Question

2. Prepare a Trial Balance 3. Prepare the Statement of Financial Position E. Flores is a painting contractor. During the month of April of the current year, he completed the following transactions: April 2 Invested in the business painting equipment valued at P52,300 and placed P271,000 in a business checking account. 2 Acquired a service vehicle costing P280,000. Paid P50,000 cash and signed a note for the balance. 3 Purchased painting supplies on account for P13,200. 4 Completed a painting job and billed the customer, P14,800. 7 Received a P12,500 cash for painting an apartment room. 10 Purchased painting supplies for P7,600 cash. 11 Received a P14,800 check from the customer billed on April 5. 12 Paid P4,000 for an insurance policy for a one-year coverage. 13 Billed a customer P16,200 for a painting job. 14 Paid the assistant P9,500 for twenty-five hours' work. 15 Paid P1,400 for a tune-up of the service vehicle. 13 Paid for the painting supplies purchased on April 4. 20 Purchased a new ladder for P6,000 and painting supplies for P2,900 on account. 22 Received a telephone bill for P700, due next month. 20 Received P16,200 in cash from the customer billed on April 13. 21 Transferred P30,000 to a personal checking account. 22 Received P13,600 in cash for painting a two-room apartment. 27 Paid P72,000 on the note signed for the service vehicle. 29 Paid the assistant P8,700 for thirty hours' work.

Journalize the Transaction. Prepare Trial Balance and the STATEMENT OF FINANCIAL POSITION. Thankyouuu so so much

Answer 1

Debit Credit Debit Credit 14800 30000 Date Particulars 11-Apr Cash Accounts receivable (Being cash collected) Date Particulars 21-Apr Drawings Cash (Being cash withdrawn) 14800 30000 4000 13600 12-Apr Prepaid insurance Cash (Being insurance paid) 4000 22-Apr Cash Rvenue (Being revenue generated) 13600 16200 72000 13-Apr Accounts receivable Revenue (Being revenue generated) 16200 27-Apr Note payable Cash (Being payment made) 72000 1 JOURNAL 2 Date Particulars Debit Credit 3 2-Apr Equipment 52300 4 Cash 271000 5 Capital 323300 6 (Being assets brought in business) 7 8 2-Apr Vehicle 280000 9 Cash 50000 10 Note payable 230000 11 (Being vehicle purchased) 12 13 3-Apr Painting supplies 13200 14 Accounts payable 13200 15 (Being supplies purchased) 16 17 4-Apr Accounts receivable 14800 18 Revenue 14800 19 (Being revenue generated) 20 21 7-Apr Cash 12500 22 Revenue 12500 23 (Being revenue generated) 24 25 10-Apr Painting supplies 7600 26 Cash 7600 27 (Being supplies purchased) 28 9500 8700 14-Apr Salary expense Cash 29-Apr Salary expense Cash 9500 8700 1400 15-Apr Vehicle expense Cash (Beinf servicing paid) 1400 13200 13200 16-Apr Accounts payable Cash (Being payment made) 13200 6000 2900 20-Apr Equipment- Ladder Painting supplies Accounts payable (Being asset purchased) 8900 29

Dbit Credit 52300 57100 115500 INCOME STATEMENT Revenue Less: expenses Salary vehicle expense 323300 -18200 -1400 280000 158000 23700 Profit 37500 TRIAL BALANCE Particulars Equipment Cash Capital Vehicle Note payable Painting supplies Accounts payable Accounts receivable Revenue Prepaid insurance Salary expense Vehicle expense Equipment- Ladder Drwaings TOTAL 8900 16200 57100 4000 BALANCE SHEET Liabilities & equity Capital Opening 323300 Profit 37500 (-) Drawings - 30000 18200 1400 6000 30000 547300 Amount Assets Amount Equipment 52300 Equipment-Ladder 6000 Vehicle 280000 330800 Accounts eceivable 16200 Prepaid insurance 4000 158000 Painting supplies 23700 8900 Cash 115500 547300 Note payable Accounts payable Total 497700 Total 497700