DATE PARTICULARS DEBIT

Jun-01 Cash 832,000.00

Cabulay, Capital
To record the investment of Danilo Cabulay

2 Sailboats 208,000.00
Fan System 85,000.00
Pool Structure 1,440,000.00
Land 400,000.00
Cash
Mortgage Payable
To record the acquisition of Metro Sails

3 Advertising Expense 14,800.00

Accounts Payable
To record the advertising billed

3 Insurance Expense 10,800.00

Cash
To record the insurance paid

3 Sailboats 65,200.00
Cash
Accounts Payable
To record the boats purchased

3 Cash 3,500.00
Concession Revenues
To record the received payment

3 Advertising Expense 3,680.00

Cash
To record the advertising paid

3 Boat Rental Expense 6,320.00

Cash
To record the boat rental paid

5 Miscellaneous Expense 924.40

Cash
To record the miscellaneous expenses paid
 8 Cash 26,325.00
Boat Rental Revenue
To record the cash received from revenues

9 Fan System 8,360.00

Accounts Payable
To record the purchased fan sytem on account

15 Salaries Expense 42,000.00

Cash
To record the salaries paid

16 Accounts Payable 14,800.00

Cash
To record the advertising paid

16 Cabulay, Withdrawals 10,520.00

Cash
To record the drawing of the owner

16 Sailboats 8,540.00
Accounts Payable
To record the boats purchased

16 Cash 30,430.00
Boat Rental Revenue
To record the cash received from revenues

19 Miscellaneous Expense 426.40

Cash
To record the miscellaneous expenses paid

20 Accounts Payable 4,800.00

Cash
To record the payment of payable

22 Cash 50,820.00
Boat Rental Revenue
To record the cash received from revenues

23 Accounts Payable 4,520.00

Sailboats
 To record the reduction in bill

24 Utilities Expense 840.00

Cash
To record the utilities paid

29 Salaries Expense 46,520.00

Cash
To record the salaries paid

30 Accounts Payable 4,180.00

Cash
To record the payment of payable

30 Utilities Expense 14,200.00

Cash
To record the utilities paid

30 Mortgage Payable 6,800.00

Interest Expense 12,000.00
Cash
To record the payment of mortgage plus interest

30 Utilities Expense 4,320.00

Cash
To record the utilities paid

30 Sailboats 48,520.00
Cash
Accounts Payable
To record the boats purchased

30 Cabulay, Withdrawals 11,560.00

Cash
To record the drawing of the owner

30 Cash 46,320.00
Boat Rental Revenue
To record the cash received from revenues

30 Cash 1,820.00
Concession Revenue
To record the income from concession
(53,200 x 10%) - 3,500
CREDIT Cash Land
832,000.00 644,000.00 400,000.00
832,000.00 3,500.00 10,800.00
26,325.00 32,000.00
30,430.00 3,680.00
50,820.00 6,320.00
46,320.00 924.40
1,820.00 42,000.00
14,800.00
644,000.00 10,520.00
1,489,000.00 426.40
4,800.00
840.00
46,520.00
14,800.00 4,180.00
14,200.00
18,800.00
4,320.00
10,800.00 44,000.00
11,560.00

76,524.20 400,000.00
32,000.00
33,200.00
Accounts Payable Mortgage Payable
14,800.00 14,800.00 6,800.00 1,489,000.00
4,800.00 33,200.00
3,500.00 4,520.00 8,360.00
4,180.00 8,540.00
4,520.00

3,680.00

41,120.00 1,482,200.00
6,320.00

Boat Rental Expense Advertising Expense

6,320.00 14,800.00
924.40 3,680.00
26,325.00

8,360.00 6,320.00 18,480.00

Miscellaneous Expense
42,000.00 924.40
426.40

14,800.00

10,520.00
1,350.80

8,540.00

30,430.00

426.40

4,800.00

50,820.00

4,520.00
 840.00

46,520.00

4,180.00

14,200.00

18,800.00

4,320.00

44,000.00
4,520.00

11,560.00

46,320.00

1,820.00
 Pool Structure Fan System Sailboats
1,440,000.00 85,000.00 208,000.00
8,360.00 65,200.00
8,540.00
48,520.00

1,440,000.00 93,360.00 325,740.00

Cabulay, Capital Cabulay, Withdrawals Concession Revenues

832,000.00 10,520.00
11,560.00

832,000.00 22,080.00

Salaries Expense Insurance Expense Utilities Expense

42,000.00 10,800.00 840.00
46,520.00 14,200.00
4,320.00
88,520.00 10,800.00 19,360.00

Interest Expense Boat Rental Revenues

12,000.00

12,000.00
 Sailboats Metro Sails
4,520.00 Unadjusted Trial Balance
For the the month ended of June

Account Title
Cash
Land
Pool Structure
Fan System
Sailboats
Accounts Payable
Mortgage Payable
Cabulag, Capital
Cabulay, Withdrawals
Concession Revenues
Boat Rental Revenue
Advertising Expense
Salaries Expense
Insurance Expense
Utilities Expense
Boat Rental Expense
Miscellaneous Expense
Interest Expense
Total
Concession Revenues
3,500.00
1,820.00

5,320.00

Utilities Expense
Boat Rental Revenues
26,325.00
30,430.00
50,820.00
46,320.00

153,895.00
 Metro Sails
usted Trial Balance
e month ended of June

Debit Credit Concession Revenues

76,524.20 Boat Rental Revenues
400,000.00 Total Revenues
1,440,000.00 Less: Operating Expenses
93,360.00
325,740.00
41,120.00
1,482,200.00
832,000.00
22,080.00
5,320.00
153,895.00 Net Income
18,480.00
88,520.00
10,800.00
19,360.00
6,320.00
1,350.80
12,000.00
₱ 2,514,535.00 ₱ 2,514,535.00
 Metro Sails
Statement of Profit and Loss
For the the month ended of June

Concession Revenues 5,320.00

Boat Rental Revenues 153,895.00
Total Revenues 159,215.00
Less: Operating Expenses
Advertising Expense 18,480.00
Salaries Expense 88,520.00
Insurance Expense 10,800.00
Utilities Expense 19,360.00
Boat Rental Expense 6,320.00
Miscellaneous Expense 1,350.80
Interest Expense 12,000.00 156,830.80
Net Income ₱ 2,384.20

Metro Sails
Statement of Changes in Owners' Equity
For the the month ended of June

Cabulag, Capital 832,000

Add: Net Income 2,384.20
Total 834,384.20
Cabulay, Withdrawals 22,080
Cabulag, Capital 812,304.20

Metro Sails
Statement of Financial Position
As of June

ASSETS
Current Assets
Cash 76,524.20
Total Current Assets ₱ 76,524.20

Non-Current Assets
Land 400,000.00
Pool Structure 1,440,000.00
Fan System 93,360.00
Sailboats 325,740.00
Total Non-Current Assets ₱ 2,259,100.00

TOTAL ASSETS ₱ 2,335,624.20

LIABILITIES AND EQUITY

Liabilities
Accounts Payable 41,120.00
Mortgage Payable 1,482,200.00
Total Liabilities ₱ 1,523,320.00

Equity
Cabulag, Capital ₱ 812,304.20

TOTAL LIABILITIES AND EQUITY ₱ 2,335,624.20

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