EVERLASTING INCORPORATION
Worksheet
For the Year Ended June 30, 2022
Unadjusted Trial Balance Adjustments
Accounts
Debit Credit Debit Credit
Cash ₱ 5,100
Accounts Receivable ₱ 22,750 ₱ 3,750
Prepaid Insurance ₱ 3,600 ₱ 1,300
Supplies ₱ 2,025 ₱ 1,500
Land ₱ 80,000
Building ₱ 340,000
Accumulated Depreciation - Building ₱ 190,000 ₱ 3,000
Equipment ₱ 140,000
Accumulated Depreciation - Equipment ₱ 54,450 ₱ 4,550
Accounts Payable ₱ 9,750
Salaries and Wages Payable ₱ 1,900
Unearned Rent ₱ 4,500 ₱ 3,000
Tami Garrigan, Capital ₱ 361,300
Tami Garrigan, Drawing ₱ 20,000
Fees Earned ₱ 280,000 ₱ 3,750
Rent Revenue ₱ 3,000
Salaries and Wages Expense ₱ 145,100 ₱ 1,900
Advertising Expense ₱ 86,800
Utilities Expense ₱ 30,000
Travel Expense ₱ 18,750
Depreciation Expense - Equipment ₱ 4,550
Depreciation Expense - Building ₱ 3,000
Supplies Expense ₱ 1,500
Insurance Expense ₱ 1,300
Miscellaneous Expense ₱ 5,875
Totals ₱ 900,000 ₱ 900,000 ₱ 19,000 ₱ 19,000
Net loss
Totals ₱ 900,000 ₱ 900,000 ₱ 19,000 ₱ 19,000
NG INCORPORATION
Worksheet
Ended June 30, 2022
Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
₱ 5,100 ₱ 5,100
₱ 26,500 ₱ 26,500
₱ 2,300 ₱ 2,300
₱ 525 ₱ 525
₱ 80,000 ₱ 80,000
₱ 340,000 ₱ 340,000
₱ 193,000 ₱ 193,000
₱ 140,000 ₱ 140,000
₱ 59,000 ₱ 59,000
₱ 9,750 ₱ 9,750
₱ 1,900 ₱ 1,900
₱ 1,500
₱ 361,300 ₱ 361,300
₱ 20,000 ₱ 20,000
₱ 283,750 ₱ 283,750
₱ 3,000 ₱ 3,000
₱ 147,000 ₱ 147,000
₱ 86,800 ₱ 86,800
₱ 30,000 ₱ 30,000
₱ 18,750 ₱ 18,750
₱ 4,550 ₱ 4,550
₱ 3,000 ₱ 3,000
₱ 1,500 ₱ 1,500
₱ 1,300 ₱ 1,300
₱ 5,875 ₱ 5,875
₱ 913,200 ₱ 913,200 ₱ 298,775 ₱ 286,750 ₱ 614,425 ₱ 624,950
₱ 12,025 ₱ 10,525
₱ 913,200 ₱ 913,200 ₱ 298,775 ₱ 298,775 ₱ 624,950 ₱ 624,950
EVERLASTING INCORPORATION
Income Statement
For the Year ended June 30, 2022
Revenues:
Fees earned ₱ 283,750
Rent revenue ₱ 3,000
Total revenues ₱ 286,750
Expenses:
Salaries and Wages expense ₱ 147,000
Advertising expense ₱ 86,800
Utilities expense ₱ 30,000
Travel expense ₱ 18,750
Depreciation expense - equipment ₱ 4,550
Depreciation expense - building ₱ 3,000
Supplies expense ₱ 1,500
Insurance expense ₱ 1,300
Miscellaneous expense ₱ 5,875
Total expenses ₱ 298,775
Net loss -₱ 12,025
EVERLASTING INCORPORATION
Statement of Owner's Equity
For the Year Ended June 30, 2022
Tami Garrigan, Capital, July 1, 2022 ₱ 361,300
Net loss for the year ₱ 12,025
Add withdrawals ₱ 20,000
Decrease in owner's equity ₱ 32,025
Tami Garrigan, Capital, June 30, 2022 ₱ 329,275
EVERLASTING INCORPORATION
Balance Sheet
June 30,2022
Assets
Current Assets:
Cash ₱ 5,100
Accounts receivable ₱ 26,500
Prepaid insurance ₱ 2,300
Supplies ₱ 525
Total current assets ₱ 34,425
Property, plant, and equipment
Land ₱ 80,000
Building ₱ 340,000
Less accum. depreciation ₱ 193,000
Equipment ₱ 140,000
Less accum. depreciation ₱ 59,000
Total property, plant, and equipment ₱ 308,000
Total Assets: ₱ 342,425
Liabilities
Current liabilities: ₱ 9,750
Accounts payable ₱ 1,900
Salaries and wages payable ₱ 1,500
Unearned rent
Total liabilities ₱ 13,150
Owner's Equity
Tami Garrigan, Capital ₱ 361,300
₱ 361,300
Total liabilities and owner's equity ₱ 374,450
GENERAL JOURNAL
Date Description Debit Credit
June 30 2022 Cash ₱ 361,300
Tami Garrigan, Capital ₱ 361,300
To record cash investment
Prepaid Insurance ₱ 2,300
Cash ₱ 2,300
To record prepaid insurance
Cash ₱ 26,500
Account Receivable ₱ 26,500
To record received cash
Cash ₱ 1,500
Unearned Rent ₱ 1,500
To received cash
Account Payable ₱ 9,750
Cash ₱ 9,750
To record paid account
Miscellaneous Expense ₱ 5,875
Cash ₱ 5,875
To record less expense
Equipment ₱ 140,000
Account Payable ₱ 140,000
To record purchased supplies
Advertising Expense ₱ 86,800
Cash ₱ 86,800
To record advertise expense
Supplies ₱ 9,750
Account Payable ₱ 9,750
To record the received cash
Cash ₱ 147,000
Revenue ₱ 147,000
To record the revenue cash
Utilities Expense ₱ 30,000
Cash ₱ 30,000
To record utilities expense
Travel Expense ₱ 18,750
Cash ₱ 18,750
To record travel expense
Insurance Expense ₱ 1,300
Cash ₱ 1,300
To record insurance expense
Tami Garrigan, Drawings ₱ 20,000
Cash ₱ 20,000
To record withdrawals
EVERLASTING INCORPORATION
Post-Closing Trial Balance
June 30, 2022
Accounts Debit Credit
Cash ₱ 5,100
Accounts Receivable ₱ 26,500
Prepaid Insurance ₱ 2,300
Supplies ₱ 525
Land ₱ 80,000
Building ₱ 340,000
Accumulated Depreciation-Building ₱ 193,000
Equipment ₱ 140,000
Accumulated Depreciation-Equipment ₱ 59,000
Accounts Payable ₱ 9,750
Salaries and Wages Payable ₱ 1,900
Unearned Rent ₱ 1,500
Tami Garrigan, Capital ₱ 329,275
₱ 594,425 ₱ 594,425