

2,256,000

Salaries Expense

646,000

Travel Expense

127,000

Advertising Expense

215,000

Insurance Expense

40,000

Utilities Expense

102,000

Miscellaneous Expense

46,000

Rent Expense

72,000

Supplies Expense

332,000

Depreciation Expense - Cooking Equipment

28,000

Depreciation Expense - Building

52,000

Net Income

1,660,000 596,000

Remedios Palaganas Gourmet Food Statement of Changes in Equity for the ended year - December 31,2018 Beginning Capital Balance Add: Less:

1,435,000

Additional Investment

-

Net Income

596,000

Withdrawals

240,000

Net Loss

1,791,000

Ending Capital Balance

Remedios Palaganas Gourmet Food Balance Sheet as of December 31, 2018 Assets Current Assets Cash

504,000

Accounts Receivable

789,000

Prepaid Rent

72,000

Cooking Supplies

25,000

1,390,000

Non-current Assets Land

530,000

Building Less:

1,250,000 Accumulated Depreciation - building

465,000

Cooking Equipment Less:

1,315,000

870,000

Accumulated Depreciation - cooking expense

240,000

630,000

3,335,000

Total Assets Liabilities and Owner's Equity Current Liabilities Notes Payable

1,945,000

1,148,000

Accounts Payable

117,000

Accrued Salaries

27,000

Accrued Interest

252,000

1,544,000

Owner's Equity Palaganas, Capital

1,791,000

Total Liabilities and Owner's Equity

3,335,000

Post Closing Trial Balance Remedios Palaganas Gourmet Food Post Closing Trial Balance December 31, 2018 Debit Cash

504,000

Accounts Receivable

789,000

Prepaid Rent

72,000

Cooking Supplies

25,000

Land Building

530,000 1,250,000

Accumulated Depreciation - building Cooking Equipment

Credit

465,000 870,000

Accumulated Depreciation - cooking expense

240,000

Notes Payable

1,148,000

Accounts Payable

117,000

Accrued Salaries

27,000

Accrued Interest

252,000

Palaganas, Capital

1,791,000 4,040,000

4,040,000

Reversing Entries a

Accrued Interest Accrued Salaries

252,000 27,000...