FAR1_1.

4BSA_CASE2_Igsoc_KristaNina_Irabon Account Title

ASSETS LIABILITIES EQUITY INCOME EXPENSES

Number Account Title Number Account Title Number Account Title Number Account Title Number Account Title
101 Cash 201 Accounts Payable 301 Dana Rmos, Capital 401 Service Revenue 501 Rent Expense
102 Account Recievables 202 Unearned Revenue 302 Dana Ramos, Drawings 502 Utilities Expense
103 Equipment 203 Salaries Payable 503 Salaries Expense
104 Furniture 504 Supplies Expense
105 Supplies 505 Depreciation Expense
106 Accumulated Depreciation

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon Journal

Date Account Description Ref. Debit Credit

20xx
December 2 Cash 101 ₱120,000.00
Dana Ramos, Capital 301 ₱120,000.00
To record new investment in the business
2 Rent Expense 501 ₱5,000.00
Cash 101 ₱5,000.00
To record monthy payment of rent
3 Equipment 103 ₱30,000.00
Cash 101 ₱30,000.00
To record purchase of equipment
4 Furniture 104 ₱36,000.00
Accounts Payable 201 ₱36,000.00
To record purchase of furniture on account
5 Supplies 105 ₱3,000.00
Accounts Payable 201 ₱3,000.00
To record purchase of supplies on account
9 Cash 101 ₱8,000.00
Service Revenue 401 ₱8,000.00
Received cash for services performed
12 Utilities Expense 502 ₱2,000.00
Cash 101 ₱2,000.00
To recognize payment of utility bill
18 Accounts Receivables 102 ₱17,000.00
Service Revenue 401 ₱17,000.00
Performed service on account
21 Cash 101 ₱9,000.00
Unearned Revenue 202 ₱9,000.00
To record advance payment of customers
26 Accounts Payable 201 ₱3,000.00
Cash 101 ₱3,000.00
Paid cash on account
28 Cash 101 ₱6,000.00
Accounts Recevivable 102 ₱6,000.00

To record the partial payment received

29 Salaries Expense 503 ₱4,000.00
Cash 101 ₱4,000.00
To record payment of salaries
30 Dana Ramos, Drawings 302 ₱16,000.00
Cash 101 ₱16,000.00
To record withdrawal by owner

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon Posting to Ledger

ASSETS LIABILITIES Owners Equity

Cash Accounts Payable Balance CAPITAL
Balance Date Debit Credit Debit Credit Dana Ramos, Capital Balance
Date Debit Credit Debit Credit December 4 1 ₱36,000.00 ₱36,000.00 Date Debit Credit Debit Credit
December 2 1 ₱120,000.00 ₱120,000.00 December 5 2 ₱3,000.00 ₱39,000.00 December 2 1 ₱120,000.00 ₱120,000.00
December 2 2 ₱5,000.00 ₱115,000.00 December 26 3 ₱3,000.00 ₱36,000.00 DRAWINGS
December 3 3 ₱30,000.00 ₱85,000.00 Dana Ramos, Drawings Balance
December 9 4 ₱8,000.00 ₱93,000.00 Unearned Revenue Balance Date Debit Credit Debit Credit
December 12 5 ₱2,000.00 ₱91,000.00 Date Debit Credit Debit Credit December 30 1 ₱16,000.00 ₱16,000.00
December 21 6 ₱9,000.00 ₱100,000.00 December 21 1 ₱9,000.00 ₱9,000.00
December 26 7 ₱3,000.00 ₱97,000.00 REVENUE
December 28 8 ₱6,000.00 ₱103,000.00 Service Revenue Balance
December 29 9 ₱4,000.00 ₱99,000.00 Date Debit Credit Debit Credit
December 30 10 ₱16,000.00 ₱83,000.00 December 9 1 ₱8,000.00 ₱8,000.00
December 17 2 ₱17,000.00 ₱25,000.00
Accounts Receivables
Balance
Date Debit Credit Debit Credit EXPENSES
December 18 1 ₱17,000.00 ₱17,000.00 Rent Expense Balance
December 28 2 ₱6,000.00 ₱11,000.00 Date Debit Credit Debit Credit
December 2 1 ₱5,000.00 ₱5,000.00
Equipment
Date Debit Credit Debit Credit Utilities Exepense
December 18 1 ₱30,000.00 ₱30,000.00 December 12 1 ₱2,000.00 ₱2,000.00

Furniture Salaries Expense 1 ₱4,000.00 ₱4,000.00

Date Debit Credit Debit Credit
December 18 1 ₱36,000.00 ₱36,000.00

Supplies
Date Debit Credit Debit Credit
December 18 1 ₱3,000.00 ₱3,000.00

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon Ledger

ASSETS LIABILITIES OWNER'S EQUITY

BALANCE CASH BALANCE ACCOUNTS PAYABLE BALANCE DANA RAMOS , CAPITAL
₱120,000.00 ₱5,000.00 ₱36,000.00 ₱120,000.00
₱8,000.00 ₱30,000.00 ₱3,000.00 FINAL BALANCE ₱120,000.00
₱9,000.00 ₱2,000.00 ₱3,000.00 BALANCE DANA RAMOS , DRAWINGS
₱6,000.00 ₱3,000.00 ₱3,000.00 ₱39,000.00 ₱16,000.00
₱4,000.00 FINAL BALANCE ₱36,000.00 FINAL BALANCE ₱16,000.00
₱16,000.00
₱143,000.00 ₱60,000.00 BALANCE SERVICE REVENUE
FINAL BALANCE ₱83,000.00 BALANCE UNEARNED REVENUE ₱8,000.00
₱9,000.00 ₱17,000.00
ACCOUNTS RECEIVABLES FINAL BALANCE ₱9,000.00 FINAL BALANCE ₱25,000.00
₱17,000.00
₱6,000.00 BALANCE EXPENSES
FINAL BALANCE ₱11,000.00 ₱5,000.00
₱2,000.00
EQUIPMENT ₱4,000.00
₱30,000.00 FINAL BALANCE ₱11,000.00

FINAL BALANCE ₱30,000.00

FURNITURE
₱36,000.00

FINAL BALANCE ₱36,000.00

SUPPLIES
₱3,000.00

FINAL BALANCE ₱3,000.00

ASSETS = ₱163,000.00 LIABILITIES = ₱45,000.00 OWNER'S EQUITY = ₱118,000.00

₱163,000.00

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon Unadjusted Trial Balance

DANA RAMOS BUSINESS

Unadjusted Trial Balance
DECEMBER 31,20XX
Account Title Debit Credit
Cash ₱83,000.00
Supplies ₱3,000.00
Accounts Receivable ₱11,000.00
Equipment ₱30,000.00
Furniture ₱36,000.00
Accounts Payable ₱36,000.00
Unearned Revenue ₱9,000.00
Dana Ramos, Capital ₱120,000.00
Dana Ramos,Drawing ₱16,000.00
Service Revenue ₱25,000.00
Utilities Expense ₱5,000.00
Salaries Expense ₱2,000.00
Rent Expense ₱4,000.00
Total: ₱190,000.00 ₱190,000.00

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon Adjusting of Entries

Date Account Description Ref. Debit Credit

20xx
December 31 Accounts Receivable 102 ₱4,000.00
Service Revenue 301 ₱4,000.00
To record accrued service revenue earned in December
31 Unearned Revenue 202 ₱3,000.00
Service Revenue 401 ₱3,000.00
To record portion of advance earned in December
31 Supplies Expense 504 ₱2,000.00
Supplies 105 ₱2,000.00
Adjusting entry to reflect supplies used
31 Depreciation Expense 505 ₱500.00
Accumulated Depreciation- Equipment 106 ₱500.00
To record December depreciation
31 Depreciation Expense 505 ₱600.00
Accumulated Depreciation- Furniture 106 ₱600.00
To record December depreciation
31 Salaries Expense 503 ₱1,000.00
Salaries Payable 203 ₱1,000.00
To record accrued salaries in the last two days of December

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon ADJUSTED TRIAL BALANCE

DANA RAMOS BUSINESS

ADJUSTED TRIAL BALANCE
DECEMBER 31,20XX
Unadjusted Trial Balance ADJUSTMENTS ADJUSTED TRIAL BALANCE
DECEMBER DECEMBER 31,20XX
Account Title Debit Credit Debit Credit Debit Credit
Cash ₱83,000.00 ₱83,000.00
Supplies ₱3,000.00 c ₱2,000.00 ₱1,000.00
Accounts Receivable ₱11,000.00 a ₱4,000.00 ₱15,000.00
Equipment ₱30,000.00 ₱30,000.00
Accumulated Depreciation- Equipment ₱500.00 ₱500.00
Furniture ₱36,000.00 ₱36,000.00
Accumulated Depreciation-Furniture ₱600.00 ₱600.00
Accounts Payable ₱36,000.00 ₱36,000.00
Unearned Revenue ₱9,000.00 b ₱3,000.00 ₱6,000.00
Salaries Payable ₱1,000.00 ₱1,000.00
Dana Ramos, Capital ₱120,000.00 ₱120,000.00
Dana Ramos,Drawing ₱16,000.00 ₱16,000.00
Service Revenue ₱25,000.00 a ₱4,000.00 ₱32,000.00
b ₱3,000.00
Utilities Expense ₱5,000.00 ₱5,000.00
Salaries Expense ₱2,000.00 e ₱1,000.00 ₱3,000.00
Rent Expense ₱4,000.00 ₱4,000.00
Supplies Expense c ₱2,000.00 ₱2,000.00
Depreciation Expense d1 ₱500.00 ₱1,100.00
d2 ₱600.00
Total: ₱190,000.00 ₱190,000.00 ₱196,100.00 ₱196,100.00

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon STATEMENT OF INCOME

DANA RAMOS BUSINESS

INCOME STATEMENT
DECEMBER 31,20XX
REVENUE ₱32,000.00

Less : Expenses
Utilities Expense ₱5,000.00
Salaries Expense ₱3,000.00
Rent Expense ₱4,000.00
Supplies Expense ₱2,000.00
Depreciation Expense ₱1,100.00 ₱15,100.00

NET INCOME ₱16,900.00

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon STATEMENT OF CHANGES IN OWNERS EQUITY

DANA RAMOS BUSINESS

Statement of Changes in Owners Equity
December 31,20xx

Dana Ramos , Capital ₱120,000.00

Net Income ₱16,900.00
Total ₱136,900.00
Less : Dana Ramos,Drawing -₱16,000.00

Dana Ramos ,Capital, December 31 20xx ₱120,900.00

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon STATEMENT OF FINANCIAL POSITION

DANA RAMOS BUSINESS

Statement of Financial Position
as of December 20x

ASSETS LIABILITIES AND OWNER'S EQUITY

CURRENT ASSETS CURRENT LIABILITIES

CASH ₱83,000.00 ACCOUNTS PAYABLE ₱36,000.00
ACCOUNTS RECEIVABLE ₱15,000.00 UNEARNED REVENUE ₱6,000.00
SUPPLIES ₱1,000.00 SALARIES PAYABLE ₱1,000.00

NON CURRENT ASSETS OWNER'S EQUITY

EQUIPMENT ₱30,000.00 Dana Ramos, Capital ₱120,900.00
Less: Accumulated Depreciation -₱500.00
FURNITURE ₱36,000.00
Less: Accumulated Depreciation -₱600.00
TOTAL ASSETS ₱163,900.00 Total Current Liabilities and Owner's Equity ₱163,900.00

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon STATEMENT OF CASH FLOW

Cash Flow Statement

Dana Ramos
20xx

CASH FLOWS FROM OPERATING EXPENSES

Cash Collections from Customers
Revenue ₱16,900.00
Depreciation ₱1,100.00
Increase in Unearned Revenue ₱6,000.00
Increase in Accounts Payable ₱36,000.00
Increase in Accounts Receivable -₱15,000.00
Net Inflow/Outflow from Operations ₱45,000.00

CASH FLOWS FROM INVESTING ACTIVITIES

Purchased of Equipment -₱30,000.00
Purchased of Furniture -₱36,000.00

Net Inflow/Outflow from Investing -₱66,000.00

CASH FLOWS FROM FINANCING ACTIVITIES

Investment from Dana Ramos ₱120,000.00
Payment of Personal Drawings -₱16,000.00

Net Inflow/Outflow from Financing ₱104,000.00

Cash Flow at December 31,20xx ₱83,000.00

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon CLOSING ENTRIES

Date Account Description Ref. Debit Credit

20xx
December 31 Service Revenue ₱32,000.00
Income Summary ₱32,000.00
To close revenue account to income summary
31 Income Summary ₱15,100.00
Utilities Expense ₱5,000.00
Salaries Expense ₱3,000.00
Rent Expense ₱4,000.00
Supplies Expense ₱2,000.00
Depreciation Expense ₱1,100.00
To close expense account to income summary

31 Income Summary ₱120,000.00

Dana Ramos,Capital ₱120,000.00
To close income to capital account
31 Dana Ramos,Capital ₱16,000.00
Dana Ramos,Drawings ₱16,000.00
To close drawings to capital account

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FAR1_1.4BSA_CASE2_Igsoc_KristaNina_Irabon POST CLOSING TRIAL BALANCE

Dana Ramos Business

Post Closing Trial Balance
As of Dec 31,20xx
Account Title Debit Credit
Cash ₱83,000.00
Supplies ₱1,000.00
Accounts Receivable ₱15,000.00
Equipment ₱30,000.00
Accumulated Depreciation- Equipment ₱500.00
Furniture ₱36,000.00
Accumulated Depreciation-Furniture ₱600.00
Accounts Payable ₱36,000.00
Salaries Payable ₱1,000.00
Unearned Revenue ₱6,000.00
Dana Ramos,Capital ₱120,900.00
Total: ₱165,000.00 ₱165,000.00

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