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  • We-Copy-Co (February2023)

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    Kim Chiquillo
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    The document summarizes the general journal entries for We Copy Co. for the month of February 2023. It records the initial capital contribution, revenues earned from services, expenses for supplies and salaries, and the closing entries to the trial balance accounts. The total revenues for the period were ₱18,862 while total expenses were ₱4,768, leaving a net income of ₱14,094.

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    WE-COPY-CO (FEBRUARY2023)

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    The document summarizes the general journal entries for We Copy Co. for the month of February 2023. It records the initial capital contribution, revenues earned from services, expenses for supplies and salaries, and the closing entries to the trial balance accounts. The total revenues for the period were ₱18,862 while total expenses were ₱4,768, leaving a net income of ₱14,094.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    3 views8 pages

    We-Copy-Co (February2023)

    Uploaded by

    Kim Chiquillo
    The document summarizes the general journal entries for We Copy Co. for the month of February 2023. It records the initial capital contribution, revenues earned from services, expenses for supplies and salaries, and the closing entries to the trial balance accounts. The total revenues for the period were ₱18,862 while total expenses were ₱4,768, leaving a net income of ₱14,094.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 8

    WE COPY CO.

    GENERAL JOURNAL ENTRY


    FOR THE MONTH ENDED FEBRUARY 2023

    DATE ACCOUNT TITLE DEBIT CREDIT


    February 1 CASH ₱93,267.70
    CAPITAL ₱93,267.70
    To record initial capital
    February 1 CASH ₱1,308.00
    SERVICE REVENUE ₱1,308.00
    To record received revenue
    February 2 CASH ₱1,283.00
    SERVICE REVENUE ₱1,283.00
    To record received revenue
    February 2 SUPPLIES EXPENSE ₱904.00
    CASH ₱904.00
    To record acquired supplies
    February 3 CASH ₱1,010.00
    SERVICE REVENUE ₱1,010.00
    To record collected revenue
    February 6 CASH ₱1,393.00
    SERVICE REVENUE ₱1,390.00
    To record collected revenue
    February 6 SUPPLIES EXPENSE ₱768.00
    CASH ₱768.00
    To record acquired supplies
    February 7 CASH ₱2,005.00
    SERVICE REVENUE ₱2,005.00
    To record received revenue
    February 8 CASH ₱1,092.00
    SERVICE REVENUE ₱1,092.00
    To record received revenue
    February 9 CASH ₱892.00
    SERVICE REVENUE ₱892.00
    To record received revenue
    February 10 CASH ₱1,090.00
    SERVICE REVENUE ₱1,090.00
    To record received revenue
    February 13 CASH ₱1,440.00
    SERVICE REVENUE ₱1,440.00
    To record received revenue
    February 14 CASH ₱805.00
    SERVICE REVENUE ₱805.00
    To record received revenue
    February 15 CASH ₱1,220.00
    SERVICE REVENUE ₱1,220.00
    To record received revenue
    February 16 CASH ₱540.00
    SERVICE REVENUE ₱540.00
    To record received revenue
    February 17 CASH ₱1,098.00
    SERVICE REVENUE ₱1,098.00
    To record received revenue
    February 20 CASH ₱750.00
    SERVICE REVENUE ₱750.00
    To record received revenue
    February 21 CASH ₱475.00
    SERVICE REVENUE ₱475.00
    To record received revenue
    February 22 CASH ₱514.00
    SERVICE REVENUE ₱514.00
    To record received revenue
    February 23 CASH ₱612.00
    SERVICE REVENUE ₱612.00
    To record received revenue
    February 27 CASH ₱725.00
    SERVICE REVENUE ₱725.00
    To record received revenue
    February 28 CASH ₱610.00
    SERVICE REVENUE ₱610.00
    To record received revenue
    February 28 SUPPLIES EXPENSE ₱1,196.00
    CASH ₱1,196.00
    To record acquired supplies
    WE COPY CO.
    TRIAL BALANCE
    FOR THE MONTH ENDED JANUARY 2023

    Cash ₱107,361.70
    Supplies Expense ₱2,868.00
    Salaries Expense ₱1,900.00
    Capital ₱93,267.70
    Service Revenue ₱18,862.00
    TOTAL ₱112,129.70 ₱112,129.70

    WE COPY CO.
    GENERAL LEDGER
    FOR THE MONTH ENDED JANUARY 2023

    CASH
    DATE ACCOUNTS DEBIT CREDIT BALANCE
    DEBIT CREDIT
    February Initial Capital ₱93,267.70 ₱93,267.70
    1
    February Received ₱1,308.00 ₱94,575.70
    1 revenue
    February Received ₱1,283.00 ₱95,858.70
    2 revenue
    February Acquired ₱904.00 ₱94,954.70
    2 supplies
    February Received ₱1,010.00 ₱95,964.70
    3 revenue
    February Received ₱1,393.00 ₱97,357.70
    6 revenue
    February Acquired ₱768.00 ₱96,589.70
    6 supplies
    February Received ₱2,005.00 ₱98,594.70
    7 revenue
    February Received ₱1,092.00 ₱99,686.70
    8 revenue
    February Received ₱892.00 ₱100,578.70
    9 revenue
    February Received ₱1,090.00 ₱101,668.70
    10 revenue
    February Received ₱1,440.00 ₱103,108.70
    13 revenue
    February Received ₱805.00 ₱103,913.70
    14 revenue
    February Received ₱1,220.00 ₱105,133.70
    15 revenue
    February Received ₱540.00 ₱105,673.70
    16 revenue
    February Received ₱1,098.00 ₱106,771.70
    17 revenue
    February Received ₱750.00 ₱107,521.70
    20 revenue
    February Received ₱475.00 ₱107,996.70
    21 revenue
    February Received ₱514.00 ₱108,510.70
    22 revenue
    February Received ₱612.00 ₱109,122.70
    23 revenue
    February Received ₱725.00 ₱109,847.70
    27 revenue
    February Received ₱610.00 ₱110,457.70
    28 revenue
    February Acquired ₱1,196.00 ₱109,261.70
    28 supplies
    February Salaries ₱1,900.00 ₱107,361.70
    28 Expense

    CAPITAL
    DATE ACCOUNTS DEBIT CREDIT BALANCE
    DEBIT CREDIT
    February Initial Capital ₱93,267.70 ₱93,267.70
    1
    Closing Entry ₱14,094.00 ₱107,361.70
    SUPPLIES EXPENSE
    DATE ACCOUNTS DEBIT CREDIT BALANCE
    DEBIT CREDIT
    February Acquired ₱904.00 ₱904.00
    2 supplies
    February Acquired ₱768.00 ₱1,672.00
    6 supplies
    February Acquired ₱1,196.00 ₱2,868.00
    28 supplies
    Closing Entry ₱2,868.00 ₱0.00

    SALARIES EXPENSE
    DATE ACCOUNTS DEBIT CREDIT BALANCE
    DEBIT CREDIT
    January Payment for ₱1,900.00 ₱1,900.00
    31 salaries
    Closing Entry ₱1,900.00 ₱0.00

    SERVICE REVENUE
    DATE ACCOUNTS DEBIT CREDIT BALANCE
    DEBIT CREDIT
    February Received ₱1,308.00 ₱1,308.00
    1 revenue
    February Received ₱1,283.00 ₱2,591.00
    2 revenue
    February Received ₱1,010.00 ₱3,601.00
    3 revenue
    February Received ₱1,393.00 ₱4,994.00
    6 revenue
    February Received ₱2,005.00 ₱6,999.00
    7 revenue
    February Received ₱1,092.00 ₱8,091.00
    8 revenue
    February Received ₱892.00 ₱8,983.00
    9 revenue
    February Received ₱1,090.00 ₱10,073.00
    10 revenue
    February Received ₱1,440.00 ₱11,513
    13 revenue
    February Received ₱805.00 ₱12,318.00
    14 revenue
    February Received ₱1,220.00 ₱13,538.00
    15 revenue
    February Received ₱540.00 ₱14,078.00
    16 revenue
    February Received ₱1,098.00 ₱15,176.00
    17 revenue
    February Received ₱750.00 ₱15,926.00
    20 revenue
    February Received ₱475.00 ₱16,401.00
    21 revenue
    February Received ₱514.00 ₱16,915.00
    22 revenue
    February Received ₱612.00 ₱17,527.00
    23 revenue
    February Received ₱725.00 ₱18,252.00
    27 revenue
    February Received ₱610.00 ₱18,862.00
    28 revenue
    Closing Entry ₱18,862.00 ₱0.00

    WE COPY CO.
    STATEMENT OF FINANCIAL PERFORMANCE
    FOR THE MONTH ENDED JANUARY 2023

    Service Revenue ₱18,862.00


    Less: Expenses
    Supplies Expense ₱2,868.00 (₱4,768.00)
    Salaries Expense ₱1,900.00 ₱14,094.00
    Total Expense
    Net Income
    WE COPY CO.
    STATEMENT OF FINANCIAL POSITION
    FOR THE MONTH ENDED JANUARY 2023
    Current Assets
    Cash ₱107,361.70
    Supplies ₱2,868.00
    Total Current Assets ₱110,229.70

    WE COPY CO.
    STATEMENT OF CHANGES IN EQUITY
    FOR THE MONTH ENDED DECEMBER 2022
    Capital, Beginning ₱93,267.70
    Add: Net Income ₱14,094.00
    Capital ₱107,361.70
    Less: Withdrawal ₱0.00
    Capital, Ending ₱107,361.70

    WE COPY CO.
    CASH FLOW
    FOR THE MONTH ENDED JANUARY 2023
    Cash Flows from Operating Activities
    Income Received from Clients ₱18,862.00
    Payment for supplies purchased (₱2,868.00)
    Payment for salaries (₱1,900.00)
    Net Cash Flows from Operating Activities ₱14,094.00

    Cash Flows from Financing Activities


    Initial Capital ₱93,267.70
    Net Cash Flows from Financing Activities ₱93,267.70
    Total ₱107,361.70
    WE COPY CO.
    CLOSING ENTRIES
    FOR THE MONTH ENDED JANUARY 2023

    Service Revenue ₱18,862.00


    Income Summary ₱18,862.00
    To close the income account

    Income Summary ₱4,768.00


    Supplies Expense ₱2,868.00
    Salaries Expense ₱1,900.00
    To close the expense account

    Income Summary ₱14,094.00


    Capital ₱14,094.00
    To close the income summary

    WE COPY CO.
    POST-TRIAL BALANCE
    FOR THE MONTH ENDED DECEMBER 2022

    Cash ₱107,361.70
    Capital ₱107,361.70
    Total ₱107,361.70 ₱107,361.70

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