Professional Documents
Culture Documents
Far Activity Lavado
Far Activity Lavado
DATE PARTICULARS PR
20x1
Jan 1 Cash
Owner's Capital
To record investment of owner
2 Equipment
Cash
To record acquisition of equipment
3 Cash
Loan Payable
To record obtained one year loan
4 Prepaid Insurance
Cash
To record paid one year insurance
5 Cash
Accounts Receivable
Service Fees
To rccord earned service
6 Cash
Accounts Receivable
To record Collection of Receivable
7 Salaries Expense
Cash
To record paid salaries
8 Utilities Expense
Cash
To record paid utilities
9 Supplies
Cash
To record purchased of supplies
10 Owner's Drawings
Cash
To record owners drawings
ADJUSTING ENTRIES
31 Depreciation Expense - Equipment
Accumulated Depreciation - Equipment
Recognition of depreciation expense of equipment
31 Interest Expense
Interest Payable
Recognition of accrued interest
31 Insurance Expense
Prepaid Insurance
Recognition of insurance expense
31 Supplies Expense
Supplies
Recognition of supplies expense
CLOSING ENTRIES
31 income Summary
Salaries Expense
Utilities Expense
Depreciation Expense - Equipment
Interest Expense
Insurance Expense
Supplies Expense
Closing Expense Account to income summary
31 Service Fees
Income summary
Closing income account to income summary
31 Income summary
Owners Capital
Closing Income summary to owners capital
31 Owner's Capital
Owner's Drawings
Closing drawing account
GL 1
DEBIT CREDIT
2,000,000.00
2,000,000.00
1,000,000.00
1,000,000.00
500,000.00
500,000.00
160,000.00
160,000.00
2,000,000.00
4,000,000.00
6,000,000.00
1,800,000.00
1,800,000.00
1,200,000.00
1,200,000.00
500,000.00
500,000.00
120,000.00
120,000.00
1,400,000.00
1,400,000.00
100,000.00
100,000.00
30,000.00
30,000.00
40,000.00
40,000.00
80,000.00
80,000.00
1,950,000.00
1,200,000.00
500,000.00
100,000.00
30,000.00
40,000.00
80,000.00
6,000,000.00
6,000,000.00
4,050,000.00
4,050,000.00
1,400,000.00
1,400,000.00
CASH OWNER'S CAPITAL
DEBIT CREDIT DEBIT
Beg. Bal. 0 0 Beg. Bal Beg. Bal. 0
1 2,000,000.00 1,000,000.00 2
3 500,000.00 160,000.00 4
5 2,000,000.00 1,200,000.00 7
6 1,800,000.00 500,000.00 8
120,000.00 9 OWNER'S DRAWINGS
1,400,000.00 10 DEBIT
End. Bal. 1,920,000.00 Beg. Bal. 0
10 1,400,000.00
ACCOUNTS RECEIVABLE
DEBIT CREDIT End. Bal. 1,400,000.00
Beg. Bal. 0 0 Beg. Bal
5 4,000,000.00 1,800,000.00 6 SERVICE FEES
DEBIT
End. Bal. 2,200,000.00 Beg. Bal. 0
PREPAID INSURANCE
DEBIT CREDIT
Beg. Bal. 0 0 Beg. Bal
4 160,000.00 SALARIES EXPENSE
DEBIT
End. Bal. 160,000.00 Beg. Bal. 0
. 7 1,200,000.00
SUPPLIES
DEBIT CREDIT End. Bal. 1,200,000.00
Beg. Bal. 0 0 Beg. Bal
9 120,000.00 UTILITIES EXPENSE
DEBIT
End. Bal. 120,000.00 Beg. Bal. 0
8 500,000.00
EQUIPMENT
DEBIT CREDIT End. Bal. 500,000.00
Beg. Bal. 0 0 Beg. Bal
2 1,000,000.00
NOTES PAYABLE
DEBIT CREDIT
Beg. Bal. 0 0 Beg. Bal
500,000.00 3
500,000.00 End. Bal.
OWNER'S CAPITAL
CREDIT
0 Beg. Bal
2,000,000.00 1
OWNER'S DRAWINGS
CREDIT
0 Beg. Bal
SERVICE FEES
CREDIT
0 Beg. Bal
6,000,000.00 5
SALARIES EXPENSE
CREDIT
0 Beg. Bal
UTILITIES EXPENSE
CREDIT
0 Beg. Bal
TRIAL BALANCE
ACCOUNT TITLES DEBIT
Cash ₱ 1,920,000.00
Accounts Receivable 2,200,000.00
Prepaid Insurance 160,000.00
Supplies 120,000.00
Equipment 1,000,000.00
Accumulated Depreciation - Equipment
Notes Payable
Interest Payable
Owner's Capital
Owner's Drawings 1,400,000.00
Service Fees
Salaries Expense 1,200,000.00
Utilities Expense 500,000.00
Depreciation Expense - Equipment
interest Expense
Insurance Expense
Supplies Expense
TOTALs ₱ 8,500,000.00
Net Income
ENTITY A
Worksheet
As of December 31,20x1
₱ 100,000.00
500,000.00
30,000.00
4,650,000.00
₱ 5,280,000.00
Entity A
Balance Sheet
As of December 31, 20x1
ASSETS
CURRENT ASSETS
Cash 1,920,000.00
Accounts Receivable 2,200,000.00
Prepaid Insurance 120,000.00
Supplies 40,000.00
TOTAL CURRENT ASSETS ₱ 4,280,000.00
EQUITY
Owner's Equity 4,650,000.00
TOTAL OWNER'S EQUITY ₱ 4,650,000.00
Revenues
Service Fees 6,000,000.00
Total Revenues ₱ 6,000,000.00
Expenses
Salaries Ecpense 1,200,000.00
Utilities Expense 500,000.00
Depreciation Expense - Equipment 100,000.00
Interest Expense 30,000.00
Insurance Expense 40,000.00
Supplies expense 80,000.00
Total Expenses ₱ 1,950,000.00