1. Prepare a ten-column work sheet for the year ended June 30, 2011 using the following data for adjustment:
a. Insurance expense on automobile for the year is P 14,400.
b. Rent expense for the year is P 72,00,
c. Depreciation expense are: Office Equipment, P10,800, Automobile, P48,000.
d. Salaries incurred but unpaid as of June 30 amounts to P 9,990.
e. Supplies on hand as of June 30, P 3,000.
f. The unearned management fees were received and recorded on April 1, 2021. The advance payment covered six month's management of an apartment building.
g Accrued interest on notes payable, P 15,000.
2. Prepare the following financial statements
a. Statement of Income
b. Statement of Owner's Equity
c. Statement of Financial Position
Extracted text: VILLAR REALTY Trial Balance June 30, 2011 Debit Credit 650,000 Cash Accounts Receivable Prepaid Rent Prepaid Insurance on Automobile Supplies on Hand office Equipment Accumulated Depreciation Office Equip. Automobile Accumulated Depreciation - Auto. Accounts Payable Notes Payable Unearned Management Fees M. Villar, Capital M. Villar, Drawing 100,000 108,000 28,800 9,000 90,000 21,600 240,000 60,000 10,800 150,000 46,800 1,337,400 705,000 900,000 72,000 Sales Commissions Revenue Management Service Revenue Salaries Expense Advertising Expense Automobile Expense Miscellaneous Expense 599,400 9,000 53,400 6,000 Total P 2,598,600 P 2,598,600