Jan 5, 2022. Invested 500,000 worth of capital in the form of 300,000 cash and 200,000 worth of PPE 

- Jan 15. Refresh Company, purchased its 300 items of chair amounting to 15 pesos each 

- Jan 30. The freight in for the purchase goods is 1.5 pesos each 

- Feb 15. The water bill is 5,000 due date end of the month 

- Feb 28. Meralco bill 3,000 due date 15 of the month 

- Mar 15. Sold 50 pcs of chair amounting to 150% of cost 

- Mar 30. 2 units of damage chair which purchase during Jan 15, returned to supplier 

- Apr 15. 3 units of damage chair received from customer 

- Apr 30. Due to the mistake of the accountant the water bill and electric bill was not payed on due date instead, payed on this day/date 

- Dec 31. Income tax 20% 

- Jan 15, 2023. Invested additional 100,000 capital in the form of furniture and fixtures 

- Jan 30. One of the equipment invested during Jan 5, 2022 was sold to junk shop. Computer with a book value of 10,000 sold for 8,000 

- Feb 15. One of the equipment invested during Jan 5, 2022 was sold to junk shop. Printer with a book value of 10,000 sold for 12,000 

- Feb 28. Advance payment from customer for 15 pcs of chair 

- Mar 15. Advance payment to supplier for 50 pcs of chairs 

- Mar 30. Delivered the 15 pcs chairs to customer 

- Apr 15. Delivered 50 pcs of chairs from supplier

 

 Requirements: Provide the

- Prepare T-Account 

- Prepare Trial Balance 

- Prenare Income Statement