II – Journalize the following transactions (20 points)

1. Received investment from owner XYZ of P500 cash

2. Bought car for P300 cash
3. Bought supplies P20 on account
4. Paid account P20.
5. Rendered services for P100 cash
6. Rendered services P20 on credit
7. Collected account P10.
8. Bought gasoline P20 on account(use expense account)
9. Paid driver’s salary P30 cash(use expense account)
10. Owner withdrew investment P15 cash

JOURNAL
REFERENCE ACCOUNT DEBIT CREDIT
1 Cash 500
XYZ, Capital 500
2 Equipment 300
Cash 300
3 Supplies 20
Accounts payable 20
4 Accounts payable 20
Cash 20
5 Cash 100
Revenues 100
6 Accounts receivable 20
Revenues 20
7 Cash 10
Accounts receivable 10
8 Expense 20
Accounts payable 20
9 Expense 30
Cash 30
10 Drawings 15
Cash 15

REFERENCE DEBIT CREDIT BALANCE

DEBIT CREDIT
1 500 500
2 300 200
4 20 180
5 100 280
7 10 290
9 260
10 245
TRIAL BALANCE

ACCOUNT DEBIT CREDIT

Cash 245
Supplies 20
Accounts receivable 10
Equipment 300
Accounts payable 20
XYZ, Capital 500
Revenues 120
Expenses 50
Drawings 15
TOTAL 640 640

INCOME STATEMENT
Revenues 120
Expenses 50
Net Income 70

STATEMENT OF OWNER’S EQUITY(XYZ, CAPITAL)

Beginning balance 0
Add: Investment 500
Net Income 70
Less: Net loss
Drawings 15
Ending balance 555

BALANCE SHEET
ASSETS
Cash 245
Supplies 20
Accounts receivable 10
Equipment 300
Total assets 575
LIABILITIES
Accounts payable 20

EQUITY
XYZ, Capital 555
Total Liabilities and Equity 575