SANTOS REPAIR SHOP

Chart of Accounts

ACCOUNT NAMES/TITLES ACCOUNT NUMBER

Cash 11
Accounts Receivable 12
Office Supplies 13
Office Equipment 14
Accounts Payable 21
Notes Payable 22
J. Santos, Capital 31
J. Santos, Drawing 32
Service Revenue 41
Rent Expense 51
Salaries Expense 52
Utilities Expense 53

1 Invested P30,000 cash to start the repair shop.

4 Purchased equipment for P10,000 on account.
7 Paid P4,000 cash for June office rent.
9 Paid P5,000 cash for supplies purchased.
10 Provided repair service on account to customers, P4,000.
11 Borrowed money from a bank worth P15, 000, and issued promissory note.
12 Received P8,200 cash from customers for repair service.
16 Withdrew P5,000 cash for personal use.
19 Paid part-time employee salaries P2,000.
23 Paid utility bills P1,400.
29 Collected cash of P2,400 for services billed in June 10 transaction.
 GENERAL JOURNAL

DATE DESCRIPTION

2020 June 1 Cash

J. Santos, Capital
To record J. Santos' investment in his business.

4 Office Equipment
Accounts Payable
To record office equipment purchased on account.

7 Rent Expense
Cash
To record rent expense paid on cash.

9 Office Supplies
Cash
To record office supplies purchased on account.

10 Accounts Receivable
Service Revenue
To record services rendered on account.

11 Cash
Notes Payable
To record money borrowed from a bank with a promissory note.

12 Cash
Service Revenue
To record cash received from services rendered.

16 J. Santos, Drawing
Cash
To record J. Santo's drawing in his business.

19 Salaries Expense
Cash
To record salaries expense paid on cash.

23 Utilities Expense
 Cash
To record utilities expense paid on cash.

29 Cash
Accounts Receivable
To record cash received from services previously rendered on account.
 GENERAL JOURNAL

GJ-1

P/R DEBIT CREDIT DATE DESCRIPTION

11 30, 000.00 Closing Entries

31 30, 000.00 2020 June 30 Service Revenue
Income Summary
To close the revenue account
14 10, 000.00
21 10, 000.00 Income Summary
Rent Expense
Salaries Expense
51 4, 000.00 Utilities Expense
11 4, 000.00 To close the expense accounts

Income Summary
13 5, 000.00 J. Santos, Capital
11 5, 000.00 To close the income summary

J. Santos, Capital
12 4, 000.00 J. Santos, Drawing
41 4, 000.00 To close the drawing account

11 15, 000.00
22 15, 000.00

11 8, 200.00
41 8, 200.00

32 5,000.00
11 5, 000.00

52 2, 000.00
11 2, 000.00

53 1, 400.00
11 1, 400.00

11 2, 400.00
12 2, 400.00
ENERAL JOURNAL

GJ-2
Closing entries
RIPTION P/R DEBIT CREDIT To close the values of nominal accounts/temporary

Clearing account called Income Summary

41 12,200.00 1 Close the revenue
33 12,200.00 2 Close the expense
enue account 3. Close the Income summary
4. Close the drawing account
33 7,400.00
51 4,000.00
52 2,000.00
53 1,400.00 income summary
pense accounts 7400 12200
4800
33 4,800.00
31 4,800.00
come summary

31 5,000.00
32 5,000.00
awing account
 CASH

Date Items P/R Debit Date Items

2020 June 1 GJ-1 30,000.00 2020 June 7

11 GJ-1 15,000.00 9
12 GJ-1 8,200.00 16
29 GJ-1 2,400.00 19
55,600.00 23
₱ 38,200.00

ACCOUNTS RECEIVABLE

Date Items P/R Debit Date Items

2020 June 10 GJ-1 4,000.00 2020 June 29

₱ 1,600.00

OFFICE SUPPLIES

Date Items P/R Debit Date Items

2020 June 9 GJ-1 5,000.00

₱ 5,000.00

OFFICE EQUIPMENT

Date Items P/R Debit Date Items

 Date Items P/R Debit Date Items

2020 June 4 GJ-1 10,000.00

₱ 10,000.00

ACCOUNTS PAYABLE

Date Items P/R Debit Date Items

2020 June 4
₱ 10,000.00

NOTES PAYABLE

Date Items P/R Debit Date Items

2020 June 11
₱ 15,000.00

J. SANTOS, CAPITAL

Date Items P/R Debit Date Items

2020 June 30 Closing GJ-2 5,000.00 2020 June 1

30 Closing
₱ 29,800.00
 11 J. SANTOS DRAWING

P/R Credit Date Items P/R Debit Date

GJ-1 4,000.00 2020 June 16 GJ-1 5,000.00 2020 June

GJ-1 5,000.00 ₱ -
GJ-1 5,000.00
GJ-1 2,000.00
GJ-1 1,400.00
17,400.00

12 SERVICE REVENUE

P/R Credit Date Items P/R Debit Date

GJ-1 2,400.00 2020 June 30 Closing GJ-2 12,200.00 2020 June

13 RENT EXPENSE

P/R Credit Date Items P/R Debit Date

2020 June 7 GJ-1 4,000.00 2020 June

₱ -

14 SALARIES EXPENSE

P/R Credit Date Items P/R Debit Date

 P/R Credit Date Items P/R Debit Date

2020 June 19 GJ-1 2,000.00 2020 June

₱ -

21 UTILITIES EXPENSE

P/R Credit Date Items P/R Debit Date

GJ-1 10,000.00 2020 June 23 GJ-1 1,400.00 2020 June

₱ -

22 INCOME SUMMARY

P/R Credit Date Items P/R Debit Date

GJ-1 15,000.00 2020 June 30 Closing GJ-2 7,400.00 2020 June

Closing GJ-2 4,800.00
12,200.00

31 ACCOUNT NAME

P/R Credit Date Items P/R Debit Date

GJ-1 30,000.00
GJ-2 4,800.00
34,800.00
WING 32 ACCOUNT NAME

Date Items P/R Credit Date Items P/R Debit

30 Closing GJ-2 5,000.00

ENUE 41 ACCOUNT NAME

Date Items P/R Credit Date Items P/R Debit

10 GJ-1 4,000.00
12 GJ-1 8,200.00
₱ -

NSE 51 ACCOUNT NAME

Date Items P/R Credit Date Items P/R Debit

30 Closing GJ-2 4,000.00

ENSE 52 ACCOUNT NAME

Date Items P/R Credit Date Items P/R Debit

 Date Items P/R Credit Date Items P/R Debit

30 Closing GJ-2 2,000.00

ENSE 53 ACCOUNT NAME

Date Items P/R Credit Date Items P/R Debit

30 Closing GJ-2 1,400.00

MARY 33 ACCOUNT NAME

Date Items P/R Credit Date Items P/R Debit

30 Closing GJ-2 12,200.00

₱ -

AME ACC NO. ACCOUNT NAME

Date Items P/R Credit Date Items P/R Debit

ACCOUNT NAME ACC NO.

Date Items P/R Credit

ACCOUNT NAME ACC NO.

Date Items P/R Credit

ACCOUNT NAME ACC NO.

Date Items P/R Credit

ACCOUNT NAME ACC NO.

Date Items P/R Credit

 Date Items P/R Credit

ACCOUNT NAME ACC NO.

Date Items P/R Credit

ACCOUNT NAME ACC NO.

Date Items P/R Credit

ACCOUNT NAME ACC NO.

Date Items P/R Credit

 SANTOS REPAIR SHOP
Trial Balance
30-Jun-20

ACCOUNT NAME/TITLES DEBIT CREDIT

Cash ₱ 38,200.00
Accounts Receivable 1,600.00
Office Supplies 5,000.00
Office Equipment 10,000.00
Accounts Payable ₱ 10,000.00
Notes Payable 15,000.00
J. Santos, Capital 30,000.00
J. Santos, Drawing 5,000.00
Service Revenue 12,200.00
Rent Expense 4,000.00
Salaries Expense 2,000.00
Utilities Expense 1,400.00
Total ₱ 67,200.00 ₱ 67,200.00
 SANTOS REPAIR SHOP
Worksheet
June 30, 2020
TRIAL BALANCE INCOME STATEMENT
ACCOUNT NAMES/TITLES
DEBIT CREDIT DEBIT
Cash 38,200.00
Accounts Receivable 1,600.00
Office Supplies 5,000.00
Office Equipment 10,000.00
Accounts Payable 10,000.00
Notes Payable 15,000.00
J. Santos, Capital 30,000.00
J. Santos, Drawing 5,000.00
Service Revenue 12,200.00
Rent Expense 4,000.00 4,000.00
Salaries Expense 2,000.00 2,000.00
Utilities Expense 1,400.00 1,400.00
Total 67,200.00 67,200.00 7,400.00
Net Income 4,800.00
12,200.00
NCOME STATEMENT BALANCE SHEET

CREDIT DEBIT CREDIT Income Statement

38,200.00 Nominal accounts/temporary
1,600.00 *Drawing
5,000.00
10,000.00 Revenue > Expense = Net Income
10,000.00 Revenue < Expense = Net Loss
15,000.00
30,000.00 Balance Sheets
5,000.00 Real accounts
12,200.00

12,200.00 59,800.00 55,000.00

4,800.00
12,200.00 59,800.00 59,800.00
 SANTOS REPAIR SHOP
Income Statement
June 30, 2020

Service Revenue ₱ 12,200.00

Less: Operating Expenses
Rent Expense ₱ 4,000.00
Salaries Expense 2,000.00
Utilities Expense 1,400.00
Total Operating Expense 7,400.00
Net Income ₱ 4,800.00
 SANTOS REPAIR SHOP SANTOS REPAIR SHOP
Capital Statement Balance Sheet
June 30, 2020 June 30, 2020

Capital, June 1, 2020 ₱ 30,000.00 Assets:

Add: Net Income 4,800.00 Current Assets
Total ₱ 34,800.00 Cash
Less: Drawing - 5,000.00 Accounts Receivable
Capital, June 30, 2020 ₱ 29,800.00 Office Supplies
Total Current Assets

Non-Current Assets
(PP&E)
Office Equipment
Total Non-current Assets

Total Assets

Liabilities:
Current Liabilities
Accounts Payable
Notes Payable
Total Current Liabilities

Capital:
J. Santos, Capital
Total Liabilities & Capital
SANTOS REPAIR SHOP SANTOS REPAIR SHOP
Balance Sheet Cash Flow Statement
June 30, 2020 June 30, 2020

Operating Activities:
Cash received from customers 8,200.00 2,400.00
₱ 38,200.00 Cash paid to suppliers - 5,000.00
1,600.00 Cash paid to operating activities - 4,000.00 - 2,000.00
5,000.00 Net cash
₱ 44,800.00
Investing Activities:
Purchase of fixed assets (PPE)
Net cash
₱ 10,000.00
10,000.00 Financing Activities:
Investment of the owner 30,000.00
₱ 54,800.00 Withdrawals of the owner - 5,000.00
Loans borrowed 15,000.00
Payment to loans
Net cash
₱ 10,000.00
15,000.00 Cash Balance
₱ 25,000.00

29,800.00
₱ 54,800.00
SHOP
ment
0

₱ 10,600.00
- 5,000.00
- 1,400.00 - 7,400.00
- 1,800.00

-
₱ -

30,000.00
- 5,000.00
15,000.00
-
₱ 40,000.00

₱ 38,200.00
 SANTOS REPAIR SHOP
Post-Closing Trial Balance
30-Jun-20

Accounts Debit Credit

Cash ₱ 38,200.00
Accounts Receivable 1,600.00
Office Supplies 5,000.00
Office Equipment 10,000.00
Accounts Payable ₱ 10,000.00
Notes Payable 15,000.00
J. Santos, Capital 29,800.00
Total ₱ 54,800.00 ₱ 54,800.00