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    FABM1 Q4 L5 Worksheet Preparation Service Business

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    Erica Napigkit

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    © All Rights Reserved
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    FABM1 Q4 L5 Worksheet Preparation Service Business

    Uploaded by

    Erica Napigkit
    21 views10 pages

    Copyright

    © © All Rights Reserved

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    PPTX, PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    21 views10 pages

    FABM1 Q4 L5 Worksheet Preparation Service Business

    Uploaded by

    Erica Napigkit

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 10

    FUNDAMENTA

    LS OF
    ACCOUNTANC
    Y BUSINESS
    MANAGEMEN
    T1
    Quarter 4 – Lesson 5
    WORKSHEET
    -
    SERVICE
    BUSINESS
    Mrs. Rubyrosa C. Nazal
    1. PREPARING THE ADJUSTED
    TRIAL BALANCE
    After all the adjusting entries and postings have been
    journalized and posted, the accountant may now prepare the
    adjusted trial balance. The main difference of adjusted trial
    balance to the unadjusted trial balance is the amounts are
    already adjusted to its correct figures. The accounts which are
    not previously included in the trial balance are now listed in
    the adjusted trial balance.
    PREPARING THE
    ADJUSTED TRIAL
    BALANCE
    Given is the trial balance of Matulungin Service Company for the year
    ended December 31, 2019.

     At year end the following


    adjustments take place:
    1. accrued interest in notes payable
    amounted to P500.
    2. inventory of supplies amounted to
    P1,000.
    3. depreciation for equipment
    amounted to P1,000.

    After journalizing and posting the adjusting entries, we can derive the
    updated balances of each account using a worksheet.
    Enter all the adjustments in the
    column for adjustments. If the
    account title is not included in the
    trial balance, list down the
    accounts used following the totals
    of the trial balance.
    Combine the account balances horizontally line by
    line. If the account has no adjustment just copy the
    amount and put it in its proper debit or credit
    balances. Examples are the account of Cash and
    Accounts Payable.
    Supplies account has a debit balance of P5,000 in
    the trial balance but it has a credit balance of P4,000
    in the adjustments’ column. Subtract the balances
    and put the difference in the debit or credit balance
    column whichever is higher. The balance should be
    in the normal account balance of the account. Just
    do this until the end and get the total debit and
    credit columns.
    From the worksheet, you may now
    derive a more organized adjusted
    trial balance. In this adjusted trial
    balance, notice that the accounts
    are arranged properly, from assets
    to expanse accounts. Accounts
    which have an open balance are
    presented.
    THANK YOU FOR
    LISTENING!

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