REQUIREMENT 1

Magpantay Cleaning Service

GENERAL JOURNAL

Date
PARTICULARS P.R. Debit

Dec-01 Cash ₱ 62,000.00

Magpantay, Capital
To record the investment of Magpantay

Dec-03 Cleaning Supplies ₱ 21,400.00

Accounts Payable
To record the cleaning supplies bought on account

Dec-05 Cleaning Equipment ₱ 15,600.00

Accounts Payable
To record the cleaning equipment bought on account

Dec-06 Service Vehicle ₱ 47,000.00

Cash
Notes Payable
To record the purchase of old service vehicle

Dec-07 Rent Expense ₱ 7,300.00

Cash
To record the rent paid

Dec-09 Cash ₱ 31,800.00

Service Revenue
to record the service rendered for cash

Dec-10 Advertising Expense ₱ 1,700.00

Cash
To record the advertising paid

Dec-12 Prepaid Insurance ₱ 4,800.00

Cash
To record the prepaid insurance paid

Dec-13 Accounts Payable ₱ 9,000.00

Cash
To record the accounts paid

Dec-14 Miscellaneous Expense ₱ 2,200.00

 Cash
To record the miscellaneous cost paid

Dec-15 Accounts Receivable ₱ 18,600.00

Service Revenue
To record the services rendered on account

Dec-16 Salaries Expense ₱ 8,400.00

Cash
To record the salaries paid

Dec-20 Cash ₱ 9,800.00

Accounts Receivable
Tp record the receivable collected

Dec-22 Notes Payable ₱ 2,400.00

Cash
To record the notes paid

Dec-25 Telephone Expenses ₱ 900.00

Cash
To record the telephone expenses paid

Dec-28 Salaries Expense ₱ 7,900.00

Cash
To record the salaries paid

Dec-28 Accounts Receivable ₱ 22,500.00

Service Revenue
To record the services rendered on account

Dec-28 Magpantay, withdrawal ₱ 10,000.00

Cash
To record the drawings of the owner

Balance ₱ 283,300.00

Adjusting Entries
GENERAL JOURNAL

Date
PARTICULARS P.R. Debit

Dec-31 Depreciation Expense-Cleaning Equipment ₱ 433.33

Depreciation Expense-Service Vehicle ₱ 1,305.56
Accumulated Depreciation-Cleaning Equipment
Accumulated Depreciation- Service Vehicle
To record the depreciation

Insurance Expense ₱ 480.00

Prepaid Insurance

Balance ₱ 2,218.89
 Requirement 2
GJ-1

Magpantay Cleaning S
Credit
GENERAL LEDGERS FOR
Account: Cash
₱ 62,000.00 Date Particular JR
1-Dec Investment of the owner
Dec-06 Purchase of service vehicle
Dec-07 Rent paid
₱ 21,400.00 9-Dec Service rendered
Dec-10 Advertising paid
Dec-12 Insurance paid
13-Dec Accounts paid
₱ 15,600.00 Dec-14 Miscellaneous Expenses paid
Dec-16 Salaries paid
Dec-20 Receivable collected
22-Dec Notes paid
₱ 10,000.00 Dec-25 telephone expenses paid
₱ 37,000.00 29-Dec Salaries paid
28-Dec Drawings of the owner

₱ 7,300.00

Account: Accounts Receivable

₱ 31,800.00 Date Particular JR
15-Dec Service rendered on account
Dec-20 Receivable collected
28-Dec Service rendered on account
₱ 1,700.00
Account: Cleaning Supplies
Date Particular JR
Dec-03 Supplies bought on account
₱ 4,800.00

₱ 9,000.00

Account: Prepaid Insurance

Date Particular JR
₱ 2,200.00 Dec-12 Insurance paid
31-Dec Adjusting

₱ 18,600.00

Account: Cleaning Equipment

₱ 8,400.00 Date Particular JR
Dec-05 Equipment bought on account

₱ 9,800.00

Account: Accumulated Depreciation- Cleaning Equipment

Date Explanation JR
₱ 2,400.00 31-Dec Adjusting

₱ 900.00
Account: Service Vehicle
Date Particular JR
Dec-06 Purchase of service vehicle
₱ 7,900.00

₱ 22,500.00 Account: Accumulated Depreciation - Service Vehicle

Date Explanation JR
31-Dec Adjusting

₱ 10,000.00

₱ 283,300.00

GENERAL LEDGERS FOR LIABIL

GJ-1
Account: Accounts Payable
Date Explanation JR
Dec-03 Supplies bought on account
Dec-05 Equipment bought on account
Credit
13-Dec Accounts paid
 Account: Notes Payable
₱ 433.33 Date Explanation JR
₱ 1,305.56 Dec-06 Purchase of service vehicle
22-Dec Notes paid

₱ 480.00

Account: Magpantay, Capital

Date Explanation JR
1-Dec Investment of the owner

₱ 2,218.89 Account: MAgpantay, Withdrawa

Date Particular JR
28-Dec Drawings of the owner

GENERAL LEDGER FOR REVENUE

Service Revenue
Date Explanation JR
9-Dec Service rendered
15-Dec Service rendered on account
28-Dec Service rendered on account

Account: Salaries Expense

Date Particular JR
Dec-16 Salaries paid
28-Dec Salaries paid

Account: Rent Expense

Date Particular JR
Dec-07 Rent paid

Account: Advertising Expense

Date Particular JR
Dec-10 Advertising paid

Account: Telephone Expense

Date Particular JR
Dec-25 telephone expenses paid

Account: Depreciation Expense

Date Particular JR
31-Dec Adjusting

Account: Depreciation Expense -

Date Particular JR
31-Dec Adjusting

Account: Insurance Expense

Date JR
31-Dec Adjusting

Account: Miscellaneous Expens

Date Particular JR
Dec-14 Miscellaneous Expenses paid
antay Cleaning Service
AL LEDGERS FOR ASSETS
No.
Debit (+) Credit (-) BALANCE
62,000.00 62,000.00
10,000.00 52,000.00
7,300.00 44,700.00
31,800.00 76,500.00
1,700.00 74,800.00
4,800.00 70,000.00
9,000.00 61,000.00
2,200.00 58,800.00
8,400.00 50,400.00
9,800.00 60,200.00
2,400.00 57,800.00
900.00 56,900.00
7,900.00 49,000.00
10,000.00 39,000.00

No.
Debit (+) Credit (-) BALANCE
18,600.00 18,600.00
9,800.00 8,800.00
22,500.00 31,300.00

No.
Debit (+) Credit (-) BALANCE
21,400.00 21,400.00

No.
Debit (+) Credit (-) BALANCE
 4,800.00 4,800.00
480.00 4,320.00

No.
Debit (+) Credit (-) BALANCE
15,600.00 15,600.00

n- Cleaning Equipment No.

Debit (-) Credit (+) BALANCE
433.33 433.33

No.
Debit (+) Credit (-) BALANCE
47,000.00 47,000.00

n - Service Vehicle No.

Debit (-) Credit (+) BALANCE
1,305.56 1,305.56

DGERS FOR LIABILITIES & EQUITY

No.
Debit (-) Credit (+) BALANCE
21,400.00 21,400.00
15,600.00 37,000.00
9,000.00 28,000.00
 No.
Debit (-) Credit (+) BALANCE
37,000.00 37,000.00
2,400.00 34,600.00

No.
Debit (-) Credit (+) BALANCE
62,000.00 62,000.00

No.
Debit (+) Credit (-) BALANCE
10,000.00 10,000.00

GER FOR REVENUE AND EXPENSES

No.
Debit (-) Credit (+) BALANCE
31,800.00 31,800.00
18,600.00 50,400.00
22,500.00 72,900.00

No.
Debit (+) Credit (-) BALANCE
8,400.00 8,400.00
7,900.00 16,300.00

No.
Debit (+) Credit (-) BALANCE
7,300.00 7,300.00

No.
Debit (+) Credit (-) BALANCE
 1,700.00 1,700.00

No.
Debit (+) Credit (-) BALANCE
900.00 900.00

No.
Debit (+) Credit (-) BALANCE
433.33 433.33

No.
Debit (+) Credit (-) BALANCE
1,305.56 1,305.56

No.
Debit (+) Credit (-) BALANCE
480.00 480.00

No.
Debit (+) Credit (-) BALANCE
2,200.00 2,200.00
 Magpantay Cleaning Services
Worksheet
December 31, 2020

TRIAL BALANCE ADJUSTMENTS

Particulars
DEBIT CREDIT DEBIT
Cash 39,000.00
Accounts Receivable 31,300.00
Cleaning Supplies 21,400.00
Prepaid Insurance 4,800.00
Cleaning Equipment 15,600.00
Accumulated Depreciation-Cleaning Equipment
Service Vehicle 47,000.00
Accumulated Depreciation-Service Vehicle
Accounts Payable 28,000.00
Notes Payable 34,600.00
Magpantay, Capital 62,000.00
Magpantay, Drawings 10,000.00
Service Revenue 72,900.00
Salaries Expense 16,300.00
Rent Expense 7,300.00
Advertising Expense 1,700.00
Telephone Expense 900.00
Depreciation Expense-Cleaning Equipment 433.33
Depreciation Expense-Service Vehicle 1,305.56
Insurance Expense 480.00
Miscellaneous Expense 2,200.00

Total 197,500.00 197,500.00 2,218.89

Net Income
Total
agpantay Cleaning Services
Worksheet
December 31, 2020

ADJUSTMENTS Adjusted Trial Balance Income Statement Balance Sheet

CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
39,000.00 39,000.00
31,300.00 31,300.00
21,400.00 21,400.00
480.00 4,320.00 4,320.00
15,600.00 15,600.00
433.33 433.33 433.33
47,000.00 47,000.00
1,305.56 1,305.56 1,305.56
28,000.00 28,000.00
34,600.00 34,600.00
62,000.00 62,000.00
10,000.00 10,000.00
72,900.00 72,900.00
16,300.00 16,300.00
7,300.00 7,300.00
1,700.00 1,700.00
900.00 900.00
433.33 433.33
1,305.56 1,305.56
480.00 480.00
2,200.00 2,200.00

2,218.89 199,238.89 199,238.89 30,618.89 72,900.00 168,620.00 126,338.89

42,281.11 42,281.11
72,900.00 72,900.00 168,620.00 168,620.00
 Magpantay Cleaning Service
Statement of Financial Performance
For the year ended December 31, 2020

Service Revenue
Less: Operating Expenses
Salaries Expense
Rent Expense
Advertising Expense
Telephone Expense
Depreciation Expense-Cleaning Equipment
Depreciation Expense-Service Vehicle
Insurance Expense
Miscellaneous Expense
Net Profit

Magpantay Cleaning Service

Statement of Equity
For the year ended December 31, 2020

Initial Investment
Add: Net Profit
Total
Less; Drawings
Ending Capital

Magpantay Cleaning Service

Statement of Financial Position
As of December 31, 2020

ASSETS
Current Assets
Cash
Accounts Receivable
Cleaning Supplies
Prepaid Insurance

Non-Current Assets
Cleaning Equipment 15,600.00
Accumulated Depreciation-Cleaning Equipment 361.11
Service Vehicle 47,000.00
Accumulated Depreciation-Service Vehicle 217.59
Total Assets

LIABILITIES AND EQUITY

Liabilities
Accounts Payable
Notes Payable
Total Liabilities
Equity:
Total Liabilities and Equity

Magpantay Cleaning Service

STATEMENT OF CASH FLOWS
As of December 31, 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Cash received from service rendered
Receivable Collected
Cash payment to creditors
Rent paid
Advertising paid
Insurance paid
Miscellaneous Expenses paid
Salaries paid
Telephone expenses paid
NET CASH FLOWS FROM OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES

Cash Payment for PPE
NET CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Owner's investment
owner's drawing
NET CASH FLOWS FROM FINANCING ACTIVITIES

NET CASH FLOWS

Add: Cash and Cash Equivalent, Beg.
CASH AND CASH EQUIVALENT, END
e
nce
2020

72,900.00

16,300.00
7,300.00
1,700.00
900.00
361.11
217.59
480.00
2,200.00 29,458.70
₱ 43,441.30

2020

62,000.00
43,441.30
105,441.30
10,000.00
₱ 95,441.30

e
n

39,000.00
31,300.00
21,400.00
4,320.00 96,020.00

15,238.89

46,782.41 62,021.30
 158,041.30

28,000.00
34,600.00
62,600.00
95,441.30
158,041.30

e
S

AMOUNT
31,800.00
9,800.00
(9,000.00)
(7,300.00)
(1,700.00)
(4,800.00)
(2,200.00)
(16,300.00)
(900.00)
(600.00)

(12,400.00)
(12,400.00)

62,000.00
(10,000.00)
52,000.00

39,000.00
-
₱ 39,000.00