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534 7. The investment account is composed of the following: Cost Market(12-31-20) Stocks of Petron(long-term).......... ..P28,700 P25,000 BSP bonds(trading). . 98,000* 100,000 Total. .P126,700 *Principal is P100,000; nominal rate is 5%p.a. payable every March 1 & Sept. 1 No year-end related entries for the two accounts have been made yet. 8. The correct amount of unexpired insurance is P2,600. 9. In addition to the expenses accrued by the client, you found the following additional expenses pertaining to 2020 but not yet taken up by the books: Advertising....... ...P5,000 Interest......... ... 3,600 Miscellaneous general expenses.. . 3,940 Total.. ..P12,540 10. Included in the Accrued Expenses in the trial balance is P700 accrual adjustment of miscellaneous selling expenses last Dec. 31, 2019. 1 1. The accounts payable subsidiary ledger shows the following: Trade creditors...... ..P256,700 Trade creditors debit balance due to overpayment.... .........(5,000) Advances from stockholders due Aug. 21, 2023 ..... .. 25,000 Total...... P76,700 12. An examination of the minutes book revealed that the directors declared a cash dividend of P40,000 on Dec. 20, 2020 payable on Jan. 25, 2021. This is not taken up yet in the books. 13. The retained earnings account is composed of the following: Balance, Jan. 1, 2020.... ..P114,060 Less: Write-off of merchandise damaged by ashfall in 2020...... ..(35,000) Dividends declared in June, 2020. (25,000) Balance..... ...P54,060533 PROBLEM 9-1 Using the same working trial balance of the PILIPINAS CORPORATION prepare another set of adjusting entries as of Dec. 31, 2020, using another set of audit findings: 1. Cash in Bank & Petty Cash Fund The account is composed of: Bank of America. ....... ..P10,000 Phil. Bank of Communications.. . 38,600 Phil. National Bank... ..(168,310) Petty Cash Fund. ........ 2,000 Total. ... .P(117,710) 2. The Bank of America letter of confirmation shows bank service charges of P300 not yet taken up by the company. 3. Total outstanding checks with Phil. Bank of Communications is P20,000. 4. Total deposits in transit with Phil. National Bank is P22,000. 5. The count of the petty cash fund on Dec. 31, 2020 showed: Bills and coins... ..P830 Advances to employees.................... 700 Unreplenished operating expenses....... 420 Postage stamps left-overs.... . . .. 50 Total..... .P2,000 6. The company does not maintain a perpetual inventory system. The cost of the beginning inventory is in the trial balance. The cost of the ending inventory is P613,400. Consider the following sales and purchases cut-off information in adjusting said accounts: Goods Shipped Sales Journal Entry Sales Cut-off Dec. 29, 2020 Jan. 2, 2021 P28,000 Dec. 31, 2020 Dec. 31, 2020 20,000 Jan. 3, 2021 Dec. 31, 2020 4,000 Purchases Cut-off(All goods were purchased FOB Shipping Point) Invoice Date Receiving Memo Date Purchases Journal Entry Dec. 30, 2020 Jan. 3, 2021 Dec. 31, 2020 P4,000 Dec. 29, 2020 Dec. 30, 2020 Jan. 4, 2021 8,000 Jan. 2, 2021 Jan. 5, 2021 Jan. 5, 2021 18,000530 19 Retained Earnings 30,000 Other Current Liabilities 30,000 To accrue the year-end declaration of dividends (P5 x 6,000 shares= P30,000) PILIPINAS CORPORATION WORKING TRIAL BALANCE DECEMBER 31, 2020 Per Client Net Adjustments Per Audit Dr. Cr. Dr. Cr. Dr. Cr. Cash in Bank 119,710 119,710 0 Petty Cash Fund 2,000 1,170 830 FA-FVPL 28,000 28,000 Accounts Rec. 474,500 10.290 484,790 All. for DA 42,000 6.479 48,479 C. Other Rec. 175,000 77,250 97,750 Mdse.Invtry 385,060 583,400 583,400 385,060 Prepaid Expenses 1,800 1,800 Land 115,500 3,000 1 12,500 Building 275,000 275,000 Fur. & Fixtures 21,400 21,400 Trans. Equipment 89,000 89,000 Acc. Depreciation 140,550 140,550 Investments 126,700 126,700 0 FA-FVTOCI 100,000 100,000 UH Gain-FVTOCI 5,300 5,300 NC Other Rec'ls 80,000 80,000 Accounts Payable 276,700 80,000 196,700 Accrued Expenses 7,100 7,100 C-Mort. Payable 10,000 10,000 NC-Mort. Payable 55,000 10,000 45,000 O Current Liab 160,000 160,000 A.Common Stock 1,000,000 1,000,000 U.Common Stock 400,000 400,000 Ret. Earnings 54,060 45,000 9.060 App. Ret. Earnings 50,000 50,000 Sales 2,325,240 2,325,240 Purchases 1,554,600 30,000 1,524,600 Oper. Expenses 396,500 30,101 366,399 Other Expenses 18,000 18,000 36,000 Other Income 14,700 9,000 Totals 5,700 4,035,060 4,035,060 1,083,400 1,083,400 4,003,129 4,003,129