Excellent Service

Trial Balance
For the year ended December 31, 2019

Dr. Cr.
Cash on Hand Php 365,000
Accounts Receivable 115,000
Notes Receivable 85,000
Laundry Equipment 950,000
Office Equipment 430,000
Laundry Suppplies 125,000
Accounts Payable Php 47,000
Notes Payable 36,000
Interest Payable 1,500
Mayumi, Capital 1,550,000
Mayumi, Drawing 25,000
Service Income 573,500
Rent Expense 15,000
Laundry Supplies Expense 18,000
Utilities Expense 23,000
Salaries and Wages 35,000
Gasoline and Oil 12,000
Repair and Maintenance 8,000
Interest Expense 2,000
TOTAL Php 2,208,000 Php 2,208,000
 Excellent Service
Balance Sheet
For the year ended December 31, 2019

ASSETS LIABILITIES AND OWNER'S EQU

Current Assets LIABILITES
Cash on Hand Php 365,000
Accounts Receivable 115,000
Notes Receivable 85,000
Laundry Suppplies 125,000 Total Liabilities
Total Current Assets Php 690,000
Owner's Equity
Non-current Assets
Laundry Equipment Php 950,000
Office Equipment 430,000
Total Non-current Assets Php 1,380,000 Total Owner's Equity

TOTAL ASSETS Php 2,070,000 TOTAL LIABILITIES AND OWNE

e

er 31, 2019

S AND OWNER'S EQUITY

Accounts Payable Php 47,000

Notes Payable 36,000
Interest Payable 1,500
Php 84,500

Capital Php 1,550,000

Drawings Php 25,000
Net Income 460,500
Php 1,985,500

BILITIES AND OWNER'S EQUITY Php 2,070,000

 Excellent Service
Income Statement
For the year ended December 31, 2019

Service Income Php 573,500

Less:
Rent Expense Php 15,000
Laundry Supplies Expense 18,000
Utilities Expense 23,000
Salaries and Wages 35,000
Gasoline and Oil 12,000
Repair and Maintenance 8,000
Interest Expense 2,000 113,000
Net Income Php 460,500