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    Total: Adjusting Entries

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    Lj Besa
    The document is an adjusted trial balance, income statement, balance sheet, and statement of changes in equity for Abella Surveyors for the year ended May 31, 2020. It shows revenues of $6,550,000 and expenses of $5,400,000, resulting in a profit of $1,150,000. As of May 31, 2020, Abella Surveyors had total assets of $4,040,000, total liabilities of $2,890,000, and owner's equity of $1,150,000. The statement of changes in equity shows owner's equity increasing by $1,150,000 in profit and decreasing by $700,000 in withdrawals, leaving equity of $

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    Total: Adjusting Entries

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    Lj Besa
    2K views8 pages
    The document is an adjusted trial balance, income statement, balance sheet, and statement of changes in equity for Abella Surveyors for the year ended May 31, 2020. It shows revenues of $6,550,000 and expenses of $5,400,000, resulting in a profit of $1,150,000. As of May 31, 2020, Abella Surveyors had total assets of $4,040,000, total liabilities of $2,890,000, and owner's equity of $1,150,000. The statement of changes in equity shows owner's equity increasing by $1,150,000 in profit and decreasing by $700,000 in withdrawals, leaving equity of $

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    Kailangan mong malaman Kung kailan ka kailangan... Para di na naranasan .. ikaw naman Ang ipaglaban

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    Abella-Surveyors

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    The document is an adjusted trial balance, income statement, balance sheet, and statement of changes in equity for Abella Surveyors for the year ended May 31, 2020. It shows revenues of $6,550,000 and expenses of $5,400,000, resulting in a profit of $1,150,000. As of May 31, 2020, Abella Surveyors had total assets of $4,040,000, total liabilities of $2,890,000, and owner's equity of $1,150,000. The statement of changes in equity shows owner's equity increasing by $1,150,000 in profit and decreasing by $700,000 in withdrawals, leaving equity of $

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    2K views8 pages

    Total: Adjusting Entries

    Uploaded by

    Lj Besa
    The document is an adjusted trial balance, income statement, balance sheet, and statement of changes in equity for Abella Surveyors for the year ended May 31, 2020. It shows revenues of $6,550,000 and expenses of $5,400,000, resulting in a profit of $1,150,000. As of May 31, 2020, Abella Surveyors had total assets of $4,040,000, total liabilities of $2,890,000, and owner's equity of $1,150,000. The statement of changes in equity shows owner's equity increasing by $1,150,000 in profit and decreasing by $700,000 in withdrawals, leaving equity of $

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 8

    Abella Surveyors

    Worksheet
    For the Year Ended May 31, 2020
    Unadjusted Trial
    Balance Adjustments
    Accounts Debit Credit Debit
    Cash 210,000
    Accounts Receivable 930,000
    Prepaid Advertising 360,000
    Engineering Supplies 270,000
    Survey Equipment 1,890,000
    Accum. Depreciation - Survey
    Equipment 640,000
    Salaries Payable
    Interest Payable
    Accounts Payable 190,000
    Unearned Survey Revenues 120,000 40,000
    Notes Payable 500,000
    Abella, Capital 1,120,000
    Abella, Withdrawals 700,000
    Survey Revenues 6,510,000
    Salaries Expense 3,270,000 140,000
    Rent Expense 960,000
    Insurance Expense 250,000
    Utilities Expense 160,000
    Advertising Expense 140,000
    Engineering Supplies Expense 180,000
    Depreciation Expense-Survey
    Equipment 160,000
    Interest Expense 60,000
    Miscellaneous Expense 80,000
    Total 9,080,000 9,080,000 720,000
    Profit

    Adjusting Entries: Debit Credit


    Advertising Expense 140,000
    Prepaid Advertising 140,000

    Engineering Supplies Expense 180,000


    Engineering Supplies 180,000

    Depreciation - Survey Equipment 160,000


    Accumulated Depreciation-Survey Equipment 160,000

    Unearned Survey Revenues 40,000


    Survery Revenues 40,000

    Salaries Expense 140,000


    Salaries Payable 140,000

    Interest Expense 60,000


    Interest Payable or Accrued Interest 60,000
    Revenues, Expenses
    Adjustments Adjusted Trial Balance Income Statement
    Credit Debit Credit Debit Credit
    210,000
    930,000
    140,000 220,000
    180,000 90,000
    1,890,000

    160,000 800,000
    140,000 140,000
    60,000 60,000
    190,000
    80,000
    500,000
    1,120,000
    700,000
    40,000 6,550,000 6,550,000
    3,410,000 3,410,000
    960,000 960,000
    250,000 250,000
    160,000 160,000
    140,000 140,000
    180,000 180,000

    160,000 160,000
    60,000 60,000
    80,000 80,000
    720,000 9,440,000 9,440,000 5,400,000 6,550,000
    1,150,000 -
    6,550,000 6,550,000
    Assets. Liabilities
    Equity

    Balance Sheet
    Debit Credit
    210,000
    930,000
    220,000
    90,000
    1,890,000

    800,000
    140,000
    60,000
    190,000
    80,000
    500,000 Income Statement columns
    1,120,000 Credit side is higher - Profit
    700,000 Debit side is higher - loss

    4,040,000 2,890,000
    - 1,150,000
    4,040,000 4,040,000
    Abella Surveyors
    Income Statement
    For the year ended May 31, 2020

    Survey Revenues
    Less: Expenses
    Salaries Expense 3,410,000
    Rent Expense 960,000
    Insurance Expense 250,000
    Utilities Expense 160,000
    Advertising Expense 140,000
    Engineering Supplies Expense 180,000
    Depreciation Expense-Survey Equipment 160,000
    Interest Expense 60,000
    Miscellaneous Expense 80,000
    Profit

    Abella Surveyors
    Balance Sheet
    May 31, 2020

    ASSETS
    Current Assets:
    Cash 210,000
    Accounts Receivable 930,000
    Prepaid Advertising 220,000
    Engineering Supplies 90,000
    Non-Current Assets
    Survey Equipment 1,890,000
    Less: Accumulated Depreciation 800,000

    TOTAL ASSETS

    LIABILITIES AND OWNER'S EQUITY


    Liabilities:
    Salaries Payable 140,000
    Interest Payable 60,000
    Accounts Payable 190,000
    Unearned Survey Revenues 80,000
    Notes Payable 500,000

    Owner's Equity:
    Abella Capital, May 31, 2020
    TOTAL LIABILITIES AND OWNER'S EQUITY

    Abella Surveyors
    Statement of Changes in Equity
    For the Year Ended May 31, 2020

    Abella, Capital, Beg.


    Add: Profit
    Total
    Less: Abella, Withdrawals
    Abella, Capital, End
    6,550,000

    5,400,000
    1,150,000

    1,450,000
    1,090,000

    2,540,000

    970,000

    1,570,000
    2,540,000

    1,120,000
    1,150,000
    2,270,000
    700,000
    1,570,000

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