Chief Hong Professional Services

GENERAL JOURNAL

Date
Account Titles and Explanation P.R. Debit
YR-2021
Jan-05 Cash 150,000
Hong, Capital
To record the investment of the owner

Jan-09 Supplies Expense 16,500

Cash
To record the purchase of office supplies

Jan-12 Equipment 20,000

Hong, Capital
To record the investment of the owner

Jan-15 Cash 32,400

Accounts Receivable 21,600
Service Revenues
To record the service rendered

Feb-01 Prepaid Rent 60,000

Cash
To record the rent paid

Feb-28 Accounts Receivable 58,600

Service Revenues
To record the service rendered on account

Feb-29 Utilities expense 8,560

Cash
To record the utilities paid

Mar-02 Cash 100,000

Notes Payable
To record the loan obtained

Apr-01 Office Improvement 120,000

Cash
To record the office improvement

May-25 Cash 54,000

Accounts Receivable 126,000
Service Revenues
To record the service rendered

May-30 Salaries Expense 24,000

Cash
To record the salaries paid

May-31 Furnitures 19,000

Accounts Payable
To record the Furnitures &Fixtures acquired on account
Jul-31 Notes Receivable 15,000
Service Revenues
To record the service rendered

Aug-29 Utilities expense 24,138

Cash
To record the utilities paid

Aug-31 Salaries Expense 72,000

Cash
To record the salaries paid

Sep-30 Cash 50,000

Accounts Receivable
To record the collection of receivable

Nov-01 Prepaid Insurance 48,000

Cash
To record the insurance paid

Nov-15 Supplies Expense 10,500

Accounts Payable
To record the purchase of office supplies

Nov-30 Cash 25,000

Service Revenue
To record the revenue received in advance

Dec-01 Cash 75,000

Accounts Receivable 24,000
Service Revenues
To record the service rendered

Dec-02 Equipment 21,200

Cash
To record the equipment acquired

Dec-03 Salaries Expense 72,000

Cash
To record the salaries paid

Dec-15 Cash 80,000

Accounts Receivable
To record the collection of receivable

Dec-29 Hong, Drawings 20,000

Cash
To record the drawings of the owner

Balance 1,347,498
 GJ-1
Chief Hong Professional Services
GENERAL JOURNAL
ADJUSTING ENTRIES
Date
Credit Account Titles and Explanation P.R.
YR-2021
a Salaries Expense
150,000 Salaries Payable
To record the accrued salaries

b Office Supplies
16,500 Supplies Expense
To record the unused supplies

c Service Revenue
20,000 Unearned Service Revenue
To record the unearned portion of the revenue
(25,000 * 60%)

d Utiltiies Expense
54,000 Utilities Payable
To record the utilities accrued

e Accounts Receivable
60,000 Service Revenue
To record the accrued income

f Uncollectible Accounts Expense

58,600 Allowance for Uncollectible Accounts
To record the uncollectible accounts

g Rent Expense
8,560 Insurance Expense
Prepaid Rent
Prepaid Insurance
To record the used portion of prepayments
100,000 (60,000 / 2) * 11/12
48,000 * 2 / 12

h Depreciation Expense-Equipment
120,000 Depreciation Expense-Furniture
Depreciation Expense- Office Improvement
Accumulated Depreciation-Equipment
Accumulated Depreciation-Furnitures
Accumulated Depreciation-Office Improvement
180,000 To record the depreciation
((20,000-4,000)/4) + ((21,200-3200)/4 * 1/12)
(19,000 - 1,000) / 4 * 7 / 12
(120,000 / 5) * 9/12
24,000
i Interest Expense
Interest Payable
To record the interest incurred
(100,000 * 6% * 10/12)
19,000
j Interest Receivable
 Interest Income
To record the interest earned
15,000 (15,000 * 8% * 5/12)

24,138

Balance
72,000

50,000 Chief Hong Professional Services

GENERAL JOURNAL
CLOSING ENTRIES
Date
Account Titles and Explanation P.R.
48,000 YR-2021
a Service Revenue
Interest Income
Income Summary
10,500 To close the revenue accounts

b Income Summary
Supplies Expense
25,000 Salaries Expense
Utilities Expense
Uncollectible Accounts Expense
Rent Expense
Insurance Expense
99,000 Interest Expense
Depreciation Expense-Equipment
Depreciation Expense-Furniture
Depreciation Expense-Office Improvement
21,200 To close the expense accounts

c Income Summary
Hong, Capital
72,000 To close the net income to the capital account

d Hong, Capital
Hong, Drawings
80,000 To close the drawings account

20,000

1,347,498 Balance
 GJ-1
ces

Debit Credit
24,000
24,000

7,350
7,350

15,000
15,000

16,785
16,785

3,250
3,250

10,020
10,020

27,500
8,000
27,500
8,000

4,375
2,625
18,000
4,375
2,625
18,000

5,000
5,000

500
 500

142,405 142,405

GJ-1
ces

Debit Credit
419,850
500
420,350

336,653
19,650
192,000
49,483
10,020
27,500
8,000
5,000
4,375
2,625
18,000

83,697
83,697

20,000
20,000

860,700 860,700
 Chief Hong Professional Services
Worksheet
December 31, 2021

TRIAL BALANCE ADJUSTMENTS

Particulars
DEBIT CREDIT DEBIT
Cash 80,002.00
Accounts Receivable 100,200.00 3,250.00
Allowance for Uncollectible Accounts
Notes Receivable 15,000.00
Interest Receivable - 500.00
Office Supplies - 7,350.00
Prepaid Insurance 48,000.00
Prepaid Rent 60,000.00
Equipment 41,200.00
Accumulated Depreciation-Equipment -
Furniture 19,000.00
Accumulated Depreciation-Furniture -
Office Improvement 120,000.00
Accumulated Depreciation-OI -
Accounts Payable 29,500.00
Notes Payable 100,000.00
Salaries Payable -
Unearned Service Revenues -
Interest Payable -
Utilities Payable -
Hong, Capital 170,000.00
Hong, Drawings 20,000.00
Service Revenues 431,600.00 15,000.00
Interest Income -
Miscellaneous Income -
Supplies Expense 27,000.00
Salaries Expense 168,000.00 24,000.00
Utilities Expense 32,698.00 16,785.00
Uncollectible Accounts Expense - 10,020.00
Rent Expense - 27,500.00
Insurance Expense - 8,000.00
Interest Expense 5,000.00
Depreciation Expense- Equipment - 4,375.00
Depreciation Expense- Furniture - 2,625.00
Depreciation Expense - O.I. - 18,000.00
Miscellaneous Expense - -
Total 731,100.00 731,100.00 142,405.00
Net Income
Total
ef Hong Professional Services
Worksheet
December 31, 2021

ADJUSTMENTS Adjusted Trial Balance Income Statement Balance Sheet

CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
80,002.00 80,002.00
103,450.00 103,450.00
10,020.00 10,020.00 10,020.00
15,000.00 15,000.00
500.00 500.00
7,350.00 7,350.00
8,000.00 40,000.00 40,000.00
27,500.00 32,500.00 32,500.00
41,200.00 41,200.00
4,375.00 4,375.00 4,375.00
19,000.00 19,000.00
2,625.00 2,625.00 2,625.00
120,000.00 120,000.00
18,000.00 18,000.00 18,000.00
29,500.00 29,500.00
100,000.00 100,000.00
24,000.00 24,000.00 24,000.00
15,000.00 15,000.00 15,000.00
5,000.00 5,000.00 5,000.00
16,785.00 16,785.00 16,785.00
170,000.00 170,000.00
20,000.00 20,000.00
3,250.00 419,850.00 419,850.00
500.00 500.00 500.00
- - -
7,350.00 19,650.00 19,650.00
192,000.00 192,000.00
49,483.00 49,483.00
10,020.00 10,020.00
27,500.00 27,500.00
8,000.00 8,000.00
5,000.00 5,000.00
4,375.00 4,375.00
2,625.00 2,625.00
18,000.00 18,000.00
-
142,405.00 815,655.00 815,655.00 336,653.00 420,350.00 479,002.00 395,305.00
83,697.00 83,697.00
336,653.00
 Cash
Jan-05 150,000.00 16,500.00 Jan-09 Jan-15
Jan-15 32,400.00 60,000.00 Feb-01 Feb-28
Mar-02 100,000.00 8,560.00 Feb-29 May-25
May-25 54,000.00 120,000.00 Apr-01 Dec-01
Sep-30 50,000.00 24,000.00 May-30 Adjusting
Nov-30 25,000.00 24,138.00 Aug-29
Dec-01 75,000.00 72,000.00 Aug-31
Dec-15 80,000.00 48,000.00 Nov-01
21,200.00 Dec-02
72,000.00 Dec-03
20,000.00 Dec-29

₱ 80,002.00

Allowance for Uncollectible Accounts

10,020.00 Adjusting Adjusting

₱ 10,020.00

Prepaid Insurance
Nov-01 48,000.00 8,000.00 Adjusting Feb-01

₱ 40,000.00

Accumulated Depreciation-Equipment
4,375.00 Adjusting May-31
 ₱ 4,375.00

Office Improvement
Apr-01 120,000.00

₱ 120,000.00

Notes Payable
100,000.00 Mar-02

₱ 100,000.00

Interest Payable
5,000.00 Adjusting Closing
 ₱ 5,000.00

Service Revenues
Adjusting 15,000.00 54,000.00 Jan-15 Closing
Closing 419,850.00 58,600.00 Feb-28
180,000.00 May-25
15,000.00 Jul-31
25,000.00 Nov-30
99,000.00 Dec-01
3,250.00 Adjusting

₱ -

Supplies Expense
Jan-09 16,500.00 7,350.00 Adjusting May-30
Nov-15 10,500.00 19,650.00 Closing Aug-31
Dec-03
Adjusting

₱ -

Uncollectible Accounts Expense

Adjusting 10,020.00 10,020.00 Closing Adjusting

₱ -

Depreciation Expense-Equipment
Adjusting 4,375.00 Adjusting

₱ 4,375.00

Miscellaneous Expense

₱ -
 Accounts Receivable Notes Receivable
21,600.00 50,000.00 Sep-30 Jul-31 15,000.00
58,600.00 80,000.00 Dec-15
126,000.00
24,000.00
3,250.00

₱ 103,450.00 ₱ 15,000.00

Interest Receivable Office Supplies

500.00 Adjusting 7,350.00

₱ 500.00 ₱ 7,350.00

Prepaid Rent Equipment

60,000.00 27,500.00 Adjusting Jan-12 20,000.00
Dec-02 21,200.00

₱ 32,500.00 ₱ 41,200.00

Furniture Accumulated Depreciation-Furniture

19,000.00
₱ 19,000.00

Accumulated Depreciation-O.I. Accounts Payable

18,000.00 Adjusting

₱ 18,000.00

Salaries Payable Unearned Service Revenues

24,000.00 Adjusting

₱ 24,000.00

Hong, Capital Hong, Drawings

20,000.00 150,000.00 Jan-05 Dec-29 20,000.00
20,000.00 Jan-12
83,697.00 Closing
 ₱ 233,697.00 ₱ 20,000.00

Interest Income Miscellaneous Income

550.00 500.00 Adjusting

-₱ 50.00

Salaries Expense Utilties Expense

24,000.00 192,000.00 Closing Feb-29 8,560.00
72,000.00 Aug-29 24,138.00
72,000.00 Adjusting 16,785.00
24,000.00

₱ - ₱ -

Rent Expense Insurance Expense

27,500.00 27,500.00 Closing Adjusting 8,000.00

₱ - ₱ -

Depreciation Expense-Furniture Depreciation Expense- O.I.

 2,625.00 Adjusting 18,000.00

₱ 2,625.00 ₱ 18,000.00

Utilities Payable Income Summary

16,785.00 Adjusting Closing 336,653.00
Closing 83,697.00

₱ 16,785.00
 Notes Receivable

Office Supplies

Equipment

ulated Depreciation-Furniture
2,625.00 Adjusting
 ₱ 2,625.00

Accounts Payable
19,000.00 May-31
10,500.00 Nov-15

₱ 29,500.00

nearned Service Revenues

15,000.00 Adjusting

₱ 15,000.00

Hong, Drawings
Miscellaneous Income

₱ -

Utilties Expense
49,483.00 Closing

Insurance Expense
8,000.00 Closing

epreciation Expense- O.I.

Income Summary
420,350.00 Closing

₱ -
 Chief Hong Professional Services
Statement of Comprehensive Income
For the year ended December 31, 2021

Service Revenue
Interest Income
Total Revenue
Less: Operating Expenses
Supplies Expense
Salaries Expense
Utilities Expense
Uncollectible Accounts Expense
Rent Expense
Insurance Expense
Interest Expense
Depreciation Expense- Equipment
Depreciation Expense- Furniture
Depreciation Expense - O.I.
Net Profit

Chief Hong Professional Services

Statement of Changes in Owner's Equity
For the year ended December 31, 2021

Beginning Capital
Add: Net Profit
Total
Less; Drawings
Ending Capital

Chief Hong Professional Services

Statement of Financial Position
As of December 31, 2021

ASSETS
Current Assets
Cash
Accounts Receivable 103,450.00
Allowance for Uncollectible Accounts 10,020.00
Notes Receivable
Interest Receivable
Office Supplies
 Prepaid Insurance
Prepaid Rent
Total Current Assets

Non-Current Assets
Equipment 41,200.00
Accumulated Depreciation-Equipment 4,375.00
Furniture 19,000.00
Accumulated Depreciation-Furniture 2,625.00
Office Improvement 120,000.00
Accumulated Depreciation-OI 18,000.00
Total Assets

LIABILITIES AND EQUITY

Current Liabilities
Accounts Payable
Notes Payable
Salaries Payable
Unearned Service Revenues
Interest Payable
Utilities Payable
Total Liabilities

Equity:
Hong,Capital
Total Liabilities and Equity
onal Services
ensive Income
ember 31, 2021

419,850.00
500.00
420,350.00

19,650.00
192,000.00
49,483.00
10,020.00
27,500.00
8,000.00
5,000.00
4,375.00
2,625.00
18,000.00 336,653.00
₱ 83,697.00

onal Services
Owner's Equity
ember 31, 2021

170,000.00
83,697.00
253,697.00
20,000.00
₱ 233,697.00

onal Services
ial Position
31, 2021

80,002.00

93,430.00
15,000.00
500.00
7,350.00
 40,000.00
32,500.00
268,782.00

36,825.00

16,375.00

102,000.00 155,200.00
₱ 423,982.00

EQUITY

29,500.00
100,000.00
24,000.00
15,000.00
5,000.00
16,785.00
190,285.00

233,697.00
₱ 423,982.00