Reference no: EM132749600
Question - On September 1, 2019, Winnie-the-Pooh, a lawyer, opened his own legal practice. The business adjusts and closes its accounts at the end of each month. The following trial balance was prepared after one month of operations:
Winnie-the-Pooh Law Firm Unadjusted Trial Balance September 30, 2019
Account Title and Explanation Debit Credit
Cash 10,060
Accounts Receivable 0
Prepaid Expenses 7,800
Supplies 1,460
Office Equipment 26,400
Accumulated Deprn - Off Eqpt 0
Notes Payable 16,000
Interest Payable
Unearned Service Revenue 15,020
Pooh, Capital 20,000
Pooh, Withdrawal 3,000
Service Revenue 1,580
Supplies Expense 2,680
Salaries Expense 1,200
52,600 52,600
Additional Information:
No interest has yet been paid on the note payable. Accrued interest at September 30 amounts to P500.
Salaries earned by the office staff but not yet recorded or paid amounted to P670 by September 30.
Many clients are asked to make advance payment for legal services to be rendered in future months. These advances are credited to the Unearned Service Revenue account once received. During September, P3, 540 of these advances were earned.
Office supplies on hand by September 30 amounted to P260.
The office equipment was purchased on September 15 and is being depreciated over an estimated useful life of 5 years with P1, 000 residual value.
Required -
1. Prepare the adjusted entries for September 30.
2. Prepare the adjusted trial balance.
3. Prepare the income statement for September 2019.
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