Transcribed Image Text: PRACTICAL EXERCISE 2 Instruction: From the following partial worksheet of Atty. Villanueva for six-month period ended December 31, 2019, prepare the financial

Transcribed Image Text: PRACTICAL EXERCISE 2
Instruction: From the following partial worksheet of Atty. Villanueva for six-month period ended December 31,
2019, prepare the financial statement in good form.
Trial Balance
Income Statement
Balance Sheet
Debit
Credit
Debit
Credit
Debit
Credit
Cash on Hand
40,000
50,000
40,000
50,000
Cash in Bank
30,000
10,000
Accounts Receivable
30,000
10,000
20,000
Note Receivable
Prepaid Insurance
20,000
15,000
Office Furniture
15,000
Accounts Payable
Notes Payable
M. Capital
M. Drawing
20,000
10,000
77,000
20,000
10,000
77,000
5,000
5,000
Service Income
150,000
150,000
Salaries Expense
Supplies Expense
36,000
8,000
5,000
24,000
2,000
3,000
36,000
8,000
5,000
24,000
Taxes and Licenses
Rent Expense
Interest Expense
Bad Debts
2,000
3,000
Allowance for Bad Debts
3,000
3,000
Depreciation Expense
Accumulated Depreciation – Furniture
Insurance Expense
Unused Supplies
Interest Income
1,500
1,500
1,500
1,500
10,000
3,000
10,000
3,000
1,000
262,500
262,500
89,500 151,000 173,000 111,500
61,500
151,000 151,000 173,000 173,000
Net Income
61,500
Total

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