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Problem 15

The company sells magazines by subscription for P15 per copy. During the year, 47,200 two-year subscriptions were sold. As at June 1, 2019, the Unearned Magazine Revenues account had a balance of P315,000. At yearend, it is determined that the liability to provide subscriber’s future magazines amounted to P613,000.

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Alyssa Jane G. Alvarez
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365 views1 page

Problem 15

The company sells magazines by subscription for P15 per copy. During the year, 47,200 two-year subscriptions were sold. As at June 1, 2019, the Unearned Magazine Revenues account had a balance of P315,000. At yearend, it is determined that the liability to provide subscriber’s future magazines amounted to P613,000.

Uploaded by

Alyssa Jane G. Alvarez
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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Problem 15

Preparing a Trial Balance


The ledger of Daria Tolentino Advertising and Publicity contained the following account balances as at Oct. 31,
2010:

Cash 160,000
Accounts Receivable 426,000
Prepaid Insurance 36,000
Equipment 524,000
Accounts Payable 245,000
Tolentino, Capital 765,000
Tolentino, Withdrawals 562,000
Advertising Revenues 964,000
Public Relation Revenues 425,000
Salaries Expense 520,000
Rent Expense 90,000
Supplies Expense 40,000
Utilities Expense 24,000
Miscellaneous Expense 17,000

ANSWER:
ACCOUNT TITLES DEBIT CREDIT
Cash 160,000.00
Accounts Receivable 426,000.00
Prepaid Insurance 36,000.00
Equipment 524,000.00
Accounts Payable 245,000.00
Tolentino, Capital 765,000.00
Tolentino, Withdrawals 562,000.00
Advertising Revenues 964,000.00
Public Relation Revenues 425,000.00
Salaries Expense 520,000.00
Rent Expense 90,000.00
Supplies Expense 40,000.00
Utilities Expense 24,000.00
Miscellaneous Expense 17,000.00
TOTAL: ₱ 2,399,000.00 ₱ 2,399,000.00

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