Professional Documents
Culture Documents
Building 3,000,000
Construction in Progress - Building 3,000,000
2. Closing Entries
To close income accounts:
Other service income 15,000
Sales revenue 35,000
Income Taxes 500,000,000
Seminar Fees 500,000
Grants and donations 200,000
Revenue and Expense Summary 500,750,000
ASSETS
Current Assets
Cash – MDS, regular 1,681,750
Cash - Treasury 500,662,000
Cash in Bank – LCCA 550,000
Prepaid Rent 30,000
Prepaid expense 165,000
Supplies inventory 5,000
Total Current Assets 503,309,750
Noncurrent Assets
Office Equipment (net) 376,000
PI – Municipal Park 376,000
Building 3,000,000
Total Noncurrent Asset 3,752,000
LIABILITIES
Accrued expenses 35,000
TOTAL LIABILITIES 35,000
EQUITY
Accumulated Surplus 507,026,750
TOTAL EQUITY 507,026,750
Revenue
Subsidy from National Government 9,520,000
Other service income 15,000
Sales revenue 35,000
Income Taxes 500,000,000
Seminar Fees 500,000
Grants and donations 200,000
TOTAL REVENUE 510,270,000
Less: Expenses
Salaries and Wages 2,062,000
Traveling expense 50,000
PERA 263,000
Life and retirement 266,250
Pag-ibig 14,200
Philhealth 21,300
Depreciation 48,000
Rent expense 123,000
Various Operating expenses 970,000
Bank and service charges 33,500
Electricity expense 40,000
Telephone expense 15,000
Supplies expense 50,000
Printing and binding expense 3,000
TOTAL EXPENSES 39,592,500