Name: Date:
Section/Year: Subject:
Instructions:
1. Complete details above, Name, Section/Year, Date, Subject
2. Review the "Accounting Transactions" tab
3. Create your own Chart of Accounts in the "Chart of Accounts" tab
4. Journalize the Accounting Transactions in the "Jounals" tab
5. Post transactions in the "Worksheet" tab
6. Create T-Accounts in the "T-Accounts" tab
7. Prepare BASIC income Statement, Balance Sheet, Statement of Changes in Equity in the
"BASIS FS Tab"
Accounting Transactions
Ludivinia Victorino, a veteran photograher, opened a studio for her
professional practice on July 1. Transactions completed during the month
follow:
a. Deposited Php146,200.00 in a bank account in the name of the business,
Victorino PhotoProfiles.
b. Bought new photography equipmet on account from Canon Equipment,
Php71,210.00
c. Invested personal photography equipment into the business, Php51,620.00
d. Paid office rent for the month, Php5,500.00
e. Bought photography supplies for cash, Php7,960.00
f. Paid premium for insurance cover on photography equipment, P1,240.00
g. Received Php8,960.00 as professional fees for services rendered.
h. Paid salary of part-time assistant, Php6,000.00
i. Received and paid bill for telephone service, Php640.00.
j. Paid Canon Equipment part of the amount owed on the purchase of
photography equipment, P4,200.00
k. Received Php15,480.00 as professional fees for services rendered.
l. Paid for minor repairs to photography equipment, Php760.00
m. Victorino withdrew cash for personal use, P9,600.00
Victorino PhotoProfiles
Chart of Accounts
Account Code Account Name Account Code Account Name
Balance Sheet Income Statement
Asset Expense
100 Cash
Liability
Revenue
Equity
300 Victorino, Capital
Others
Victorino PhotoProfiles
General Journal
# Account Code Account Name Debit Credit Remarks
a 100 Cash 146,200.00
300 Victorino, Capital 146,200.00 To record initial investment Victorino as capital
i
j
146,200.00 146,200.00
ASSET LIABILITY
Transactions
102- Photography 103- Photography 104- Prepaid 200-Accounts
100-Cash
Equipment Supplies Insurance Payable
a a. Deposited Php146,200.00 in a bank account in the name of the business, 146,200.00
Victorino PhotoProfiles.
b b. Bought new photography equipmet on account from Canon Equipment, 71,210.00 71,210.00
Php71,210.00
c c. Invested personal photography equipment into the business, Php51,620.00 51,620.00
d d. Paid office rent for the month, Php5,500.00 - 5,500.00
e e. Bought photography supplies for cash, Php7,960.00 - 7,960.00 7,960.00
f f. Paid premium for insurance cover on photography equipment, P1,240.00 - 1,240.00 1,240.00
g g. Received Php8,960.00 as professional fees for services rendered. 8,960.00
h h. Paid salary of part-time assistant, Php6,000.00 - 6,000.00
i i. Received and paid bill for telephone service, Php640.00. - 640.00
j j. Paid Canon Equipment part of the amount owed on the purchase of - 4,200.00 - 4,200.00
photography equipment, P4,200.00
k k. Received Php15,480.00 as professional fees for services rendered. 15,480.00
l l. Paid for minor repairs to photography equipment, Php760.00 - 760.00
m m. Victorino withdrew cash for personal use, P9,600.00 - 9,600.00
134,740.00 122,830.00 7,960.00 1,240.00 67,010.00
Chart of Accounts
EQUITY EXPENSE REVENUE
402- Repair and
300-Victorino, 301- Victorino, 400- Office Rent 401- Photography 404- Telephone 500- Photography
Maintenance 403- Salary Expense
Capital Withdrawal Expense Supplies Expense Expense Service Revenue
Expense
146,200.00
51,620.00
5,500.00
8,960.00
6,000.00
640.00
15,480.00
760.00
9,600.00
197,820.00 9,600.00 5,500.00 - 760.00 6,000.00 640.00 - 24,440.00
Victorino PhotoProfiles
Working Sheet
# Chart of Accounts
Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement
Debit Credit Debit Credit Debit Credit Debit
1 100-Cash 134,740.00
2 120-Photography Equipment 122,830.00
3 130-Photography Supplies 7,960.00
4 140-Prepaid insurance 1,240.00
5 200-Accounts Payable 67,010.00
6 300-Victorino, Capital 197,820.00
7 320-Victorino, drawings 9,600.00
8 400-Insurance expense
9 410-Office Rent Expense 5,500.00
10 420-Photography Supplies expense
11 430-Repairs & Maintenance expense 760.00
12 440-Salary expense 6,000.00
13 450-Telephone expense 640.00
14 500-Photography service revenue 24,440.00
289,270.00 289,270.00 - - - - -
15 600-Income Summary
16 610-Net Changes in Equity
Totals 289,270.00 289,270.00 - - - - -
- - -
Profiles
eet
Income Statement Balance Sheet Changes in Equity
Credit Debit Credit Debit Credit
- - - - -
- -
-
- - - - -
- - -
Victorino PhotoProfiles
Working Sheet
# Chart of Accounts
Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement
Debit Credit Debit Credit Debit Credit Debit
1 100-Cash 134,740.00
2 120-Photography Equipment 122,830.00
3 130-Photography Supplies 7,960.00
4 140-Prepaid insurance 1,240.00
5 200-Accounts Payable 67,010.00
6 300-Victorino, Capital 197,820.00
7 320-Victorino, drawings 9,600.00
8 400-Insurance expense
9 410-Office Rent Expense 5,500.00
10 420-Photography Supplies expense
11 430-Repairs & Maintenance expense 760.00
12 440-Salary expense 6,000.00
13 450-Telephone expense 640.00
14 500-Photography service revenue 24,440.00
289,270.00 289,270.00 - - - - -
15 600-Income Summary
16 610-Net Changes in Equity
Totals 289,270.00 289,270.00 - - - - -
- - -
Profiles
eet
Income Statement Balance Sheet Changes in Equity
Credit Debit Credit Debit Credit
- - - - -
- -
-
- - - - -
- - -
BALANCE SHEET
100-Cash 104- Prepaid Insurance 103- Photography Supplies Accounts Pay
Ref No. Debit Credit Ref No. Debit Credit Ref No. Debit Credit Ref No. Debit Credit Ref No.
a 146,200.00 1,240.00 7,960.00
5,500.00
7,960.00
1,240.00
8,960.00
6,000.00
640.00
4,200.00
15,480.00
760.00
9,600.00
170,640.00 35,900.00 1,240.00 - 7,960.00 - - -
134,740.00 - 1,240.00 - 7,960.00 - - -
- - - - 1,240.00
INCOME STATEMENT
Ref No. Debit Credit Ref No. Debit Credit Ref No. Debit Credit Ref No. Debit Credit Ref No.
- - - - - - - -
- - - - - - - -
- 5,500.00 - - 760.00 - 6,000.00
Ref No. Debit Credit
- -
- -
-
Accounts Payable 300-Victorino, Capital
Debit Credit Ref No. Debit Credit Ref No. Debit Credit
71,210.00 a 146,200.00
4,200.00
4,200.00 71,210.00 - 146,200.00 - -
- 67,010.00 - 146,200.00 - -
- 344,020.00 - 9,600.00
Debit Credit Ref No. Debit Credit Ref No. Debit Credit
- - - - - -
- - - - - -
- 640.00 - 24,440.00
Victorino PhotoProfiles Victorino PhotoProfiles
Income Statement (amount in Peso) Balance Sheet (amount in Peso)
For the month ended July 202x July 202x
Revenue
24,440.00 100% ASSETS LIABILITY AND OWNER'S EQUITY
Total Revenue 24,440.00 100% Current assets Current liability
Less: Cost of Service
0.00 0% Total liability
Gross Profit 24,440.00 100%
Less: Operating Expenses Total current assets 0.00 Owner's Equity
0.00 0%
5,500.00 23% Non-current assets
760.00 3%
6,000.00 25% Total non-current assets 0.00 Total Owner's Equity
640.00 3%
Total Operating expenses 12,900.00 53%
Operating Income 11,540.00 47% Total assets 0.00 Total liabilities and Owner's Equity
Less: Interest Expense 0.00 0% - 266,770.00
Net Income before Income Tax 11,540.00 47%
Less: Income Tax 0.00 0%
Net Income after tax 11,540.00 47%
Victorino PhotoProfiles Victorino PhotoProfiles
Statement of Cash Flows (amount in Peso) Statement of Changes in Owner's Equity (amount in Peso)
For the month ended July 202x For the month ended July 202x
Cash flows from operating activities Victorino, Capital Beginning
Net Income 11,540.00 Add: Initial Investment
Add: Depreciation 0.00 Net Income for the month
11,540.00
Changes in current assets and Liabilities: Less: Withdrawals
Increase in Photography Supplies 0.00 Victorino, Capital Ending
Increase in Prepaid Insurance 0.00
Increase in accounts payables 67,010.00
Decrease in accounts payables 0.00
Net Cash provided by the operating activities 78,550.00
Cash flows from investing activities
Purchase of Equipment -
Net Cash provided by the investing activities -
Cash flows from financing activities
Investment made by the owner
Initial Cash deposit in bank 146,200.00
Personal drawings of the owner - 9,600.00
Net Cash provided by the investing activities 136,600.00
Net increase in cash during the month 215,150.00
Cash at the beginning of the month -
Cash at the end of the month 215,150.00
215,150.00
67,010.00
67,010.00
197,820.00
-9,600.00
11,540.00
199,760.00
266,770.00
0.00
146,200.00
11,540.00
-9,600.00
148,140.00
- 51,620.00
