CP Cleaning transactions 2 During the month of February 2017, the following transactions were completed. 1 - Received P 6,500 cash from customers on account. 3 Purchased cleaning supplies, P 4,200. 6 - Received P 7,800 for cleaning services rendered 9 Provided services worth 50% of the unearned revenue from the previous month. 11 - Collected the full amount of the notes receivable from the previous month. 13 - The owner made an additional investment of P 15,000. 15 - Billed a customer for services rendered, P 9,000. 17 - Paid P 14,000 partial payment to the cleaning equipment bought the previous month. 19 - Rendered services worth P 9,500 to a customer who gave a down payment of 4,000 and issued a promissory note for the balance. 20 - Owner withdrew P6,000 for personal use. 23 - Received an advance payment of P 10,000 for services to be rendered in the future. 25 - Paid the balance of P 11,500 owed to the furniture bought the previous month. 28 - Paid the second instalment on the bank loan covered by a promissory note, P 6,250. 29 - Paid the following expenses: salary of staff, P 7,500; and office rent, P5,000. CHART OF ACCOUNTS Acct # Account Title 101 Cash 105 Accounts Receivable 110 Notes Receivable 115 Cleaning Supplies 120 Furniture 125 Cleaning Equipment 201 Accounts Payable 205 Notes Payable 210 Unearned Revenue 301 C. Palacios, Capital 302 C. Palacios, Drawing 401 Service Income 501 Salaries Expense 505 Rent Expense Instructions 1.Journalize the transactions 2.Post the journal entries to the ledger 3.Prepare Pre-Trial Balance 4.Prepare the 4 Financial Statements a. Statement of Financial Position b. Statement of Income c. Statement of Equity d. Statement of Cash Flows 5.Prepare the Closing Entries 6.Prepare Post-Trial Balance CP Cleaning transactions 2 During the month of February 2017, the following transactions were completed. 1 - Received P 6,500 cash from customers on account. 3 Purchased cleaning supplies, P 4,200. 6 - Received P 7,800 for cleaning services rendered 9 Provided services worth 50% of the unearned revenue from the previous month. 11 - Collected the full amount of the notes receivable from the previous month. 13 - The owner made an additional investment of P 15,000. 15 - Billed a customer for services rendered, P 9,000. 17 - Paid P 14,000 partial payment to the cleaning equipment bought the previous month. 19 - Rendered services worth P 9,500 to a customer who gave a down payment of 4,000 and issued a promissory note for the balance. 20 - Owner withdrew P6,000 for personal use. 23 - Received an advance payment of P 10,000 for services to be rendered in the future. 25 - Paid the balance of P 11,500 owed to the furniture bought the previous month. 28 - Paid the second instalment on the bank loan covered by a promissory note, P 6,250. 29 - Paid the following expenses: salary of staff, P 7,500; and office rent, P5,000. CHART OF ACCOUNTS Acct # Account Title 101 Cash 105 Accounts Receivable 110 Notes Receivable 115 Cleaning Supplies 120 Furniture 125 Cleaning Equipment 201 Accounts Payable 205 Notes Payable 210 Unearned Revenue 301 C. Palacios, Capital 302 C. Palacios, Drawing 401 Service Income 501 Salaries Expense 505 Rent Expense Instructions 1.Journalize the transactions 2.Post the journal entries to the ledger 3.Prepare Pre-Trial Balance 4.Prepare the 4 Financial Statements a. Statement of Financial Position b. Statement of Income c. Statement of Equity d. Statement of Cash Flows 5.Prepare the Closing Entries 6.Prepare Post-Trial Balance
