GENERAL JOURNAL TRIAL BALA

CASH ACCOUNTS PAYABLE PROFESSIONAL FEES INCOME STATE

ACCOUNTS RECEIVABLE NOTES PAYABLE SALARIES EXPENSE STATEMENT OF OWN

OFFICE SUPPLIES UNEARNED REVENUE UTILITIES EXPENSE SFP-REPORT FORM

PREPAID RENT C. CHAN, CAPITAL REPRESENTATION EXPENSE STATEMENT OF CA

OFFICE EQUIPMENT C. CHAN, DRAWING PERMITS AND LICENSES POST CLOSING TRIA
 TRIAL BALANCE CLOSING ENTRIES

INCOME STATEMENT INCOME SUMMARY

STATEMENT OF OWNER'S EQUITY

SFP-REPORT FORM SFP-ACCOUNT FORM

STATEMENT OF CASH FLOW

POST CLOSING TRIAL BALANCE

 GENERAL JOURNAL
Date Particulars PR
Dec. 01 Cash 101
C. Chan, Capital 301
to record C. Chan's Investment

1 Cash 101
Notes payable 202
to record obtained note from Mars Bank

1 Permits and Licenses Expense 508

Cash 101
to record paid permits and license expense

1 Prepaid rent 104

Cash 101
to record paid annual rent for office space

3 Accounts receivable 102

Professional fees 401
to record rendered service to Gatdula Inc. paid on credit

3 Office supplies 103

Cash 101
to record purchased supplies

9 Cash 101
Professional fees 401
to record rendered service to Caventa Company

9 Office equipment 105

Cash 101
to record purchased of equipment

14 Cash 101
Accounts receivable 102
to record payment of Gatdula Inc.

17 C. Chan, Drawing 302

Cash 101
to record C. Chan, Drawing for personal use

21 Representation expense 504

Accounts payable 201
to record representation expense
24 Cash 101
Unearned revenue 203
to record advanced payment of Rivera Inc.

25 Accounts receivable 102

Professional fees 401
to record services rendered to Gersaniva Company paid on credit

28 Accounts receivable 102

Professional fees 401
to record the billed client for rendered taxation services

31 Salaries expense 501

Utilities expense 503
Cash 101
to record salaries and utilities expense
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Debit Credit
1,000,000
1,000,000

200,000
200,000

20,000
20,000

150,000
150,000

270,000
270,000

30,000
30,000

75,000
75,000

60,000
60,000

270,000
270,000

100,000
100,000

50,000
50,000
70,000
70,000

110,000
110,000

40,000
40,000

30,000
16,000
46,000
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Account CASH Number 101
Balance
Date Item PR Debit Credit
Debit
Dec-01 Investment GJ1 1,000,000 1,000,000
1 Note obtained from Mars bank GJ1 200,000 1,200,000
1 Pyment of permits and licenses GJ1 20,000 1,180,000
1 Prepaid rent GJ1 150,000 1,030,000
3 Purchase of supplies GJ1 30,000 1,000,000
9 Rendered service GJ1 75,000 1,075,000
9 Purchase of equipment GJ1 60,000 1,015,000
14 Payment of Gatdula Inc. GJ1 270,000 1,285,000
17 Drawing GJ1 100,000 1,185,000
24 Other cash from operation GJ1 70,000 1,255,000
31 Salaries and Utilities GJ1 46,000 1,209,000
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101
Balance
Credit
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Account ACCOUNTS RECEIVABLE Number 102
Balance
Date Item PR Debit Credit
Debit Credit
Dec-03 Rendered service GJ1 270,000 270,000
14 Payment of Gatdula Inc. GJ1 270,000 0
25 Rendered service GJ1 110,000 110,000
28 Rendered taxation services GJ1 40,000 150,000
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Account OFFICE SUPPLIES Number 103
Balance
Date Item PR Debit Credit
Debit Credit
Dec-03 Purchase supplies GJ1 30,000 30,000
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Account PREPAID RENT Number 104
Balance
Date Item PR Debit Credit
Debit Credit
Dec. 01 Paid annual rent GJ1 150,000 150,000
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Account OFFICE EQUIPMENT Number 105
Balance
Date Item PR Debit Credit
Debit Credit
Dec-09 Purchase of equipment GJ1 60,000 60,000
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Account ACCOUNTS PAYABLE Number 201
Balance
Date Item PR Debit Credit
Debit Credit
Dec-21 Representation expense GJ1 50,000 50,000
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Account NOTES PAYABLE Number 202
Balance
Date Item PR Debit Credit
Debit Credit
Dec-01 Note from Mars Bank GJ1 200,000 200,000
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Account UNEARNED REVENUE Number 203
Balance
Date Item PR Debit Credit
Debit Credit
Dec-24 Advance payment of Rivera Inc. GJ1 70,000 70,000
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Account C. CHAN, CAPITAL Number 301
Balance
Date Item PR Debit Credit
Debit Credit
Dec-01 C. Chan's, Capital GJ1 1,000,000 1,000,000
31 Closing Entries 379,000 1,379,000
31 Closing Entries 100,000 1,279,000
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Account C. CHAN, DRAWING Number 302
Balance
Date Item PR Debit Credit
Debit Credit
Dec-17 C. Chan, Drawing GJ1 100,000 100,000
31 Closing Entries 100,000 0
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Account PROFESSIONAL FEES Number 401
Balance
Date Item PR Debit Credit
Debit Credit
Dec-03 Rendered service to Gatdula Inc. GJ1 270,000 270,000
9 Rendered service to Caventa Company GJ1 75,000 345,000
25 Rendered service to Gersaniva Company GJ1 110,000 455,000
28 Rendered taxation services GJ1 40,000 495,000
31 Closing Entries 495,000 0
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Account SALARIES EXPENSE Number 501
Balance
Date Item PR Debit Credit
Debit Credit
Dec-31 Payment for salaries GJ1 30,000 30,000
31 Closing entries 30,000 0
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Account UTILITIES EXPENSE Number 503
Balance
Date Item PR Debit Credit
Debit Credit
Dec-31 Payment of utilities GJ1 16,000 16,000
31 Closing Entries 16,000 0
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Account REPRESENTATION EXPENSE Number 504
Balance
Date Item PR Debit Credit
Debit Credit
Dec-21 Representation expense GJ1 50,000 50,000
31 Closing Entries 50,000 0
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Account PERMITS AND LICENSES EXPENSE Number 508
Balance
Date Item PR Debit Credit
Debit Credit
Dec-01 Paid permits and licenses GJ1 20,000 20,000
31 Closing Entries 20,000 0
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 CHIN ACCOUNTING FIRM
Trial Balance
Period
ACCOUNTS DEBIT CREDIT
Cash 1,209,000
Accounts receivable 150,000
Office supplies 30,000
Prepaid Rent 150,000
Office equipment 60,000
Accounts payable 50,000
Notes payable 200,000
Unearned revenue 70,000
C. Chan, Capital 1,000,000
C. Chan, Drawing 100,000
Professional fees 495,000
Salaries expense 30,000
Utilities expense 16,000
Representation expense 50,000
Permits and Licences expense 20,000
TOTAL 1,815,000 1,815,000
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Statement of Comprehensive Income
For the Month ended December 31, 20CY

Professional fees P 495,000

Less: Representation expense P 50,000
Salaries expense 30,000
Permits and Licenses expense 20,000
Utilities expense 16,000
Total Cost and Expenses 116,000 116,000
Net Income 379,000
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Statement of Owner's Equity
For the month ended Dec 31, 20CY
C. Chan, Capital beg. P 1,000,000
Add: Net Income 379,000
total 1,379,000
Less: C. Chan, Drawing 100,000

C. Chna, Capital End. 1,279,000

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Statement of Financial Position
December 31, 20CY
Current Assets
Cash P 1,209,000
Accounts receivable 150,000
Office supplies 30,000
Prepaid rent 150,000

Non-current Assets
Office equipment 60,000

Total Assets 1,599,000

Current liabilities
Accounts payable P50,000
Notes payable 200,000
Unearned revenue 70,000

Owner's Equity
C. Chan, Capital 1,279,000

TOTAL 1,599,000
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Statement of Financial Position
December 31, 20CY
Current Assets Current liabilities
Cash P 1,209,000 Accounts payable
Accounts receivable 150,000 Notes payable
Office supplies 30,000 Unearned revenue
Prepaid rent 150,000
1,539,000
Owner's Equity
Non-current Assets C. Chan, Capital
Office equipment 60,000

Total Assets 1,599,000 TOTAL LIABILITIES AND OWNER'S EQUITY

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of Financial Position
ember 31, 20CY
Current liabilities
Accounts payable P 50,000
Notes payable 200,000
Unearned revenue 70,000

320,000
Owner's Equity
C. Chan, Capital 1,279,000

TOTAL LIABILITIES AND OWNER'S EQUITY 1,599,000

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Statement of Cash Flow
December 31, 20CY
CASH FLOW FROM OPERATING ACTIVITIES
Receivables 270,000
Other operations 145,000

Cash payment to:

Payments of OPEX (216,000)
Purchase of Office supplies (30,000)

NET CASH FLOW PROVIDED BY OPERATING ACTIVITES 169,000

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of equipment (60,000)

NET CASH FLOW PROVIDED BY INVESTING ACTIVITIES (60,000)

CASH FLOW FROM FINANCING ACTIVITIES

Initial Investment 1,000,000
C. Chan, Drawing (100,000)
Bank loan 200,000
NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES 1,100,000
CASH BALANCE-END. 1,209,000
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Post Closing Trial Balance
For the month ended Dec 31, 20CY
ACCOUNT TITLE Debit Credit
Cash 1,209,000
Accounts receivable 150,000
Office supplies 30,000
Prepaid rent 150,000
Office equipment 60,000
Accounts payable 50,000
Notes payable 200,000
Unearned revenue 70,000
C. Chan, Capital 1,279,000
TOTAL 1,599,000 1,599,000
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CLOSING ENTRIES
December 31, 20CY
Date Descriptions PR Debit Credit
Dec-31 Income Summary 379,000
Professional fees 495,000
Salaries Expense 30,000
Utilities expense 16,000
Representation expense 50,000
Permits and Licences expense 20,000
to close expenses to income summary

31 C. Chan, Capital 379,000

Income Summary 379,000
to close Capital to income summary

31 C. Chan, Capital 100,000

C. Chan, Drawing 100,000
to close withdrawal account
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Account INCOME SUMMARY Number
Balance
Date Item PR Debit Credit
Debit Credit
Dec-31 Closing entries 379,000 379,000
Closing entries 379,000 0
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