How the problems are made
Each problem is an invented service business at the end of a month: an unadjusted trial balance and four or five adjustments, always the month’s depreciation, plus some of supplies used, insurance expired, salaries or a utility bill owed, unearned revenue earned and services not yet billed. About one problem in five ends in a net loss. Levels 1 and 2 are the 10-column and 8-column worksheet. Level 3 gives the adjusted trial balance and asks for the income statement, the equity statement and the balance sheet. Level 4 asks for the closing entries and the post-closing trial balance.
Check marks every box you fill in and counts the empty ones. Usual slips, such as adjusting by the supplies on hand instead of the supplies used or putting drawing in the income statement columns, get a hint of their own, and a total that is wrong only because a figure above it is wrong is marked as following your figures. Adjusting entries in journal form are on the sibling Journal Entries Practice site.
An example from set PHWKS5
Rina Salazar owns Salazar Car Wash. On October 31, 2026 a count shows ₱12,200 of supplies on hand, so the supplies used are ₱24,000 − ₱12,200 = ₱11,800: debit Supplies Expense, credit Supplies. Of the unearned revenue, ₱35,950 was earned, so Unearned Revenue falls to ₱50,800 − ₱35,950 = ₱14,850 and Service Revenue rises to ₱171,200 + ₱35,950 = ₱207,150. With depreciation of ₱950 and an unpaid electricity bill of ₱3,150, the adjustment columns total ₱51,850 each and the adjusted trial balance ₱612,700 each. The income statement columns hold ₱116,400 of expenses and ₱207,150 of revenue, a net income of ₱207,150 − ₱116,400 = ₱90,750. It goes under the income statement debit column and the statement of financial position credit column, where ₱405,550 + ₱90,750 = ₱496,300 matches the debit total. Open set PHWKS5
The presets
Philippines follows FABM 1 and FABM 2: pesos (₱), a sole proprietorship with the owner’s Capital and Drawing, and the statement of financial position as the third statement, after the statement of changes in equity, and as the name of the last pair of worksheet columns (the Marikina FABM 1 module heads that pair Balance Sheet). United States follows high school and college intro courses and OpenStax: dollars, a balance sheet, and some businesses are corporations with Common Stock, Retained Earnings and Dividends, closed through Income Summary to Retained Earnings.
Questions
What are the columns of a 10-column worksheet?
Five pairs of debit and credit columns: the unadjusted trial balance, the adjustments, the adjusted trial balance, the income statement and the balance sheet (the statement of financial position in FABM). Account titles run down the left, and every pair is totaled at the bottom.
How do you get the adjusted trial balance figures?
Take each trial balance figure and add or subtract the adjustment on its line. Two debits or two credits are added; a debit and a credit are subtracted. In OpenStax’s Printing Plus example, Unearned Revenue of $4,000 credit with a $600 debit adjustment becomes $3,400 credit.
Where does net income go on the worksheet?
Total both income statement columns. If credits (revenues) are larger, the difference is a net income: write it under the debit column, the smaller one, and on the credit side of the balance sheet pair, so both pairs balance. A net loss goes the other way round.
Why is drawing in the balance sheet columns?
Drawing is not an expense, so it never goes in the income statement columns. It reduces the owner’s capital, and the balance sheet pair holds everything needed for the ending capital: capital, drawing and, once added, the net income. OpenStax treats a corporation’s dividends the same way.
What is the difference between an 8-column and a 10-column worksheet?
The 8-column work sheet, used in Century 21 Accounting and in some FABM 1 modules, leaves out the adjusted trial balance pair: each adjusted balance is worked out in your head and extended straight to the income statement or balance sheet columns. The 10-column worksheet writes it down first, which makes errors easier to find.
What are the four closing entries?
Close the revenues to Income Summary, close the expenses to Income Summary, close Income Summary to capital (or retained earnings), then close drawing (or dividends) straight to capital. After them, Income Summary is nil and capital shows the ending balance.
What goes on the post-closing trial balance?
Only the accounts still open after closing: assets, contra assets, liabilities and equity, which is the owner’s updated capital or, for a corporation, Common Stock and the updated Retained Earnings. Revenues, expenses and drawing or dividends are closed to nil, so finding one there means a closing entry was missed (OpenStax 5.2).
Sources, checked October 29, 2026: OpenStax Principles of Accounting, Volume 1, sections 4.2 to 4.5 (adjusting entries and the 10-column worksheet) and 5.1 to 5.4 (closing entries and the post-closing trial balance); AccountingCoach, What is contained on a 10-column worksheet?; DepEd Schools Division of Marikina City, FABM 1 Fourth Quarter Modules 2 and 3 (the worksheet, statements and closing entries of a service business).