Problem 1 – 1

1. Start up Integrated Accounting 8e.

2. Go to File and click New.
3. Enter your name in the User Name text box and click OK.
4. Save the file to your disk and folder with the file name (your name Business
Solutions.
5. Go to setup and fill out the Company Info.
6. Go to Accounts and create Chart of Accounts. For Capital and Drawing
Account, enter your name.
7. Go to Journal and post the following transactions:
        On March 9 of the current year, Helen Masigasig  established HM Financial
Services, which offers financial planning advice to its clients.  She withdrew
P300,000.00  from her personal account and invested the money into the firm.
During the month, Ms. Masigasig had the following transactions related to the business:

 Paid P6,000 for business registration

 Paid Three months rent amounting to P18,000.00.
3    The company purchased from Computer Wizard  computer equipment worth
P60,000.00  on account.
3    The company paid P24,000 cash for the premium on a two-year insurance policy.
4    The company purchased P27,500 worth of office furniture on credit.
4    Purchased P3,200.00 worth of office supplies on credit.
6   The company provided services to  Newton Co. and immediately collected P20,000
cash.
6   The company billed Amcar Corp P50,000 for advisory services rendered. This amount
is to be received within 7 days.
6   The company completed services for P12,000 and received cash  from Newton Co.
8   Billed Nuzelt Corp for P25,000 for services rendered.
10  Helen withdrew P20,000 cash from the company for personal use.
13  Collected  P25,000 from Nuzelt Corp.
13  The company collected full amount payment for  services rendered in March 6.
13  The company received telephone bill amounting to P3,000.
14  The company provided services to  Concorde Co. and immediately collected P25,000
cash.
14  The company paid P 50,000 cash for employees’ salary.
15  The company paid P25,000 cash for accountant’s salary.
16  Paid miscellaneous expenses amounting to P9,000.
17  The company paid creditors to settle the purchase of office furniture. 
17  Paid creditors for amount due in March 3.
18  The company paid P2,500 cash for maintenance of the company’s computer
equipment.
18  The company paid advertising expense,  P8,000.
21  Paid telephone bill. 
24 Paid electric bill amounting to P3,000.
24 Paid supplier for purchase of office supplies. (March 4)
25  Purchase copier amounting to P15,000 and paid supplier in cash.
25  Render service on account amounting to P25,000.
27  Billed client for services rendered amounting to P 36,000.
28 Paid employees salary amounting to P 75,000.
28  Received cash from client in full payment for services rendered in March 25.
28 Paid gasoline bill amounting to P 3,000.
30 Billed client for services rendered amounting to P 20,000.
30   Helen withdrew P 15,000 for personal use.
Requirements:

1. Display the General Journal Report.

2. Display the Trial Balance
3. Post the following adjustments for the month of March
           Insurance expired for the month of March                 P      ?
           Inventory of supplies as of March 31                             1,500.00
           Expired Rent                                                                                ?

4. Print – (1) General Journal before and after adjustments, (2)Trial Balance, (3)
Income Statement, (4) Balance Sheet