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Module 5 - Far - Activity-Answer KEY

The document provides 3 examples of trial balance preparations for different businesses - a pawnshop, bowling lanes, and law office. It includes the account titles and debit/credit amounts for assets, liabilities, equity, income and expense accounts. The trial balances show the total debits equaling the total credits for each business as required for an accurate trial balance.

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Rhadzmae Omal
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Download as DOCX, PDF, TXT or read online on Scribd
94 views

Module 5 - Far - Activity-Answer KEY

The document provides 3 examples of trial balance preparations for different businesses - a pawnshop, bowling lanes, and law office. It includes the account titles and debit/credit amounts for assets, liabilities, equity, income and expense accounts. The trial balances show the total debits equaling the total credits for each business as required for an accurate trial balance.

Uploaded by

Rhadzmae Omal
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ANSWER KEY:

I. Arranging the Accounts for a Trial Balance Preparation

AVM Pawnshop
Trial Balance
June 30, 2020

Cash in Bank P 320,000.00


Petty Cash Fund 1,000.00
Loan Pledge Receivable 218,000.00
Furniture and Fixture 85,000.00
Vaults and Other Equipment 110,000.00
Accounts Payable P 20,000.00
E. Asilan, Capital 631,077.00
E. Asilan, Drawing 10,000.00
Interest Income 79,113.00
Service Fee 1,050.00
Interest Past Due (receivable/income) 32,015.00
Liquidated Damage (receivable/income) 28,075.00
Miscellaneous Income 2,000.00
Gain on Auction Sale 15,000.00
Taxes and Licenses 4,576.00
Postage and Communication 2,325.00
Salaries Expense 22,000.00
Rent Expense 29,000.00
Utilities Expense 6,429.00 ___________
T O T A L P808,330.00 P808,330.00

II. Trial Balance Preparation

Gensan Bowling Lanes


Trial Balance
XXXXXX 31, 2020

Cash in Bank P 750,000.00


Petty Cash Fund 1,000.00
Accounts Receivable 10,000.00
Prepaid Rent 15,000.00
Prepaid Insurance 8,000.00
Furniture and Fixture 50,000.00
Bowling Equipment 965,000.00
Accounts Payable P 56,734.00
G. de Gracia, Capital 1,632,641.00
G. de Gracia, Withdrawal 8,000.00
Bowling Income 192,850.00
Miscellaneous Income 11,325.00
Salaries Expense 12,000.00
Supplies Expense 36,000.00
Taxes and Licenses 7,500.00
Utilities Expense 31,050.00 ___________
T O T A L P1,893,550.00 P1,893,550.00

III. Preparation of a Corrected Trial Balance

Atty. Bea Clarice Cebedo


Trial Balance
September 30, 2019

Account Titles Debit Credit

Cash in bank P 150,000


Accounts Receivable 25,000
Office Supplies Inventory 10,000
Library Books 30,000
Accounts Payable P 5,000
Notes Payable 8,000
BC CEbedo, Capital 173,000
BC Cebedo, Drawing 2,000
Legal Fees Income 40,000
Taxes and Licenses 1,000
Rental Expenses 8,000 ______
Total P 226,000 P 226,000

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