M. Carmelita opened a Computer Repair Shop on March 2019. The 6.

Income Statement
following Transactions were completed during the month: M. Carmelita opened a Computer Repair Shop on March 2019. The
March 1 The owner invested 100,000 in cash to begin the business. following Transactions were completed during the month:

 March 1 The owner invested 100,000 in cash to begin the business.
2 Paid 19,750 in cash for the purchase of computer 

equipment for its service. 
 2 Paid 19,750 in cash for the purchase of computer
4 Purchased additional office equipment for 14,400 on credit. equipment for its service. 

5 Paid 11,800 in cash to creditors. 
 4 Purchased additional office equipment for 14,400 on credit.
8 The owner made an additional investment of 30,000 in cash. 5 Paid 11,800 in cash to creditors. 

9 Performed services for 12,200 in cash. 
 8 The owner made an additional investment of 30,000 in cash.
12 Performed services for 22,300 on account. 
 9 Performed services for 12,200 in cash. 

14 Paid 4,000 rent for the month and 2 months rent advance 12 Performed services for 22,300 on account. 

for 8,000. 14 Paid 4,000 rent for the month and 2 months rent advance
19 Received 12,500 in cash from credit clients. 
 for 8,000.
22 Paid 6,460 for office supplies. 
 19 Received 12,500 in cash from credit clients. 

23 The owner withdrew 9,000 in cash for personal expenses. 22 Paid 6,460 for office supplies. 

24 The owner purchase a service vehicle amounting to 23 The owner withdrew 9,000 in cash for personal expenses.
120,000 paying 50,000 in cash and making a loan to 24 The owner purchase a service vehicle amounting to
pay the remaining amount. 120,000 paying 50,000 in cash and making a loan to
26 Paid Salaries and Taxes amounting to 20,000 and 2,500 pay the remaining amount.
respectively. 26 Paid Salaries and Taxes amounting to 20,000 and 2,500
28 Performed service on account amounting to 5,500 respectively.
28 Performed service on account amounting to 5,500
Adjustment to be made for the month December 2019, end of accounting
period: Adjustment to be made for the month December 2019, end of accounting
a. Used office supplies amounting to 3, 500 period:
b. 3,500 of the income collected will be performed for the next accounting a. Used office supplies amounting to 3, 500
period. b. 3,500 of the income collected will be performed for the next accounting
c. Computer equipment bought having a useful life of 5 years with 1,250 period.
salvage value c. Computer equipment bought having a useful life of 5 years with 1,250
d. The office equipment bought having a useful life of 8 years with 2,000 salvage value
salvage value d. The office equipment bought having a useful life of 8 years with 2,000
e. The service vehicle bought having a useful life of 12 years with 10,000 salvage value
salvage value e. The service vehicle bought having a useful life of 12 years with 10,000
f. 5,000 of the service performed for the month of March has yet to be salvage value
recorded. f. 5,000 of the service performed for the month of March has yet to be
recorded.
Requirements:
1. Journalize, Requirements:
2. Post the account, 1. Journalize,
3. Prepare Unadjusted Trial Balance, 2. Post the account,
4. Adjusting Entries, 3. Prepare Unadjusted Trial Balance,
5. Adjusted Trial Balance, and 4. Adjusting Entries,
5. Adjusted Trial Balance, and
6. Income Statement