Prepare financial
Journalize CLOSING
statements.
ENTRIES in the
general journal. Prepare worksheet
or FINAL TRIAL
Prepare POST BALANCE
CLOSING TRIAL
Balance.
The following are the summary of
transactions of B.A. Roa TV
Repair Shop for the month of
October 2017
JOURNAL ENTRIES
1 B. A. Roa opened a T.V. Repair Shop by investing
P100,000 in the business.
ANALYSIS
BUSINESS TRANSACTION? Yes
Cash
SPECIFIC ACCOUNTS AFFECTED?
B.A. Roa, Capital
Asset
CLASSIFICATION?
Capital
Increase
EFFECT?
Increase
Debit
DEBIT/CREDIT?
Credit
1 B. A. Roa opened a T.V. Repair Ship by investing P100,000
in the business.
1 Cash 100,000
B.A. Roa, Capital 100,000
ANALYSIS
BUSINESS TRANSACTION? Yes
Rent Expense
SPECIFIC ACCOUNTS AFFECTED?
Cash
Expense
CLASSIFICATION?
Asset
Increase
EFFECT?
Decrease
Debit
DEBIT/CREDIT?
Credit
2 Paid the rent of the shop space, P4,000.
ANALYSIS
BUSINESS TRANSACTION? Yes
Shop Supplies
SPECIFIC ACCOUNTS AFFECTED?
Cash
Asset
CLASSIFICATION?
Asset
Increase
EFFECT?
Decrease
Debit
DEBIT/CREDIT?
Credit
3 Purchased shop supplies for cash P15,000.
ANALYSIS
BUSINESS TRANSACTION? Yes
Shop Supplies
SPECIFIC ACCOUNTS AFFECTED?
Accounts Payable
Asset
CLASSIFICATION?
Liability
Increase
EFFECT?
Increase
Debit
DEBIT/CREDIT?
Credit
4 Purchased shop supplies from L. Salvador on credit,
P16,500.
ANALYSIS
BUSINESS TRANSACTION? Yes
Cash
SPECIFIC ACCOUNTS AFFECTED?
Service Income
Asset
CLASSIFICATION?
Revenue
Increase
EFFECT?
Increase
Debit
DEBIT/CREDIT?
Credit
5 Repaired the T.V. set of J. de Belen and collected P2,500
for the service.
5 Cash 2,500
Service Income 2,500
ANALYSIS
BUSINESS TRANSACTION? Yes
Accounts Payable
SPECIFIC ACCOUNTS AFFECTED?
Cash
Liability
CLASSIFICATION?
Asset
Decrease
EFFECT?
Decrease
Debit
DEBIT/CREDIT?
Credit
6 Paid L. Salvador 50% of the amount owed to him.
ANALYSIS
BUSINESS TRANSACTION? Yes
Accounts Receivable
SPECIFIC ACCOUNTS AFFECTED?
Service Income
Asset
CLASSIFICATION?
Revenue
Increase
EFFECT?
Increase
Debit
DEBIT/CREDIT?
Credit
7 Repaired the T.V. set of J. Vega P1,500 on credit.
ANALYSIS
BUSINESS TRANSACTION? Yes
Wages Expense
SPECIFIC ACCOUNTS AFFECTED?
Cash
Expense
CLASSIFICATION?
Asset
Increase
EFFECT?
Decrease
Debit
DEBIT/CREDIT?
Credit
8 Paid the salary of the shop assistant, P2,000.
ANALYSIS
BUSINESS TRANSACTION? Yes
Communication Expense
SPECIFIC ACCOUNTS AFFECTED? Cash
Expense
CLASSIFICATION?
Asset
Increase
EFFECT?
Decrease
Debit
DEBIT/CREDIT?
Credit
9 Paid the telephone bill of the month, P550.
ANALYSIS
BUSINESS TRANSACTION? Yes
Cash
SPECIFIC ACCOUNTS AFFECTED?
Accounts Receivable
Asset
CLASSIFICATION?
Asset
Increase
EFFECT?
Decrease
Debit
DEBIT/CREDIT?
Credit
10 Received 50% of J. Vega account
10 Cash 750
Accounts Receivable 750
ANALYSIS
BUSINESS TRANSACTION? Yes
Withdrawal
CLASSIFICATION?
Asset
Increase
EFFECT?
Decrease
Debit
DEBIT/CREDIT?
Credit
11 Took P500 from the business for personal use
SERVICE INCOME
5 2,500
7 1,500
0 4,000
4,000
RENT EXPENSE WAGES EXPENSE
2 4,000 8 2,000
4,000 0 2,000 0
4,000 2,000
COMMUNICATION EXPENSE
9 550
550 0
550
PRELIMINARY
TRIAL BALANCE
ROA TV Repair Shop
Preliminary Trial Balance
October 2017
Cash 72,950
Accounts Receivable 750
Shop Supplies 31,500
Accounts Payable 8,250
B.A. Roa, Capital 100,000
B.A. Roa, Drawings 500
Service Income 4,000
Rent Expense 4,000
Communication Expense 550
Wages Expense 2,000
TOTAL 112,250 112,250
Analyze Journalize
Post entries to the
source transactions in the
accounts in the Prepare PRELIMINARY
documents. general journal.
general ledger.
TRIAL Balance.
Prepare financial
Journalize CLOSING
statements.
ENTRIES in the
general journal. Prepare worksheet
or FINAL TRIAL
Prepare POST BALANCE
CLOSING TRIAL
Balance.
ADJUSTING
ENTRIES
The rent of P4,000 is for October and November
Cash 72,950
Accounts Receivable 750
Shop Supplies 31,500
Accounts Payable 8,250
B.A. Roa, Capital 100,000
B.A. Roa, Drawings 500
Service Income 4,000
Rent Expense 4,000
Communication Expense 550
Wages Expense 2,000
TOTAL 112,250 112,250
ROA TV Repair Shop
Final Trial Balance
October 2017
Cash 72,950
Accounts Receivable 750
Shop Supplies 18,900
Prepaid Rent 2,000
Accounts Payable 8,250
B.A. Roa, Capital 100,000
B.A. Roa, Drawings 500
Service Income 4,000
Rent Expense 2,000
Communication Expense 550
Wages Expense 2,000
Supplies Expense 12,600
TOTAL 112,250 112,250
FINANCIAL
STATEMENTS
ROA TV Repair Shop
Statement of Operations
October 2017
ASSETS
Cash 72,950
Accounts Receivable 750
Shop Supplies 18,900
Prepaid Rent 2,000
Total Assets 94,600
Cash 72,950
Accounts Receivable 750
Shop Supplies 18,900
Prepaid Rent 2,000
Accounts Payable 8,250
B.A. Roa, Capital 86,350
TOTAL 94,600 94,600
ROA TV Repair Shop
Final Trial Balance
October 2017
Cash 72,950
Accounts Receivable 750
Shop Supplies 18,900
Prepaid Rent 2,000
Accounts Payable 8,250
B.A. Roa, Capital 100,000
B.A. Roa, Drawings 500
Service Income 4,000
Rent Expense 2,000
Communication Expense 550
Wages Expense 2,000
Supplies Expense 12,600
TOTAL 112,250 112,250