1010 Cash

1100 Accounts Receivable

1210 Cleaning Supplies
1430 Prepaid Insurance
1640 Cleaning Equipment
1710 Accumulated Depreciation
1800 Service Vehicle
2900 Notes Payable
2000 Accounts Payable
505 Capital
300 Withdrawal
4000 Service Revenue
6000 Salaries Expense
6010 Rent Expense
6020 Advertising Expense
6030 Telephone Expense
8050 Depreciation Expense
6100 Insurance Expense
6200 Miscellaneous Expense
 Date
Dec 1
Dec 3
Dec 5
Dec 6
Dec 7
Dec 9
Dec 10
Dec 12
Dec 13
Dec 14
Dec 15
Dec 16
Dec 20
Dec 22
Dec 25
Dec 28
Dec 28
Dec 28
 Transactions
Deposited P62,000 cash in bank account in the name of the new entity.
Acquired cleaning supplies on account, P21,400
Acquired cleaning equipment on account, P15,600
Acquired an old service vehicle costing P47,000 for the business, paying P10,000 cash, and financing the
Paid rent on office space for the month, P7,300.
Received P31,800 cash for cleaning services rendered.
Paid for a newspaper advertisement, P1,700
Paid for insurance for the next six months by recording prepaid insurance, P4,800
Paid P9,000 on account
Paid miscellaneous expenses, P2,200
Billed customers P18,600 for cleaning services rendered.
Paid salaries, P8,400
Received P9,800 from customers billed on December 15.
Paid amount due on the note payable, P2,400
Paid telephone expense, P900
Paid salaries, P7,900
Billed customers for cleaning services rendered, P22,500
Withdrew P10,000 from the business.
Date Particulars P.R. Debit Credit
Dec 1 Cash 62,000
MagpantayCapital 62,000
Dec 3 Cleaning Supplies 21,400
Accounts Payable 21,400
Dec 5 Cleaning Equipment 15,600
Accounts Payable 15,600
Dec 6 Service Vehicle 47,000
Notes Payable 37,000
Cash 10,000
Dec 7 Rent Expense 7,300
Cash 7,300
Dec 9 Cash 31,800
Service Revenue 31,800
Dec 10 Advertising Expense 1,700
Cash 1,700
Dec 12 Pre Paid Insurance 4,800
Cash 4,800
Dec 13 Accounts Payable 9,000
Cash 9,000
Dec 14 Miscellaneous Expense 2,200
Cash 2,200
Dec 15 Accounts Receivable 18,600
Service Revenue 18,600
Dec 16 Salaries Expense 8,400
Cash 8,400
Dec 20 Cash 9,000
Accounts Receivable 9,000
Dec 22 Notes Payable 2,400
Cash 2,400
Dec 25 Telephone Expense 900
Cash 900
Dec 28 Salaries Expense 7,900
Cash 7,900
Dec 28 Accounts Receivable 22,500
Service Revenue 22,500
Dec 28 Withdrawals 10,000
Cash 10,000
282,500 282500
Adjusted Entries
Depreciation Expense 1,691
Accumulated Depreciation 1,691
Cost of Service 21400
Remarks
* Cash In Bank

* Assumption was paid in cash

* Assumption was paid in cash

* Assumption was paid in cash

* Assumption was paid in cash

* Assumption was collection is in cash

* Assumption was paid in cash

 Accounts Payable 21400
Accounts Payable 15600
44543 Accounts Payable 9000
44558 Accounts Receivable 22500
44545 Accounts Receivable 18600
Accounts Receivable 9000
44540 Advertising Expense 1700
Cash 10000
Cash 7300
44539 Cash 31800
Cash 1700
Cash 4800
Cash 9000
Cash 2200
Cash 8400
44550 Cash 9000
Cash 2400
Cash 900
Cash 7900
Cash 10000
44531 Cash 62000
44535 Cleaning Equipment 15600
44533 Cleaning Supplies 21400
MagpantayCapital 62000
44544 Miscellaneous Expense 2200
Notes Payable 37000
44552 Notes Payable 2400
44542 Pre Paid Insurance 4800
44537 Rent Expense 7300
44546 Salaries Expense 8400
44558 Salaries Expense 7900
Service Revenue 31800
Service Revenue 18600
Service Revenue 22500
44536 Service Vehicle 47000
44555 Telephone Expense 900
44558 Withdrawals 10000
 Cash Accounts
Dr. Cr.
Dec 1 62000 10000 Dec 6 Dec 13
Dec 9 31800 7300 Dec 7
Dec 20 9000 1700 Dec 10
4800 Dec 12
9000 Dec 13
2200 Dec 14
8400 Dec 16
2400 Dec 22
900 Dec 25
7900 Dec 28
10000 Dec 28

102800 64600
38200

Advertising Expense Cleaning E

Dr. Cr.
Dec 10 1700 Dec 5

1700

Magpantay Capital Miscellaneo

Dr. Cr.
62000 Dec 1 Dec 14

62000

Prepaid Insurance Rent E

Dr. Cr.
Dec 12 4800 Dec 7

4800

Service Revenue Service

Dr. Cr.
31800 Dec 9 Dec 6
18600 Dec 15
 22500 Dec 28

72900

Withdrawals
Dr. Cr.
Dec 28 10000

10000
 Accounts Payable Accounts Receivable
Dr. Cr. Dr.
9000 21400 Dec 3 Dec 15 18600
15600 Dec 5 Dec 28 22500

9000 37000 41100

28000 32100

Cleaning Equipment Cleaning Supplies

Dr. Cr. Dr.
15600 Dec 3 21400

15600 21400

Miscellaneous Expense Notes Payable

Dr. Cr. Dr.
2200 Dec 22 2400

2200 2400
34600

Rent Expense Salaries Expense

Dr. Cr. Dr.
7300 Dec 16 8400
Dec 28 7900
7300
16300

Service Vehicle Telephone Expense

Dr. Cr. Dr.
47000 Dec 25 900
47000 900
Accounts Receivable
Cr.
9000 Dec 20

9000

Cleaning Supplies
Cr.

Notes Payable
Cr.
37000 Dec 6

37000

Salaries Expense
Cr.

Telephone Expense
Cr.
MAGPANTAY CLEANING SERVICES
Worksheet as of Thursday, December 30, 2021 at 12:00:00 AM

Unadjusted Trial Balance Adjustments

Account Titles Debit Credit Debit Credit
Cash 38200
Accounts Receivable 32100
Cleaning Supplies 21400
Prepaid Insurance 4800
Cleaning Equipment 15600
Accumulated Depreciation 1,691
Service Vehicle 47000
Notes Payable 34600
Accounts Payable 28000
Magpantay,Capital 62000
Withdrawal 10000
Service Revenue 72900
Salaries Expense 16300
Rent Expense 7300
Advertising Expense 1700
Telephone Expense 900
Depreciation Expense 1,691
Miscellaneous Expense 2200
Total 197,500.00 197,500.00 1,690.59 1,690.59
Profit
Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
38200 38200
32100 32100
21400 21400
4800 4800
15600 15600
1,691 1,691
47000 47000
34600 34600
28000 28000
62000 62000
10000 10000
72900 72900
16300 16300
7300 7300
1700 1700
900 900
1,691 1,691
2200 2200
199,190.59 199,190.59 30,090.59 72,900.00 169,100.00 126,290.59
42,809.41 42,809.41
72,900.00 72,900.00 169,100.00 169,100.00
 MAGPANTAY CLEANING SERVICES
Statement of Financial Position
As of December 31, 2021
Amounts in Philippine Peso

Assets

Current Assets
Cash 38,200.00
Accounts Receivable 32,100.00
Service Revenues 72,900.00
Prepaid Insurance 4,800.00
Total Current Assets 148,000.00

Non-current Assets
Cleaning Equipment 15,600.00
Service Vehicle 47,000.00
Accumulated Depreciation 1,690.59

Total Noncurrent Assets 64,290.59

Total Assets 212,290.59

Liabilities and Owner’s Equity

Current Liabilities
Accounts Payable 28,000.00
Notes Payable 34,600.00
Total Current Liabilities 62,600.00

Total Liabilities 62,600.00

Owner's Equity
Magpantay,Capital 114,809.41

Total Liabilities and Owner's Equity 177,409.41

 MAGPANTAY CLEANING SERVICES
Statement of Financial Performance
For the Month Ended December 31, 2021
Amounts in Philippine Peso

Service Revenue 72,900.00

Expenses:
Cleaning Supplies
Salaries Expense 16,300.00
Rent Expense 7,300.00
Advertising Expense 1,700.00
Telephone Expense 900
Miscellaneous Expense 2,200.00
Depreciation Expense 1,691
Total 30,090.59

Net Income 42,809.41

 MAGPANTAY CLEANING SERVICES
Statement of Changes in Equity
For the Month Ended December 31, 2021
Amounts in Philippine Peso

Cash 62,000.00
Add: Net Income for the month of December 42,809.41
Less: Withdrawal 10,000.00
Magpantay,Capital 114,809.41
 MAGPANTAY CLEANING SERVICES
Statement of Cash Flows
For the Month Ended December 31, 2021
Amounts in Philippine Peso

Cash Flows from Operating Activities

Net Income
Depreciation Expenses
Increase in Accounts Receivable
Increase in Service Revenues
Increase in Prepaid Insurance
Increase in Accounts Payable
Increase in Notes Payable
Net cash provided by operating activities

Cash Flow from Investing Activities

Purchase of Cleaning Equipment
Purchase of Service Vehicle
Net Cash Used in Investing Activities

Cash Flow from Financing Activities

Cash
Withdrawal
Net Cash provided by financing activities

Increase in Cash Balance

Add: Beginning Cash Balance
Ending Cash Balance
VICES

2021

42,809.41
1,691
32,100.00
72,900.00
4,800.00
28,000.00
34,600.00
216,900.00

15,600.00
47,000.00
62,600.00

62,000.00
10,000.00
72,000.00

351,500.00
0
351,500.00
MAGPANTAY CLEANING SERVICES
Trial Balance as of
###

Accounts Debits
ASSETS
1010 Cash 102,800
1100 Accounts Receivable 41,100
1210 Cleaning Supplies 21,400
1430 Prepaid Insurance 4,800
1640 Cleaning Equipment 15,600
1710 Accumulated Depreciation 0
1800 Service Vehicle 47,000
LIABILITIES
2900 Notes Payable 2,400
2000 Accounts Payable 9,000
4000 Service Revenue
6000 Salaries Expense 16,300
6010 Rent Expense 7,300
6020 Advertising Expense 1,700
6030 Telephone Expense 900
6200 Miscellaneous Expense 2,200
EQUITY
505 Capital
300 Withdrawal 10,000
8050 Depreciation Expense 1,691

TOTAL 284,191
Credits

64,600 ok 38,200
9,000 ok 32,100
ok 21,400
ok 4,800
ok 15,600
1,691 (1,691)
ok 47,000

37,000 ok 34,600
37,000 ok 28,000
72900 check -72900
ok 16,300
ok 7,300
ok 1,700
ok 900
ok 2,200
0
62,000 ok -62,000
10,000
1,691

284,191
ASSET Service Vehicle Y1M1
AMOUNT 47000 45694.4

LIFE 36 MONTHS 3 YEARS

DEPRECIATION 1305.555556
DEP EXP 1269.290123

ASSET Cleaning Equipment

AMOUNT 15600 15166.7

LIFE 36 MONTHS 3 YEARS

DEPRECIATION 433.3333333
DEP EXP 421.2962963

SUM OF DEP EX 1690.58642

Y1M2 Y1M3 Y1M4 Y1M5 Y1M6 Y1M7 Y1M8 Y1M9 Y1M10 Y1M11 Y1M12 Y2M1 Y2M2
44388.9 43083.3 41777.8 40472.2 39166.7 37861.1 36555.6 35250.0 33944.4 32638.9 31333.3 30027.8 28722.2

14733.3 14300.0 13866.7 13433.3 13000.0 12566.7 12133.3 11700.0 11266.7 10833.3 10400.0 9966.7 9533.3
Y2M3 Y2M4 Y2M5 Y2M6 Y2M7 Y2M8 Y2M9 Y2M10 Y2M11 Y2M12 Y3M1 Y3M2 Y3M3
27416.7 26111.1 24805.6 23500.0 22194.4 20888.9 19583.3 18277.8 16972.2 15666.7 14361.1 13055.6 11750.0

9100.0 8666.7 8233.3 7800.0 7366.7 6933.3 6500.0 6066.7 5633.3 5200.0 4766.7 4333.3 3900.0
Y3M4 Y3M5 Y3M6 Y3M7 Y3M8 Y3M9 Y3M10 Y3M11 Y3M12
10444.4 9138.9 7833.3 6527.8 5222.2 3916.7 2611.1 1305.6 0.0

3466.7 3033.3 2600.0 2166.7 1733.3 1300.0 866.7 433.3 0.0

 MAGPANTAY CLEANING SERVICES
Post - Closing Trial Balance
December 31, 2021
Amounts in Philippine Peso

Cash 38,200.00
Accounts Receivable 32,100.00
Prepaid Insurance 4,800.00
Cleaning Supplies 21,400.00
Cleaning Equipment 15,600.00
Service Vehicle 47,000.00
Withdrawal 10,000.00
Accumulated Depreciation 1,690.59
Accounts Payable 28,000.00
Notes Payable 34,600.00
Magpantay, Capital 104,809.41
169,100.00 169,100.00