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Jose Calves Assignment

The document outlines the financial details of Mr. Jose Calves' accounting firm, including unadjusted ledger balances as of December 31. It specifies necessary year-end adjustments for various accounts such as office supplies, insurance, and accrued expenses. Additionally, it lists required financial statements and entries to be prepared, including adjusting entries, an adjusted trial balance, and closing entries.

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Maue Loreto
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89 views1 page

Jose Calves Assignment

The document outlines the financial details of Mr. Jose Calves' accounting firm, including unadjusted ledger balances as of December 31. It specifies necessary year-end adjustments for various accounts such as office supplies, insurance, and accrued expenses. Additionally, it lists required financial statements and entries to be prepared, including adjusting entries, an adjusted trial balance, and closing entries.

Uploaded by

Maue Loreto
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Jose Calves

Mr. Jose Calves operates an accounting firm and the following unadjusted ledger balances as of
December 31 of the current year are made available:

Cash 30,250 Jose Calves, Capital 64,880


Accounts Receivable 50,000 Jose Calves, Drawing 40,400
Notes Receivable 20,000 Service Revenue 439,500
Accrued Interest Income - Rent Income -
Prepaid Insurance - Salary Expense 215,500
Office Supplies - Utilities Expense 16,500
Office Equipment 91,600 Insurance Expense 7,200
Accumulated Depreciation-Office Equipment 18,320 Supplies Expense 5,400
Accounts Payable 9,250 Depreciation Expense- Off. Eq. -
Accrued Salary Expense - Miscellaneous Expense 12,600
Accrued Rent Expense - Interest Income -
Unearned Rent Income 12,500 Rent Expense 55,000

The data needed to determine the year-end adjustments are as follows:

1. Office Supplies used during the year amounted to P4.050.


2. One-year insurance premium was paid on April 1 of the current year.
3. Office Equipment has a useful life of 10 years without salvage value.
4. Monthly rental for December in the amount of P5,000 was due but not yet paid
5. Accrued fees earned but not yet collected, P10,000
6. Unpaid salaries and wages at December 31 were P4,400.
7. Unearned Rental Income as at December 31 were P6,500
8. The 60-day, 12% note receivable was received on December 1.

Required:
A. Prepare the adjusting entries
B. Prepare the adjusted trial balance
C. Prepare the Income Statement
D. Prepare the Balance Sheet
E. Prepare the Statement of Changes in Owner’s Equity
F. Closing Entries
G. Post-Closing Trial Balance

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