A.

Elizabeth Zalvador Graphic Works

Date Particulars PR Debit

1-Dec Equipment 150 41,200
Accounts payable 210
Purchased office equipment on account from Mandaluyong Equipment

3 Equipment 150 62,000

Zalvador Capital 310
Invested personal photographic equipment

5 Rent Expense 510 5,000

Cash 110
Paid rent for the month

6 Supplies 140 3,450

Cash 110
Purchased supplies in cash

7 Cash 110 25,000

Unearned revenue 230
Received advanced payment from customer

10 Prepaid Insurance 140 8,200

Cash 110
Acquired Insurance for two years

14 Cash 110 29,850

Service fees 410
Received cash for Graphic Services Rendered

15 Salary Expense 520 5,000

Cash 110
Paid Salaries for Part Time Assistants

20 Telephone Expense 530 9,360

Cash 110
Paid bill for Telephone Service

21 Notes Payable 210 5,200

Cash 110
Paid accounts to Mandaluyong Equipment

28 Zalvador, Withdrawal 320 1,000

Cash 110
 Zalvador Withdrew cash for personal use
195,260

ADJUSTING JOURNAL ENTRY

A. Insurance Expense 540 341.67

Prepaid Insurance 130
To record insurance policy effective on December 1, 2016

B. Supplies Expense 550 17,650

Supplies 140
Bought Supplies on cash

C. Salaries Expense 520 6,000

Service fees 530
Paid salaries for Part Time Assistants

D. Depriciation Expense 560 433.33

Accumulated Depriciation (Equipment) 165
To record salavage value of the photographic equipment with the useful life of 10 years

CLOSING ENTRIES

31-Dec Service Income 29,850

Income Summary
To close temporary accounts with normal credit balance

31-Dec Income Summary

Rent Expense
Salaries Expense
Utilities Expense (Telephone)
Insurance Expense
Supplies Expense
Depreciation Expense
To close temporary accounts with normal debit balance

31-Dec Zalvador, Capital 13,935

Income Summary
To close income Summary Account
31-Dec Zalvador, Capital 1,000
Zalvador, Withdrawal
To close withdrawal account
 GJ_

Credit

41,200

62,000

5,000

3,450

25,000

8,200

29,850

5,000

9,360

5,200

1,000
195,260

341.67

17,650

6,000

433.33

29,850

43,785
5,000
11,000
9,360
341.67
17,650
433.33

13,935
1,000
 CASH

Date Particulars F Debit

30-Nov Remaining Cash Balance of November 30,2016 85,000
5-Dec Paid rent for the month
6 Purchased supplies in cash
7 Received advanced payment from customer 25,000
10 Acquired Insurance for two years
14 Received cash for Graphic Services Rendered 29,850
15 Paid Salaries for Part Time Assistants
20 Paid bill for Telephone Service
21 Paid accounts to Mandaluyong Equipment
28 Zalvador Withdrew cash for personal use

ACCOUNTS RECIEVABLE

30-Nov Accounts recievable 20,000

SUPPLIES

30-Nov Remaining Supplies of November 30,2016 16,000

6-Dec Bought Supplies on Cash 3,450
B Adjustments for supplies

PREPAID INSURANCE

10-Dec Acquired Insurance for two years 8,200

A Adjusments for prepaid insurance

OFFICE EQUIPMENT
1-Dec Bought office equipment on Account 41,200

PHOTOGRAPHIC EQUIPMENT

3-Dec Invested Personal Photographic Equipment 62,200

ACCUMULATED DEPRICIATION

D (Adjustment)Invested Photographic Equipment 433.33

 ACCOUNTS PAYABLE

30-Nov Remaining Accounts Payable of november 30,2016

1-Dec Bought Office Equipment on Account
21 Paid Accounts to Mandaluyong Equipment 5,200

NOTES PAYABLE

30-Nov Remaining Notes Payable of November 30,2016

UNEARNED REVENUE

7-Dec Received Advanced Payment from Customer

SALARIES PAYABLE

C (Adjusment)Paid Salaries for Part Time Assistants

ZALVADOR, CAPITAL

30-Nov Remaining Capital of November 30, 2016

3-Dec Invested Personal Photographic Equipment
31-Dec To close Income Summary Account 13,935
31-Dec To close withdrawal account 1,000

ZALVADOR, WITHDRAWAL

28-Dec Zalvador Withdrew Cash for Personal Use 1,000

31-Dec To close Withdrawal Account
SERVICE FEES

14-Dec Received Cash for Graphic Services Rendered

31-Dec Closing Entries 29,850
RENT EXPENSE

5-Dec Paid Rent for the Month 5,000

31-Dec Closing Entries
SALARIES EXPENSE

15-Dec Paid Salaries for Part Time Assistants 5,000

C (Adjusment)Paid Salaries for Part Time Assistants 6,000
31-Dec Closing Entries
UTILITIES EXPENSE(TELEPHONE)

20-Dec Paid Bill for Telephone Service 9,360

31-Dec Closing Entries
INSURANCE EXPENCE

A (Adjusment)Acquired Insurance for 2 years 341.67

31-Dec Closing Entries

SUPPLIES EXPENSE

B (Adjusment)Bought Supplies on cash 17,650

31-Dec Closing Entries

DEPRECIATION EXPENSE

D (Adjusment) Invested Photographic Equipment 433.33

31-Dec Closing Entries

INCOME SUMMARY

31-Dec To close temporary accounts with normal credit balance

31-Dec To close temporary accounts with normal debit balance 43,785
31-Dec To close Income Summary Account
 110

Credit Debit Credit

85,000
5,000 80,000
3,450 76,550
101,550
8,200 93,350
123,200
5,000 118,230
9,360 108,840
5,200 103,640
1,000 102,640

120

20,000

130

16,000
19,450
17,650 1,800

140

8,200
341.67 7,858.33

150
41,200

160

62,200

170

433.33
 210

8,900 8,900
41,200 50,100
44,900

220

5,000 5,000

230

25,000 25,000

240

6,000 6,000

310

107,100 107,100
62,000 169,100
155,165
154,165

320

1,000
1,000 0
410

29,850 29,850
0
510

5,000
5,000 0
520

5,000
 11,000
11,000 0
530

9,360
9,360 0
540

341.67
341.67 0

550

17,650
17,650 0

560

433.33
433.33 0

TOTAL: 280,283.33 280,283.33

29,850 29,850
13,935
13,935 0
 Unajusted Trial Balance
Acc# ACCOUNT TITLE Debit Credit
110 Cash 102,640
120 Accounts Recievable 20,000
130 Supplies 19,450
140 Prepaid Insurance 8,200
150 Office Equipment 41,200
160 Photographic Equipment 62,000
170 Accumulated Depriciation(Photographic Equipment)
210 Accounts Payable 44,900
220 Notes Payable 5,000
230 Unearned Revenue 25,000
240 Salaries Payable
310 Zalvador, Capital 169,100
320 Zalvador, Withdrawal 1,000
410 Service Fees/Income 29,850
510 Rent Expense 5,000
520 Salaries Expense 5,000
530 Utilities Expense(Telephone) 9,360
540 Insurance Expense
550 Supplies Expense
560 Depreciation Expense

TOTAL: 273,850 273,850

 Adjusments Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit
102,640 102,640
20,000 20,000
17,650 1,800 1,800
341.67 7,858.33 7,858.33
41,200 41,200
62,000 62,000
433.33 433.33
44,900
5,000
25,000
6,000 6,000
169,100
1,000 1,000
29,850 29,850
5,000 5,000
6,000 11,000 11,000
9,360 9,360
341.67 341.67 341.67
17,650 17,650 17,650
433.33 433.33 433.33

24,425 24,425 280,283.33 280,283.33 43,785 29,850 236,498.33

NET LOSS 13,935 13,935
43,785 250,433.33
Balance Sheet Closing Entries
Credit Debit Credit

433.33
44,900
5,000
25,000 14,935
6,000
169,100
1,000
29,850
5,000
11,000
9,360
341.67
17,650
433.33

250,433.33 44,785 44,785

 Ms. Elizabeth Graphic Works
Income Statement
Ms. Elizabeth Zalvador Graphic
As of December 31, 2016Works

REVENUE
Service Income 29,850

LESS EXPENSES
Rent Expense 5,000
Salaries Expense 11,000
Utilities Expense (Telephone) 9,360
Insurance Expense 341.67
Supplies Expense 17,650
Depreciation Expense 433.33

TOTAL EXPENSE: 43,785

NET LOSS: 13,935
 Ms. Elizabeth Graphic Works
Statement to Change in Owner's Equity
As of December 31, 2016

Initial Investements 107,100

Additional Investments 62,000
Withdrawals -1,000
LESS:Net Loss -13,935
Zalvador, Capital 154,165
 Ms. Elizabeth Graphic Works
Statement of Financial Position
As of December 31, 2016

ASSETS
Current Assets
Cash 102,640
Accounts Recievable 20,000
Supplies 1,800
Prepaid Insurance 7,858.33
TOTAL CURRENT ASSETS: 132,298.33

Non-Current Assets
Office Equipment 41,200
Photographic Equipment 62,000
Accumulated Depreciation 433.33
TOTAL NON-CURRENT ASSETS: 102,766.67

TOTAL ASSETS 235,065

LIABILITIES
Current Liabilities
Accounts Payable 44,900
Notes Payable 5,000
Salaries Payable 6,000
Unearned Revenue 25,000
TOTAL LIABILITIES: 80,900

OWNER'S EQUITY
Ms.Zalvador, Capital 154,165
TOTAL OWMER'S EQUITY: 154,165

TOTAL LIABILITIES AND OWMER'S EQUITY 235,065

 Ms. Elizabeth Graphic Works
Statement of Cash Flow
As of December 31, 2016

CASH FLOW FROM OPERATING ACTIVITIES

Cash Received from Customer 54,850
Payment to Supplies -3,450
Payment to Rent Expense -5,000
Payment to Salaries Expense -5,000
Payment to Utilities Expense (Telephone) -9,360
Payment to Insurance Expense -8,200
NET CASH FROM OPERATING ACTIVITIES: 23,840

CASH FLOW FROM INVESTING ACTIVITIES

Payment to Acquired Equipment -5,200
NET CASH FROM INVESTING ACTIVITIES -5,200

CASH FLOW FROM FINANCING ACTIVITIES

Cash Deduction Due to Withdrawals -1,000
NET CASH FROM FINANCING ACTIVITIES -1,000

NET INCREASE IN CASH 17,640

CASH BALANCE AT THE BEGINNING OF THE PERIOD 85,000
CASH BALANCE AT THE END OF THE PERIOD 102,640
 Ms. Elizabeth Graphic Works
Post-Closing Trial Balance
As of December 31, 2016

Cash 102,640
Accounts Recievable 20,000
Supplies 1,800
Prepaid Insurance 7,858.33
Office Equipment 41,200
Photographic Equipment 62,000
Accumulated Depreciation 433.33
Accounts Payable 44,900
Notes Payable 5,000
Salaries Payable 6,000
Unearned Revenue 25,000
Ms.Zalvador, Capital 154,165

TOTAL: 235,498.33 235,498.33