INSTRUCTIONS: 1. Complete a Worksheet.

2. Prepare financial statements

3. Journalize adjusting, closing, reversing entries and Post-Closing Trial

Balance.

The account balances of YOLANDA REALTY at the end of the month April 2020 are

presented below:

Cash P 17,420

Accounts Receivable 46,240

Prepaid Insurance 2,970

Office Supplies 850

Automobile 48,000

Accum. Depr. - Automobile P 9,650

Office Equipment 31,600

Accumulated Depreciation 7,000

Accounts Payable 1,480

Yolanda, Capital 56,070

Yolanda, Drawing 40,000

Revenue from Fees 269,120

Salary and Comm. Exp. 132,000

Rent Expense 12,000

Advertising Expense 7,650

Automobile Expense 2,830

Miscellaneous Expense 1,760

Total P343,320 P343,320

DATA FOR ADJUSTMENT

a. The uncollectible account is 4%.

b. The unexpired insurance, P660.

c. Supplies used, of the amount.

d. Depreciation: automobile, P12,000; Equipment, P9,000.

e. Unpaid salary and commission, P60,000.

f. Unrecorded Revenue from fees, P85,200