Completing the Cycle for a Merchandising Business | 377 SCORE: PROFESSOR: Problem #5 Preparing the Worksheet The unadjusted trial balance of the Dores Marie Pateno Hobby Shop on Dec. 31, 2020 appears below: Dores Marie Pateno Hobby Shop Unadjusted Trial Balance Dec. 31, 2020 Cash P 100,000 Accounts Receivable 500,000 Merchandise Inventory 700,000 Prepaid Rent 300,000 Shop Equipment 1,600,000 Accumulated Depreciation P 200,000 Accounts Payable 400,000 Pateno, Capital 1,300,000 Pateno, Withdrawals 100,000 Sales 2,900,000 Sales Discounts 100,000 Purchases 800,000 : Purchases Returns and Allowances 200,000 Transportation In 100,000 Salaries Expense 400,000 Advertising Expense 150,000 Utilities Expense 100,000 Supplies Expense 50,000 Totals 75,000,000 P5,000,000_ Additional information: s Accrued salaries at year-end amounted to P30,000, Rent in the amount of P100,000 has expired during the year. Depreciation on shop equipment is P200,000, The Dec. 31 merchandise inventory amounted to 500,000. pose Required: : Prepare the worksheet.378 | Basic Financial Accounting and Reporting 2021 Edition by Prof. WIN Ballada NAME: SCORE: : SECTION: PROFESSOR: Problem #6 Preparing the Worksheet The unadjusted trial balance of the John Bala Maps as at Dec. 31, 2020 follows: John Bala Maps Unadjusted Trial Balance Dec. 31, 2020 Cash P 31,000 Accounts Receivable 83,000 Merchandise Inventory ; 627,000 Prepaid Insurance 54,000 Office Supplies 68,000 Office Equipment 370,000 ‘Accumulated Depreciation P 50,000 ‘Accounts Payable 58,000 Bala, Capital 517,000 Bala, Withdrawals 87,000 Sales 2,675,000 Sales Returns and Allowances 26,000 Sales Discounts ‘ 23,000 Purchases * 4,512,000 Purchases Returns and Allowances 14,000 Purchases Discounts 19,000 Transportation In 38,000 Salaries Expense 327,000 Advertising Expense , 61,000 Rent Expense 26,000 Totals ‘ P3,333,000____P3,333,000 Additional information: Merchandise inventory as at Dec. 31, 2020 amounted to P532,000. Insurance coverage with premiums of P18,000 has expired during the year, Depreciation for the year amounted to P25,000. Office supplies remaining at year-end amounted to P15,000. « e. Salaries in the amount of P9,000 have accrued as at Dec. 31, 2020. Required: Prepare the worksheet.Completing the Cycle for a Merchandising Business | 379 [INAME: : SCORE: [ SECTION: PROFESSOR: Problem #7 Preparing the Worksheet, Adjusting and Closing Entries, and Financial Statements The ledger accounts of the Christine Sousa Bags for the year ended Dec. 31, 2020 are as follows: Accu. Depreciation-Off. Bldg. ~ P 100,000 Notes Payable due in2 yrs. P °200,000 Accu. Depreciation-Off. Equipt. 150,000 Office Bi ie 1,600,000 + Accounts Receivable 136,000 Office Equipment 570,000 ‘Accounts Payable 74,000 Office Supplies 42,000 «Cash 72,000 Prepaid Advertising 75,000 ‘Transportation ‘in 72,000 Purchases Disgpunts 172,000 Insurance Expense 25,000 Purchases Rets. & Allow. 133,000 Interest Expense 208,000 Purchases 2,643,000 Sousa, Capital 1,510,000 Salaries Expense 862,000 Sousa, Withdrawals 200,000 Sales Discounts 161,000 tand 400,000 Sales Returns and Allow. 187,000 Merchandise Inventory 598,000. Sales 4,600,000 Mortgage Payable 1,100,000 Travel Expense 188,000 Additional information: Office supplies consumed during the year amounted to P17,000. Advertising expense in the amount of P25,000 has expired during the year. Salaries of P21,000 have accrued as at Dec. 31, 2020. Depreciation on the office building and on the office equipment amounted to P15,000 and P20,000, respectively. , The Dec. 31, 2020 ending inventory is P723,000, aooe Required: 1. Prepare the worksheet. 2. Prepare the financial statements. 3, Prepare the adjusting and closing entries.