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Laboratoy Exercise Chapter 9

The worksheet summarizes the financial transactions of Daniel Consulting Services for November 2019. It shows the unadjusted trial balance, adjusting journal entries, and adjusted trial balance for key accounts. The adjusting entries recorded depreciation expense, accrued interest revenue, used supplies, accrued revenue, accrued salaries expense, and revenue earned. Completing the worksheet involves posting the adjustment amounts to calculate the adjusted balances for each account.

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Ruthchell Ciriaco
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85 views

Laboratoy Exercise Chapter 9

The worksheet summarizes the financial transactions of Daniel Consulting Services for November 2019. It shows the unadjusted trial balance, adjusting journal entries, and adjusted trial balance for key accounts. The adjusting entries recorded depreciation expense, accrued interest revenue, used supplies, accrued revenue, accrued salaries expense, and revenue earned. Completing the worksheet involves posting the adjustment amounts to calculate the adjusted balances for each account.

Uploaded by

Ruthchell Ciriaco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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9 STEP 6: PREPARATION OF WORKSHEET

AND POSTING OF ADJUSTING ENTRIES

LABORATORY EXERCISE 1

Name: RUTHCHELL A. CIRIACO Score:


Course/Yr/Section: 1 BS ACCOUNTANCY - B Date:

Provided below is the incomplete worksheet of Daniel Consulting Services.

Requirement:
 Complete the worksheet by entering the entering the amount from the adjusting journal
entries to the Adjustments columns and computing the Adjusted Trial balance by
combing the Unadjusted Trial Balance and Adjustments columns for each account.

DANIEL CONSULTING SERVICES WORKSHEET.


Daniel Consulting Services
Worksheet
Nov 30, 2019

Unadjusted Trial Adjusted Trial


Accou Adjustment
Account Title Balance Balance
nt No.
Debit Credit Debit Credit Debit Credit

110 Cash 223,200 223,200


120 Accounts Receivable 7,500 7,300 14,800
130 Notes Receivable 80,000 80,00
140 Interest Receivable 0 1,850 1,850
150 Supplies 21,000 15,600 5,400
160 Equipment 120,000 120,000
165 Accumulated Depreciation- Equipment 0 2,500 2,500
210 Accounts Payable 21,000 21,000

220 Unearned Consulting Revenue 5,700 3,500 2,200

230 Salaries Payable 0 3,000 3,000


240 Notes Payable 42,000 42,000

310 Benito, Capital 350,000 350,000

320 Benito, Withdrawal 3,750 3,750


330 Income Summary 0 0

410 Consulting Revenue 52,500 10,800 63,300

420 Interest revenue 0 1,850 1,850

510 Utilities Expense 0


520 Salaries Expense 6,750 3,000 9,750
530 Rent Expense 9,000 9,000
540 Supplies Expense 0 15,600 15,600
550 Depreciation Expense- Equipment 0 2,500 2,500
Total 471,200 471,20 33,750 33,750 485,850 485,85
0

Learning Module on Basic Financial Accounting and Reporting Page | 35

Daniel Consulting Services


Chart of Accounts
Assets Liabilities Owner’s Income Expenses
equity
110 Cash 210 Accounts 310 Joshua, 410 510 Utilities expense
payable capital Consulting
Revenue
120 Accounts 220 Unearned 320 Joshua, 520 Salaries expense
receivable service revenue withdrawal
130 Notes 230 Salaries payable 330 Income 530 Rent expense
receivable Summary
140 Interest 240 Notes payable 540 Supplies expense
Receivable
150 Supplies 550 Depreciation
expense-Equipment
160 Equipment
165 Accumulated
depreciation
Equipment

ADJUSTING ENTRIES FOR JOSHUA TRAVEL AND TOURS. Take note that the number
columns are disregarded for simplicity of presentation.
Date Account title and explanation PR Debit Credit
2019
Nov 30 Depreciation expense –Equipment 550 2,50
a. 0
Accumulated depreciation –Equipment 165 2,50
0
To record depreciation for the month

b. Interest receivable 140 1,85


0
Interest revenue 410 1,850
To record accrued interest revenue

c. Supplies expense 540


15,600
Supplies 150 15,600
To record used supplies

e. Accounts Receivable 120


7,300
Consulting Revenue 410 7,30
0
To record accrued revenue

f. Salaries expense 520 3,00


0
Salaries payable 230 3,00
0
To record accrued salaries expense

g Unearned consulting revenue 220 3,50


0
Consulting revenue 410 3,500
To record earned consulting revenue

Learning Module on Basic Financial Accounting and Reporting Page | 36

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