Reference no: EM133062405

Question - Kim Repair Shop Unadjusted Trial Balance December 31, 2021

Cash 442,000

Notes Receivable 40,000

Accounts Receivable 65,000

Office Supplies 58,000

Equipment 250,000

Accounts Payable 47,000

Unearned Service Revenue 36,000

Kim, Capital 680,000

Kim, Withdrawal 50,000

Service Revenues 328,000

Salaries Expense 70,000

Rent Expense 55,000

Utilities Expense 34,000

Miscellaneous Expense 27,000

Totals 1,091,000 1,091,000

Additional information:

1. The equipment was purchased on April 1, 2021 and was estimated to have a useful life of eight years with P30,000 salvage value.

2. P15,000 office supplies remained unused at year-end.

3. Of the recorded unearned service revenue, P25,000 has already been earned. 4. The note was received on July 1, 2021 with an 8% interest.

5. The rent was paid in advance on July 1, 2021 for a 1-year contract.

Required -

a. Provide the necessary adjusting journal entries on December 31, 2021.

b. Prepare the adjusted trial balance.

c. Prepare the income statement.

d. Prepare the balance sheet.