Homework Help is Here – Start Your Trial Now!
Business
Accounting
What is the adjusted trial balance?

What is the adjusted trial balance?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Question

What is the adjusted trial balance?

(f) On April 1, 2021, the firm purchased equipment to be used in the office for P300,000. The furniture was estimated to have a useful life of five years with no salvage value. Record an adjustment for depreciation on the furniture for September. (g) The allowance for doubtful accounts is to be increased to 3% of outstanding accounts receivable. Record an adjustment for the expected loss from uncollectible accounts for the month of September. (h) On September 26, 2021, Tayane Alves contracted the firm to deliver specialized automobile part. The firm received P81,240 in advance from the customer and was recorded as unearned revenue. Parts worth 50,000 remained undelivered by month-end Record an adjustment for the revenue earned from this contract. (i) Based on a physical count, ending inventory was determined to be P6,481,600. Record an adjustment for the ending inventory.
Transcribed Image Text:(f) On April 1, 2021, the firm purchased equipment to be used in the office for P300,000. The furniture was estimated to have a useful life of five years with no salvage value. Record an adjustment for depreciation on the furniture for September. (g) The allowance for doubtful accounts is to be increased to 3% of outstanding accounts receivable. Record an adjustment for the expected loss from uncollectible accounts for the month of September. (h) On September 26, 2021, Tayane Alves contracted the firm to deliver specialized automobile part. The firm received P81,240 in advance from the customer and was recorded as unearned revenue. Parts worth 50,000 remained undelivered by month-end Record an adjustment for the revenue earned from this contract. (i) Based on a physical count, ending inventory was determined to be P6,481,600. Record an adjustment for the ending inventory.
The Unadjusted Trial Balance was prepared on September 30, 2021, which is shown below. Account Name Dr Cr Cash Petty Cash Fund Notes Receivable, due May 1, 2022 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Warehouse Equipment Accumulated Depreciation - Warehouse Equipment Office Equipment Accumulated Depreciation - Office Equipment Notes Payable, due June 30 2022 Accounts Payable Interest Payable Unearned Revenue Notes Payable, Long term Vincent Fabron, Capital Vincent Fabron, Drawing Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchase Returns and Allowances Purchase Discounts Delivery Expense Depreciation Expense - Office Equipment Depreciation Expense - Warehouse Equipment Doubtful Accounts Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Repairs Expense Salaries Expense - Warehouse Salaries Expense - Office Salaries Expense - Sales SSS, Philhealth, Pagibig Expenses Warehouse Supplies Expense Telephone Expense Travel Expense - Sales Utilities Expense 4,950,000 30,000 750,000 7,010,000 10,500 6,425,000 165,000 35,000 154,667 990,000 470,000 1,532,500 420,000 23,150,000 490,000 1,871,250 25.000 15.000 190,000 77,333 200,000 61,000 280,000 185,000 5,430,000 4,250,000 7,585,000 1,580,000 290,000 164,000 1,200,000 400,000 70,386,250 190,000 15,000 25,000 750,000 2,845,000 20,000 81.240 850,000 14,838,500 49,761,510 Rent Expense, Repairs Expense, and Utilities Expense are shared as follows: 10% for the office, 30% for the store, and 60% for the warehouse. 10,500 537,500 462,000 70,386,250
Transcribed Image Text:The Unadjusted Trial Balance was prepared on September 30, 2021, which is shown below. Account Name Dr Cr Cash Petty Cash Fund Notes Receivable, due May 1, 2022 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Warehouse Equipment Accumulated Depreciation - Warehouse Equipment Office Equipment Accumulated Depreciation - Office Equipment Notes Payable, due June 30 2022 Accounts Payable Interest Payable Unearned Revenue Notes Payable, Long term Vincent Fabron, Capital Vincent Fabron, Drawing Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchase Returns and Allowances Purchase Discounts Delivery Expense Depreciation Expense - Office Equipment Depreciation Expense - Warehouse Equipment Doubtful Accounts Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Repairs Expense Salaries Expense - Warehouse Salaries Expense - Office Salaries Expense - Sales SSS, Philhealth, Pagibig Expenses Warehouse Supplies Expense Telephone Expense Travel Expense - Sales Utilities Expense 4,950,000 30,000 750,000 7,010,000 10,500 6,425,000 165,000 35,000 154,667 990,000 470,000 1,532,500 420,000 23,150,000 490,000 1,871,250 25.000 15.000 190,000 77,333 200,000 61,000 280,000 185,000 5,430,000 4,250,000 7,585,000 1,580,000 290,000 164,000 1,200,000 400,000 70,386,250 190,000 15,000 25,000 750,000 2,845,000 20,000 81.240 850,000 14,838,500 49,761,510 Rent Expense, Repairs Expense, and Utilities Expense are shared as follows: 10% for the office, 30% for the store, and 60% for the warehouse. 10,500 537,500 462,000 70,386,250
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS