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Date Particulars Ref Debit Credit 2019 4/1 Cash Omotoy, Capital Invested cash into businessGL-GL-67,67,4/2 Service Vehicle Cash Notes Payable Purchased service vehicle with partial payment and noteGL-GL-GL-81,17,63,4/3 Rent Expense Cash Paid rent expenseGL-GL-7,7,4/6 Plumbing Supplies Accounts Payab...

Description

Date 2019 4/1

4/2

4/3

4/6

4/7

4/8

4/9

4/11

4/15

4/16

4/19

4/20

4/21

4/22

4/24

4/25

4/27

Particulars Cash Omotoy, Capital Invested cash into business Service Vehicle Cash Notes Payable Purchased service vehicle with partial payment and note Rent Expense Cash Paid rent expense Plumbing Supplies Accounts Payable Purchased plumbing supplies on account Prepaid Advertising Cash Paid 3-months advertising in advance Cash Plumbing Revenue Received cash for plumbing services Plumbing Supplies Cash Purchase plumbing supplies Salaries Expense Cash Paid salaries expense Accounts Receivable Plumbing Services Billed customer for plumbing services Accounts Payable Cash Partial payment for account in April 6 Miscellaneous Expense Cash Paid miscellaneous expense Cash Accounts Receivable Received partial payment from customer on April 16 Omotoy, Withdrawals Cash To record withdrawal of cash Salaries Expense Cash Paid workers’ salaries Notes Payable Cash Paid the 1st installment of note on April 2 Telephone expense Cash Paid telephone expense Accounts Receivable – Clement Resort Plumbing Revenues

Ref

Debit

GL-1 GL-12

67,000

GL-5 GL-1 GL-7

81,000

GL-16 GL-1

7,150

GL-3 GL-8

15,700

GL-4 GL-1

6,000

GL-1 GL-14

18,350

GL-3 GL-1

8,050

GL-15 GL-1

11,600

GL-2 GL-14

42,000

GL-8 GL-1

5,700

GL-18 GL-1

4,300

GL-1 GL-2

21,000

GL-13 GL-1

14,500

GL-15 GL-1

14,100

GL-7 GL-1

3,850

GL-17 GL-1

1,500

GL-2 GL-14

14,150

Credit

67,000

17,500 63,500

7,150

15,700

6,000

18,350

8,050

11,600

42,000

5,700

4,300

21,000

14,500

14,100

3,850

1,500

14,150

4/29

Billed Clement Resort for plumbing services Cash Unearned Plumbing Revenues Received advanced payment from customer for plumbing services

GL-1 GL-9

ALABANG PLUMBING UNADJUSTED TRIAL BALANCE APRIL 30, 2019 Debit 62,100 35,150 23,750 6,000 81,000

Cash Accounts Receivable Plumbing Supplies Prepaid Advertising Service Vehicle Notes Payable Accounts Payable Unearned Plumbing Services Omotoy, Capital Omotoy, Withdrawals Plumbing Revenues Salaries Expense Rent Expense Telephone Expense Miscellaneous Expense

50,000 50,000

Credit

59,650 10,000 50,000 67,000 14,500 74,500 25,700 7,150 1,500 4,300

TOTAL

261,150

261,150

ADJUSTING ENTRIES Date 2019 4/30

4/30

4/30

Particulars Light and Power Expense Accrued Expenses Light bill for the month is unpaid Advertising Expense Prepaid Advertising To recognize used portion of prepaid advertising Salaries Expense Salaries Payable

Ref

Debit

GL-19 GL-10

3,800

GL-21 GL-4

2,000

GL-15 GL-11

5,000

Credit

3,800

2,000

5,000

4/30

4/30

4/30

Unpaid salary of one worker Unearned Plumbing Revenues Plumbing Revenues Earned one-fourth of unearned plumbing revenues Depreciation Expense Accum. Depr’n. – Service Vehicle To record depreciation of service vehicle Plumbing Supplies Expense Plumbing Supplies To record used plumbing supplies

ALABANG PLUMBING ADJUSTED TRIAL BALANCE APRIL 30, 2019 Debit 62,100 35,150 14,700 4,000 81,000

Cash Accounts Receivable Plumbing Supplies Prepaid Advertising Service Vehicle Accumulated Depreciation Notes Payable Accounts Payable Unearned Plumbing Services Accrued Expense Salaries Payable Omotoy, Capital Omotoy, Withdrawals Plumbing Revenues Salaries Expense Rent Expense Telephone Expense Miscellaneous Expense Light and Power Expense Advertising Expense Plumbing Supplies Expense Depreciation Expense TOTAL

GL-9 GL-14

12,500

GL-20 GL-6

1,350

GL-22 GL-3

9,050

12,500

1,350

9,050

Credit

1,350 59,650 10,000 37,500 3,800 5,000 67,000 14,500 87,000 30,700 7,150 1,500 4,300 3,800 2,000 9,050 1,350 271,300

271,300

ALABANG PLUMBING INCOME STATEMENT AS OF APRIL 30, 2019

REVENUES: Plumbing Revenues LESS: OPERATING EXPENSES Salaries Expense

P P

30,700

87,000

Rent Expense Telephone Expense Light and Power Expense Advertising Expense Plumbing Supplies Expense Depreciation Expense Miscellaneous Expense Net Income subject to Tax

7,150 1,500 3,800 2,000 9,050 1,350 4,300 P

(59,850) 27,150

ALABANG PLUMBING STATEMENT OF CHANGES IN OWNER’S EQUITY AS OF APRIL 30, 2019

Omotoy capital beginning ADD: Additional Investment Net Income Total Less: Omotoy, Withdrawal Omotoy ending capital

P P

0 27,150 P

67,000 27,150 94,150 (14,500) 79,650

ALABANG PLUMBING STATEMENT OF FINANCIAL POSITION AS OF APRIL 30, 2019

ASSETS Current Assets Cash P 62,100 Accounts Receivable 35,150 Plumbing Supplies 14,700 Prepaid Advertising 4,000 TOTAL P Non-current Assets Service Vehicle P 81,000 Less: Accum. Depr’n. – Service (1,350) Vehicle Net Book Value P TOTAL ASSETS P LIABILITIES AND OWNER’S EQUITY Current Liabilities Notes Payable P 59,650 Accounts Payable 10,000 Unearned Plumbing Revenues 37,500 Accrued Expenses 3,800 Salaries Payable 5,000 P Owner’s Equity Omotoy, Capital P 67,000 Add: Net Income 27,150

115,950

79,650 195,600

115,950

Total Less: Omotoy, Withdrawal Equity Balance End TOTAL LIABILITIES AND OWNER’S EQUITY Date 2019 4/30

4/30

4/30

4/30

P P

94,150 (14,500) 79,650 195,600

Ref

Debit

Particulars Plumbing Revenues Income Summary To close revenues to income summary Income Summary Salaries Expense Rent Expense Telephone Expense Light and Power Expense Advertising Expense Plumbing Supplies Expense Depreciation Expense Miscellaneous Expense To close expenses to income summary Income Summary Omotoy, Capital To close income summary to capital Omotoy, Capital Omotoy, Withdrawal To close withdrawals to capital

Cash

GL-14 GL-23

87,000

GL-23 GL-15 GL-16 GL-17 GL-19 GL-21 GL-22 GL-20 GL-18

59,850

GL-23 GL-12

27,150

GL-12 GL-13

14,500

ALABANG PLUMBING POST-CLOSING TRIAL BALANCE APRIL 30, 2019 Debit 62,100

Credit

87,000

30,700 7,150 1,500 3,800 2,000 9,050 1,350 4,300

27,150

14,500

Credit

Accounts Receivable Plumbing Supplies Prepaid Advertising Service Vehicle Accumulated Depreciation Notes Payable Accounts Payable Unearned Plumbing Services Accrued Expense Salaries Payable Omotoy, Capital TOTAL

35,150 14,700 4,000 81,000 1,350 59,650 10,000 37,500 3,800 5,000 79,650 196,950

196,950

REVERSING ENTRIES Date 2019 5/1

5/1

Particulars

Ref

Debit

Accrued Expense Light and Power Expense

GL-10 GL-19

3,800

Salaries Payable Salaries Expense

GL-11 GL-15

5,000

Credit

3,800

5,000...