Part 1

Cash in Bank 810,000

Accounts Receivable 60,000

Est. Uncollectible Accounts 1,000

Prepaid Rent 15,000

Unused Supplies 10,000

Equipment 250,000

Accumulated Depreciation 85,000

Accounts Payable 72,000

Accrued Advertising 18,000

Mark, Capital 974,850

Mark, Drawing 25,000

Service Income 150,000

Miscellaneous Income 15,000

Uncollectible Accounts Expense 850

Depreciation Expense 50,000

Rent Expense 20,000

Supplies Expenses 3,000

Taxes and Licenses 10,000

Advertising Expense 5,000

Utilities Expense 12,000

Instruction: Make the Closing Entries and

Post Closing Trial balance .

Part 2.

Please prepare the journal entries

1. August 1, purchased merchandise from Office Warehouse Company amounting to P15,000 cash on delivery.

2. August 2, purchased merchandise from Pandayan Bookshop amounting to P6,000, terms 5/10, n/EOM

3. August 7, J&J returned P3,000 worth of merchandise to Office Warehouse Company. Cash refund was granted.

4. August 10, J&J paid their account balance to Pandayan Bookshop

Part 3

Please prepare the Journal entries

1. December 1, sold merchandise to Kumon Learning Center with a price of P12,000, cash on delivery.

2. December 2, sold merchandise to Maranatha Christian Academy with a price of P8,000, terms 2/10, n/30.

3. December 5, Kumon Learning Center returned P3,000 worth of defective merchandise. Cash refund was granted.

4. December 11, Maranatha Christian Academy paid their account balance.