b

h
l. Salaries Expense 11,200
Cash 11,200

m. Labausa, WithdrAwals 15,500

Cash 15,500
Solution to Froilan Labausa Catering Services Date
DEBIT CREDIT a
Cash 165,000
Labausa, Capital 165,000
investment of investment the owner

Service Vehicle 194,900

Cash 25,000
Accounts Payable 169,900
purchase of service vehicle making a downpayment
of 25,000

Equipment 28,500
Accounts Payable 28,500
purchase of equipment on account

Rent Expense 6,200

Cash 6,200
paid rent for the month

Cash 24,200
Service Revenue 24,200
rendered service for cash

Supplies 1,800
Cash 1,800
purchase of supplies on cash

Prepaid Insurance 4,000

Cash 4,000

Utilities Expense 6,040

Cash 6,040
Gas and Oil Expense 6,080
Accounts Payable 6,080

Accounts Receivable 28,240

Service Revenue 28,240

Cash 25,200
Service Revenue 25,200

Labausa Catering Services

Trial Balance
March 31, 2020

Debit Credit

Cash 144,660
Accounts Receivables 28,240
Prepaid Insurance 4,000
Supplies 1,800
Equipment 28,500
Service Vehicle 194,900
Accounts Payable 204,480
Labausa, Withdrawals 15,500 2
Labausa Capital 165,000
Catering/Service Revenue 77,640
Rent Expense 6,200
Salaries Expense 11,200
Gas and Oil Expense 6,080
Utilities Expense 6,040
Total 447,120 447,120
 Cash Accounts Receivable
165,000 25,000 28,240
24,200 6,200
25,200 1,800
4,000
6,040

11,200 Equipment
15,500 28,500
214,400 69,740
144,660

Labausa, Capital
a 165,000

Rent Expense
6,200

Salaries Expense
11,200

Sample Ledger
Cash

Date Particular Debit Credit

 1-Jan investment of the owner 165,000
2-Apr downpayment for the vehicle 25,000
Feb-14 payment of rent 6,200
Feb-26 service revenue 24,200

1 3
Labausa Catering Services Labausa Catering
Income Statement Statement of Financ
For month ended March 30,2020 As of March 30

Catering/Service Revenue 77,640 ASSETS

add: Other Income -
Gross Income 77,640 Current Assets
Less: Expenses Cash
Rent Expense 6,200 Accounts Receivables
Salaries Expense 11,200 Prepaid Insurance
Gas and Oil Expense 6,080 Supplies
Utilities Expense 6,040 29,520 Total Current Assets
Net Income 48,120
Non Current Assets
Labausa Catering Services Equipment
Statement Changes in Equity Service Vehicle
For month ended March 30,2020 Total non current assets

Labausa Capital, beg. Balance P 165,000 Total assets P

add: additional investment -
Net income 48,120 LIABILITIES AND
Total 213,120
Less: Withdrawals 15,500 Current liability
Labausa Capital, ending Balance P 197,620 Accounts Payable P

Labausa Capital, end. B

Total liability and equity

 Prepaid Insurance Supplies
4,000 1,800

Service Vehicle Accounts Payable

194,900 169,900
28,500
6,080
204,480
Labausa, Withdrawals Service Revenue
15,500 24,200
28,240
25,200
77,640

Utilities Expense Gas and Oil

6,040 6,080

Balance
 165,000
140,000
133,800
158,000

Labausa Catering Services

Statement of Financial Position
As of March 30,2020

ASSETS

rent Assets
h 144,660
ounts Receivables 28,240
paid Insurance 4,000
1,800
al Current Assets 178,700

n Current Assets
uipment 28,500
vice Vehicle 194,900
al non current assets 223,400

al assets P 402,100

LIABILITIES AND EQUITY

rent liability
 ounts Payable P 204,480

bausa Capital, end. Bala 197,620

al liability and equity 402,100