Escolar Documentos
Profissional Documentos
Cultura Documentos
Rey Millora opened an account with Union Bank under Rey's Laundromat business name in
1-Dec P1,500,000. He also invested a computer worth P100,000 with a fair market value of P90,0
2 Paid municipal taxes of P5,500 including his license to operate.
Bought a P900,000 condominium for his office paying P500,000 down payment and signing
5 Bank payable in 10 years for the balance.
7 Bought furniture on credit from Furniture World, P45,000.
8 Returned P7,000 worth of furniture bought due to wrong specifications.
9 Bought cash register P24,000 paid in cash.
10 Paid furniture and fixtures purchased on account.
11 Bought P5,600 office supplies paid in cash.
Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thr
12 and the balance on account.
Made an additional investment of P800,000 and equipment worth P60,000 with an unpaid b
13 Baguio Trading. The business will assume the liability.
14 Returned damaged supplies worth P880.
15 Withdrew P85,000 cash and office supplies worth P500 for personal use.
16 Paid the salary of the office secretary, P10,600.
17 Paid utilities, P3,200.
18 Collected laundry services from various customers, P220,000.
Rendered laundry services on account to the following customers: Gabriel - P30,000; Micha
19 P10,000; Uriel - P5,000.
20 Paid repairs, P3,000.
Collected from laundry services rendered last December 19 from the following customers: G
30 - P10,000; Daniel - P8,000; Uriel - P4,000.
Additional information for adjustment:
1 Depreciation Expense for the properties follow:
Office Condominium
Equipment
Furniture and Fixtures
Vehicle
Estimated
2015
Cost
Useful Life
Depreciation
900,000
20
3,750
184,000
5
3,067
38,000
5
633
600,000
5
10,000
Office Condominium
Accumulated Depreciation
Equipment
Accumulated Depreciation
Furniture and Fixtures
Accumulated Depreciation
Vehicle
Accumulated Depreciation
301
302
303
304
305
Accounts Payable
Notes Payable
Interest Payable
Salaries Payable
Mortgage Payable
401
402
Millora, Capital
Millora, Personal
- Office Condominium
- Equipment
- Furniture and Fixtures
- Vehicle
501
601
602
603
604
605
606
607
608
Requirements:
1 Journalize the December transactions using a general journal and the
account titles given in the chart of accounts.
2 Post the journal entries to the General Ledger.
3 Extract the balances of each account in the General Ledger and
prepare a trial balance.
4 Prepare the necessary adjusting journal entries.
5 Using the trial balance and the adjusting journal entries,
prepare a worksheet.
6 From the worksheet, prepare the following:
a. Statement of income
b. Statement of changes in equity
c. Statement of financial position
7 From the postings to cash account in the general ledger,
prepare a Statement of Cash Flows.
8 Post the adjusting journal entries and extract the adjusted balances
of the accounts
9 Using the worksheet, prepare the closing entries.
10 Post the closing entries to thee ledger and extract the new
balances of each account affected
11 Prepare a post-closing trial balance
12 Prepare reversing entries
13 Post reversing entries to the general ledger and extract the new
balances of the accounts affected
ows:
ations.
onal use.
ce Condominium
General Journal
Date
Particulars
Dr
Dr
General Journal
Date
Particulars
General Journal
Date
Particulars
Dr
General Journal
Date
Particulars
Dr
Page 1
Cr
Page 2
Cr
Page 3
Cr
Page 4
Cr
GENERAL LEDGER
CASH
Date
Particulars
Date
Particulars
Dr
Date
Particulars
ACCOUNTS RECEIVABLE
f
Dr
Date
Particulars
Particulars
Dr
Date
Particulars
Date
Particulars
OFFICE SUPPLIES
Date
Particulars
Dr
OFFICE CONDOMINIUM
Date
Particulars
Dr
Date
Particulars
Particulars
Date
Particulars
Dr
Date
Particulars
Date
Particulars
EQUIPMENT
Dr
Particulars
Date
Particulars
Dr
Date
Particulars
Dr
Date
Particulars
Particulars
Dr
Date
Particulars
Date
Particulars
VEHICLE
Date
Particulars
Dr
Particulars
Dr
Date
Particulars
ACCOUNTS PAYABLE
Date
Particulars
Dr
NOTES PAYABLE
Date
Particulars
Date
Particulars
Dr
Date
Particulars
Date
Particulars
Date
Particulars
INTEREST PAYABLE
Date
Particulars
Date
Particulars
Dr
SALARIES PAYABLE
Dr
MORTGAGE PAYABLE
Date
Particulars
Dr
Date
Particulars
Date
Particulars
MILLORA, CAPITAL
Date
Particulars
Dr
MILLORA, PERSONAL
Date
Particulars
Dr
Date
Particulars
Particulars
Dr
Date
Particulars
Particulars
Dr
Date
Particulars
Particulars
Dr
Date
Particulars
DEPRECIATION EXPENSE
Date
Particulars
Dr
Date
Particulars
Particulars
Dr
Date
Particulars
SALARIES EXPENSE
Date
Particulars
Dr
Date
Particulars
UTILITIES EXPENSE
Date
Particulars
Dr
Date
Particulars
Particulars
Dr
Date
Particulars
SUPPLIES EXPENSE
Date
Particulars
Date
Particulars
Dr
Date
Particulars
INTEREST EXPENSE
Dr
Date
Particulars
101
f
Cr
102
f
Cr
102a
f
Cr
103
f
Cr
201
f
UM
Cr
201a
f
Cr
202
f
Cr
202a
f
Cr
203
f
Cr
URES
203a
f
Cr
204
f
Cr
204a
f
Cr
301
f
Cr
302
Cr
303
f
Cr
304
f
Cr
305
f
Cr
401
f
Cr
402
f
Cr
403
f
Cr
501
f
Cr
501
f
Cr
602
f
Cr
603
f
Cr
604
f
Cr
605
f
Cr
606
f
Cr
607
f
Cr
608
f
Cr
SUBSIDIARY LEDGERS
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER OR CUSTOMERS' CARD
CUSTOMER'S NAME:
Date
Particulars
Dr
Cr
Balance
CUSTOMER'S NAME:
Date
Particulars
Dr
Cr
Balance
CUSTOMER'S NAME:
Date
Particulars
Dr
Cr
Balance
CUSTOMER'S NAME:
Date
Particulars
Dr
Cr
Balance
Dr
Cr
Balance
SUPPLIER'S NAME:
Date
Particulars
Dr
Cr
Balance
SUPPLIER'S NAME:
Date
Particulars
Dr
Cr
Balance
SUPPLIER'S NAME:
Date
Particulars
Dr
Cr
Balance
OMERS' CARD
RS' CARD
Rey's Laundromat
TRIAL BALANCE
DECEMBER 31, 2012
Amounts in Philippine Peso
Dr
Rey's Laundromat
ACCOUNTS RECEIVABLE SCHEDULE
December 31, 2015
Amounts in Philippine Peso
Rey's Laundromat
ACCOUNTS PAYABLE SCHEDULE
Cr
Rey's Laundromat
Worksheet
DECEMBER 31, 2012
Amounts in Philippine Peso
Unadjusted Trial Balance
Dr
Cr
Adjustments
Dr
Cr
Statement of Income
Dr
Cr
Statement of Financial
Position
Dr
Cr
Rey's Laundromat
Statement of Income
For the month ended December 31, 2012
Amounts in Philippine Peso
Rey's Laundromat
Statement of Changes in Equity
For the month ended December 31, 2012
Amounts in Philippine Peso
Rey's Laundromat
Statement of Financial Position
December 31, 2012
Amounts in Philippine Peso
Rey's Laundromat
Statement of Cash Flows
For the month ended December 31, 2012
Amounts in Philippine Peso
Rey's Laundromat
POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2012
Amounts in Philippine Peso
Dr
Cr