ADJUSTMENTS:

a. On March 1, 2021, Gevera Wedding Service paid P8,000 for 2 months rent in advance.
b. On May 4, 2021, acquired a one-year comprehensive insurance coverage on the service vehicle and paid P14,000 premium
c. On March 8, 2021, purchased supplies worth P18,000. At the end of the month, Gevera makes a careful physical inventory
supplies and the count showed that supplies costing P15,000 are still on hand.
d. The service vehicle bought on March 4 for P420,000 will last for seven years with a salvage value os P84,000.
e. The offie equipment that was acquired on March 5 for P60,000 have a useful life of 5 years and will be worthless at that tim

GEVERA'S WEDDING SERVICES

WORKSHEET a tool used by accountants to summarize financial data that will help in prepapring
For the Month ended March 31, 2021 financial statements.
TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE
ACCOUNT TITLE
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
Cash 22,200 22,200
Accounts Receivable 12,000 5,300 17,300
Supplies 18,000 3,000 15,000
Prepaid Rent 8,000 4,000 4,000
Prepaid Insurance 14,400 1,200 13,200
Office Equipment 60,000 60,000
Acc. Dep'n - OE 1,000 1,000
Service Vehicle 420,000 420,000
Acc. Dep'n - SV 4,000 4,000
Accounts Payable 53,000 53,000
Notes Payable 210,000 210,000
Salaries Payable 1,800 1,800
Utilities Payable 1,400 1,400
Interest Payable 3,500 3,500
Unearned Referral Revenue 10,000 4,000 6,000
Gevera, Capital 250,000 250,000
Gevera, Withdrawals 14,000 14,000
Income Summary
Service Revenue 62,400 5,300 67,700
Referral Revenue 4,000 4,000
Salaries Expense 13,800 1,800 15,600
Supplies Expense 3,000 3,000
Rent Expense 4,000 4,000
Insurance Expense 1,200 1,200
Dep'n Expense - OE 1,000 1,000
Dep'n Expense - SV 4,000 4,000
Interest Expense 3,500 3,500
Utilities Expense 4,400 4,400
TOTAL 586,800 586,800 27,800 27,800 602,400 602,400
FINANCIAL STATEMENTS:

Gevera’s Wedding Services Gevera’s Wedding Services

Income Statement Statement of Changes in Equity
For the month ended March 31, 2021 For the month ended March 31, 2021

REVENUES Gevera Capital, March 1 2021

Service Revenue 67,700 Add: Add'l Investments
Referral Revenue 4,000 71,700 Profit
EXPENSES TOTAL
Salaries Expense 15,600 Less: Withdrawals
Supplies Expense 3,000 Gevera Capital, March 31, 2021
Rent Expense 4,000
Insurance Expense 1,200
Dep'n Expense - OE 1,000
Dep'n Expense - SV 4,000
Interest Expense 3,500
Utilities Expense 4,400 -36,700
PROFIT 35,000
 icle and paid P14,000 premiums.
kes a careful physical inventory of

value os P84,000.
and will be worthless at that time.

data that will help in prepapring the

ts.
INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT
22,200
17,300
15,000
4,000
13,200
60,000
1,000
420,000
4,000
53,000
210,000
1,800
1,400
3,500
6,000
250,000
14,000

67,700
4,000 OPERATING
15,600 Prepaid Rent -8,000
3,000 Prepaid Insurance -14,400
4,000 Payment of Acc Pay -10,000
1,200 Cash received from customer 26,400
1,000 Salaries -6,600
4,000 Cash received from customer 10,000
3,500 Salaries -7,200
4,400 Cash received from customer 24,000
36,700 71,700 565,700 530,700 Utilities -3,000
 35,000 35,000
71,700

ra’s Wedding Services Gevera’s Wedding Services

ent of Changes in Equity Balance Sheet
onth ended March 31, 2021 March 31, 2021
ASSETS
250,000 Current
0 Cash
35,000 35,000 Accounts Receivable
285,000 Supplies
-14,000 Prepaid Rent
271,000 Prepaid Insurance
Noncurrent
Office Equipment 60,000
Acc. Dep'n - OE -1,000
Service Vehicle 420,000
Acc. Dep'n - SV 4,000
TOTAL ASSETS
LIABILITIES
Current
Accounts Payable
Notes Payable
Salaries Payable
Utilities Payable
Interest Payable
Unearned Referral Revenue
TOTAL CURRENT LIABILITIES
OWNER'S EQUITY
Gevera Capital, 03/31/2021
TOTAL LIABILITIES AND OWNER'S EQUITY
INVESTING FINANCING
Payment to acquire SV -420,000 Investment from Owner 250,000
Payment to acquire OE -15,000 Borrowings 210,000
Withdrawals -14,000
ng Services Gevera's Wedding Services
heet Statement of Cash Flows
2021 for the Month ended March 31, 2021

Cash Flows from Operating Activities:

22,200 Cash received from customers 60,400
17,300 Payments for rent -8,000
15,000 Payment for insurance -14,400
4,000 Payments to suppliers -10,000
13,200 71,700 Payment for salaries -13,800
Payment for utilities -3,000
Net Cash Flows from Operating Activities
59,000 Cash Flows from Investing Activities:
Payment to acquire SV -420,000
416,000 475,000 Payment to acquire OE -15,000
546,700 Net Cash Flows from Investing Activities
Cash Flows from Financing Activities:
Cash received from investments by owner 250,000
53,000 Cash received from Borrowings 210,000
210,000 Payment for withdrawals -14,000
1,800 Net Cash Flows from Financing Activities
1,400
3,500 NET INCREASE(DECREASE) IN CASH
6,000
275,700

271,000
546,700
021

11,200

-435,000

446,000

22,200