You were hired as an accountant in a company. The following accounts of the company were...

 

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You were hired as an accountant in a company. The following accounts of the company were presented to you. The company's management team had an emergency meeting and asked you to provide a journal, ledger, trial balance and 10-column worksheet dated as of December 31, 2021. You were given three business days to prepare the 4 phases of the accounting cycle. (30 points) Journal Entries: 7 points (1 point per journal entry) Ledger Posting: 8 points (1 point per ledger) Adjustment: 4 points (1 point per adjustment) 10-Column Worksheet: 11 points (.5 deduction per wrong entry) Situation P. Moran, a licensed professional dentist, established his business on December 1, 2021 and completed the following transactions. The business will close its accounting period on month-end December Began practice by investing equipment worth P230,000 and cash of P30,000. 2 Paid 6 months worth of rent to occupy the premises worth P30,000 Paid premium on insurance policy taken out in the name of business, P90,000 Purchased dental supplies of P20,500 and additional dental equipment P70,000 from G. Liwag on credit Completed dental work to A. Moreno and collected P10,000 in full payment 3 8 Completed dental work to R. Fernandez on credit, P15,000 One month salary of the clerk receptionist have been accrued, P15,000 12 15 Adjustments: • One month worth of prepaid rent has been consumed. • Only 15% of the dental supplies were on hand on year-end. • Dental equipment depreciates by one (1) month • Only 5% of the accounts receivable has been collected from R. Fernandez You were hired as an accountant in a company. The following accounts of the company were presented to you. The company's management team had an emergency meeting and asked you to provide a journal, ledger, trial balance and 10-column worksheet dated as of December 31, 2021. You were given three business days to prepare the 4 phases of the accounting cycle. (30 points) Journal Entries: 7 points (1 point per journal entry) Ledger Posting: 8 points (1 point per ledger) Adjustment: 4 points (1 point per adjustment) 10-Column Worksheet: 11 points (.5 deduction per wrong entry) Situation P. Moran, a licensed professional dentist, established his business on December 1, 2021 and completed the following transactions. The business will close its accounting period on month-end December Began practice by investing equipment worth P230,000 and cash of P30,000. 2 Paid 6 months worth of rent to occupy the premises worth P30,000 Paid premium on insurance policy taken out in the name of business, P90,000 Purchased dental supplies of P20,500 and additional dental equipment P70,000 from G. Liwag on credit Completed dental work to A. Moreno and collected P10,000 in full payment 3 8 Completed dental work to R. Fernandez on credit, P15,000 One month salary of the clerk receptionist have been accrued, P15,000 12 15 Adjustments: • One month worth of prepaid rent has been consumed. • Only 15% of the dental supplies were on hand on year-end. • Dental equipment depreciates by one (1) month • Only 5% of the accounts receivable has been collected from R. Fernandez

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