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Preparing The Working Paper

The document is a working trial balance for Square Talent Agency for October 31, 2020. It shows the unadjusted trial balance and various adjustments including prepaid rent, supplies used, and depreciation expense. The adjusted trial balances are provided for the income statement and statement of financial position. The adjustments are recorded through journal entries to account for items such as unearned revenue, prepaid expenses, and accrued salaries. The net income for the period is P4,970.

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Chriszel Dianne Damasing
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185 views5 pages

Preparing The Working Paper

The document is a working trial balance for Square Talent Agency for October 31, 2020. It shows the unadjusted trial balance and various adjustments including prepaid rent, supplies used, and depreciation expense. The adjusted trial balances are provided for the income statement and statement of financial position. The adjustments are recorded through journal entries to account for items such as unearned revenue, prepaid expenses, and accrued salaries. The net income for the period is P4,970.

Uploaded by

Chriszel Dianne Damasing
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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SQUARE TALENT AGENCY

Working Paper
October 31, 2020
(In thousand Philippine Pesos)
Unadjusted Adjustments
Trial Balance
Accounts Debit Credit Debit Credit

11 Cash 1,900.00
12 Accounts Receivable 15,310.00
13 Prepaid Rent 2,200.00 b 200.00
14 Supplies 840.00 c 770.00
15 Furniture 26,830.00
16 Accumulated Depreciation - Furniture 3,400.00 d 250.00
17 Building 68,300.00
18 Accumulated Depreciation - Building 12,100.00 e 580.00
21 Accounts Payable 7,290.00
22 Salary Payable f 310.00
23 Unearned Commision Revenue 5,300.00 a 400.00
31 Sherwin Square, Capital 84,490.00
32 Sherwin Square, Withdrawal 3,900.00
41 Commission Revenue 9,560.00 a 400.00
51 Salary Expense 1,840.00 f 310.00
52 Rent Expense b 200.00
53 Utilities Expense 530.00
54 Depreciation Expense - Furniture d 250.00
55 Depreciation Expense - Building e 580.00
56 Advertising Expense 490.00
57 Supplies Expense c 770.00
------------- -------------
122,140.00 122,140.00
======== ========

------------- -------------
Balances 2,510.00 2,510.00
Net Income ======== ========

Balances

Adjustment Data( in thousand pesos) :


a. Unearned commission revenue still unearned at October 31, P4,900.
b. Prepaid rent still in force at October 31, P2,000.
c. Supplies used during the month, P770.
d. Depreciation on furniture for the month, P250.
e. Depreciation on building for the month, P580.
f. Accrued salary expense at October 31, P310.

AJE
a Unearned Commission Revenue 400.00
Commission Revenue 400.00
5300 - 4900 = 400

b Rent Expense 200.00


Prepaid Rent 200.00
2200 - 2000 = 200

c Supplies Expense 770.00


Supplies 770.00

d Depreciation Expense - Furniture 250.00


Accumulated Depreciation 250.00

e Depreciation Expense - Building 580.00


Accumulated Depreciation 580.00

f Salary Expense 310.00


Salary payable 310.00
Adjusted Income Statement of
Trial Balance Statement Financial Position
Debit Credit Debit Credit Debit Credit worksheet or working paper
0.00 0.00 0.00 0.00 0.00 0.00 instrument used to facilitate the m
1,900.00 1,900.00 of the financial statement.
15,310.00 15,310.00
2,000.00 2,000.00
70.00 70.00
26,830.00 26,830.00
3,650.00 3,650.00
68,300.00 68,300.00
12,680.00 12,680.00
7,290.00 7,290.00
310.00 310.00
4,900.00 4,900.00
84,490.00 84,490.00
3,900.00 3,900.00
9,960.00 9,960.00
2,150.00 2,150.00
200.00 200.00
530.00 530.00
250.00 250.00
580.00 580.00
490.00 490.00
770.00 770.00

------------- ------------- ------------- ------------- ------------- -------------


123,280.00 123,280.00 4,970.00 9,960.00 118,310.00 113,320.00
======== ======== 4,990.00 4,990.00
------------- ------------- ------------- -------------
9,960.00 9,960.00 118,310.00 118,310.00
======== ======== ======== ========
t or working paper
nt used to facilitate the making or preparation
ancial statement.

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