Direction: Presented below are the transactions about PEDRO MATAPANG who started his MATAPANG COMPUTER REPAIRS

business on February 14, 2016. Perform the Accounting Cycle: Analyze, Journalize, Post, Prepare unadjusted trial balance, give
adjusting journal entry, prepare adjusted trial balance, prepare financial statements (Balance Sheet/ Income Statement) and
proceed to closing entry.
Date Transactions Transpired in February 2016.
14 Pedro Matapang invested Php 200,000 into his Matapang Computer Repair Business
15 Pedro Purchased one computer unit from XY Computer Store to be used for used for his business. He issued check
number 001 amounting to Php 25,000.00.
16 Pedro hired Juana Magaling, an experienced secretary.
17 Repaired the computer of Jean and collected Php 10,000.00.
18 Repaired computer of Mike: However, Mike will pay Php 15,000 only on March 18, 2016.
19 Pedro purchased Office Supplies from MM Merchandise amounting Php 5,000 on account. Pedro will pay this on
March 30, 2016.
25 Paid the salary of Juana amounting to Php 4,000.
For Adjustments:
(a) Recall transaction on February 15, 2016 for his repair shop business. It was estimated to have useful life of five years and can be
sold at a scrap value of Php 1,000, the company uses the straight line method of depreciation.
(b) Recall transaction on February 19, 2016, by the end of the month, Php 2,000 of these supplies are still unused.
(c) On February 15, Matapang entered into a contract with Makisig to maintain the computers of Makisig for two months starting on
February 15 to April 15. On the same date, Makisig paid the total amount of Php 40,000 in full.
(d) On February 29, Matapang received the electric bill for the month of February amounting to Php 3,800. Matapang will pay this bill on
March 2016.
(e) On February 28, Matapang repaired the computer of Pedro for Php 15,000. Pedro was on an out-of town trip so he could not pay
Matapang. He told Matapang that he will pay for their services on March 1, 2016.

Direction: Presented below are the transactions about PEDRO MATAPANG who started his MATAPANG COMPUTER REPAIRS
business on February 14, 2016. Perform the Accounting Cycle: Analyze, Journalize, Post, Prepare unadjusted trial balance, give
adjusting journal entry, prepare adjusted trial balance, prepare financial statements (Balance Sheet/ Income Statement) and
proceed to closing entry.
Date Transactions Transpired in February 2016.
14 Pedro Matapang invested Php 200,000 into his Matapang Computer Repair Business
15 Pedro Purchased one computer unit from XY Computer Store to be used for used for his business. He issued check
number 001 amounting to Php 25,000.00.
16 Pedro hired Juana Magaling, an experienced secretary.
17 Repaired the computer of Jean and collected Php 10,000.00.
18 Repaired computer of Mike: However, Mike will pay Php 15,000 only on March 18, 2016.
19 Pedro purchased Office Supplies from MM Merchandise amounting Php 5,000 on account. Pedro will pay this on
March 30, 2016.
25 Paid the salary of Juana amounting to Php 4,000.
For Adjustments:
(a) Recall transaction on February 15, 2016 for his repair shop business. It was estimated to have useful life of five years and can be
sold at a scrap value of Php 1,000, the company uses the straight line method of depreciation.
(b) Recall transaction on February 19, 2016, by the end of the month, Php 2,000 of these supplies are still unused.
(c) On February 15, Matapang entered into a contract with Makisig to maintain the computers of Makisig for two months starting on
February 15 to April 15. On the same date, Makisig paid the total amount of Php 40,000 in full.
(d) On February 29, Matapang received the electric bill for the month of February amounting to Php 3,800. Matapang will pay this bill on
March 2016.
(e) On February 28, Matapang repaired the computer of Pedro for Php 15,000. Pedro was on an out-of town trip so he could not pay
Matapang. He told Matapang that he will pay for their services on March 1, 2016.