Philip John Jorvina opened a delivery business in March. He rented a small office and has a part-time assistant.

His Trial Balance shows accounts for the first three months of business. Jorvina's Quick Delivery Trial Balance May 31, 20A Accounts Title Cash Accounts Receivable Allowance for Doubtful Accounts Office Supplies Equipment Accumulated Depreciation - Equipment Delivery Truck Accumulated Depreciation - Delivery Truck Accounts Payable Unearned Delivery Fees Jorvina, Capital Total Jorvina's transactions for the month of June are as follows: 1-Jun 2 4 7 9 10 12 14 15 20 23 28 31 Account NO. 101 102 102.A 111 121 121.A 122 122.A 201 203 301 Debit Balance Php 112,850.00 3,230.00 2,900.00 95,000.00 150,000.00

Php

363,980.00

Paid rent for three months, Php 5, 000 per month. Paid for newspaper advertising that will run for 5 months, Php 15, 000. Performed delivery services for Php 25, 000; 3/5 DP, Balance on account. Purchase Office Supplies on account, Php 5, 000. Received cash for delivery services rendered, Php 50, 000. Performed delivery services for customers who paid last month, Php 30, 000. Paid cash on account, (truck payment), Php 25, 000 Billed ACLC SPL for delivery services rendered, Php 45, 000; Terms: 45% DP, Balance with 60-day, 12% interest bearin note. Issued a 30-day, 10% interest bearing note for June 4 purchase. Received cash on account for services previously rendered, Php 1, 000. Paid part-time worker, Php 8, 000. Jorvina withdrew for personal use, Php 5, 000. Paid gas and oil, Php 4, 000. Received cash for delivery services rendered, Php 20, 000. Paid part-time worker, Php 8, 000.

Additional Account Titles: 103 Notes Receivable 104 Interest Receivable 112 Prepaid Rent

113 202 203 302 501 502 503 504 505 506 507 508 509

Prepaid Advertising Notes Payable Interest Payable Jorvina, Drawings Advertising Expense Bad Debts Expense Depreciation Expense - Equipment Depreciation Expense - Truck Interest Expense Gas and Oil Expense Office Supplies Expense Rent Expense Salary Expense

Adjustments for June: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Adjustment of rent for this month. Adjustment of advertising for this month The company maintains 5% of doubtful accounts. Accrued interest for June 11 notes receivable. Accrued interest for June 12 notes payable. 5% of the total revenue was unearned. Accrued utilities amounting to Php 3, 000. The Equipment purchased last month has scrap value of Php 10, 000 and useful life of 5 years. The Delivery Truck purchased last month has scrap value of Php 3, 000 and useful life of 5 years. Supplies remaining as of June 31, Php 4, 000.

Required: 1 2 3 4 5 Journalize transactions. Post transactions. Prepare Trial Balance. Journalize and post adjusting entries and prepare worksheet. Prepare Financial Statement. a. Statement of Comprehensive Income for the month ended June 31, 20A. b. Statement of Changes in Owner's Equity as of the month ended, June 31, 20A. c. Statement of Financial Position as of the month ended, June 31, 20A.

6 Journalize and post closing entries. 7 Prepare Post-Closing Trial Balance.

nd has a part-time

Credit Balance

Php

161.50

4,250.00 7,350.00 55,000.00 65,000.00 236,085.17 Php 367,846.67 Php (3,866.67)

P, Balance with 60-day, 12% interest bearing

useful life of 5 years. d useful life of 5 years.