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Trial Balance Assignment

Juan de la Cruz began his professional practice on July 1. Throughout the month, he completed various transactions including investing cash and equipment, paying rent and bills, purchasing additional equipment, completing work for and collecting payment from clients, paying wages to an assistant, and withdrawing cash for personal use. By July 31, Juan needs to prepare a trial balance to develop his first monthly financial statement.

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Adil Khan Lodhi
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126 views4 pages

Trial Balance Assignment

Juan de la Cruz began his professional practice on July 1. Throughout the month, he completed various transactions including investing cash and equipment, paying rent and bills, purchasing additional equipment, completing work for and collecting payment from clients, paying wages to an assistant, and withdrawing cash for personal use. By July 31, Juan needs to prepare a trial balance to develop his first monthly financial statement.

Uploaded by

Adil Khan Lodhi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Requirement: TRIAL BALANCE

Juan de la Cruz began professional practice as a system analyst on July 1. He


plans to prepare a monthly financial statement. During July, the owner
completed these transactions (PHP = Philippine Peso, currency of Philippines):

July 1. Owner invested PHp 500,000 cash along with computer equipment that
had a market value of php. 120,000 two years ago but was now worth Php.
100,000 only.
July 2. Paid php. 15,000 cash for the rent of office space for the month.
July 4. Purchased php. 12,000 of additional equipment on credit (due within 30
days).
July 8. Completed awork for a client and immediately collected the php. 32,000
cash.
July 10. Completed work for a client and sent a bill for php. 27,000 to be paid
within 30 days.
July 12. Purchased additional equipment for php. 8,000 in cash.
July 15. Paid an assistant php. 6,200 cash as wages for 15 days.
July 18. Collected php. 15,000 on the amount owed by the client.
July 25. Paid php. 12,000 cash to settle the liability on the equipment purchased.
July 28. Owner withdrew php. 500 cash for personal use.
July 30. Completed work for another client who paid only php. 40,000 for 50% of
the system design.
July 31. Paid salary of assistant php. 700.
July 31. Received PLDT bill, php. 1,800 and Meralco bill php. 3,800.
Requirement: Prepare the trial balance for this business.
ADJUSTED TRIAL BALANCE

Adjustements:

Requirement :

Adjusted Trial balance


Information:

- Paul pays his $1,000 January rent in December.

Paul's December electric bill was $200 and is due January 15th.

Paul's leasehold improvement depreciation is $2,000 for the year.


On December 31, a customer prepays $1000 for guitar lessons for the next 6 months
Paul's employee works half a pay period, so Paul accrues $500 of wages.

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