PROMOTE Engineering Services, owned by Yvone Iris, had the following transactions during the month of February 2016:

Feb 1 – Angel invested the following:

Cash in bank P300,000
Printing equipment 600,000
Binding equipment 150,000
2 – Paid the following:
Taxes and Licenses P10,000
Rent expenses 8,000
3 – Received cash for printing services, P40,000
4 – Bought office supplies on account, P10,000
6 – Billed the customer for various services, P60,000
8 – Paid the advertising for six-month period, P15,000
10 – Received notes from customer for various services, P30,000
12 – Received check amounting to P25,000 as partial payment of February 6 billing. The check was deposited immediate
14 – Withdrew P10,000 for personal use
15 – Paid the salaries of the workers, P10,000.
16 – Issued check as payment of office supplies
18 – Received cash for services rendered, P40,000. The cash remained in the vault.
20 – Collected the balance of February 6 billing
24 – Billed the customer for various services, P75,000
25 – Collected one-half of the notes on February 10
28 – Purchased office supplies on account, P15,000
- Paid the following:
Transportation Expenses 3,000
Light and Water 15,000

Account Titles:
Cash on Hand
Cash on Bank
Accounts Receivable
Notes Receivable
Office Supplies
Printing Equipment
Binding Equipment
Accounts Payable
Angel, Capital
Angel, Drawing
Printing Income
Taxes and Licenses
Rent Expenses
Advertising Expenses
Salaries and Wages
Transportation expense
Light and water
the month of February 2016:

he check was deposited immediately.

 2020 Particulars P.R. Debit Credit
Feb. 1, 2020 Cash in Bank 3 0 0 0 0 0
Printing Equipment 6 0 0 0 0 0
Binding Equipment 1 5 0 0 0 0
Angel, Capital 1 0
To record the investment made by Angel

Feb. 2, 2020 Taxes and Licenses 1 0 0 0 0

Rent Expense 8 0 0 0
Cash
To record the payment of Taxes and Rent

Feb. 3, 2020 Cash 4 0 0 0 0

Printing Income
To record the Cash collected from Printing
Service

Feb. 4, 2020 Office Supplies 1 0 0 0 0

Accounts Payable
To record the purchase of Equipment on
Account

Feb. 6, 2020 Accounts Receivable 6 0 0 0 0

Printing Income
To record the billing of customer for various
expenses

Feb. 8, 2020 Advertising Expenses 1 5 0 0 0

Cash
To record the payment for 6 months
advertising

Feb. 10, 2020 Notes Receivable 3 0 0 0 0

Printing Income
To record the billing of customer for various
expenses

Feb. 12, 2020 Cash in Bank 2 5 0 0 0

Accounts Receivable
To record the check collected and deposited
from Customer

Feb. 14, 2020 Angel, Drawing 1 0 0 0 0

Cash
To record the withdrawal made by Angel for
personal use.
Feb. 15, 2020 Salaries and Wages 1 0 0 0 0
Cash
To record the salaries paid for employees

Feb. 16, 2020 Accounts Payable 1 0 0 0 0

Cash in Bank
To record the payment for Office Supplies

Feb. 18, 2020 Cash on Hand 4 0 0 0 0

Printing Income
To record the cash received from service
rendered

Feb. 20, 2020 Cash in Bank 3 5 0 0 0

Accounts Receivable
To record the collection made from
Customer

Feb. 24, 2020 Accounts Receivable 7 5 0 0 0

Printing Income
To record the billing of customer for various
expenses

Feb. 25, 2020 Cash in Bank 3 0 0 0 0

Notes Receivable
To record the collection made from
Customer's Note.

Feb. 28, 2020 Office Supplies 1 5 0 0 0

Accounts Payable
To record the purchase of Equipment on
Account

Feb. 28, 2020 Transportation Expense 3 0 0 0

Light and Water 1 5 0 0 0
Cash
To record the payment for Utilities and Transportation
Credit Cash In Bank
01/02/2020 300,000.00 03/02/2020
02/02/2020 18,000.00 08/02/2020
12/02/2020 25,000.00 14/02/2020
5 0 0 0 0 16/02/2020 10,000.00 15/02/2020
20/02/2020 35,000.00 18/02/2020
25/02/2020 30,000.00 28/02/2020
390,000.00 28,000.00
362,000.00
1 8 0 0 0

4 0 0 0 0

Office Supplies
04/02/2020 10,000.00 01/02/2020
28/02/2020 15,000.00
1 0 0 0 0

25,000.00 -
25,000.00

6 0 0 0 0

1 5 0 0 0

Angel, Capital

01/02/2020 1,050,000.00 14/02/2020

3 0 0 0 0

- 1,050,000.00

1,050,000.00
2 5 0 0 0

1 0 0 0 0
 Rent Expenses
1 0 0 0 0 02/02/2020 10,000.00 08/02/2020

10,000.00 -

10,000.00
1 0 0 0 0

4 0 0 0 0

Light and water

28/02/2020 15,000.00

3 5 0 0 0 15,000.00 -

15,000.00

7 5 0 0 0

3 0 0 0 0

1 5 0 0 0

1 8 0 0 0
 Cash on Hand Accounts Receivable
40,000.00 06/02/2020 60,000.00
15,000.00 12/02/2020 25,000.00
10,000.00 20/02/2020 35,000.00
10,000.00 24/02/2020 75,000.00
40,000.00
18,000.00
80,000.00 53,000.00 135,000.00 60,000.00
27,000.00 75,000.00

Printing Equipment Binding Equipment

600,000.00 01/02/2020 150,000.00

600,000.00 - 150,000.00 -
600,000.00 150,000.00

Angel, Drawing Printing Income

10,000.00 03/02/2020 40,000.00

06/02/2020 60,000.00

10/02/2020 30,000.00
10,000.00 - 18/02/2020 40,000.00

10,000.00 24/02/2020 75,000.00

- 245,000.00
245,000.00
Advertising Expenses Salaries and Wages
15,000.00 15/02/2020 10,000.00

15,000.00 - 10,000.00 -

15,000.00 10,000.00
 Notes Receivable
06/02/2020 30,000.00
25/02/2020 30,000.00

30,000.00 30,000.00
-

Accounts Payable
04/02/2020 10,000.00
16/02/2020 10,000.00
28/02/2020 15,000.00

10,000.00 25,000.00
15,000.00

Taxes and Licenses

02/02/2020 8,000.00

8,000.00 -
8,000.00
 Transportation expense
28/02/2020 3,000.00

3,000.00 -

3,000.00
 PROMOTE ENGINEERING SERVICES
Worksheet
DECEMBER 31, 2020

Trial Balance Comprehensive Income

Account Titles Dr Cr Dr
Cash on Hand 27,000.00
Cash in Bank 362,000.00
Accounts Receivable 75,000.00
Notes Receivable -
Office Supplies 25,000.00
Printing Equipment 600,000.00
Binding Equipment 150,000.00
Accounts Payable 15,000.00
Angel, Capital 1,050,000.00
Angel, Drawing 10,000.00
Printing Income 245,000.00
Taxes and Licenses 8,000.00 8,000.00
Rent Expenses 10,000.00 10,000.00
Advertising Expenses 15,000.00 15,000.00
Salaries and Wages 10,000.00 10,000.00
Transportation expense 3,000.00 3,000.00
Light and water 15,000.00 15,000.00
Totals 1,310,000.00 1,310,000.00 61,000.00
Net Income 184,000.00
Totals 245,000.00
GINEERING SERVICES
Worksheet
MBER 31, 2020

Comprehensive Income Financial Position

Cr Dr Cr
27,000.00
362,000.00
75,000.00
-
25,000.00
600,000.00
150,000.00
15,000.00
1,050,000.00
10,000.00
245,000.00

245,000.00 1,249,000.00 1,065,000.00

184,000.00
245,000.00 1,249,000.00 1,249,000.00
 PROMOTE ENGINEERING SERVICES
STATEMENT OF COMPREHENSIVE INCOME
DECEMBER 31, 2020

REVENUES
Printing Income 245,000.00
EXPENSES
Taxes and Licenses 8,000.00
Rent Expenses 10,000.00
Advertising Expenses 15,000.00
Salaries and Wages 10,000.00
Transportation expense 3,000.00
Light and water 15,000.00
Total Expenses 61,000.00
Profit 184,000.00
 PROMOTE ENGINEERING SERVICES
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2020

CURRENT ASSETS
Cash and Cash Equivalents 389,000.00
Accounts Receivable 75,000.00
Office Supplies 25,000.00
Total Current Asset 489,000.00
NON-CURRENT ASSETS
Printing Equipment 600,000.00
Binding Equipment 150,000.00
Total Non-Current Asset 750,000.00

TOTAL ASSETS 1,239,000.00

LIABILITIES
Accounts Payable 15,000.00

TOTAL LIABILITIES 15,000.00

OWNER'S EQUITY
Angel, Capital 1,050,000.00
Less: Angel, Drawing 10,000.00

TOTAL OWNER'S EQUITY 1,040,000.00

TOTAL LIABILITIES AND OWNER'S EQUITY 1,055,000.00

PROFIT 184,000.00