Instructions:

Refer to the following instructions per sheet to complete your individual project.
Consider the trial balance as if it's the company's 1st year of operations.

Raw Trial Balance

a. Paste your raw trial balance in this sheet.
b. Make sure the company name as well as date of the trial balance is shown

Detailed Trial Balance.

a. Use the following headers - account name, unaudited balance, adjustments (separate column for
debit and credit adjustments, final audited balance. You can color, put borders etc. as you want.
b. Copy the raw trial balance to the detailed trial balance.
c. Use correct formula in preparing the unaudited to audited trial balance.
d. Below are adjustments you should incorporate in preparing the adjusted trial balance.
1. Provision of depreciation expense amounting to PHP 55,000.00
2. Additional cash revenue to be recognized amounting to PHP 215,000.00.
3. Accrual of audit fees PHP 70,000.00
4. Miscellaneous expense mistakenly included in another expense account PHP 15,000.00
(choose the expense where you will take-out the miscellaneous expense from)

Financial Statements
a. Prepare the set of balance sheet, income statement & cash flow statements.
b. Use headers, unaudited balance, adjustments and audited balance for the BS/IS.
c. Use indirect method in preparing the cash flows.
 Kitty Reyes Repair Services
Unadjusted Trial Balance
December 31, 2016

Accounts Debit Credit

Cash PHP 20,250.00
Accounts Receivable PHP 6,300.00
Service Supplies PHP 3,500.00
Furniture and Fixtures PHP 6,400.00
Equipment PHP 16,000.00
Accounts Payable PHP 9,000.00
Notes Payable PHP 12,770.00
Loans Payable PHP 12,000.00
Mrs. Reyes, Capital PHP 39,000.00
Mrs. Reyes, Drawing PHP 13,000.00
Service Revenue PHP 25,750.00
Rent Expense PHP 1,500.00
Salaries Expense PHP 25,000.00
Utilities Expense PHP 3,500.00
Miscellaneous Expense PHP 2,700.00
Taxes and Licenses PHP 370.00
Totals PHP 98,520.00 PHP 98,520.00
 Kitty Reyes Repair Services
December 31, 2016

Unadjusted Trial Balance

Accounts Debit Credit
Cash PHP 20,250.00
Accounts Receivable PHP 6,300.00
Service Supplies PHP 3,500.00
Furniture and Fixtures PHP 6,400.00
Equipment PHP 16,000.00
Accumulated Depreciation
Accounts Payable PHP 9,000.00
Notes Payable PHP 12,770.00
Loans Payable PHP 12,000.00
Mrs. Reyes, Capital PHP 39,000.00
Mrs. Reyes, Drawing PHP 13,000.00
Service Revenue PHP 25,750.00
Accrued Expense
Depreciation Expense
Rent Expense PHP 1,500.00
Salaries Expense PHP 25,000.00
Utilities Expense PHP 3,500.00
Miscellaneous Expense PHP 2,700.00
Taxes and Licenses PHP 370.00
Totals PHP 98,520.00 PHP 98,520.00

B. Raw Trial Balance

Kitty Reyes Repair Services
Unadjusted Trial Balance
December 31, 2016

Accounts Debit Credit

Cash PHP 20,250.00
Accounts Receivable PHP 6,300.00
Service Supplies PHP 3,500.00
Furniture and Fixtures PHP 6,400.00
Equipment PHP 16,000.00
Accounts Payable PHP 9,000.00
Notes Payable PHP 12,770.00
Loans Payable PHP 12,000.00
Mrs. Reyes, Capital PHP 39,000.00
Mrs. Reyes, Drawing PHP 13,000.00
Service Revenue PHP 25,750.00
Rent Expense PHP 1,500.00
Salaries Expense PHP 25,000.00
Utilities Expense PHP 3,500.00
Miscellaneous Expense PHP 2,700.00
Taxes and Licenses PHP 370.00
Totals PHP 98,520.00 PHP 98,520.00

D. Adjustmenting Entries
1. Depreciation Expense PHP 55,000.00
Accumulated Depreciation PHP 55,000.00

2. Cash PHP 215,000.00

Revenue PHP 215,000.00

3. Accrued Expense PHP 70,000.00

Accounts Payable PHP 70,000.00

4. Miscellaneous Expense PHP 15,000.00

Salaries Expense PHP 15,000.00
tty Reyes Repair Services
December 31, 2016

Adjustments Adjusted Trial Balance

Debit Credit Debit Credit
PHP 215,000.00 PHP 235,250.00
PHP 6,300.00
PHP 3,500.00
PHP 6,400.00
PHP 16,000.00
PHP 55,000.00 PHP 55,000.00
PHP 70,000.00 PHP 79,000.00
PHP 12,770.00
PHP 12,000.00
PHP 39,000.00
PHP 13,000.00
PHP 215,000.00 PHP 240,750.00
PHP 70,000.00 PHP 70,000.00
PHP 55,000.00 PHP 55,000.00
PHP 1,500.00
PHP 15,000.00 PHP 10,000.00
PHP 3,500.00
PHP 15,000.00 PHP 17,700.00
PHP 370.00
PHP 355,000.00 PHP 355,000.00 PHP 438,520.00 PHP 438,520.00