Accounts Dr CrDecember

1 Cash in bank ₱450,000.00 FPShop equipment ₱300,000.00 FP

Accounts payable ₱200,000.00 FPCapital ₱550,000.00 FP

To set up investment

2 Furniture and fixtures ₱120,000.00 FPAccounts payable ₱120,000.00 FP

Purchase of furniture

3 Shop supplies inventory ₱30,000.00 FPCash in bank ₱30,000.00 FP

Purchase of shop supplies

5 Prepaid rent ₱18,000.00 FPPrepaid advertising fee ₱20,000.00 FPTaxes and licenses ₱5,000.00 CI

Cash in bank ₱43,000.00 FPPayment of various expenses

8 Accounts Receivable ₱180,000.00 FPService income ₱180,000.00 CI

Bill customers of services rendered

10 Cash in bank ₱60,000.00 FPService income ₱60,000.00 CI

Receipt of cash for services rendered

12 Accounts payable ₱120,000.00 FPCash in bank ₱120,000.00 FP

Payment of account

14 Cash in bank ₱60,000.00 FPDeferred service income ₱60,000.00 FP

Received service fee in advance

15 Salaries expense ₱18,000.00 CICash in bank ₱18,000.00 FP

Paid half-month worth salaries

Notes Receivable ₱50,000.00 FPAccounts Receivable ₱50,000.00 FP

Received a 10% 30-day note from customer

20 Cash in bank ₱45,000.00 FPService income ₱45,000.00 CI

Received cash for services rendered

25 Drawing ₱15,000.00 FPCash in bank ₱15,000.00 FP

Withdraw cashfor personal use

28 Accounts payable ₱24,000.00 FPCash in bank ₱24,000.00 FP

Paid 20% of account on furniture

30 Cash in bank ₱60,000.00 FPAccounts Receivable ₱60,000.00 FP

Receipt of customer's payment

31 Accounts receivable ₱15,000.00 FPService income ₱15,000.00 CI

Rendered services on account

Salaries expense ₱18,000.00 CISalaries payable ₱18,000.00 FP

Unpaid salaries

Depreciation expense ₱6,999.83 CIAccumulated depreciation - shop equipment ₱4,999.92 FPAccumulated depreciation - furniture&fixtures ₱1,999.92 FP

Depreciation of equipment and furniture

Shop Supplies expense ₱26,000.00 CIShop supplies inventory ₱26,000.00 FP

Usage of shop supplies

Deferred service income ₱24,000.00 FPService income ₱24,000.00 CI

Rent expense ₱6,000.00 CIAdvertising exense ₱4,000.00 CI

Prepaid rent ₱6,000.00 FPPrepaid advertising ₱4,000.00 FP

Amortization of prepaid expenses

Service income ###Taxes and licenses

Salaries expenseDepreciation expenseShop Supplies expenseRent expenseAdvertising exenseCapital

Acquisition cost Salvage value Life in years Annual depreciationShop equipment 300000 5 5 59999Furniture and fixtures 120000 5 5 23999

₱5,000.00

₱36,000.00₱6.83

₱26,000.00₱6,000.00₱4,000.00

₱246,993.17

Monthly depreciation 4,999.92 1,999.92

Princess Dress ShopStatement of Comprehensive income

For the period ended December 31, 2015

Service income 324000Less: operating expenses

Taxes and licenses 5,000.00 Salaries expense 36,000.00 Depreciation expense 6,999.83 Shop Supplies expense 26,000.00 Rent expense 6,000.00 Advertising exense 4,000.00 83,999.83

Operating income 240,000.17

Princess Dress ShopStatement of Changes in equity

As of period ended December 31, 2015

Capital, beg -

Investment 550,000.00 Withdrawal 15,000.00

Net operating income 240,000.17

Capital, end 775,000.17

ASSETSCashAccts ReceivableNotes ReceivablePrepaid RentPrepaid advertising

Total Assets

LIABLITIESAccoutn sPayableDeferred Service Income

Total Liabilties

EQUITYCapital 775,000.17

Total Liabilities and Equity

Taxes and licensesSalaries expenseDepreciation expenseShop Supplies expenseRent expenseAdvertising exense