E. Flores is a painting contractor.

During the month of April of the current year,he completed

the following transactions

Invested in the business painting equipment valued at P52,300 and placed P271,000 in
Apr. 2 a business checking account.
Acquired a service vehicle costing P280,000. Paid P50,000 cash and signed a note for
2 the balance.
3 Purchased painting supplies on account for P13,200.
4 Completed a painting job and billed the customer, P14,800.
7 Received a P12,500 cash for painting an apartment room.
10 Purchased painting supplies for P7,600 cash.
11 Received a P14,800 check from the customer billed on April 5.
12 Paid P4,000 for an insurance policy for a one-year coverage.
13 Billed a customer P16,200 for a painting job.
14 Paid the assistant P9,500 for twenty-five hours’ work.
15 Paid P1,400 for a tune-up of the service vehicle.
18 Paid for the painting supplies purchased on April 3.
20 Purchased a new ladder for P6,000 and painting supplies for P2,900 on account.
22 Received a telephone bill for P700, due next month.
23 Received P16,200 in cash from the customer billed on April 13.
24 Transferred P30,000 to a personal checking account.
25 Received P13,600 in cash for painting a two-room apartment.
27 Paid P72,000 on the note signed for the service vehicle.
29 Paid the assistant P8,700 for thirty hours’ work.

ACCOUNT ACCOUNT TITLES

NO.
110 Cash
120 Accounts Receivable
130 Supplies
140 Equipment
 E. FLORES' PAINTING CONTRACTUAL BUSINESS
GENERAL JOURNAL

GENERAL JOURNAL- PAGE 01

DATE ACCOUNT TITLE / EXPLANATION PR DEBIT
Apr. 2 Painting Equipment ₱ 52,300.00
Cash ₱ 271,000.00
Flores, Capital
to record the initial investment

Service Vehicle ₱ 280,000.00

Cash
Note's Payable
to record the purchased of service vehicle signed on notes

3 Painting Supplies ₱ 13,200.00

Accounts Payable
to record the purchased of painting supplies on account

4 Accounts Receivable ₱ 14,300.00

Service Fee
to record the service fee billed on customer on account

7 Cash ₱ 12,500.00
Service Fee
to record the service fee from customer

10 Painting Supplies ₱ 7,600.00

Cash
to record the purchased of painting supplies paid in cash

11 Accounts Receivable ₱ 14,800.00

Cash
to record the payment received from customer

12 Prepaid Insurance ₱ 4,000.00

Cash
to record the payment for insurance policy for one-year coverage

13 Accounts Receivable ₱ 16,200.00

Service Fee
to record the service fee billed on customer on account
 14 Wage Expense ₱ 9,500.00
Cash
to record wages expense paid

15 Maintenance Expenses ₱ 1,400.00

Cash
to record the maintenance expense of the vehicle

GENERAL JOURNAL - PAGE 02

DATE ACCOUNT TITLE / EXPLANATION PR DEBIT
18 Accounts Payable ₱ 13,200.00
Cash
to record the payment of supplies on account

20 Painting Equipment ₱ 6,000.00

Painting Supplies ₱ 2,900.00
Accounts Payable
to record the acquisition of painting equipment and supplies

22 Utilities Expense ₱ 700.00

Utilities Payable
to record utilities payable

23 Cash ₱ 16,200.00
Accounts Receivable
to record the payment received from a customer

24 Flores, Drawings ₱ 30,000.00

Cash
to record the owners withdrawings

25 Cash ₱ 13,600.00
Service Fee
to record the payment of customer paid in cash

27 Notes Payable ₱ 72,000.00

Cash
to record the payment of signed notes on service vehicle

29 Wage Expense ₱ 8,700.00

Cash
to record the wage paid to the assistant
GENERAL JOURNAL- PAGE 01
CREDIT

₱ 323,300.00

₱ 50,000.00
₱ 230,000.00

₱ 13,200.00

₱ 14,300.00

₱ 12,500.00

₱ 7,600.00

₱ 14,800.00

₱ 4,000.00

₱ 16,200.00
 ₱ 9,500.00

₱ 1,400.00

ENERAL JOURNAL - PAGE 02

CREDIT

₱ 13,200.00

₱ 8,900.00

₱ 700.00

₱ 16,200.00

₱ 30,000.00

₱ 13,600.00

₱ 72,000.00

₱ 8,700.00
 ACCOUNT 110 CASH
Balance
Date Description Post Debit Credit
Debit
Apr.2 Initial Investment GJ1 271,000 271,000
2 Purchase of service vehicle GJ1 50,000 221,000
7 Received from customer GJ1 12,500 233,500
10 Purchase of supplies GJ1 7,600 225,900
11 Received from customer GJ1 14,800 211,100
12 Payment of insurance GJ1 4,000 207,100
14 Payment of wages GJ1 9,500 197,600
15 Payment of vehicle maintenance GJ1 1,400 196,200
18 Payment of supplies GJ2 13,200 183,000
23 Received from customer GJ2 16,200 199,200
24 Withdrawals GJ2 30,000 169,200
25 Received from customer GJ2 13,600 182,800
27 Payment of notes payable GJ2 72,000 110,800
29 Payment of wages paid GJ2 8,700 102,100

ACCOUNT 160 EQUIPMENT

Balance
Date Description Post Debit Credit
Debit
Apr.2 Initial Investment GJ1 52, 300 52,300
20 Acquired Equipment GJ2 6,000 58,300

ACCOUNT 210 ACCOUNTS PAYABLE

Balance
Date Description Post Debit Credit
Debit
Apr.3 Supplies on account GJ1 13,200
18 Payment of supplies on account GJ2 13,200
20 Acquired Equipment and supplies o account GJ2 8,900

ACCOUNT 310 OWNER'S CAPITAL

Balance
Date Description Post Debit Credit
Debit
Apr.2 Initial Investment GJ1 323,300

ACCOUNT 320 OWNER'S WITHDRAWINGS

Balance
Date Description Post Debit Credit
Debit
Apr.24 Withdrawings GJ2 30,000 30,000

ACCOUNT 420 MAINTENANCE EXPENSE

 Balance
Date Description Post Debit Credit
Debit
Apr.15 Payment of service Maintenance GJ1 1,400 1,400
ASH ACCOUNT 120 ACCOUNTS RECEIVABLE
Balance Balance
Date Description Post Debit Credit
Credit Debit
Apr.4 Receivable from service fee GJ1 14,300 14,300
11 Receivable from service fee GJ1 14,800 29,100
13 Receivable from service fee GJ1 16,200 45,300
23 Receivable paid by customer GJ2 16,200 29,100

ACCOUNT 130 SUPPLIES

Balance
Date Description Post Debit Credit
Debit
Apr.3 Supplies Acquired GJ1 13,200 13,200
10 Supplies Acquired GJ1 7,600 20,800
20 Supplies Acquired GJ2 2,900 23,700

ACCOUNT 150 SERVICE VEHICLE

Balance
Date Description Post Debit Credit
PMENT Debit
Balance Apr.2 Acquired Vehicle GJ1 280,000 280,000
Credit

ACCOUNT 220 NOTES PAYABLE

Balance
Date Description Post Debit Credit
S PAYABLE Debit
Balance Apr.2 Notes signed on service vehicle GJ1 230,000
Credit 27 Payment of notes signed GJ2 72,000
13,200
0 ACCOUNT 230 UTILITIES PAYABLE
8,900 Balance
Date Description Post Debit Credit
Debit
S CAPITAL Apr.22 Payment of telephone bill GJ2 700
Balance
Credit ACCOUNT 410 Wage Expense
323,300 Balance
Date Description Post Debit Credit
Debit
THDRAWINGS Apr.14 Payment of wage GJ1 9,500 9,500
Balance 29 Payment of wage GJ2 8,700 18,200
Credit
ACCOUNT 430 UTILITIES EXPENSE
Balance
Date Description Post Debit Credit
NCE EXPENSE Debit
Balance Apr.22 Payment of telephone bill GJ2 700 700
Credit
 RECEIVABLE ACCOUNT 140 PREPAID INSURANCE
Balance Balance
Date Description Post Debit Credit
Credit Debit
12 Payment of insurance GJ1 4,000 4,000

ACCOUNT 510 SERVICE FEE

Balance
Date Description Post Debit Credit
Debit
PLIES Apr.4 Service fee from customer GJ1 14,300
Balance 7 Service fee from customer GJ1 12,500
Credit 13 Service fee from customer GJ1 16,200
25 Service fee from customer GJ2 13,600

E VEHICLE
Balance
Credit

PAYABLE
Balance
Credit
230,000
158,000

S PAYABLE
Balance
Credit
700

Expense
Balance
Credit

S EXPENSE
Balance
Credit
NSURANCE
Balance
Credit

ICE FEE
Balance
Credit
14,300
26,800
43,000
56,600
 FLORES' PAINTING CONTRACTUAL BUSINESS
Prelimenary Trial Balance
April 30, 2023
Acct. No. Account Titles Debits Credit

110 Cash ₱ 102,100.00

120 Accounts Receivable ₱ 29,100.00
130 Prepaid Supplies ₱ 23,700.00
140 Prepaid Insurance ₱ 4,000.00
150 Service Vehicle ₱ 280,000.00
160 Equipment ₱ 58,300.00
210 Accounts Payable ₱ 8,900.00
220 Notes Payable ₱ 158,000.00
230 Utilities Payable ₱ 700.00
310 Flores, Capital ₱ 323,300.00
320 Flores, Withdrawings ₱ 30,000.00
410 Wage Expense ₱ 18,200.00
420 Maintenance Expense ₱ 1,400.00
430 Utilities Expense ₱ 700.00
510 Service Fees ₱ 56,600.00
TOTALS: ₱ 547,500.00 ₱ 547,500.00
 FLORES' PAINTING CONTRACTUAL BUSINESS
Statement of Financial Position
April 30, 2023

ASSETS
Current Assets
Cash 102,100
Accounts Receivable 29,100
Prepaid Supplies 23,700
Prepaid Insurance 4,000
Non-Current Assets
Equipment 58,300
Service Vehicle 280,000
TOTAL ASSETS

LIABILITIES AND OWNER'S EQUITY

Current Liabilities:
Accounts Payable 8,900
Utilities Payable 700
Non-current Liability:
Notes Payable 158,000
TOTAL LIABILITIES

Owner's Equity:
Flores, Capital 41,050