The following are the transactions for Weddings "R" Us during the month of May.

The doubleentry system will be us

Weddings "R" Us
Chart of Accounts
Balance Sheet Accounts Income Statement Accounts

Assets Income
No.
110 Cash
120 Accounts Receivable
130 Supplies
140 Prepaid Rent Expenses
150 Service Vehicle
160 Office Equipment

Liabilities
210 Notes Payable
220 Accounts Payable
230 Utilities Payable

Owner's Equity
310 Perez-Manalo, Capital
320 Perez-Manalo, Withdrawals
Revenues & Expenses
410 Consulting Revenues
510 Salaries Expense
520 Utilities Expense

May
1 She invested 250,000 pesos into this entity.
1 She rented an office space and paid 2 months rent in advance, 8,000 pesos
2 The owner issued a promissory note for the 210,000 pesos in Metrobank loan
2 She hired an assistant and an account executive, each with 7,800 monthly salary
4 She acquired service vehicle for 420,000 pesos
5 She acquired an office equipment from Fair and Square Emporium for P60,000
8 She purchased supplies on account for 18,000 pesos from San Jose merchandising
9 She paid San Juan Merchandising 10,000 of the amount owed
10 Coordinated and finalized simple bridal arrangements for three couples and collected fees of P8,800 per c
13 She paid salaries, 6,600 pesos
15 Received P10,000 advance fees for three clients referred.
19 Coordinated and finalized elaborate bridal arrangements for three couples and billed fees of P12,000 per couple.
25 Owner withdrew 14,000 pesos for personal use.
27 Paid salaries, P7,200
30 She received the ICC-BayanTel telephone bill, P1,400.
30 Received P24,000 from two clients for services billed last May 19.
 31 Settled the electricity bill for the month, 3,000 pesos

Requirements :
Chart of Accounts J
Journal
Ledger
Trial Balance
ubleentry system will be used.

llected fees of P8,800 per couple.

fees of P12,000 per couple.

Date Particulars PR Debit Credit
1-May Cash 110 250,000
Perez-Manalo, Capital 310 250,000
Initial Investment

1-May Prepaid rent 140 8,000

Cash 110 8,000
Paid rent in advance

2-May Cash 110 210,000

Notes Payable 210 210,000
Note issued for cash

2-May NO ENTRY

4-May Service Vehicle 150 420,000

Cash 110 420,000
Acquisition of service vehicle

5-May Office equipment 160 60,000

Cash 110 15,000
Accounts payable 45000
Office equipment acquired on account

8-May Supplies 130 18,000

Accounts payabe 220 18,000
Supplies purchased on account

9-May Accounts Payable 220 10,000

Cash 110 10,000
Accounts Payable partially settled

10-May Cash 110 26,400

Consulting Revenue 410 26,400
Revenues earned and cash collected

13-May Salaries Expense 110 6,600

Cash 510 6,600
Salaries paid

15-May Cash 110 10000

Accounts Receivable 10000

19-May Accounts Receivable 120 36,000

 Consulting Revenues 410 36,000
Revenues earned on account

25-May Perez-Manalo withdrawals 320 14,000

Cash 110 14,000
Withdrawal of cash by owner

27-May Salaries Expense 510 7,200

Cash 110 7,200

30-May Utilities expense 520 1,400

Utilities Payable 220 1,400
Expenses incurred but unpaid

30-May Cash 110 24,000

Accounts Receivable 120 24,000
Accounts Receivable partially collected

31-May Utilities expense 520 3,000

Cash 110 3,000
Expenses incurred and paid
Assets Income Debit Credit
No. Cash
110 Cash Debit Credit
120 Accounts Receivable 1-May 250,000
130 Supplies 8000
140 Prepaid Rent Expenses 2-May 210000
150 Service Vehicle 420,000
160 Office Equipment 15,000
10,000
Liabilities 10-May 26,400
210 Notes Payable 6,600
220 Accounts Payable 15-May 10,000
230 Utilities Payable 14,000
7,200
Owner's Equity 3,000
310 Perez-Manalo, Capital 496,400 483,800
320 Perez-Manalo,Withdrawals 12,600
330 Income Summary

Revenues & Expenses Account Receivable

410 Consulting Revenues Debit Credit
510 Salaries Expense 19-May 36,000
520 Utilities Expense 10,000
36,000 10,000
26,000

Supplies
Debit Credit
8-May 18000

Prepaid Rent
Debit Credit
1-May 8,000

Service Vehicle
Debit Credit
4-May 420,000

Office Equipment
Debit Credit
5-May 60,000 60000
0
 Notes Payable
Debit Credit
210000

Accounts Payable
Debit Credit
18000
45000
9-May 10000
10000 63000
-53000

Utilities Payable
Debit Credit
1,400

Perez- Manalo Capital

Debit Credit
250,000

Perez-Manalo,Withdrawals
Debit Credit
25-May 14,000

Consulting Revenues
Debit Credit
26,400
36,000
62,400

Salaries expense
Debit Credit
13-May 6,600
27-May 7,200
13,800

Utilities Expense
 Debit Credit
30-May 1,400
31-May 3,000
4,400
1-May

4-May
5-May
9-May

13-May

25-May
27-May
31-May

15-May
 8-May
5-May

30-May

analo Capital

1-May

nalo,Withdrawals

10-May
19-May
 Debit Credit
Cash 12,600
Accounts Receivable 26,000
Supplies 18,000
Prepaid Rent Expenses 8,000
Service Vehicle 420,000
Office Equipment 60,000
Notes Payable 210000
Accounts Payable 53000
Utilities Payable 1,400
Perez-Manalo, Capital 250,000
Perez-Manalo,Withdrawals 14,000
Consulting Revenues 62,400
Salaries Expense 13800
Utilities Expense 4400
576,800 576,800
Date Particulars PR Debit Credit
31-May Rent expense 4,000
Prepaid rent 4,000
Prepaid rent portion expired

31-May Supplies Expense 3,000

Supplies 3,000
To adjust the suppy account with the supplies used

31-May Depreciation Expense, Service Vehicle 4000

Accumulated depresciation, service vehicle 4000
Asset cost 420,000
Lesss: Estimated salvage value 84,000
Depreciable Cost 336,000
Divided by: Estimated u life 7 years
48000
Divided by 12 months
4000

31-May Depreciation Expense - Office Equipment 1000

Accumulated depreciation. Office Equipment 1000
Asset cost 60,000
Less: Estimated salvage value 0
Depreciable cost 60,000
Divided by: Estimatedu life 5 years
12,000
Divided by 1000

31-May Salaries Expense 1800

Salaries Payable 1800
to adjust expenses accured during the month
7,800 per month/ 300 per day
300 x 3 days x 2 employees 1,800

31-May Interest expense 3,500

Interest payable 3,500
I= PxRxT or PRT
(210000)(20%)(1/2)
3,500
Wedding "R" us
INCOME STATEMENT
May 2022

Gross Profit
Consulting Revenues 62,400
Operatinf Expenses
Salaries Expense 15,600
Utilities Expense 4,400
Rent Expense 4,000
Depreciation Expensee, Service Vehicle 4,000
Supplies Expense 3,000
Depreciation Expensee, Office Equipment 1,000
Total Operating expense 32,000
Operating Income 30,400
Finance Cost
Interest Expense 3,500
PROFIT 26,900
Date Account titles PR Debit Credit
31-May Consulting Revenues 410 62,400
Income Summary 330 62,400

31-May Income Summary 330 35,500

Salaries Expense 510 15,600
Supplies Expense 520 3,000
Rent Expense 530 4,000
Insurance Expense 540 0
Utilities Expense 550 4,400
Depreciation Expense - Service Vehicle 560 4,000
Depreciation Expense - Office Equipment 570 1,000
Interest Expense 590 3,500

31-May Income Summary 330 26,900

Perez-Manalo, Capital 310 26,900

31-May Perez- Manalo, Capital 310 14,000

Withdrawals 310 14,000
 Consulting revenues
410 Consulting Revenues Debit Credit
330 Income Summary 31-May 62,400
510 Salaries Expense
520 Supplies Expense
530 Rent Expense Income summary
540 Insurance Expense Debit Credit
550 Utilities Expense 62,400
560 Depreciation Expense - Service Vehicle 31-May 35,500
570 Depreciation Expense - Office Equipment 26,900
590 Interest Expense 62,400

Salaries Expense
Debit Credit
15,600

Supplies Expense
Debit Credi
3,000

Rent Expense
31-May Debit Credit
4,000

Insurance Expense
Debit Credit

Utilities Expense
31-May Debit Credit
4,400

Depreciation Expense - Service Vehicle

31-May Debit Credit
4,000
 Depreciation Expense - Office Equipment
31-May Debit Credit
1,000

Interest Expense
Debit Credit
3,500

Perez-Manalo, Capital
Debit Credit
14,000
26,400
-12,400
Withdrawals
Debit Credit
14,000
e - Service Vehicle
e - Office Equipment
Wedding "R" us
Worksheet
May 30

Unjusted
Trial Balance Adjustments
Account Titles Debit Credit Debit Credit
Cash 2,600
Accounts receivable 36,000
Supplies 18,000 3,000
Prepaid rent 8,000 4,000
Service Vehicle 420,000
Accumulated depreciation, Service vehicle 4,000
Office Equipment 60,000
Accumulated depreciation, Office equipment 1,000
Notes payable 210,000
Accounts payable 53,000
Salaries payable 1,800
Utilities payable 1,400
Interest payable 3,500
Perez-Manalo, Capital 250,000
Perez-Manalo, Withdrawals 14,000
Income summary
Consulting revenues 62,400
Salaries expenses 13,800 1,800
Supplies Expenses 3,000
Rent expense 4,000
Utilities Expense 4,400
Depreciation expense, Service vehicle 4,000
Depreciation expense, Office equipment 1,000
Miscelleneous Expense
Interest Expense - - 3,500 -
576,800 576800 17,300 17,300
Adjusted Post Closing
Trial Balance Income Statement Balance Sheet Closing Entries Trial Balance
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
2,600 2,600 2,600
36,000 36,000 36,000
15,000 15,000 15,000
4,000 4,000 4,000
420,000 420,000 420,000
4,000 4,000 4,000
60,000 60,000 60,000
1,000 1,000 1,000
210,000 210,000 210,000
53,000 53,000 53,000
1,800 1,800 1,800
1,400 1,400 1,400
3,500 3,500 3,500
250,000 250,000 262,900
14,000 14,000
26,900
62,400 62,400 62,400
15,600 15,600 15,600
3,000 3,000 3,000
4,000 4,000 4,000
4,400 4,400 4,400
4,000 4,000 4,000
1,000 1,000 1,000

3,500 - 3,500 - - - 3,500 - - -

587,100 587100 35,500 62,400 551,600 524700 62400 62,400 537,600 537600
26,900 26,900
62,400 62,400 551,000 551,600
10-Jun Salaries Payable 1,800
Salaries Expense 5,400
Cash 7,200