Sl @' & Final-5th-Meeting... [Q Activity No. 2 Santos Law Office Trial Balance January 31, 2012 Debit Credit 101 Cash P 32,150 104 Lawbooks 9,000 110 Accounts Receivable 5,300 120 Supplies 3,500 150 Equipment 8,000 201 Accounts Payable P 11,650 210 Unearned Revenue 5,500 301 Santos Capital 42,000 510 Advertising Expense 1,200 P59.150 P59.150 The following transactions occurred during February. February 1 Deposit in a current P80, 000 to be used for the law office as initial investment. 5 Purchased various lawbooks from A & A Book Store, P11, 500, issuing check for P4,500 and the balance payable in 30 days. 10 Secured the necessary business license and mayor's permit, P1,500 cash. 14 Received P15, 300 cash as retainer's fee from various clients. 18 Sent a bill to Qubee Manufacturing for legal services rendered, P20, 000. 19 Paid the miscellaneous office supplies used during the month, P980. 25 Performed services to his client with advanced payment last month, P1, 750. 26 Withdrew P1, 500 cash for personal use. 27 Paid the Salary of secretary for the month, P4,500. 28 Transferred lawbooks to the law office worth P15, 000 from his personal library as additional investment. Additional Chart of Accounts to be used: 155 Accumulated Depreciation -Equipment, 215 Utilities Payable 302 Santos Withdrawals, 401 Service Revenue, 501 Salaries Expense, 504 Office Supplies Expense, 505 Utilities Expense, 509 Taxes and Licenses Expense, 515 Depreciation Expense-Equipment, 600 Income Summary Required: 1. Chart of Accounts 5. Statement of Performance 9. Closing Entries 2. Journal 6. Statement of Equity 10. Post-Closing Trial Balance 3. Ledger 7. Statement of Financial Position 4. Trial Balance 8. Statement of Cash Flows At the end of the period, the following adjusting entries were made: (10 Column Worksheet) February 29 Accounts Receivable 500 Service Revenue 500 29 Utilities Expense 1,500 Utilities Payable 1,500 29 Depreciation Expense-Equipment 1,000 Accumulated Depreciation-Equipment 1,000 A