Journal Entries

1. The business rendered services worth P200,000. The client paid P100,000 outright cash and the balance to be paid on the last week of January.

2. The owner took home P50,000 from the business for personal use

CHART OF ACCOUNTS

ASSETS Cash Accounts Receivable Supplies Office Equipment Building

LIABILITIES Accounts Payable Unearned Revenue

CAPITAL Owner's Equity Owner's Drawing

INCOME AND EXPENSES Service Revenue Salaries Expense Utilities Expense