Case 1: Real Estate Agency

Oct.	1	Ms. Lea starts her business as a real estate agent with a cash investment of P1,500,000.
	2	Rent paid, P35,000, on office space.
	3	He bought office equipment for P140,000 on account.
	6	Sold a house and lot to Mr. Smith; he billed Mr. Smith P220,000 for real estate services accomplished.
	27	He paid P55,000 on the balance related to the October 3 transaction.
	30	Bill received for utilities for October, P6,500 (not paid at this time).

Requirement: Post the transactions. Explanations can be omitted.

Case 2: GTC Company

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

prepaid insurance	$ 3600
Equipment	28,000
Pay	20,000
Unearned service income	4200
Service revenues	1,800

The analysis reveals the following additional data.

1. Prepaid insurance is the cost of a 2-year insurance policy, starting in April
2. Equipment depreciation is P500 per month.
3. The promissory note is dated April 1. It is a 6-month promissory note at 12%.
4. Seven (7) customers paid for the company's 6-month lawn service package of P600 as of April. The company provided services for these clients in April.
5. Gardening services performed for other clients but not registered on April 30 amounted to P1,500.

Requirement: Prepare the adjusting entries for the month of April. show calculations

Case 3: Lucky Me Company

The following are the sweet corn account balances for the month ended June 30, 2X18.

Income	85.000 pesos
Bills
Videos	22,800
seasonings	17,300
Employee wages and benefits	10,700
rent payments	24,000
utilities	3,200
Advertising	900
Miscellaneous	300
Money	6,200
Equipment	12,500
Accounts payable	650
Salaries to pay	1200
investment per owner	12,500
Drawings by owner	1,450

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