Accounting Cycle 1 768 290 Worksheet BS
Accounting Cycle 1 768 290 Worksheet BS
Accounting Cycle 1 768 290 Worksheet BS
6. Prepare the Income Statement for the month ended June 30, 2020.
7. Prepare the Statement of Changes in Owner's Equity for the month ended June 30, 2020.
5 Cash 101
Account Receivable- Account Customer 102
To record partial payment from account customer. grrrg
10 Cash 101
Service Income 401
To record cash received from service rendered. fffff
11 Cash 101
Account Receivable 102
To record payment from credit customer. ggggggg
25 Cash 101
Loans Payable - Bank 204
To record borrowing of money from the bank. eeee
30 Vehicle 109
Cash 101
Account Payable 201
To record acquisition of vehicle with 20% down payment.
P 500,000.00
P 500,000.00
1,260.00
1,260.00
48,000.00
48,000.00
45,000.00
45,000.00
11,250.00
11,250.00
10,000.00
10,000.00
222,000.00
222,000.00
6,000.00
6,000.00
42,650.00
42,650.00
2,650.00
2,650.00
75,000.00
75,000.00
9,200.00
9,200.00
12,500.00
12,500.00
12,000.00
12,000.00
200,000.00
200,000.00
10,000.00
10,000.00
850,000.00
170,000.00
680,000.00
18,000.00
18,000.00
46,000.00
46,000.00
Cash Vehicle
Dr Cr Dr
2020 June (1) P 500,000.- 2020 June (1) P 1,260.- 2020 June (30) P 850,000.-
(5) 6,000.- (1) 45,000.-
(10) 9,200.- (1) 11,250.-
(11) 12,500.- (1) 10,000.-
(25) 200,000.- (15) 12,000.- Furnitures and Fixtures
P 727, 700.- (27) 10,000.- Dr
(259,510.-) (30) 170,000.- 2020 June (5) P 42,650.-
P 468, 190.- P 259,210.- P 42,650.-
(2,650.-)
P 40,000.-
Account Receivable
Dr Cr
2020 June (1) P 222,000.- 2020 June (5) P 6,000.- Account Payable
(30) 46,000.- (11) 12,500.- Dr
P 268,000.- P 18,500.- 2020 June (6) P 2,650.-
(18,500.-) P 2,650.-
P 249,500.-
Prepaid Rent
Dr Cr
2020 June (1) P 45,000.-
Loans Payable - Bank
Dr
Prepaid Advertising
Dr Cr
2020 June (1) 10,000.-
Note Payable
Dr
Office Supplies
Dr Cr
2020 June (1) P 11,250.-
(30) 18,000.- Mr. Flores, Capital
P 29,250.- Dr
Office Equipment
Dr Cr
2020 June (1) P 48,000.- Mr. Flores, Drawing
(7) 75,000.- Dr
P 123,000.- 2020 June (27) P 10,000.-
Vehicle Service Income
Cr Dr Cr
2020 June (1) P 222,000.-
(10) 9,200.-
(30) 46,000.-
P 277,200.-
Furnitures and Fixtures
Cr
2020 June (6) P 2,650.- Taxes and Licenses
P 2,650.- Dr Cr
2020 June (1) 1,260.-
Wages Expense
Account Payable Dr Cr
Cr 2020 June (15) P 12,000.-
2020 June (1) P 48,000.-
(5) 42,650.-
(30) 680,000.-
P 770,650.-
(2650.-)
P 768,000.-
Note Payable
Cr
2020 June (30) P 18,000.-
c. Rent Expense
Prepaid Rent
To record adjustment for 3-month rent.
e. Advertising Expense
Prepaid Advertising
To record adjustment for 2-month advertising in the newspaper.
2,050.-
2,050.-
15,000.-
15,000.-
2,500.-
2,500.-
Flores Compute
Workshee
For the month ended
Unadjusted Trial Adjusting
Balance Entries
Particulars Debit Credit Debit
Cash P 468,190.-
Account Receivable 249,500.-
Prepaid Rent 45,000.-
Prepaid Advertising 10,000.-
Office Supplies 29,250.-
Office Equipment 123,000.-
Furnitures and Fixtures 40,000.-
Vehicle 850,000.-
Account Payable P 768,000.-
Loans Payable - Bank 200,000.-
Note Payable 18,000.-
Mr. Flores, Capital 575,000.-
Mr. Flores, Drawing 10,000.-
Service Income 277,200.-
Taxes and Licenses 1,260.-
Salaries Expense 12,000.-
TOTAL P 1, 838, 200.00 P 1, 838, 200.00
Office Supplies Expense 27,100.-
Depreciation Expense- Office Equipment 2,050.-
Accumulated Depreciation - Office Equipment
Rent Expense 15,000.-
Advertising Expense 2,500.-
TOTAL
NET INCOME
Flores Computer Shop
Worksheet
For the month ended, June 2020
Adjusting Adjusted Income
Entries Trial Balance Statement
Credit Debit Credit Debit Credit
P 468,190.-
249,500.-
P 15,000.- 30,000.-
2,500.- 7,500.-
27,100.- 2,150.-
123,000.-
40,000.-
850,000.-
P 768,000.-
200,000.-
18,000.-
575,000.-
10,000.-
277,200.- P 277,200.-
1,260.- P 1,260.-
12,000.- 12,000.-
27,100.- 27,100.-
2,050.- 2,050.-
2,050.- 2,050.-
15,000.- 15,000.-
2,500.- 2,500.-
P 1, 840,250.00 P 1, 840,250.00 P 59,910.- P 277,200.00
(59,910.-)
P 217,290.00
Balance
Sheet
Debit Credit
P 468,190.-
249,500.-
30,000.-
7,500.-
2,150.-
123,000.-
40,000.-
850,000.-
P 768,000.-
200,000.-
18,000.-
782,290.-
(2,050.-)
Mr. Flore
TOTAL LIABILITI
Flores Computer Shop
Statement of Financial Position
grrrrr June 30, 2020 ffff
ASSETS
RENT ASSETS P 468,190.-
Cash 249,500.-
Account Receivable 30,000.-
Prepaid Rent 7,500.-
Prepaid Advertising 2,150.-
Office Supplies P 123,000.-
Office Equipment (2,050.-) 120,950.-
Accumulated Depreciation - Office Equipment P 878, 290.-
TOTAL CURRENT ASSETS
Non-Current Assets 850,000.-
Vehicle 40,000.-
Furnitures and Fixtures P 1,768,290.00
TOTAL ASSETS
LIABILITES
nt Liabilites
Account Payable P 768,000.-
Note Payable 18,000.-
TOTAL CURRENT LIABILITIES P 786,000.-
Non - Current Liabilities
Loans Payable - Bank 200,000.-
TOTAL LIABILITIES P 986,000.-
CAPITAL
2020
June 30 Service Income
Revenue and Expense Summary
To close income account.
P 277, 200.-
P 277,200.-
59,910.-
1,260.-
12,000.-
27,100.-
2,050.-
15,000.-
2,500.-
10,000.-
10,000.-
217,290.-
217,290.-
Flores Computer Shop
Post-Closing Trial Balance
Junec30,2020
Account TItles PR Debit Credit