ACCOUNTING (Activity 1 )

(YOUR COMPANY) has the following account in the ledger:

Cash, Php 150,000.00 Accounts Receivable, Notes Receivable, Office Supplies, Office Equipment
Accounts Payable, (Your) Capital, Php 150,000 (Your) Drawings, Fees Earned, Salaries Expense, Rent
Expense, Advertising Expense, Utilities Expense, Repair Expense, Miscellaneous Expense

The following are your transactions of your company during the month of December, 2019:

Dec. 1 Paid rent for the month, Php 7,000.

2 Paid 3,000 for office supplies purchased.
5 Purchase Office Equipment on Account, 12,000.
8 Fees earned and billed to customer for the month, 25,000.
10 Paid advertising , 1,500.00
12 You made additional investment of 100,000.
15 Received cash from customer for service rendered, 7,500.
16 Rendered services to customer on account, 15,000.
19 Partial collection from Dec. 16 transaction, 10,000.
20 Purchase additional office equipment, 25,000 paying 50% downpayment and the
Balance on account.
21 Returned 5,000 worth of office equipment from June 20 purchased due to defects.
22 You withdrew 10,000 for your personal use.
Paid 1,000 for the repair of your equipment.
23 Telephone bill was paid 4,000.
Salaries of employees, 25,000 was paid.
27 Received a promissory note for servicesr rendered, 17,500.

Required: From the above transactions, prepare the following:

1. Journalizing
2. Posting
3. Trial Balance
4. Income Statement
5. Statement of Financial Position

Note: the above amounts are expressed in peso

PROF. E.B.UMALI