Kimberly Joyce Olivia A.

Navarro
CBMEC 1
Mr. Rene Antiporda, operating an advertising business, entered into the following transactions
for the month of December 2020.

Dec. 2 Mr. Rene Antiporda invested P15,000.00 cash in the business.

ASSETS LIABILITIES OWNER’S EQUITY
Cash P15,000 0 Antiporda Capital P15,000

Dec. 5 Bought for cash, advertising supplies P 6,000.00 [Unused]

Cash P9,000 0 Antiporda Capital P15,000
Advertising Supplies 6,000
Total P15,000 0 P15,000

Dec. 6 Paid rent of the office, P250.00.

Cash P8,750 0 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expense [250]
Total P14,750 0 P14,750

Dec. 8 Bought a truck from Star Truck, P3,000.00 on credit.

Cash P8,750 Accounts Payable 3,000 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expense [250]
Truck 3,000
Total P17,750 P3,000 P14,750

Dec. 10 Received P1,000.00 as Advertising Income.

Cash P9,750 Accounts Payable 3,000 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expanse [250]
Truck 3,000 Advertising Income 1,000
Total P18,750 P3,000 P15,750

Dec. 11 Paid Star Truck, P1,200.00 as partial payment of account.

Cash P8,550 Accounts Payable 1,800 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expense [ 250 ]
Truck 3,000 Advertising Income 1,000
Total P17,550 P1,800 P15,750

Dec. 15 Paid salaries of employees, P200.00.

Cash P8,350 Accounts Payable 1,800 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expense [250]
Truck 3,000 Advertising Income 1,000
Salaries Expense [200]
Total P17,350 P1,800 P15,550

Dec. 16 Billed Renz Company P2,500.00 for Advertising services rendered.

Cash P8,350 Accounts Payable 1,800 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expense [250]
Truck 3,000 Advertising Income 1,000
Notes Receivable 2,500 Salaries Expense [200]
Service Revenue 2,500
Total P19,850 P1,800 P18,050

Dec. 20 Mr. R. Antiporda, took personal use for cash, P300.00.

Cash P8,050 Accounts Payable 1,800 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expense [250]
Truck 3,000 Advertising Income 1,000
Notes Receivable 2,500 Salaries Expense [200]
 Service Revenue 2,500
Antiporda Withdrawal [ 300 ]
Total P19,550 P1,800 P17,750

Dec. 25 Received P1,500.00 from Renz company in partial settlement of account.

Cash P9,550 Accounts Payable 1,800 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expense [250]
Truck 3,000 Advertising Income 1,000
Notes Receivable 1,000 Salaries Expense [200]
Service Revenue 1,000
Antiporda Withdrawal [300]
Partial settlement 1,500
Total P19,550 P1,800 P17,750

Dec. 26 Bought furniture, P2,000.00 for cash.

Cash P7,550 Accounts Payable 1,800 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expense [ 250 ]
Truck 3,000 Advertising Income 1,000
Notes Receivable 1,000 Salaries Expense [ 200 ]
Furniture 2,000 Service Revenue 1,000
Antiporda Withdrawal [ 300 ]
Partial settlement 1,500
Total P19,550 P1,800 P17,750

Dec. 31 Billed ABC Store P800.00 for Advertising rendered.

Cash P7,550 Accounts Payable 1,800 Antiporda Capital P15,000
Advertising Supplies 6,000 Rent Expense [250]
Truck 3,000 Advertising Income 1,000
Notes Receivable 200 Salaries Expense [200]
Furniture 2,000 Service Revenue 200
Antiporda Withdrawal [300]
Partial settlement 1,500
Total P18,750 P1,800 P16,950

Antiporda Advertising Business

Income Statement
For the Month ended December 31, 2020

Advertising Income P1,000.00

Service Revenue P200.00
Partial Settlement P1,500.00
Less Operating Expenses:
Rent Expense P250.00
Salaries Expense 200.00 450.00
Net Income P2,250.00
 Balance Sheet
As of December 31,2020

Assets:
Cash P7,550.00
Advertising supplies 6,000.00
Truck 3,000.00
Notes Receivable 200.00
Furniture 2,000.00
Total Assets P18,750.00
Liabilities and Owner’s Equity:
Liabilities
Accounts Payable P1,800
Owner’s Equity
Antiporda Capital P15,000.00
Add Net Income. P2,250.00
Total P17,250.00
Less Antiporda Withdrawal 300.00 16, 950.00
P18,750.00