The following transactions occurred in Princess Dress Shop of Arlene Dinglasan for the month ended December 31,

2018.

December 1 invested the ff in the business:

Cash P400,000

Shop Equipment P300,000

Accounts Payable P200,000

2 Bought shop furniture on account P120,000

3 Bought shop supplies P30,000

5 Paid the following:

Rent for three months P18,000

Advertising for five months P20,000

Taxes and Licenses P5,000

8 Billed various customers for services rendered P180,000

10 Received cash for services rendered P60,000

12 Paid 60% of accounts on December 1

14 Received P60,000 as pre-collected income from ABC Co.

15 Paid the salaries of the worker P18,000 representing 50% of the monthly salary

Received a 30-day note from customer on December 8 billing P50,000

20 Received a cash for services rendered P45,000

25 Withdrew P15,000 for personal use

28 Paid 20% of the account on furniture

30 Received cash as payment of account on December 8 billing P60,000

31 Rendered service on account P15,000

Additional information:

1. Unpaid salaries equal to 50% of the salary for the month

2. Shop equipment and shop furniture have five years estimated useful life with P5,000 value each

3. Supplies expense P26,000

4. Forty percent of unearned revenue have been realized already

Prepare the following:

Marawoy, Lipa City, Batangas 4217 | https://www.facebook.com/KLLOfficial/

1. Journalize the transactions and adjusting entries in a two-column journal
2. 10-column worksheet
3. T-accounts
4. Statement of Comprehensive income
5. Statement of changes in equity
6. Statement of Financial Position

Marawoy, Lipa City, Batangas 4217 | https://www.facebook.com/KLLOfficial/