BeloAvrils Kinda Service Company was formed on September 01, 2016 by Avril

Becks. The transactions for the first month of operations are listed below:

Sept. 1

BeloAvril invested P 50,000 cash in the business

Paid 5,000 for the first months rent of the office

Purchased supplies for cash worth 2,250 from Bellas Supplies

Purchased equipment on account for 10,000 from Bhe Bhes Hardware

Purchased furniture and fixtures for 10,800, giving a down payment of

4,800 from GemCris Manufacturing Inc.

Rendered service to customer worth 4,000 cash

10

Rendered service to customer on account, 3960

11

Borrowed 7,500 from B.P.I, signing a note for a non-interest bearing

13

Salaries of employees, 8,550

16

Paid Utilities, 2,200

17

Paid Bhe Bhes Hardware for the purchased last Sep 4 transaction,

18

Received cash from customer, 4,600 for rendered service

22

BeloAvril withdraw 2,000 cash for her personal use

23

Rendered customer on account, 3,300

25

Paid the Bank, 4,500

26

Rendered service worth 3,100 cash

27

Collected cash from customer 3,000 on account

30

Paid Gemcris Manufacturing Inc. the remaining balance

4,500

Page No. 1
Date
2016
1-Sep

Particulars
Cash
Avril,Capital
to record initial
Investment

Rent Expense
Cash

P
R
1
1
3
1

5
2
1
1

Debit
P 50,000

5,000

payment of rent

1
3
1
1

Supplies
Cash

2,250

purchased supplies

Equipment
Accounts payable
purchased equipment
on account

Furniture and fixtures

Cash
Accounts payable
purchased equipment

Cash
Service revenue
rendered service for
cash

10

Accounts receivable

1
4
2
1

1
5
1
1
2
1

1
1
4
1

1
2

10,000

10,800

4,000

3,960

Service revenue
rendered service on
account

11

Cash
Notes payable
Borrowed cash from

4
1

1
1
2
2

7,500

B.P.I
13

Salaries Expense

8,550
1
1

Cash
paid the salary of
employee
Date
2016
16-Sep

Particulars
Utilities Expense
Cash
paid utilities

17

Accounts payable
Cash
Paid Bhe Bhe's Hardware

18

Cash
Service revenue
rendered service for

P
R
5
3
1
1

2
1
1
1

1
1
4
1

Debit

Page No.
2
Credit

2,200
2,200

4,500
4,500

4,600
4,600

cash

22

Avril,Drawings
Cash

3
2
1
1

2,000
2,000

withdraw cash for

personal use
23

Accounts receivable

3,300

Service revenue
rendered service on
account

25

Notes payable
Cash
paid the bank

26

Cash
Service revenue
rendered service for

2
4
1

2
2
1
1

1
1
4
1

3,300

4,500
4,500

3,100
3,100

cash

27

Cash
Accounts receivable
collected cash from
customer

30

Accounts payable
Cash
paid Gemcris
manufacturing Inc.

1
1
1
2

2
1
1
1

3,000
3,000

6,000
6,000

Chart of Accounts
Acct
No.
11
12
13
14
15
21
22
31
32
41
51
52
53
60

Account Title
Cash
Accounts Receivable
Supplies
Equipment
Furniture And Fixtures
Accounts Payable
Notes Payable
Avril,Capital
Avril,Drawings
Service Revenue
Salaries Expense
Rent Expense
Utilities Expense
Income Summary
Accounts

BeloAvrils Kinda Service Company

Trial Balance
September 30,2016
Account Title
Cash
Accounts Receivable
Supplies
Equipment
Furniture And Fixtures

Debit
P
32,400
4,260
2,250
10,000
10,800

P
5,500
3,000
50,000

Accounts Payable
Notes Payable
Avril,Capital
Avril,Drawing
Service Revenue
Salaries Expense
Rent Expense
Utilities Expense
TOTAL

Credit

2,000
18,960
8,550
5,000
2,200
P
77,460

P
77,460

BeloAvrils Kinda Service Company

Income Statement
For the month ended, Sep 30,2016
Service Revenue
Less:Operating Expenses

P 18,960
P
8,550
5,000
2,200

Salaries Expense
Rent Expense
Utilities Expense
Net Income

(15,750)
P 3,210

BeloAvrils Kinda Service Company

Statement of Changes in Owners Equity
For the month ended, Sep 30,2016

Avril,Capital-Sep
P
01,2016
50,000
Net Income for the
P 3,210
month
Less:Avril,Drawings
(2,000)
Increase in Capital
1,210
BeloAvrils Kinda Service Company
Avril,Capital-Sep
P
Balance Sheet
30,2016
51,210
As of Sep 30,2016

ASSETS
Current Asset:
Cash
Accounts Receivable
Supplies

P32,40
0
4,260
2,250
P38,91
0

Total Current Assets

Non-Current Asset:
Equipment
Furnitures And Fixtures
Total Non-Current Assets

10,000
10,800
20,800
P59,71
0

TOTAL ASSETS

LIABILITIES
Accounts Payable
Notes Payable
Total liabilities

P5,500
3,000
P8,500

CAPITAL
Avril,Capital
TOTAL LIABILITIES and
CAPITAL

51,210
P59,71
0

BeloAvrils Kinda Service

Company
Statement of Cash Flow
For the month ended, Sep 30,2016
Operaing Activities:
Cash inflow from
Service
Cash inflow on account
Cash outflow for
expenses
Cash outflow on
account
Netflow:Outflow

P11,7
00
3,000
(18,0
00)
0
P
(3,300)

Investing
Activities:
Cash inflow for the sale of
0
Assets
Cash outflow from aquisition
(15,3
of Assets
00)
Netflow:Outflow
(15,300)
Financing
Activities:
Cash inflow from
50,00
Investment
0
Cash inflow from Bank
7,500
Cash outflow from
(2,00
Drawing
0)
Cash outflow on
(4,50
account-Bank
0)
Netflow:Inflow
51,000
BeloAvrils Kinda Service
Company
Cash Beginning
0
Post-Closing Trial Balance
Net Cash Inflow September 30,2016
51,000
Net Cash outflow
18,600
Cash End-Sep
CrediP
Account Title
30,2016
32,400
Debit
t
P32,4
Cash
00
Accounts Receivable
4,260
Supplies
2,250
10,00
Equipment
0
Furnitures And
10,80
Fixtures
0
P
Accounts Payable
5,500
Notes Payable
3,000
51,21
Avril,Capital
0
P59,7 P59,7
TOTAL
10
10

Closing
Entries
Date
2016
30-Sep

Particulars
Service revenue
Income Summary Account
to close service
revenue

Income Summary Account

Salaries Expense
Rent Expense
Utilities Expense

P
R
4
1
6
0

6
0
5
1
5
2
5
3

Debit

Credit

P 18960
P 18960

15,750
8,550
5,000
2,200

to close expenses
account

Income Summary Account

Avril,Capital
to close Income
Summary acct.

Avril,Capital
Avril,Drawings
to close Drawing Acct.

6
0
3
1

3
1
3
2

3,210
3,210

2,000
2,000