Refer to Exercise 14 of Chapter 3 (Playnet.Com).

On the first line dated March 31 copy the balanc

2 Registered the business name with the Department of Trade and Industry and paid P
5 Manila City Hall issued a business permit for P2,815.
8 The business was registered with the Bureau of Internal Revenue for P500.
12 Paid PLDT for the business line and internet fee, P5,750.
18 Cash withdrawal by the owner, P1,500.
20 Received the bill for electricity used, P800.
25 Rent was paid for P5,000.
30 Summary of monitoring sheets showed a total of P18,500 collected from players for In
30 Salaries of workers paid amounted to P10,000. Half of the supplies are still on hand.
Required:
a) Prepare the income statement of the business for April.
b) What was Angel's capital as at April 30?
c) List down the assets and the liabilities and prepare the statement of financial position.
Use the following expense accounts: Rent Expense, Salary Expense, Taxes and Licenses, and U
ch 31 copy the balances. The second line will start with the month of April. Analyze the following April trans

d Industry and paid P300.

ue for P500.

cted from players for Internet, On Line and LAN Games. P500 is still on account.
plies are still on hand.

cial position.
s and Licenses, and Utility Expense. For the revenue account use the title: Internet, On-Line and Lan Games
e following April transactions using the format of Happy Tour on page 71:

n-Line and Lan Games Fee

 April Cash AR withdrawal Registration Fee AP Rent Expense
2 300 300
5 -2,815 -2,815
8 500 -500
12 5,750
18 1500 -1500
20
25 5,000 5,000
30 -500 -500
30 10,000

total 19735 -500 -1500 -200 -2,815 5,000

17735 17735
Electricity Exp.
Operating ExpenseSalaries Exp.

5,750

800 -800

10,000

800 4950 10,000