Date Account Title and Explanation PR Debit Credit

Jan. 2, 2021 Cash 100,000.00

L. Pacioli, Capital 100,000.00
To record investment

Jan. 7, 2021 Equipment 30,000.00

Cash 30,000.00
To record purchase of desktop computer

Accruals and Deferrals

Jan. 9, 2021 Unused Supplies 8,000.00
Cash 8,000.00
To record purchase of supplies

Supplies Expense 8,000.00

Cash 8,000.00
To record purchase of supplies

Example: On Jan 10. Luca P. Received 4500 pesos as payment for services to be rendered in 30 days or 1 month
Cash 4,500.00
Service revenue 4,500.00
To record cash received

Cash
Deferred Revenue 4,500.00
to record cash receive

Jan. 15, 2021 Accounts Receivable-Customer A 40,000.00

Service Income 40,000.00
To record service rendered

Jan. 17, 2021 Cash 28,000.00

Accounts Receivable-Customer A 28,000.00
To record cash received

Jan. 22, 2021 Accounts Payable- Supplier A 22,000.00

Cash 22,000.00
To record payment

Jan. 31, 2021 Salaries 12,000.00

Cash 12,000.00
To record payment

Jan. 31, 2021 L. Pacioli, Drawing 10,000.00

Cash 10,000.00
 To record withdrawal

ADJUSTING ENTRIES
Jan. 31, 2021 Supplies Expense 2,000.00
Unused Supplies 2,000.00
To adjust remaining supplies

Unused Supplies 6,000.00

Supplies Expense 6,000.00
To adjust supplies used

Service Revenue (4500*21/30) 1,350.00

Deferred revenue 1,350.00
To adjust cash received into revenue earned

Deferred Revenue(4500/30*21) 3,150.00

Service Revenue 3,150.00
To recognized earned portion

Depreciation((30000-3000/5)/12) 450.00
Accumulated Depreciation-Equipment 450.00
To adjust the value of computer

Doubtful Accounts (40000 *0.1) 4,000.00

Allowance for doubtful Accounts 4,000.00
To adjust accounts receivable realizable amount

ENTRIES FOR AR RECOVERY

Allowance for Doubtful Accounts 2,000.00
Accounts Receivable 2,000.00
To write off the amount uncollectible

Accounts Receivable 2,000.00

Allowance for Doubtful Accounts 2,000.00
To record recharging of account

Cash 2,000.00
Accounts Receivable 2,000.00
To record cash collected for account previously written off

Inventory, End 30,000.00

Income Summary 30,000.00
To record unsold inventory

Income summary 50,000.00

 Inventorym Beginning 50,000.00
To update inventory account

OR
Inevntory, End 30,000.00
Income summary 20,000.00
Inventory, Beginning 50,000.00
To update inventory account
ASSET METHOD

EXPENSE METHOD

INCOME METHOD

LIABILITY METHOD
ASSET METHOD

EXPENSE METHOD

INCOME METHOD

LIABILTY METHOD
Unused Supples Supplies Expense ASSET METHOD
8,000.00 2,000.00 2,000.00

Supplies Expense Unused Supples EXPENSE METHOD

8,000.00 6,000.00 6,000.00

Deferred Revenue Service revenue LIABILTY METHOD

3,150.00 4,500.00 3,150.00

Service revenue Deferred Revenue

1,350.00 4,500.00 1,350.00
ASSET METHOD

EXPENSE METHOD

LIABILTY METHOD
 GIO'S ENTERPRISE ABDJ PARTNERSHIP
Statement Of financial Position Statement Of financial Position
As of December 31, 2021 As of December 31, 2021

ASSETS ASSETS
Current Assets XX Current Assets
Non Current Assets XX Non Current Assets
Total Assets XX Total Assets

LIABILITIES LIABILITIES
Current Liabilities XX Current Liabilities XX
Non Current Liabilities XX XX Non Current Liabilities XX
Total Liabilities

OWNER'S EQUITY PARTNER'S EQUITY

Gio's Capital XX A, Capital XX
Total Liab and Equity XX B, Capital XX
D, Capital XX
J, Capital XX
Total Liabilities and Equity

SERVICE MERCHANDISING
GIO'S ENTERPRISE ABDJ PARTNERSHIP
Statement Of financial Performance Statement Of financial Performance
For the year Ended December 31, 2021 For the year Ended December 31, 2021

Revenue XX SALES
Expenses XX COST OF SALES
Net Income XX Beginning Inventory XX
Net Purcases XX
Freight in XX
Total Goods Available for sale XX
Less: Ending Inventory (XX)
Gross Profit

Expenses
Net Income
SHIP ABDJ CORPORATION
al Position Statement Of financial Position
1, 2021 As of December 31, 2021

ASSETS
XX Current Assets XX
XX Non Current Assets XX
XX Total Assets XX

LIABILITIES
Current Liabilities XX
XX Non Current Liabilities XX XX
Total Liabilities

SHAREHOLDER'S EQUITY
Share Capital Issued XX
Subscribed Share Capital XX
Less: Subscription Receivable (XX) XX
XX Share Premium XX
XX Total Paid in Capital XX
Retained Earnings XX
Other Comprehensive Income XX
Less: Treasury shares (XX)
Total Shareholder's Equity XX

Toal Liab and Shareholder's Equity XX

MANUFACTURING
SHIP ABDJ CORPORATION
Performance Statement Of financial Performance
mber 31, 2021 For the year Ended December 31, 2021

XX SALES XX
COST OF SALES
Materials Inventory, Beg XX
Materials Purcahses XX
Materials Invetory , End (XX)
Direct Materials used XX
XX Direct Labor XX
XX Factory Overhead XX
Total Manufacturing Cost XX
XX Work in Process, Beg XX
XX Work in Process, End (XX)
Cost of Goods Manufactured XX
Finished Goods Inventory, Beg XX
Finished Goods Inventory, End (XX) XX
Gross Profit XX

Expenses XX
Net Income XX