Case 1: Real Estate Agency

Oct.	1	Ms. Lea begins business as a real estate agent with a cash investment of P1,500,000.
	2	Paid rent, P35,000, on office space.
	3	Purchased office equipment for P140,000 on account.
	6	Sold a house and lot for Mr. Smith; billed Mr. Smith P220,000 for realty services performed.
	27	Paid P55,000 on the balance related to the transaction of October 3.
	30	Received bill for October utilities, P6,500 (not paid at this time).

Requirement: Journalize the transactions. Explanations can be omitted.

Case 2: GTC Company

The GTC Company began operations on April 1. On April 30, the trial balance shows the following balances for selected accounts.

Prepaid Insurance	P 3,600
Equipment	28,000
Notes Payable	20,000
Unearned Service Revenue	4,200
Service Revenue	1,800

Analysis reveals the following additional data.

1. Prepaid insurance is the cost of a 2-year insurance policy, effective April
2. Depreciation on the equipment is P500 per month.
3. The note payable is dated April 1. It is a 6-month, 12% note.
4. Seven (7) customers paid for the companys 6-month lawn service package of P600 beginning in April. The company performed services for these customers in April.
5. Lawn services performed for other customers but not recorded on April 30, totaled P1,500.

Requirement: Prepare the adjusting entries for the month of April. Show computations

Case 3: Lucky Me Company

The following are the account balances of Sweet Corn for the month ended June 30, 2X18.

Revenues	P85,000
Expenses
Noodles	22,800
Seasonings	17,300
Employees wages and benefits	10,700
Lease payments	24,000
Utilities	3,200
Advertising	900
Miscellaneous	300
Cash	6,200
Equipment	12,500
Accounts Payable	650
Wages Payable	1,200
Investment by Owner	12,500
Drawings by Owner	1,450

Requirement: Prepare a statement of financial position for June 30, 2X18. .