Part 2

March 21
Php15,000 received from
tourist for tour in Baguio.
March 22
Cash was paid for the
following: Gas and Oil Php 500
and repair of car Php 1,000.
March 24
Mr, Gray hired the services
of the agency for Ilocos
Tour and promised to pay
Php 16,000
March 25
Paid the telephone bill of
Php 500
March 27
The faculty club of TSI hired the
services of the agency for a tour
in Manila. A bill was issued to
them for Php 20,000.
March 30
Mr. Gray paid one half of
his account.
March 31
Paid for rental of office
supplies Php10,000 and
salaries of employees Php
9,000
 ASSETS LIABILI OWNER’S EQUITY
TIES
Date Cash Accounts Cars Equipment Furniture Loans Sorio Sorio Service Gas & oil Repair Utility Rent Salaries
Receivable Payable Capital Drawing Income Expense Expense Expense Expense Expense
March
20 45,000 750,000 55,000 45,000 100,000 800,000 -5,000
21 +15,000 +15,000
22 -1,500 +500 +1,000
24 +16,000 +16,000
25 -500 +500
27 +20,000 +20,000
30 +8,000 -8,000
31 -19,000 +10,000 +9,000

TOTA 47,000 28,000 750,000 55,000 45,000 100,000 800,000 -5,000 51,000 500 1,000 500 10,000 9,000
L
925,000 925,000
 HAPPY TOUR AND TRAVEL
Statement of Comprehensive Income
March 31, 2016

Service Income Php 51,000

Less: Operating Expenses
Rent Expense Php 10,000
Salary Expense 9,000
Repair Expense 1,000
Gas & Oil Expense 500
Utility Expense 500 21,000
NET INCOME Php 30,000
 HAPPY TOUR AND TRAVEL
Statement of Financial Position
March 31, 2016

ASSETS LIABILITIES &

OWNER’S EQUITY

Cash Php 47,000 Loans Payable Php 100,000

Accounts Receivable 28,000 Sorio, Capital 825,000
Cars 750,000
Equipment 55,000
Furniture and Fixtures 45,000
Total 925,000 Total 925,000