Accounting 1A

Quiz

Name: _____________________________________ Date: __________ Score: ________

Presented below is the trial balance of ML Corporation for the year ended
December 31, 2015.

Debit Credit
Cash in Bank 5,000,000.00
Petty Cash Fund 50,000.00
Accounts Receivable 1,000,000.00
Estimated Uncollectible Account 5,000.00
Inventories 125,000.00
Office Supplies 150,000.00
Prepaid Insurance 300,000.00
Prepaid Rent 450,000.00
Land 2,000,000.00
Building 850,000.00
Accumulated Depreciation - Building 233,000.00
Equipment 700,000.00
Accumulated Depreciation - Equipment 50,000.00
Accounts Payable 950,000.00
Notes Payable 1,200,000.00
Accrued Salaries Payable
Accrued Interest Payable
Loans Payable 2,250,000.00
ML, Capital 4,500,000.00
ML, Drawing 500,000.00
Professional Income 3,000,000.00
Salaries Expense 880,000.00
Taxes and Licenses 55,500.00
Insurance Expense
Rent Expense
Depreciation Expense
Uncollectible Account Expense
Interest Expense
Office Supplies Expense
Miscellaneous Expense 127,500.00
Total 12,188,000.00 12,188,000.00

Below are the data for adjustments:

Account Titles Debit Credit
 Salaries Expense 150,000
Accrued Salaries Payable 150,000
( 3,750 x 8 hours x 5 days)

Interest Expense 50,000

Accrued Interest Payable 50,000
(10% x 1,200,000 x 5/12)

Uncollectible Account Expense 5,000

Estimated Uncollectible Account 5,000
(( 1,000,000 x 1% ) 5,000)

Depreciation Expense 190,000

Accumulated Depreciation Building 85,000
Accumulated Depreciation Equipment 105,000
(Building = 850,000 x 10%)
(Equipment = 700,000 x 15%)
75,000
Insurance Expense 75,000
Prepaid Insurance
((300,000/3) x 9/12)

Rent Expense 87,500

Prepaid Rent 87,500
((450,000/3) x 7/12)

Office Supplies Expense 11,250

Office Supplies 11,250
(150,000 x 7.5%)

Requirements:

1. Complete the table data for adjustments by filling out the

corresponding amount in the debit and credit side of the entry.

2. Prepare a ten column worksheet.

Prepared by:

Michael Lloyd Aguilo- Bation, CPA

Instructor