ACTG21: Fundamentals of Accounting ACTG21: Fundamentals of Accounting

Last February 2019, Ms. Ayokonasa Iyo, decided to put up a computer shop with a Last February 2019, Ms. Ayokonasa Iyo, decided to put up a computer shop with a
business name of MAKAKA MOVE ON DIN AKO Computer Shop. The following business name of MAKAKA MOVE ON DIN AKO Computer Shop. The following
took place: took place:
2019 2019
Feb 1 Ms. Ayokonasa Iyo invested P500,000 cash to start the Feb 1 Ms. Ayokonasa Iyo invested P500,000 cash to start the
business. business.
2 Paid P10,000 for Taxes and Licenses. 2 Paid P10,000 for Taxes and Licenses.
3 Purchased computer amounting to P150,000 from Bitter 3 Purchased computer amounting to P150,000 from Bitter
Computer Company paying P100,000 only, the balance is on Computer Company paying P100,000 only, the balance is on
account. account.
4 Paid the advertisement made by Magkasama Kayo Ad 4 Paid the advertisement made by Magkasama Kayo Ad
Agency amounting to P5,000. Agency amounting to P5,000.
5 Paid rent, P10,000. 5 Paid rent, P10,000.
6 Purchased supplies from Mas Bitter Ako Office Supplies, 6 Purchased supplies from Mas Bitter Ako Office Supplies,
P5,000. P5,000.
8 Received P50,000 from Mr. Pa Fall for the services she 8 Received P50,000 from Mr. Pa Fall for the services she
rendered. rendered.
12 Rendered service to Mr. Paasa, the owner of Feelingero 12 Rendered service to Mr. Paasa, the owner of Feelingero
Printing Co. on account, P25,000. Printing Co. on account, P25,000.
14 this is the most hated day of Ms. Ayokonasa Iyo. She paid the 14 this is the most hated day of Ms. Ayokonasa Iyo. She paid the
salary of her staff, Mr. Emmanuel Ko, P15,000. salary of her staff, Mr. Emmanuel Ko, P15,000.
15 Paid the electric bill, P2,000. 15 Paid the electric bill, P2,000.
16 Withdrew P5,000 for personal use. 16 Withdrew P5,000 for personal use.

Adjustments are as follows: Adjustments are as follows:

1. Unused Supplies amounting to P2,000. 1. Unused Supplies amounting to P2,000.
2. Rent not yet used amounting to P2,000. 2. Rent not yet used amounting to P2,000.
3. Depreciation – Equipment – P1,000 3. Depreciation – Equipment – P1,000

Required: Required:
a. Prepare necessary journal entries for the month of Feb 2019. a. Prepare necessary journal entries for the month of Feb 2019.
b. Prepare t-accounts. b. Prepare t-accounts.
c. Prepare a 10-column worksheet. c. Prepare a 10-column worksheet.
- Trial Balance - Trial Balance
- Adjustments - Adjustments
- Adjusted Trial Balance - Adjusted Trial Balance
- Income Statement - Income Statement
- Balance Sheet - Balance Sheet
c. Prepare the following financial statements: c. Prepare the following financial statements:
- Income Statement - Income Statement
- Statement of Changes in Owners’ Equity - Statement of Changes in Owners’ Equity
- Balance Sheet - Balance Sheet
- Statement of Cash Flow - Statement of Cash Flow