Gen. JournalStep2: Journalize business transactions; Step8:
Adjusting Entries are journalized and posted; Step9: Closing
Entries are journalized and posted; Step11: Reversing entries are
journalized and posted
GENERAL JOURNALPage 1DateParticularsPRDebitCredit
GENERAL JOURNALPage 2DateParticularsPRDebitCredit
GENERAL JOURNALPage 3DateParticularsPRDebitCredit
Step5: Necessary adjusting entries are assembledAdjustment
Data:a.) Physical count of office supplies showed that P4,610 of
office supplies remained unused as of July 31, 2012b.) Accrued
electric bill for July 31 is P3,180c.) The office equipment has a
salvage value of P2,500 and an estimated life of 5 years.d.)
Accrued interest on the notes receivable is computed using 360
days
worksheetStep6: Preparation of WorksheetAccount TitlesTrial
BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance
SheetDrCrDrCrDrCrDrCrDrCr
CashAccounts ReceivableNotes ReceivableOffice SuppliesOffice
EquipmentAccounts PayableJuan Dela Cruz, CapitalJuan Dela Cruz,
DrawingProfessional Fees Rent ExpenseSalaries ExpenseUtilities
ExpenseTotal
Office Supplies ExpenseUtilities PayableDepreciation
ExpenseAccumulated Depreciation-Office EquipmentInterest
ReceivableInterest Income
Net Income
FSStep7 Preparation of Financial StatementsHeading:Business
NameType of FSDate
Professional Fees PLess: Operating ExpensesRentPSalariesOffice
SuppliesDepreciationUtilitiesNet Operating IncomePAdd: Other
incomeInterest IncomeNet IncomeP
Juan Dela Cruz, CPAStatement of Changes in Owner's EquityFor the
month ended July 31, 2012
Juan Dela Cruz, Capital, July 1, 2012PAdd: Net Income for the
monthTotalLess: Juan Dela Cruz, DrawingJuan Dela Cruz, Capital,
July 31, 2012P
Juan Dela Cruz, CPABalance SheetJuly 31, 2012
A S S E T SCashPAccounts ReceivableNotes ReceivableInterest
ReceivableOffice SuppliesOffice EquipmentPLess: Accumulated
DepreciationTotal AssetsP
L I A B I L I T I E SAccounts PayablePUtilities PayableTotal
LiabilitiesP
O W N E R' S E Q U I T YJuan Dela Cruz, Capital, July 31,
2012Total Liabilities & Owner's EquityP
Post Closing TBStep4: Preparation of Trial BalanceJuan Dela
Cruz, CPATrial BalanceJuly 31, 2012
Account TitlesPRDebit Credit
Cash101Accounts Receivable102Notes Receivable103Office
Supplies105Office Equipment113Accounts Payable201Juan Dela Cruz,
Capital301Juan Dela Cruz, Drawing302Professional Fees 401Rent
Expense502Salaries Expense503Utilities Expense508TOTAL
Step10: Preparation of Post-Closing Trial Balance
Account TitlesPRDebit Credit
Cash101Accounts Receivable102Notes Receivable103Interest
Receivable104Office Supplies105Office Equipment113Accumulated
Depreciation Equipment114Accounts Payable201Utilities
Payable203Juan Dela Cruz, Capital301TOTAL
