General Instructions The accounting cycle starts with the analysis of transactions by creating a (1) general journal, (2)general ledger, (3) trial balance, (4) adjusting entries, (5) adjusted trial balance, then (6) preparation of financial statements.

Create an MS Excel worksheet ** Activity 1: General Journal, General Ledger, Unadjusted Trial Balance and Financial Statements.

" The topic is Accounting Essentials "

Activity 1. (5 worksheets) 3J's Renovations was established by James Lachica in June 2020 and completed the following transactions during the month. June 1 Deposited P400,000 in his business bank account 1 Purchased an equipment for P250,000 on credit 2 Collected P30,000 cash for repairs completed today 3 Paid P1,000 for supplies used today 4 Purchased P50,000 supplies on credit (recorded as unused supplies) 5 Billed customers P125,000 for repairs performed to date 8 Collected P25,000 of the amount billed on June 5 Paid half of the amount owing for equipment purchased on June 1 15 Sold excess equipment for P50,000 (its original cost). The buyer will pay this amount in several months (Recorded as accounts receivable) 18 Paid for the supplies purchased on June 4 20 Received P5,000 bill for electricity used to date (recorded as utilities expense 10 27 30 22 Paid P30,000 to the landlord for June and July rent (Recorded as prepaid rent) 23 Signed union contract that will increase wags 5% this year 25 Collected P50,000 of the amount billed on June 5 Paid the following expenses in cash: advertising, P7,500; internet, P2,500; truck operating expense, P50,000; wages, P125,000 30 Billed customers P100,000 for repairs completed to date Transferred to amount for June's rent to rent expense (P15,000) 30 Counted P7,500 of supplies still on hand (recorded the amount used as supplies expense Required: 1. Use the following account numbers: Cash (101), Accounts Receivable (110), Prepaid Rent (162), Unused Supplies (172), Equipment (183), Accounts Payable (210), Owner's Equity (320), Repair Revenue (450), Advertising Expense (610), Rent Expense (654), Supplies Expense (668), Internet Expense (676), and Wages Expense (677). 2. Prepare journal entries to record the June transactions including ledger account numbers. 3. Post the June entries in a general ledger. 4. Prepare a trial balance at June 30, 2020. 5. Prepare an income statement, statement in equity for the month ended June 30, 2020 and a balance sheet at June 30, 2020