Company Profile

Business Transactions
Accounting Records
General Journal
General Ledger
Trial Balance
Adjusting Entries
Worksheet
Financial Statements
Closing Entries
Post-closing Trial Balance
Business Transactions

January 2018
January 4 – Bought cylinder tanks (Acetylene, Oxygen, LPG) from D. Libunaw
Gas Manufacturing on account, ₱11,350.
January 12 – Paid the balance from the September 15, 2017 purchase of engine
parts from Auto Supply, ₱13,573.
Paid ₱3,070 for repairs and maintenance incurred.
January 15 – Collected ₱6,500 from Customer BF to settle liability on services
availed last year.
– Customer PM, welding job, ₱6,000, on account.
January 18 – Bought tools from Asumco Hardware, ₱3,200, on account.
January 21 – Collected ₱2,400 from Customer RCSC to settle liability on
services availed last year.
January 22 – Customer WW, fabrication, ₱28,482, paid half in cash.
– Customer 107 paid ₱10,948 to settle liability on services availed
last year.
– Customer C9 paid ₱14,300 to settle liability on services availed
last year.
January 23 – Customer BLC, lathe works, paid ₱10,000 in cash, remaining
balance ₱20,000.
January 25 – Bought 2 Acetylene tanks for cash, ₱950 each.
January 27 – Customer YHJ paid ₱5,671 to settle credit balance from last year.
– Collected ₱7,071 from Customer AEC to settle liability from last
year.
January 28 – Customer GM, engine repair, ₱156,182, on account.
January 30 – Bought engine parts from BM A.S. on account, ₱5,150.
January 31 – Paid utilities amounting to ₱18,400 and salaries of ₱33,177.

February 2018
February 1 – Bought LPG tanks, ₱1,650, paid in cash.
February 2 – Bought Oxygen tanks on account worth ₱900.
February 5 – Customer FO paid ₱60,690 for various services.
February 6 – ₱4,360 paid by Customer NG for lathe works.
February 7 – Various services amounting to ₱80,200 availed by Customer CT.
₱30,200 paid in cash.
February 13 – Customer HL acquired services amounting to ₱137,812. Made a
downpayment of ₱50,000.
February 16 – Paid the account on January 4.
February 19 – Received ₱8,400 from Customer PC for lathe works.
 February 26 – Received ₱9,250 from Customer SC for welding job.
February 27 – Paid ₱2,000 for repairs and maintenance incurred.
February 28 – Paid ₱15,947 for utilities expense, ₱12,000 for gas expense, and
₱38,534 for salaries.

March 2018
March 4 – Bought engine parts from Chrissan A.S., ₱3,500, for cash.
March 18 – Paid half of the account on January 18.
March 30 – Customer RCSC paid ₱10,300 to settle remaining balance from
last year.
– Customer HL paid ₱37,812 to lessen his credit balance.
March 31 – Paid the following expenses: utilities expense for ₱17,776,
₱12,000 gas expense, salaries of ₱33,330.

April 2018
April 9 – Customer RP paid ₱11,000 in cash for welding job.
– Customer BR paid ₱19,000 in cash for lathe works.
April 10 – Customer FMT paid ₱6,366 as partial payment for services
acquired totaling to ₱56,366.
April 11 – Customer ICL acquired services amounting to ₱50,750, on
account.
April 12 – Customer FMT settled balance of ₱50,000.
– Customer ICL paid balance of ₱50,750.
– Paid the remaining balance of the account on January 18.
April 13 – Customer PB paid cash for fabrication amounting to ₱32,921.
– Customer HL paid his remaining liability of ₱50,000.
– Bought cylinder tanks, 50% downpayment, balance to be paid on
June 30 of the same year.
April 16 – Customer RD paid ₱22,300 for lathe works.
April 17 – ₱8,916 paid in partial by Customer TW for services amounting to
₱158,916.
April 21 – Received ₱20,800 from Customer SC for various services availed.
April 23 – Customer 2C acquired services amounting to ₱19,000 on account.
April 24 – Paid ₱1,800 for repairs and maintenance.
April 25 – Customer 2C paid ₱12,800 to lessen credit balance.
April 28 – Services amounting to ₱58,823 rendered to Customer FC. Whole
amount on account.
April 30 – Paid the oxygen tank bought on February 2.
– Paid the following expenses: utilities expense for ₱21,657,
₱12,000 gas expense, salaries of ₱42,431.
May 2018
May 1 – Bought Acetylene for ₱950, cash.
May 3 – Customer FC settled ₱38,800 of his liability.
May 5 – Customer 2C paid remaining credit balance of ₱6,200.
May 10 – Customer BMP paid ₱18,600 for fabrication.
May 16 – Bought oxygen tank, ₱450, on account.
May 19 – Customer RDP acquired services amounting to ₱15,163 on
account.
– Services amounting to ₱30,152 acquired on cash by Customer
BRC.
– Customer RDF settled last year’s credit balance totaling to
₱23,090.
May 24 – Paid ₱3,300 for repairs and maintenance.
May 30 – Bought LPG tank for ₱1,150 on account.
May 31 – Paid cash for the purchases last year at an amount worth ₱49,250.
– Paid the following expenses: utilities expense for ₱20,704,
₱12,000 gas expense, salaries of ₱36,417.

June 2018
June 1 – Paid the oxygen and LPG tank on May 16 and 30.
June 13 – Customer NCC paid ₱30,000 for engine rebuild service.
– Customer ECO paid ₱7,150 for welding job.
June 16 – Bought engine parts from B.M. A.S. worth ₱5,000, on account.
June 19 – Customer SC paid ₱7,500 for lathe work and fabrication service.
June 25 – Paid ₱20,000 as partial payment for services amounting to
₱66,090.
June 27 – Customer PVB settled last year’s credit balance of ₱6,000.
– Bought engine parts from Chrissan A.S., ₱1,600, half on account.
June 28 – Customer WOO paid ₱48,500 for lathe work, fabrication, and
welding.
– Paid ₱1,700 for repairs and maintenance.
June 29 – Customer MWF paid ₱4,460 to lessen credit balance from last
year.
June 30 – Customer DM paid ₱9,000 for welding job.
– Paid the balance from April 13 transaction.
– Paid the following expenses: utilities expense for ₱20,234 ,
₱12,000 gas expense, salaries of ₱39,880.
Accounting Records
General Journal

January 2018
January 4 Tools 11,350
Accounts Payable 11,350
#
January 12 Accounts Payable 13,573
Repairs and Maintenance 3,070
Cash 16,643
#
January 15 Cash 6,500
Accounts Receivable 500
Service Revenue 6,000
#
January 18 Tools 3,200
Accounts Payable 3,200
#
January 21 Cash 2,400
Accounts Receivable 2,400
#
January 22 Cash 39,489
Accounts Receivable 11,007
Service Revenue 28,482
#
January 23 Cash 10,000
Accounts Receivable 20,000
Service Revenue 30,000
#
January 25 Tools 1,900
Cash 1,900
#
January 27 Cash 12,742
Accounts Receivable 12,742
#
January 28 Accounts Receivable 156,182
Service Revenue 156,182
#
January 30 Tools 5,150
Accounts Payable 5,150
 #
January 31 Utilities Expense 18,400
Salaries Expense 33,177
Cash 51,577

February 2018
February 1 Tools 1,650
Cash 1,650
#
February 2 Tools 900
Accounts Payable 900
#
February 5 Cash 60,690
Service Revenue 60,690
#
February 6 Cash 4,360
Service Revenue 4,360
#
February 7 Cash 30,200
Accounts Receivable 50,000
Service Revenue 80,200
#
February 13 Cash 50,000
Accounts Receivable 87,812
Service Revenue 137,812
#
February 16 Accounts Payable 11,350
Cash 11,350
#
February 19 Cash 8,400
Service Revenue 8,400
#
February 26 Cash 9,250
Service Revenue 9,250
#
February 27 Repairs and Maintenance 2,000
Cash 2,000
#
February 28 Utilities Expense 15,947
Gas Expense 12,000
Salaries Expense 38,534
Cash 66,481

March 2018
March 4 Tools 3,500
Cash 3,500
#
March 18 Accounts Payable 1,600
Cash 1,600
#
March 30 Cash 48,112
Accounts Receivable 48,112
#
March 31 Utilities Expense 17,776
Gas Expense 12,000
Salaries Expense 33,330
Cash 63,106

April 2018
April 9 Cash 30,000
Service Revenue 30,000
#
April 10 Cash 6,366
Accounts Receivable 50,000
Service Revenue 56,366
#
April 11 Accounts Receivable 50,750
Service Revenue 50,750
#
April 12 Cash 99,150
Accounts Payable 1,600
Accounts Receivable 100,750
#
April 13 Cash 82,921
Service Revenue 82,921
#
 Tools 10,300
Cash 5,150
Accounts Payable 5,150
#
April 16 Cash 22,300
Accounts Receivable 22,300
#
April 17 Cash 8,916
Accounts Receivable 150,000
Service Revenue 158,916
#
April 21 Cash 20,800
Service Revenue 20,800
#
April 23 Accounts Receivable 19,000
Service Revenue 19,000
#
April 24 Repairs and Maintenance 1,800
Cash 1,800
#
April 25 Cash 12,800
Accounts Receivable 12,800
#
April 28 Accounts Receivable 58,823
Service Revenue 58,823
#
April 30 Accounts Payable 900
Utilities Expense 21,657
Gas Expense 12,000
Salaries Expense 42,431
Cash 76,988

May 2018
May 1 Tools 950
Cash 950
#
May 3 Cash 38,800
Accounts Receivable 38,800
#
May 5 Cash 6,200
Accounts Receivable 6,200
#
May 10 Cash 18,600
Service Revenue 18,600
#
May 16 Tools 450
Accounts Payable 450
#
May 19 Cash 53,242
Accounts Receivable 7,927
Service Revenue 45,315
#
May 24 Repairs and Maintenance 3,300
Cash 3,300
#
May 31 Accounts Payable 49,250
Utilities Expense 20,704
Gas Expense 12,000
Salaries Expense 36,417
Cash 118,371

June 2018
June 1 Accounts Payable 1,600
Cash 1,600
#
June 13 Cash 37,150
Service Revenue 37,150
#
June 16 Tools 5,000
Accounts Payable 5,000
#
June 19 Cash 7,500
Service Revenue 7,500
#
June 25 Cash 20,000
Accounts Receivable 46,090
Service Revenue 66,090
June 27 Cash 6,000
Tools 800
Accounts Receivable 6,000
Accounts Payable 800
#
June 28 Cash 46,800
Repairs and Maintenance 1,700
Service Revenue 48,500
#
June 29 Cash 4,460
Accounts Receivable 4,460
#
June 30 Accounts Payable 5,150
Utilities Expense 20,234
Gas Expense 12,000
Salaries Expense 39,880
Cash 68,264
Accounts Receivable 9,000

General Ledger

Cash
Date Description Debit Credit Balance
Beg. 92,910 92,910
1/12/18 16,643
1/15/18 6,500
1/21/18 2,400
1/22/18 39,489
1/23/18 10,000
1/25/18 1,900
1/27/18 12,742
1/31/18 51,577
2/1/18 1,650
2/5/18 60,690
2/6/18 4,360
2/7/18 30,200
2/13/18 50,000
2/16/18 11,350
2/19/18 8,400
2/26/18 9,250
2/27/18 2,000
2/28/18 66,481
 3/4/18 3,500
3/18/18 1,600
3/30/18 48,112
3/31/18 63,106
4/9/18 30,000
4/10/18 6,366
4/12/18 99,150
4/13/18 82,921
4/13/18 5,150
4/16/18 22,300
4/17/18 8,916
4/21/18 20,800
4/24/18 1,800
4/25/18 12,800
4/30/18 76,988
5/1/18 950
5/3/18 38,800
5/5/18 6,200
5/10/18 18,600
5/19/18 53,242
5/24/18 3,300
5/31/18 118,371
6/1/18 1,600
6/13/18 37,150
6/19/18 7,500
6/25/18 20,000
6/27/18 6,000
6/28/18 46,800
6/29/18 4,460
6/30/18 68,264
Ending 400,828
Balance
Accounts Receivables
Date Description Debit Credit Balance
Beg. 97,800 97,800
1/15/18 500
1/21/18 2,400
1/22/18 11,007
1/23/18 20,000
1/27/18 12,742
1/28/18 156,182
2/7/18 50,000
2/13/18 87,812
3/30/18 48,112
4/10/18 50,000
 4/11/18 50,750
4/12/18 100,750
4/16/18 22,300
4/17/18 150,000
4/23/18 19,000
4/25/18 12,800
4/28/18 58,823
5/3/18 38,800
5/19/18 7,927
6/25/18 46,090
6/27/18 6,000
6/29/18 4,460
6/30/18 9,000
Ending 523,119
Balance
Tools
Date Description Debit Credit Balance
Beg. 156,000 156,000
1/4/18 11,350
1/18/18 3,200
1/25/18 1,900
1/30/18 5,150
2/1/18 1,650
2/2/18 900
3/4/18 3,500
4/13/18 10,300
5/1/18 950
5/16/18 450
6/16/18 5,000
6/27/18 800
Ending 201,150
Balance
Allowance for Doubtful Accounts
Date Description Debit Credit Balance
Beg. 4,890 4,890
Accounts Payable
Date Description Debit Credit Balance
Beg. 151,763 151,763
1/4/18 11,350
1/12/18 13,573
1/18/18 3,200
1/30/18 5,150
2/2/18 900
2/16/18 11,350
 3/18/18 1,600
4/12/18 1,600
4/13/18 5,150
4/30/18 900
5/16/18 450
5/31/18 49,250
6/1/18 1,600
6/16/18 5,000
6/27/18 800
6/30/18 5,150
Ending
97,940
Balance
Equipment 1
Date Description Debit Credit Balance
Beg. 450,000 450,000
Equipment 2
Date Description Debit Credit Balance
Beg. 300,000 300,000
Accumulated Depreciation - Equipment 1
Date Description Debit Credit Balance
Beg. 396,000 396,000
Accumulated Depreciation – Equipment 2
Date Description Debit Credit Balance
Beg. 204,000 204,000
Building
Date Description Debit Credit Balance
Beg. 500,000 500,000
Accumulated Depreciation - Building
Date Description Debit Credit Balance
Beg. 450,000 450,000
Recoverable Deposit
Date Description Debit Credit Balance
Beg. 10,000 10,000
Utilities Expense
Date Description Debit Credit Balance
Beg. 0
1/31/18 18400
2/28/18 15,947
3/31/18 17,776
4/30/18 21,657
5/31/18 20,704
6/30/18 20,234
 Ending 114,718
Balance
Gas Expense
Date Description Debit Credit Balance
Beg. 0
1/31/18
2/28/18
3/31/18
4/30/18
5/31/18
6/30/18

Doubtful Accounts Expense

Date Description Debit Credit Balance
Beg. 0
Depreciation Expense – Equipment 1
Date Description Debit Credit Balance
Beg. 0
Depreciation Expense – Equipment 2
Date Description Debit Credit Balance
Beg. 0
Depreciation Expense - Building
Date Description Debit Credit Balance
Beg. 0
Repairs and Maintenance
Date Description Debit Credit Balance
Beg. 0
1/12/18 3,070
2/27/18 2,000
4/24/18 1,800
5/24/18 3,300
6/28/18 1,700
Ending 11,870
Balance
Salaries and Wages
Date Description Debit Credit Balance
Beg. 0
1/31/18 33,177
2/28/18 38,534
3/31/18 33,330
4/30/18 42,431
5/31/18 36,417
6/30/18 39,880
 Ending 223,769
Balance
Tools Used
Date Description Debit Credit Balance
Beg. 0 0
Service Revenue
Date Description Debit Credit Balance
Beg. 0
1/15/18 6,000
1/22/18 28,482
1/23/18 30,000
1/28/18 156,182
2/5/18 60,690
2/6/18 4,360
2/7/18 80,200
2/13/18 137,812
2/19/18 8,400
2/26/18 9,250
4/9/18 30,000
4/10/18 56,366
4/11/18 50,750
4/13/18 82,921
4/17/18 158,916
4/21/18 20,800
4/23/18 19,000
4/28/18 58,823
5/10/18 18,600
5/19/18 45,315
6/13/18 37,150
6/19/18 7,500
6/25/18 66,090
6/28/18 48,500
Ending 1,222,107
Balance
MBK, Capital
Date Description Debit Credit Balance
Beg. 205,137 205,137
Drawings
Date Description Debit Credit Balance