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FINANCIAL ACCOUNTING

VOLUME THREE

Rechel Camasura

Joany Banares
Jiremae Guerra
Mae Sherisse Ca-ay
Angie Gongob
Sharimlen Bagumbaran
Melanie Maghanoy
Arjessa Delosreyes
Elegant Home Decors
Income Statemate
For the year ended December 31, 20A

Revenue:
Service Income P 394,000

Operating Expenses:
Utilities Expense P 75,000
Salaries Expense 260,000
Uncollectible Accounts 2,000
Depreciation Expense 28,000
Insurance Expense 3,000
Supplies Unused 15,000 383,500
Net Income P 10,500
Elegant Home Decors
Statemate of changes in owners equity
For the year ended December 31, 20A

E. Sardido, Capital 1/1/20A P 468,500


Add: Net Income 10,500
Subtotal 479,000
Less: E. Sardido, Drawing 15,000
E. Sardido, Capital P 464,000
Elegant Home Decors
Balance Sheet
As of December 31, 20A

ASSETS

Current Assets:
Cash in Bank P280,000
Accounts Receivable P 60,000
Less: Allow. For Bad Debts 5,000 55,000
Unused Supplies 20,000
Prepaid Insurance 2,000
Total Current Assets 357,000

Non-current Assets:
Service Vehicle 310,000
Accumulated Depreciation 25,000
Total Non-current Asset 285,000
Total Assets P642,000
LIABILITIES & OWNERS EQUITY
LIABILITIES

Current Liabilities
Accounts Payable P150,000
Accrued Rent Expense 18,000
Accrued Utilities 10,000
Total Current Liabilities 178,000
OWNERS EQUITY
E. Sardido, Capital 464,000
Total Liabilities & Owners Equity P642,000
Elegant Home Decors
Closing Entries
for the year ended December 31,20A

Service Income P 394,000


Income Summary 394,000
To close service income for the year with credit balance
Income Summary 383,500
Utilities Expense 75,000
Salaries Expense 260,000
Uncollectible Accounts 2,000
Depreciation Expense 28,000
Insurance Expense 3,000
Supplies Used 15,000
To close expenses to income and expenses summary account.

Income Summary 10,500


E. Sardido, Capital 10,500
To close income summary balance to capital account

E. Sardido, Drawing 15,000


Summary Income 15,000
To close drawing account to capital account
Elegant Home Decors
Post-Closing Trial Balance
For the year ended December 31,20A

Accounts Titles F Debit Credit


Cash in Bank 1 280,000

Accounts Receivable 2 60,000

Estimated Uncollectible Accounts 3 5,000

Unused Supplies 4 20,000

Prepaid Insurance 5 2,000

Service Vehicle 6 310,000

Accumulated Depreciation 7 25,000

Accounts Payable 8 150,000

Accrued Rent Expense 9 18,000

Accrued Utilities 10 10,000

E. Sardido, Capital 11 464,000

Total P 672,000 P672,000


Elegant Homes Decors

OPENING ENTRY

December 31, 20A

Cash in Bank 280,000

Accounts Receivable 60,000

Unused Supplies 20,000

Prepaid Insurance 2,000

Service Vehicle 310,000

Estimated Uncollectible Accounts 5,000

Accounts Payable 150,000

Accrued Depreciation 25,000

Accrued Utilities 8,500

E. Sardido, Capital 483,500

To take up opening entry for the year 20A