Assume the following transactions of AAA Service Center for the month of September 2020.

Sept. 1. Mr. A contributed cash, P100,000 to organize a business.

3. Purchased office supplies, P3,500 on account.
5. Payment of office rental, P10,000.
9. Rendered services to the customer, P25,000.
12 Rendered services to the customer on account, P14,000.
15 Payment of account to supplier, P2,000.
20 Collection of account from customer, P3,000
25 Mr. A withrawn cash for personal use, P15,000.
28 Payment of utility expense, P8,500.
30 Payment of office salaries, P12,000

ANALYSIS OF TRANSACTION
DATE ACCOUNT TITLES CLASSIFICATION EFFECT RECORDED
Sep-01 Value received (VR) Cash Asset Increase Debit
Value parted with (VPW) A, Capital Owner's equity Increase Credit

Sep-03 VR Office supplies Asset Increase Debit

VPW Accounts payable Liability Increase Credit

Sep-05 VR Rent expense Expense Increase Debit

VPW Cash Asset Decrease Credit

Sep-09 VR Cash Asset Increase Debit

VPW Service revenue Revenue Increase Credit

Sep-12 VR Accounts receivables Asset Increase Debit

VPW Service revenue Revenue Increase Credit

Sep-15 VR Accounts payable Liability Decrease Debit

VPW Cash Asset Decrease Credit

Sep-20 VR Cash Asset Increase Debit

VPW Accounts receivables Asset Decrease Credit

Sep-25 VR A, Drawing Owner's equity Decrease Debit

VPW Cash Asset Decrease Credit

Sep-28 VR Utilities expense Expense Increase Debit

VPW Cash Asset Decrease Credit

Sep-30 VR Salaries expense Expense Increase Debit

VPW Cash Asset Decrease Credit
 CHART OF ACCOUNTS
ACCOUNT TITLES ACCT. NO.
ASSETS
CASH 110
ACCOUNTS RECEIVABLES 120
OFFICE SUPPLIES 130

LIABILITIES
ACCOUNTS PAYABLE 210

OWNER'S EQUITY
A, CAPITAL 310
A, DRAWING 320

REVENUES
SERVICE REVENUES 410

EXPENSES
RENT EXPENSE 510
UTILITY EXPENSE 520
SALARY EXPENSE 530
 GENERAL JOURNAL Page 1

DATE ACCOUNT TITLES AND EXPLANATION PR DEBIT CREDIT

2020
Sep 1 Cash 110 100,000.00
A, Capital 310 100,000.00
To record the initial investment.

3 Office Supplies 130 3,500.00

Accounts Payable 210 3,500.00
To record the purchased of supplies on account.

5 Rent expense 510 10,000.00

Cash 110 10,000.00
To record the payment of rent.

9 Cash 110 25,000.00

Service Revenue 410 25,000.00
To recored the service rendered

12 Accounts Receivable 120 14,000.00

Service Revenue 410 14,000.00
To record the service rendered on account

15 Accounts Payable 210 2,000.00

Cash 110 2,000.00
To record payment of account to supplier

20 Cash 110 3,000.00

Accounts Receivable 120 3,000.00
To record collection of account from customer

25 A, Drawing 320 15,000.00

Cash 110 15,000.00
To record personal withdrawals

28 Utilities expense 520 8,500.00

Cash 110 8,500.00
To record payment of utililty

30 Salaries expense 530 12,000.00

Cash 110 12,000.00
To record payment of office salaries
 GENERAL JOURNAL Page 2

DATE ACCOUNT TITLES AND EXPLANATION PR DEBIT CREDIT

2020
Sep
 CASH A, CAPITAL
9/1 100,000 9/5 10,000 9/1 100,000
9/9 25,000 9/15 2,000
9/20 3,000 9/25 15,000
128,000 9/28 8,500
9/30 12,000
47,500
Dr. bal. 80,500
128,000

ACCOUNT RECEIVABLE A, DRAWING

9/12 14,000 9/20 3,000 9/25 15,000
Dr. bal. 11,000
14,000

SERVICE REVENUES
9/9 25,000
OFFICE SUPPLIES 9/12 14,000
9/3 3,500 39,000

ACCOUNTS PAYABLE
9/15 2,000 9/3 3,500
Cr. Bal. 1,500
3,500
 RENT EXPENSE
9/5 10,000

UTILITY EXPENSE
9/28 8,500

SALARY EXPENSE
9/30 12,000
 CASH ACCT # 110
DATE ITEM PR DEBIT DATE ITEM PR CREDIT DATE
2020 2020 2020
Sep 1 GJ1 100,000 Sept. 5 GJ1 10,000 Sep 30
9 GJ1 25,000 15 GJ1 2,000
20 GJ1 3,000 25 GJ1 15,000
80,500 128,000 28 GJ1 8,500
30 GJ1 12,000
Oct 1 Begg GJ1 80,500 47,500

Debit bal 80,500

128,500 DATE
2020
Sep 5

ACCOUNTS RECEIVABLE ACCT # 120

DATE ITEM PR DEBIT DATE ITEM PR CREDIT
2020 2020
Sept. 12 11,000 GJ1 14,000 Sept. 20 GJ1 3,000
Debit bal. 11,000
14,000 DATE
2020
Sept. 28

OFFICE SUPPLIES ACCT # 130

DATE ITEM PR DEBIT DATE ITEM PR CREDIT
2020
Sep 3 GJ1 3,500

DATE
2020
Sept. 30
ACCOUNTS PAYABLE ACCT # 210
DATE ITEM PR DEBIT DATE ITEM PR CREDIT
2020 2020
Sep 15 GJ1 2,000 Sep 3 1,500 GJ1 3,500
Credit bal. 1,500
3,500

A, CAPITAL ACCT # 310

 DATE ITEM PR DEBIT DATE ITEM PR CREDIT
2020 2020
Sep 30 GJ2 15,000 Sep 1 GJ1 100,000
Credit bal. 93,500 30 GJ2 8,500
108,500 108,500

A, DRAWING ACCT # 320

DATE ITEM PR DEBIT DATE ITEM PR CREDIT
2020 2020
Sept. 25 GJ1 15,000 Sep 30 GJ2 15,000

INCOME SUMMARY ACCT # 330

DATE ITEM PR DEBIT DATE ITEM PR CREDIT
2020 2020
Sept. 30 GJ2 30,500 Sep 30 GJ2 39,000
GJ2 8,500
39,000
 SERVICE REVENUES ACCT # 410
ITEM PR DEBIT DATE ITEM PR CREDIT
2020
GJ2 39,000 Sept. 9 GJ1 25,000
12 GJ1 14,000
39,000

RENT EXPENSE ACCT # 510

ITEM PR DEBIT DATE ITEM PR CREDIT
2020
GJ1 10,000 Sep 30 GJ2 10,000

UTILITY EXPENSE ACCT # 520

ITEM PR DEBIT DATE ITEM PR CREDIT
2020
GJ1 8,500 Sep 30 GJ2 8,500

SALARY EXPENSE ACCT # 530

ITEM PR DEBIT DATE ITEM PR CREDIT
2020
GJ1 12,000 Sep 30 GJ2 12,000
 AAA SERVICE CENTER
TRIAL BALANCE -Balances
For the month ended September 30, 2020

ACCOUNT TITLES PR DEBIT CREDIT

CASH 110 80,500

ACCOUNTS RECEIVABLE 120 11,000
OFFICE SUPPLIES 130 3,500
ACCOUNTS PAYABLE 210 1,500
A, CAPITAL 310 100,000
A, DRAWING 320 15,000
SERVICE REVENUES 410 39,000
RENT EXPENSE 510 10,000
UTILITY EXPENSE 520 8,500
SALARY EXPENSE 530 12,000
TOTALS 140,500 140,500
 AAA SERVICE CENTER
TRIAL BALANCE -Totals
For the month ended September 30, 2020

ACCOUNT TITLES PR DEBIT CREDIT

CASH 110 128,000 47,500

ACCOUNTS RECEIVABLE 120 14,000 3,000
OFFICE SUPPLIES 130 3,500
ACCOUNTS PAYABLE 210 2,000 3,500
A, CAPITAL 310 100,000
A, DRAWING 320 15,000
SERVICE REVENUES 410 39,000
RENT EXPENSE 510 10,000
UTILITY EXPENSE 520 8,500
SALARY EXPENSE 530 12,000
TOTALS 193,000 193,000
 AAA SERVICE CENTER
WORKSHEET
September 30, 2020

TRIAL BALANCE INCOME STATEMENT BALANCE SHEET

ACCOUNT TITLES PR DEBIT CREDIT DEBIT CREDIT DEBIT

CASH 110 80,500 80,500

ACCOUNTS RECEIVABLE 120 11,000 11,000
OFFICE SUPPLIES 130 3,500 3,500
ACCOUNTS PAYABLE 210 1,500
A, CAPITAL 310 100,000
A, DRAWING 320 15,000 15,000
SERVICE REVENUES 410 39,000 39,000
RENT EXPENSE 510 10,000 10,000
UTILITY EXPENSE 520 8,500 8,500
SALARY EXPENSE 530 12,000 12,000
TOTALS 140,500 140,500 30,500 39,000 110,000
PROFIT 8,500
39,000 39,000 110,000
BALANCE SHEET
CREDIT

1,500
100,000

101,500
8,500
110,000
 AAA SERVICE CENTER AAA SERVICE CENTER
STATEMENT OF FINANCIAL PERFORMANCE STATEMENT OF FINANCIAL POS
For the month ended September 30, 2020 As of September 30, 2020
ASSETS
REVENUES CASH
SERVICE REVENUES 39,000 ACCOUNTS RECEIVABLES
OFFICE SUPPLIES
EXPENSES
SALARY EXPENSE 12,000 LIABILITY
RENT EXPENSE 10,000 ACCOUNTS PAYABLE
UTILITY EXPENSE 8,500
TOTAL EXPENSES 30,500 OWNER'S EQUITY
A, CAPITAL
NET PROFIT 8,500

AAA SERVICE CENTER

STATEMENT OF OWNER'S EQUITY
For the month ended September 30, 2020

A, Capital, beginning balance -

Add: Original Investment 100,000
Net profit 8,500 108,500
Total 108,500
Less: Drawing during the month 15,000
A, Capital, ending balance 93,500
 AAA SERVICE CENTER
STATEMENT OF FINANCIAL POSITION
As of September 30, 2020
ASSETS
CASH 80,500
ACCOUNTS RECEIVABLES 11,000
OFFICE SUPPLIES 3,500
TOTAL ASSETS 95,000
LIABILITY
ACCOUNTS PAYABLE 1,500

OWNER'S EQUITY
A, CAPITAL 93,500
TOTAL LIAB AND OWNER'S EQUITY 95,000
 GENERAL JOURNAL

DATE ACCOUNT TITLES AND EXPLANATION PR DEBIT

2020
Sep 30 Service revenues 410 39,000
Income Summary 330
To close the service revenues.

Income Summary 330 30,500

Rent Expense 510
Utility Expense 520
Salary Expense 530
To close all the expenses account.

Income Summary 330 8,500

A, Capital 310
To close the net income.

A, Capital 310 15,000

A, Drawing 320
To close the drawing account.
 Page 3

CREDIT

39,000

10,000
8,500
12,000

8,500

15,000
 AAA SERVICE CENTER
POST-CLOSING TRIAL BALANCE
September 30, 2020

ACCOUNT TITLES PR DEBIT CREDIT

CASH 110 80,500

ACCOUNTS RECEIVABLE 120 11,000
OFFICE SUPPLIES 130 3,500
ACCOUNTS PAYABLE 210 1,500
A, CAPITAL 310 93,500

TOTALS 95,000 95,000