ACTIVITY/ASSIGNMENT #2 – FINANCIAL MODELS – COMPARATIVE DATA

The trial balance of KUSUTIN MO PIPIGAIN CO LAUNDRY SHOP on Dec 31 is shown below:

KUSUTIN MO PIPIGAIN CO LAUNDRY SHOP

Trial Balance
DEC 31, 2021
Account no. Account Title Debit Credit
101 Cash P 8,750
112 Accounts Receivable 2,320
126 Supplies 1,900
157 Equipment 9,000
201 Accounts Payable P 5,500
206 Unearned Revenue 800
301 Mr. Piga, Capital ______ 15,670
Totals P 21,970 P 21970
The January 2022 transaction were as follows:
JANUARY
5 Received 850 cash from customer on account
10 Billed customer for services performed P6,300
15 Paid employees salary P1400
16 Perform P600 of services for customer who paid
in advance in Dec
20 Paid P2000 to creditors on account
21 Received P250 for services rendered on a cash basis
26 Purchased supplies on account at cost P350
29 Mr Piga withdrew P600 for personal use
30 Paid utilities P900
Instructions:
(a) Enter the opening balances in the ledger accounts as of JAN 1
write "balance" in the explanation space and insert a check work in the reference
column. Provision should be made for the following additional accounts No. 306
Mr Piga, Drawings No. 426 Laundry Revenue, No. 726 Salaries expense, and No. 732
Utilities Expense.
REQUIRED: COMPLETE THE CYCLE
Prepare Journal entries, Trial balance, statement of financial position,
Statement of financial performance/COMPREHENSIVE INCOME, Statement in changes in
owners equity, Statement of Cash Flow, Closng Entries, Post closing entries.
 CHART OF ACCOUNTS

100 Asset 400 Revenue

101 Cash 426 Laundry Revenue
112 Account Receivable
126 Supplies 700Expenses
157 Equipment 726 Salary Expense
732 Utilities expense
200 Liabilities
201 Accounts Payable 800 Income summary
206 Unearned Revenue

300 Owners Equity

301 Mr.Piga, Capital
306 Mr. Piga, Drawing
  
KUSUTIN MO PIPIGAIN CO LAUNDRY SHOP
COMPARATIVE FINANCIAL POSITION
(MONTHLY)  
DEC-JAN-FEB 31 2021-2022

 ACTVTY ASSGNMNT QUIZ on Mar.16

  DEC.,2021 JAN.,2022 FEB.2022
ASSETS  
CURRENT ASSETS  
CASH             XX  XX
ACCOUNTS RECEIVABLE          XX  XX
SUPPLIES                                     XX  XX
TOTAL CURRENT ASSETS:          XX  XX
 
NON CURRENT ASSETS 
EQUIPMENT                               P  XX  XX
TOTAL NON CURRENT ASSETS XX XX
TOTAL ASSETS: XX XX
  
 LIABILITIES  
ACCOUNTS PAYABLE      P XX XX
UNEARNED REVENUE           XX    XX   
  TOTAL LIABILITIES XX XX
OWNER’S EQUITY 
MR. PIGA, CAPITAL                      XX  XX
LESS; MR. PIGA, DRAWING    XX  XX
NET CAPITAL                                           XX XX
ADD: NET INCOME       XX XX
MR.PIGA, ENDING CAPITAL            XX XX
TOTAL LIAB.&OWNER’S EQUITY   XX XX
  
REQUIRED:
1. COMPLETE THE DATA NEEDED FOR THE MONTH &YEAR DEC.,2021 and FOR THE
MONTH AND YEAR JANUARY 2022.
2. TO COMPLETE THE COMPARATIVE DATA IT REALLY NEED FOR ALL OF YOU TO
PROCESS THE TRANSACTIONS FOR THE MONTH OF JANUARY 2022.
NOTE: YOU A HAVE A WEEK TO DO THE PROCESSING, USE YOUR ACCTG SKILLS I DID TEACH YOU IF
WALA TLG CALL A FRIEND, CALL A POLICEMAN, BATMAN, SPIDERMAN….CALL WHO EVER U WISH
…ETC J
3. COMPARATIVE FINANCIAL POSITION IS AN EXAMPLE OF A FINANCIAL MODELS.
NOTE: FEB-2022 FOR COMPARATIVE WILL BE DONE ON MARCH 12 AS QUIZ
HINT:

GENERAL LEDGER
Accounts Title: Cash Account No. 101
Date Remarke: PR Debit Credit Balances
Jan Debit Credit
1 Balances / 8,750 8,750
5 Collection GJ-1 850 9,600
15 Payment GJ-1 1,400 8,200
20 Payment GJ-1 2,000 6,200
21 Collection GJ-1 250 6,450
29 Withdrawal GJ-1 600 5,850
30 Payment GJ-1 900 4,950

Accounts Title: Accounts Receivable Account No. 102

Date Remarks PR Debit Credit Balances
Jan Debit Credit
1 Balances / 2,320 2,320
5 Collection GJ-1 850 1,470
10 Performed GJ-1 6,300 7,770

Accounts Title: Supplies Account No. 103

Date Remarks PR Debit Credit Balances
Jan Debit Credit
1 Balances / 1,900 1,900
26 Purchased GJ-1 350 2,250

Accounts Title: Equipment Account No. 104

Date Remarks PR Debit Credit Balances
July Debit Credit
1 Balances / 9,000 9,000

Accounts Title: Accounts Payable Account No. 201

Date Remarks PR Debit Credit Balances
Jan Debit Credit
1 Balances / 5,500 5,500
20 Payment GJ-1 2,000 3,500
26 Purchased GJ-1 350 3,850

Accounts Title: Unearned Revenue Account No. 202

Date Remarks PR Debit Credit Balances
Jan Debit Credit
1 Balances / 800 800
16 Performed GJ-1 600 200
Accounts Title: Mr. Piga, Capital Account No. 305
Date Remarks PR Debit Credit Balances
Jan Debit Credit
1 Balances / 15,670 15,670
31 CLOSING CJE-2 4850 20,520
31 CLOSING CJE-2 600 19920

Accounts Title: Mr.Piga Drawing Account No. 306

Date Remarks PR Debit Credit Balances
Jan Debit Credit
29 Withdrawal GJ-1 600 600
31 CLOSING CJE-2 600 0

Accounts Title: Laundry Revenue Account No. 426

Date Remarks PR Debit Credit Balances
Jan Debit Credit
10 Performed GJ-1 6,300 6,300
16 Performed GJ-1 600 6,900
21 Collection GJ-1 250 7,150
31 CLOSING CJE-2 7150 0

Accounts Title: Salary Expense Account No. 726

Date Remarks PR Debit Credit Balances
Jan Debit Credit
15 Payment GJ-1 1,400 1,400
31 CLOSING CJE-2 1400 0

Accounts Title: Utilities Expense Account No. 732

Date Remarks PR Debit Credit Balances
Jan Debit Credit

30 Payment GJ-1 900 900

31 CLOSING CJE-2 900 0