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Date Account Description Ref.

2016
October 1 Cash 110
Susan Africa, Capital 310

5 Equipment 140
Cash 110

7 Marketing Expense 501


Cash 110

9 Supplies 130
Accounts Payable 210

12 Furnitures and Fixtures 141


Cash 110

17 Accounts Receivable 120


Service Revenue 410

21 Utilities Expense 502


Cash 110

27 Cash 110
Service Revenue 410

30 Accounts Payable 210


Cash 110

November 3 Supplies 130


Cash 110

12 Cash 110
Accounts Receivable 120

15 Cash 110
Service Revenue 410

18 Supplies Expense 503


Supplies 130

23 Salaries Expense 504


Cash 110

27 Rent Expense 505


Cash 110

December 1 Prepaid Insurance 135


Cash 110

5 Cash 110
Service Revenue 410

11 Equipment 140
Cash 110
Accounts Payable 210

17 Cash 120
Service Revenue 410

22 Susan Africa, Drawing 320


Cash 110

27 Rent Expense 505


Cash 110

31 Insurance Expense 506


Prepaid Insurance 135

31 Service Revenue 410


Income Summary 420

31 Income Summary 420


Marketing Expense 501
Utilities Expense 502
Supplies Expense 503
Salaries Expense 504
Rent Expense 505
Insurance Expense 506
31 Susan Africa, Capital 310
Income Summary 420

31 Susan Africa, Capital 310


Susan Africa, Drawing 320
J1
Debit Credit

₱500,000.00
₱500,000.00

₱40,000.00
₱40,000.00

₱20,000.00
₱20,000.00

₱2,000.00
₱2,000.00

₱47,825.00
₱47,825.00

₱2,500.00
₱2,500.00

₱8,000.00
₱8,000.00

₱3,500.00
₱3,500.00

₱1,500.00
₱1,500.00

₱5,000.00
₱5,000.00

₱500.00
₱500.00

₱10,000.00
₱10,000.00

₱1,500.00
₱1,500.00

₱50,000.00
₱50,000.00

₱15,000.00
₱15,000.00

₱30,000.00
₱30,000.00

₱5,000.00
₱5,000.00

₱20,000.00
₱5,000.00
₱15,000.00

₱35,000.00
₱35,000.00

₱30,000.00
₱30,000.00

₱15,000.00
₱15,000.00

₱5,000.00
₱5,000.00

₱56,000.00
₱56,000.00

₱114,500.00
₱20,000.00
₱8,000.00
₱1,500.00
₱50,000.00
₱30,000.00
₱5,000.00
₱58,500.00
₱58,500.00

₱30,000.00
₱30,000.00
SERVICE COMPANY
Trial Balance
Date
Account Title Debit Credit
CASH ₱286,675.00
ACCOUNTS RECEIVABLE ₱2,000.00
SUPPLIES ₱5,500.00
PREPAID INSURANCE ₱30,000.00
EQUIPMENT ₱60,000.00
FURNITURES & FIXTURES ₱47,825.00
ACCOUNTS PAYABLE ₱15,500.00
SUSAN AFRICA, CAPITAL ₱500,000.00
SUSAN AFRICA, DRAWING ₱30,000.00
SERVICE REVENUE ₱56,000.00
MARKETING EXPENSE ₱20,000.00
UTILITIES EXPENSE ₱8,000.00
SUPPLIES EXPENSE ₱1,500.00
SALARIES EXPENSE ₱50,000.00
RENT EXPENSE ₱30,000.00
TOTALS ₱571,500.00 ₱571,500.00
SERVICE COMPANY
Balance Sheet
Date
Assets Liabilit
CURRENT ASSETS CURRENT LIABILITIES
Cash ₱286,675.00
Accounts Receivable ₱2,000.00 TOTAL LIABILITIES
Supplies ₱5,500.00
Prepaid Insurance ₱25,000.00

PROPERTY, PLANT, and EQUIPMENT


Equipment ₱60,000.00
Furnitures & Fixtures ₱47,825.00

Owner's E

TOTAL OWNER'S EQUITY

TOTAL ASSETS ₱427,000.00 TOTAL LIABILITIES & OWNER'S EQUIT


ICE COMPANY
ance Sheet
Date
Liabilities
CURRENT LIABILITIES
Accounts Payable ₱15,500.00
TOTAL LIABILITIES ₱15,500.00

Owner's Equity
Susan Africa, Capital ₱411,500.00
TOTAL OWNER'S EQUITY ₱411,500.00

TOTAL LIABILITIES & OWNER'S EQUITY ₱427,000.00


MERCHANDISING COMPANY A
Income Statement
Date
Sales 56,000.00
Less: Sales Discount (3,000.00)
Less: Sales Returns & Allowances (2,000.00)
Net Sales 51,000.00
Less: Cost of Goods Sold (29,000.00)
Gross Income 22,000.00
Marketing Expense 5,000.00
Utilities Expense 1,000.00
Supplies Expense 500.00
Salaries Expense 10,000.00
Rent Expense 2,500.00
Less: Operating Expenses: (19,000.00)
Operating Income 3,000.00
Other Revenues and Expenses:
Rent Income 1,000.00
Interest Income 250.00
Less: Interest Expense 100.00 1,150.00
NET INCOME 4,150.00
Statement of Cost of Goods Sold
MERCHANDISING COMPANY B
December 31, 2016
Beginning Inventory 25,000.00
Purchases 7,000.00
Freight In 500
Less: Purchase Returns & Allowances 500
Cost of Goods available for sale 32,000.00
Less: Ending Inventory 3,000.00
Cost of Goods sold 29,000.00