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ACT110.Worksheet Activity

Val Nolan started a home appraisal business called Nolan's Home Appraisals. The trial balance as of October 31, 2021 shows assets like cash, accounts receivable, supplies, and an automobile. Liabilities include accounts payable and owner's equity includes capital and drawings. Revenues come from appraisal fees while expenses include wages, advertising, rent, and various operating costs. Adjustments are needed for supplies inventory, prepaid insurance, automobile depreciation, and wages payable.

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Ara Jean
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35 views1 page

ACT110.Worksheet Activity

Val Nolan started a home appraisal business called Nolan's Home Appraisals. The trial balance as of October 31, 2021 shows assets like cash, accounts receivable, supplies, and an automobile. Liabilities include accounts payable and owner's equity includes capital and drawings. Revenues come from appraisal fees while expenses include wages, advertising, rent, and various operating costs. Adjustments are needed for supplies inventory, prepaid insurance, automobile depreciation, and wages payable.

Uploaded by

Ara Jean
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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Val Nolan started a business called Nolan’s Home Appraisals.

The trial balance as of October 31, 2021 after


the first month of operations, is as follows:

Nolan’s Home Appraisals


Worsheet
For Month Ended October 31, 2021

TRIAL BALANCE ADJUSTMENTS


ACCOUNT TITLE
DEBIT CREDIT DEBIT CREDIT
1 Cash 830,000
2 Accounts receivable 760,000
3 Supplies 625,000
4 Prepaid insurance 950,000
5 Automobile 6,500,000
6 Accumulated depreciation – Automobile
7 Accounts payable 1,500,000
8 Wages payable
9 Val Nolan, Capital 9,900,000
10 Val Nolan, Drawing 1,100,000
11 Appraisal Fees 3,000,000
12 Wages expense 1,560,000
13 Advertising expense 420,000
14 Rent expense 1,050,000
15 Supplies expense
16 Telephone expense 255,000
17 Insurance expense
18 Repair expense 270,000
19 Oil and gas expense 80,000
20 Depreciation expense – Automobile
14,400,000 14,400,000

Additional information:

Analyze the following adjustments:


(a) After conducting physical count, it was found out the 33.6% of the supplies were still on hand.
(b) Unexpired insurance amounting to P800,000.
(c) Automobile purchased is expected to be sold at P500,000 after 2 years life.
(d) Wages incurred but not yet paid as of October 31, P175,000.

REQUIRED:

1. Complete the worksheet.


2. Prepare the following financial statements in good form.
a. Statement of Performance
b. Statement of Changes in Owner’s Equity
c. Statement of Financial Position
3. Prepare closing entries
4. Prepare post-closing trial balance in good form.
5. Prepare needed reversing entries

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