UNADJUSTED TRIAL BALANCE

ACCOUNT TITLES PR Debit

CHART OF ACCOUNTS
ASSETS CASH 110 900.00
ACCOUNT RECEIVABLE 120 1,200.00
REPAIR TOOLS 135 1,200.00
REPAIR SUPPLIES 140 1,500.00
FURNITURE AND FIXTURES 150 6,500.00
SERVICE TRUCK 160 20,000.00
LIABILITIES ACCOUNTS PAYABLE 201
NOTES PAYABLE 202
OWNER'S EQUITY G. ALAJAR, CAPITAL 304
G. ALAJAR, PERSONAL 305 750.00
INCOME SERVICE INCOME 401
EXPENSES ADVERTISING 510 250.00
SALARIES AND WAGES 520 900.00
UTILITIES EXPENSE 530 150.00
RENT EXPENSE 540 1,000.00
ASSETS PREPAID ADVERTISING
ACCUMULATED DEPRECIATION-REPAIR TOOLS
ACCUMULATED DEPRECIATION-FURNITURE AND FIXTURES
ACCUMULATED DEPRECIATION-SERVICE TRUCK
LIABILITIES ACCRUED INTEREST
UNEARNED SERVICE INCOME
ACCRUED SALARIES
ACCRUED RENT
EXPENSES REPAIR SUPPLIES EXPENSE
DEPRECIATION EXPENSE-REPAIR TOOLS
DEPRECIATION EXPENSE-FURNITURE AND FIXTURES
DEPRECIATION EXPENSE-SERVICE TRUCK
INTEREST EXPENSE
34,350.00
Net Loss
Total
 Sure Repair Shop
Worksheet
For the Year Ended 31 December 2020
UNADJUSTED TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT
Credit Debit Credit Debit Credit Debit

900.00
1,200.00
1,200.00
650.00 850.00
6,500.00
20,000.00
- -
3,250.00 3,250.00
25,200.00 25,200.00
750.00
5,900.00 900.00 5,000.00
50.00 200.00 200.00
250.00 1,150.00 1,150.00
150.00 150.00
500.00 1,500.00 1,500.00
50.00 50.00
120.00 120.00
433.33 433.33
666.67 666.67
325.00 325.00
900.00 900.00
250.00 250.00
500.00 500.00
650.00 650.00 650.00
120.00 120.00 120.00
433.33 433.33 433.33
666.67 666.67 666.67
325.00 325.00 325.00
34,350.00 3,895.00 3,895.00 36,645.00 36,645.00 5,195.00

5,195.00
INCOME STATEMENT BALANCE SHEET POST-CLOSING TRIAL BALANCE
Credit Debit Credit Debit Credit

900.00 900.00
1,200.00 1,200.00
1,200.00 1,200.00
850.00 850.00
6,500.00 6,500.00
20,000.00 20,000.00
-
3,250.00 3,250.00
25,200.00 24,255.00
750.00
5,000.00

50.00 50.00
120.00 120.00
433.33 433.33
666.67 666.67
325.00 325.00
900.00 900.00
250.00 250.00
500.00 500.00

5,000.00 31,450.00 31,645.00 30,700.00 30,700.00

195.00 195.00
5,195.00 31,645.00 31,645.00 -
 Sure Repair Shop
General Journal
For the Month Ended September 30, 2020

Page: 1
1
Date Description PR Debit Credit
2020
1 Sep 1 Cash (A) P 2 5 0 0-
2 Repair Tools (A) 1 2 0 0-
3 Repair Supplies (A) 1 5 0 0-
4 Service Truck (A) 2 0 0 0 0-
5 G. Alajar, Capital (OE) P
6 To record initial investment
7
8 2 Advertising Expense (E) P 2 5 0-
9 Cash (A) P
10 To record payment of newspaper advertising
11
12 3 Furniture and Fixtures (A) P 6 5 0 0-
13 Accounts Payable (L) P
14 To record the purchased of various office furnitures
15
16 5 Accounts Receivable-R-Gil (A) P 1 2 0 0-
17 Service Income (I) P
18 To record the bill due from R.Gil
19
20 9 Accounts Receivable-M. Soriano (A) P 1 2 0 0-
21 Cash (A) 1 0 0 0-
22 Service Income (I) P
23 To record the partial payment of M. Soriano
24
25 15 Salaries Expense (E) P 4 5 0-
26 Cash (A) P
27 To record the salaries paid to employees
28
29 18 Accounts Payable (L) P 6 5 0 0-
30 Cash (A) P
31 Notes Payable (L) P
32 To record the partial payment due to Cruz Furniture
33
34 TOTAL P 4 2 3 0 0
35 P
36
37

Sure Repair Shop

General Journal
For the month ended September 30, 2020

Page: 2
1
Date Description PR Debit Credit
2020
1 Sep 20 Cash (A) P 1 2 0 0-
2 Accounts Receivable (A) P
3 To record the settlement made by R.Gil
4
5 25 G. Alajar Personal (OE) P 7 5 0-
6 Cash (A) P
7 To record G. Alajar withdrawal
8
9 28 Cash (A) P 2 5 0 0-
10 Service Income (I) P
11 To record the payment from S. Serna
12
13 30 Utilities Expense (E) P 1 5 0-
14 Cash (A) P
15 To record payment of Utility Bills
16
17 30 Rent Expense (A) P 1 0 0 0-
18 Cash (A) P
19 To record payment of rent
20
21 30 Salaries Expense (E) P 4 5 0-
22 Cash (A) P
23 To record payment of employees' salaries
24
25 TOTAL P 6 0 5 0-
26 P
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28
29
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Credit

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2
3
4
2 5 2 0 0- 5
6
7
8
2 5 0- 9
10
11
12
6 5 0 0- 13
14
15
16
1 2 0 0- 17
18
19
20
21
2 2 0 0- 22
23
24
25
4 5 0- 26
27
28
29
3 2 5 0- 30
3 2 5 0- 31
32
33
34
4 2 3 0 0 35
36
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Heading

2
Credit

1
1 2 0 0- 2
3
4
5
7 5 0- 6
7
8
9
2 5 0 0- 10
11
12
13
1 5 0- 14
15
16
17
1 0 0 0- 18
19
20
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4 5 0- 22
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25
6 0 5 0- 26
27
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GENERAL LEDGER- Sure Repair Shop
Account: CASH 110
Date Item PR Debit Credit
1-Sep Initial Investment GJ-1 2,500.00
2-Sep Payment to Advertising GJ-1 250.00
9-Sep Payment from M. Soriano GJ-1 1,000.00
15-Sep Salaries GJ-1 450.00
18-Sep Partial Payment to Cruz Furniture GJ-1 3,250.00
20-Sep Collection from R.Gil GJ-2 1,200.00
25-Sep Withdrawal GJ-2 750.00
28-Sep Payment from S. Serna GJ-2 2,500.00
30-Sep Payment of Utilitiy Bills GJ-2 150.00
30-Sep Rental Payment GJ-2 1,000.00
30-Sep Salaries GJ-2 450.00
Total 7,200.00 6,300.00
Balance 900.00

Account: ACCOUNTS RECEIVABLE 120

Date Item PR Debit Credit
5-Sep Due from R.Gil GJ-1 1,200.00
9-Sep Partial Due from M. Soriano GJ-1 1,200.00
20-Sep Settlement made by R.Gil GJ-2 1,200.00
Total 2,400.00 1,200.00
Balance 1,200.00

Account: REPAIR TOOLS 135

Date Item PR Debit Credit
1-Sep Initial Investment GJ-1 1,200.00
Total 1,200.00

Account: REPAIR SUPPLIES 140

Date Item PR Debit Credit
1-Sep Initial Investment GJ-1 1,500.00
Total 1,500.00

Account: FURNITURE AND FIXTURES 150

Date Item PR Debit Credit
1-Sep Office Furnitures GJ-1 6,500.00
Total 6,500.00

Account: SERVICE TRUCK 160

Date Item PR Debit Credit
1-Sep Investment GJ-1 20,000.00
Total 20,000.00
Account: ACCOUNTS PAYABLE 201
Date Item PR Debit Credit
1-Sep Purchase office furniture on account GJ-1 6,500.00
18-Sep Settlement due to Cruz furniture GJ-1 6,500.00
Total -

Account: NOTES PAYABLE 202

Date Item PR Debit Credit
18-Sep Promissory note to Cruz Furniture GJ-1 3,250.00
Total 3,250.00

Account: G.ALAJAR,CAPITAL 304

Date Item PR Debit Credit
1-Sep Investment GJ-1 25,200.00
31-Dec Closing the Income Summary CJ-1 195.00
31-Dec Closing the Withdrawal CJ-1 750.00
Total 945.00 25,200.00
Balance 24,255.00

Account: G.ALAJAR, PERSONAL 305

Date Item PR Debit Credit
1-Sep Withdrawal GJ-2 750.00
31-Dec Closing the Withdrawal CJ-1 750.00
Total -

Account: SERVICE INCOME 401

Date Item PR Debit Credit
5-Sep R.Gil GJ-1 1,200.00
9-Sep M.Soriano GJ-1 2,200.00
28-Sep S. Sena GJ-2 2,500.00
31-Dec Adjustment AJ-1 900.00
31-Dec Closing the Income Entry CJ-1 5,000.00
Total 5,900.00 5,900.00
Balance -

Account: ADVERTISING 510

Date Item PR Debit Credit
2-Sep Newspaper Advertising GJ-1 250.00
31-Dec Prepaid Advertising AJ-1 50.00
31-Dec Closing the Expense Entry CJ-1 200.00
Total 250.00 250.00
Balance -
Account: SALARIES AND WAGES 520
Date Item PR Debit Credit
15-Sep Employees Salaries GJ-1 450.00
30-Sep Employees Salaries GJ-2 450.00
31-Dec Accrued Salaries AJ-1 250.00
31-Dec Closing the Expense Entry CJ-1 1,150.00
Total 1,150.00 1,150.00
Balance -

Account: UTILITIES EXPENSE 530

Date Item PR Debit Credit
30-Sep Utility Bills GJ-2 150.00
31-Dec Closing the Expense Entry CJ-1 150.00
Total -

Account: RENT EXPENSE 540

Date Item PR Debit Credit
30-Sep Rent GJ-2 1,000.00
31-Dec Accrued Rent AJ-1 500.00
31-Dec Closing the Expense Entry CJ-1 1,500.00
Total -

Account: REPAIR SUPPLIES EXPENSE NO PR

Date Item PR Debit Credit
31-Dec Used AJ-1 650.00
31-Dec Closing the Expense Entry CJ-1 650.00
Total -

Account: DEPRECIATION EXPENSE-REPAIR TOOLS NO PR

Date Item PR Debit Credit
31-Dec Depreciation Expense AJ-1 120.00
31-Dec Closing the Expense Entry CJ-1 120.00
Total -

Account: DEPRECIATION EXPENSE-FURNITURE AND FIXTURES NO PR

Date Item PR Debit Credit
31-Dec Depreciation Expense AJ-1 433.33
31-Dec Closing the Expense Entry CJ-1 433.33
Total -

Account: DEPRECIATION EXPENSE-SERVICE TRUCK NO PR

Date Item PR Debit Credit
31-Dec Depreciation Expense AJ-1 666.67
31-Dec Closing the Expense Entry CJ-1 666.67
Total -
Account: ACCUMULATED DEPRECIATION-REPAIR TOOLS NO PR
Date Item PR Debit Credit
31-Dec Depreciation AJ-1 120.00
Total 120.00

Account: ACCUMULATED DEPRECIATION- FURNITURE AND FIXTURES NO PR

Date Item PR Debit Credit
31-Dec Depreciation AJ-1 433.33
Total 433.33

Account: ACCUMULATED DEPRECIATION-REPAIR TOOLS NO PR

Date Item PR Debit Credit
31-Dec Depreciation AJ-1 666.67
31-Dec Closing the Expense Entry CJ-1 666.67
Total -

Account: INTEREST EXPENSE NO PR

Date Item PR Debit Credit
31-Dec One Month Interest AJ-1 325.00
31-Dec Closing the Expense Entry CJ-1 325.00
Total -

Account: ACCRUED INTEREST NO PR

Date Item PR Debit Credit
31-Dec Due to Bank AJ-1 325.00
Total 325.00

Account: UNEARNED SERVICE INCOME NO PR

Date Item PR Debit Credit
31-Dec AJ-1 900.00
Total 900.00

Account: ACCRUED SALARIES NO PR

Date Item PR Debit Credit
31-Dec Accrued Salaries AJ-1 250.00
Total 250.00

Account: ACCRUED RENT NO PR

Date Item PR Debit Credit
31-Dec Accrued Rent AJ-1 500.00
Total 500.00

Account: PREPAID ADVERTISING NO PR

Date Item PR Debit Credit
31-Dec January advance payment AJ-1 50.00
Total 50.00

Account: INCOME SUMMARY NO PR

Date Item PR Debit Credit
31-Dec Closing the Income Entry CJ-1 5,000.00
31-Dec Closing the Expense Entry CJ-1 5,195.00
31-Dec Closing the Income Summary CJ-1 195.00
Total 5,195.00 5,195.00
Balance -
Assets
110-Cash
120-Accounts Receivable-R. Gil
130-Accounts Receivable-M. Soriano
135-Repair tools
140-Repair supplies
150-Furniture and fixtures
160-Service truck

Liabilities
201-Accounts Payable-Cruz Furniture
202-Notes payable

Owner's Equity
301-G.Alajar, Capital
305-G.Alajar, personal

Income
401-Service Income

Expenses
510-Advertising
520-Salaries and Wages
530-Utilities Expense
540-Rent Expense
 Sure Repair Shop
Adjusting Journal Entry
For the Year Ended December 31, 2020

Page: 1
1
Date Description PR Debit
2020
1 Dec 31 Repair Supplies Expense (E) P 6 5 0-
2 Repair Supplies (A)
3 To adjust the actual repair supplies used
4
5 31 Depreciation Expense-Repair Tools (E) P 1 2 0-
6 Accumulated Depreciation (A)
7 To adjust the actual cost of the repair tools
8
9 31 Depreciation Expense- Furniture and Fixtures (E) P 4 3 3 .33
10 Accumulated Depreciation (A)
11 To adjust the actual cost of the furniture and fixtures
12
13 31 Depreciation Expense- Service TruckE) P 6 6 6 .67
14 Accumulated Depreciation (A)
15 To adjust the actual cost of the service vehicle
16
17 31 Interest Expense (E) P 3 2 5-
18 Accrued Interest (L)
19 To adjust the accrued interest
20
21 31 Service Income (I) P 9 0 0-
22 Unearned Service Income (L)
23 To adjust the actual Service Income
24
25 31 Salaries and Wages Expense (E) P 2 5 0-
26 Accrued Salaries (L)
27 To adjust the accrued salaries
28
29 31 Rent Expense (E) P 5 0 0-
30 Accrued Rent (L)
31 To adjust the accrued rent
32
33 31 Prepaid Advertising (A) P 5 0-
34 Advertising Expense (E)
35 To adjust the actual advertising expense
36
37 Total P 3 8 9 5-
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Credit

1
P 6 5 0- 2
3
4
5
P 1 2 0- 6
7
8
9
P 4 3 3- 10
11
12
13
P 6 6 6- 14
15
16
17
P 3 2 5- 18
19
20
21
P 9 0 0- 22
23
24
25
P 2 5 0- 26
27
28
29
P 5 0 0- 30
31
32
33
P 5 0- 34
35
36
P 3 8 9 5- 37

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 Sure Repair Shop
Closing Journal Entry
For the Year Ended December 31, 2020

Page: 1
1
Date Description PR Debit
2020
1 Dec 31 Service Income 401 P 5 0 0 0-
2 Income Summary
3 To close the Income Account
4
5 31 Income Summary P 5 1 9 5-
6 Advertising Expense 510
7 Salaries and Wages Expense 520
8 Utililties Expense 530
9 Rent Expense 540
10 Repair Supplies Expense 550
11 Depreciation Expense-Repair Tools
12 Depreciation Expense-Furniture and Fixture
13 Depreciation Expense-Service Truck
14 Interest Expense
15 To close the Expense Accout
16
17 31 G. Alajar, Capital 304 P 1 9 5-
18 Income Summary
19 To close the Income Summary
20
21 31 G. Alajar, Capital 304 P 7 5 0-
22 G.Alajar, Personal 305
23 To close the Withdrawal
24
25 Total P 1 1 1 4 0-
26
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28
29
30
31
32
33
34
35
36
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Credit

1
P 5 0 0 0- 2
3
4
5
P 2 0 0- 6
P 1 1 5 0- 7
P 1 5 0- 8
P 1 5 0 0- 9
P 6 5 0- 10
P 1 2 0- 11
P 4 3 3 .33 12
P 6 6 6 .67 13
P 3 2 5- 14
15
16
17
P 1 9 5- 18
19
20
21
P 7 5 0- 22
23
24
P 1 1 1 4 0- 25
26
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 Sure Repair Shop
INCOME STATEMENT
For the Year Ended 31 December 2020

SERVICE INCOME 5,000.00

LESS EXPENSES
ADVERTISING 200.00
SALARIES AND WAGES 1,150.00
UTILITIES EXPENSE 150.00
RENT EXPENSE 1,500.00
REPAIR SUPPLIES EXPENSE 650.00
DEPRECIATION EXPENSE-REPAIR TOOLS 120.00
DEPRECIATION EXPENSE-FURNITURE AND FIXTURES 433.33
DEPRECIATION EXPENSE-SERVICE TRUCK 666.67
INTEREST EXPENSE 325.00 5,195.00
NET INCOME/(LOSS) (195.00)
 Sure Repair Shop
STATEMENT OF CHANGES IN OWNER'S EQUITY
For the Year Ended 31 December 2020

BEGINNING CAPITAL 25,200.00

SUBTOTAL 25,200.00
LESS : WITHDRAWAL 750.00
LESS : NET LOSS 194.00
ENDING CAPITAL 24,256.00
 Sure Repair Shop
STATEMENT OF FINANCIAL POSITION
For the Year Ended 31 December 2020

ASSETS
CURRENT ASSETS
CASH 900.00
ACCOUNT RECEIVABLE 1,200.00
REPAIR SUPPLIES 850.00
PREPAID ADVERTISING 50.00
TOTAL CURRENT ASSETS 3,000.00
NONCURRENT ASSETS
SERVICE TRUCK 20,000.00
ACCUMULATED DEPRECIATION-SERVICE TRUCK (666.67)
FURNITURE AND FIXTURES 6,500.00
ACCUMULATED DEPRECIATION-OFFICE EQUIPMENT (433.33)
REPAIR TOOLS 1,200.00
ACCUMULATED DEPRECIATION-REPAIR TOOLS (120.00)
TOTAL NONCURRENT ASSETS 26,480.00
TOTAL ASSETS 29,480.00

LIABILITIES AND OWNER'S EQUITY

CURRENT LIABILITIES
ACCOUNTS PAYABLE -
NOTES PAYABLE 3,250.00
ACCRUED INTEREST 325.00
UNEARNED SERVICE INCOME 900.00
ACCRUED SALARIES 250.00
ACCRUED RENT 500.00
TOTAL CURRENT LIABILITIES 5,225.00
NONCURRENT LIABILITIES
TOTAL NON CURRENT LIABILITIES -
TOTAL LIABILITIES 5,225.00

CAPITAL 25,200.00
LESS:WITHDRAWAL (750.00)
ADD:NET INCOME (195.00)
TOTAL OWNER'S EQUITY 24,255.00
TOTAL LIABILITIES AND OWNER'SEQUITY 29,480.00
 Sure Repair Shop
STATEMENT OF CASH FLOW
For the Year Ended 31 December 2020

OPERATING ACTIVITIES
CASH COLLECTED FROM CLIENTS 4,700.00
CASH PAID FOR RENTALS 1,000.00
CASH PAID FOR ADVERTISING 250.00
CASH PAID FOR EMPLOYEES' SALARIES 900.00
CASH PAID FOR UTILITIES 150.00
CASH PROVIDED FROM OPERATING ACTIVITIES 2,400.00

INVESTING ACTIVITIES
PARTIAL PAYMENT-FURNITURE AND FIXTURES 3,250.00
CASH PROVIDED FROM INVESTING ACTIVITIES (3,250.00)

FINANCING ACTIVITIES
WITHDRAWAL (750.00)
CASH PROVIDED FROM FINANCING ACTIVITIES (750.00)

DECREASE IN CASH (1,600.00)

ADD:BEGINNING CASH 2,500.00
ENDING CASH 900.00