3 20 29 On November 10, 2012, Tuttie Bee Cargo Services started its operations. The following are the transactions for the company for 2012: Nov 10 Mr Tuttie Bee invested P1,000,000 and two trucks with fair market value of P750,000 each in the business. 12 Paid taxes and licenses P6,500 15 Paid office rent up to December in advance, P96,000 16 Hired a driver with P6,000 monthly salary to start work tomorrow 17 Called Success Builders to order paints for the office amounting to P2,500 18 Purchased furniture and fixtures on account, P18.000 20 Bought Office Supplies, P2,000 cash 25 Delivered cargo to Pampanga for Ms. Sue Bah. Cash of P24,000 was received fo this transaction as payment 29 Paid driver's salary, P6,000 30 Paid December insurance premium for the two trucks, P10,000 Dec The company received P30,000 from Mr. Tee Wah for delivery services 7 Paid the furniture and fixtures bought on account 10 Bought computer from Octagon on account, P45,000 15 Delivered cargo to Isabela for Mr. Teh Ngot, P45.000 cash 18 Paid P3,000 utilities Delivered cargo to Nueva Ecija P30,000 cash 22 Proceeds of loan from BOD Bank P200,000 24 Mr. tuttie Bee withdrew P20,000 for personal use Paid driver's salary P6.000 30 Received utilities bill for payment on January 5, P3,000 Additional Information: 1. The company uses the asset method in recording prepayments and the liability method in recording deferrals 2. Office Supplies showed a zero balance at the end of the year 3. Depreciation of Property, Plant and Equipment will start on January REQUIRED: 1. Prepare the necessary journal entries: (use 2-columnar worksheet) Simple Journal entries Adjusting Journal entries Closing entries Reversing entries 2. Post journal entries to T-account (use back portion of 2-columnar worksheet) 3. Prepare trial balance: (use 2-columnar worksheet) Unadjusted trial balance Adjusted trial balance Post-closing trial balance 4. Prepare the worksheet (use 10-columnar worksheet) 5. Prepare financial statements: (use back portion of 10-columnar worksheet) Income statement Statement of changes in Equity Statement of Financial Position 3 20 29 On November 10, 2012, Tuttie Bee Cargo Services started its operations. The following are the transactions for the company for 2012: Nov 10 Mr Tuttie Bee invested P1,000,000 and two trucks with fair market value of P750,000 each in the business. 12 Paid taxes and licenses P6,500 15 Paid office rent up to December in advance, P96,000 16 Hired a driver with P6,000 monthly salary to start work tomorrow 17 Called Success Builders to order paints for the office amounting to P2,500 18 Purchased furniture and fixtures on account, P18.000 20 Bought Office Supplies, P2,000 cash 25 Delivered cargo to Pampanga for Ms. Sue Bah. Cash of P24,000 was received fo this transaction as payment 29 Paid driver's salary, P6,000 30 Paid December insurance premium for the two trucks, P10,000 Dec The company received P30,000 from Mr. Tee Wah for delivery services 7 Paid the furniture and fixtures bought on account 10 Bought computer from Octagon on account, P45,000 15 Delivered cargo to Isabela for Mr. Teh Ngot, P45.000 cash 18 Paid P3,000 utilities Delivered cargo to Nueva Ecija P30,000 cash 22 Proceeds of loan from BOD Bank P200,000 24 Mr. tuttie Bee withdrew P20,000 for personal use Paid driver's salary P6.000 30 Received utilities bill for payment on January 5, P3,000 Additional Information: 1. The company uses the asset method in recording prepayments and the liability method in recording deferrals 2. Office Supplies showed a zero balance at the end of the year 3. Depreciation of Property, Plant and Equipment will start on January REQUIRED: 1. Prepare the necessary journal entries: (use 2-columnar worksheet) Simple Journal entries Adjusting Journal entries Closing entries Reversing entries 2. Post journal entries to T-account (use back portion of 2-columnar worksheet) 3. Prepare trial balance: (use 2-columnar worksheet) Unadjusted trial balance Adjusted trial balance Post-closing trial balance 4. Prepare the worksheet (use 10-columnar worksheet) 5. Prepare financial statements: (use back portion of 10-columnar worksheet) Income statement Statement of changes in Equity Statement of Financial Position