Mag-Aral Para Pumasa Co.

Beauty Salon
Income Statement

Account Titles
Debit Credit
Cash
Account Receivable
Office Supplies
Perming Supplies
Prepaid Rent
Salon Equipment
Utilities Payable
Notes Payable
Mr. Way, Capital
Mr. Way, Drawing
Service Fee Php 60,000
Taxes and Licenses Php 45,000
Salaries Expense Php 12,000
Utilities Expense Php 15,000
Total
Adjustments
Accumulated Depreciation S/E
Depreciation Expense Php 6, 700
Supplies Expense Php 3,350
Perming Supplies Expense Php 20,500
Php 102,550 Php 60,000
Php 42,550
Php 60,000 Php 60,000
 Mag-Aral Para Pumasa Co. Beauty Salon
Statement of Financial Position

Current Assets
Cash Php 146,500
Receivables Php 14,000
Php 160.500
Non-Current Assets
Office Supplies Php 1,650
Perming Supplies Php 9,500
Salon Equipment Php 175,000
Other non-current assets Php 66,700
Php 252,850
Total Assets Php 413,350

Liabilities
Notes Payable Php 87,500
Utilities Payable Php 15,000
Total Liabilities Php 102, 500

Equity
Capital Php 350,000
Total Equity Php 350,000
Total Liabilities and Equity Php 452, 500
 Mag-Aral Para Pumasa Co. Beauty Salon
Statement of Changes in Equity

Mr. Pas A. Way, Capital, beginning Php 350,000

Less:
Net Loss Php 42, 550
Mr. Way, Withdrawal Php 10,000
Php 52,550
Mr. Pas A. Way, Capital, end Php 297, 450