PIO English and Math Tutorial Center

Journal Entries
July 1-31, 2011

PIO English and Math Tutorial Center

Financial Worksheet
July 1-31, 2011

DATE
ACCOUNT REF
DEBIT
CREDIT
1-Jul-15 Cash
50,000
Owner's Capital
50,000
To record investment
2-Jul-15 Rent Expense
10,000
Cash
To record rental
3-Jul-15 Taxes and Licences
Cash
To record rental

CASH
50,000

10,000

(10,000)

2,000

(2,000)

ACCOUNTSOFFICE
RECEIVABLEQUIPMEN

2,000

10-Jul-15 Cash
15,000
Service Income
15,000
To record cash service income

15,000

18-Jul-15 Cash
3,000
Service Income
3,000
To record cash service income

3,000

25-Jul-15 Cash
20,000
Notes Payable
20,000
To record promisoyr note - 30 day

20,000

27-Jul-15 Accounts Receivable

5,000
Service Income
5,000
To record service income on account
30-Jul-15 Utility Expense
3,500
Cash
To record electric bill

3,500

5,000

(3,500)

31-Jul-15 Office Equipment

32,000
Accounts Payable
32,000
To record office equipment
31-Jul-15 Salary Expense
14,000
Cash
To record electric bill

14,000

32,000

(14,000)

154,500

154,500

58,500

5,000
95,500

PIO English and Math Tutorial Center

Trial Balance
July 31, 2011
ACCOUNT NAME
DEBIT
CREDIT
Cash
58,500
Accounts Receivable
5,000
Office Equipment
32,000
Accounts Payable
32,000
Notes Payable
20,000
Owner's Capital
50,000
Service Income
23,000
Rent Expense
10,000
Taxes and Licences
2,000
Utility Expense
3,500
Salary Expense
14,000
125,000
125,000
PIO English and Math Tutorial Center
Statement of Finnancial Position
As of the period ended July 31, 2011
ASSETS
Cash
Accounts Receivable
Office Equipment
Total Asset
LIABILITIES
Accounts Payable
Notes Payable
Total Liabilities
EQUITY
Owner's Capital, Beg.
Income
Owner's Capital, End.
Total Liabilities and Owner's

Income Statement

58,500
5,000
32,000
95,500
32,000
20,000
52,000
50,000
(6,500)
43,500
95,500

95,500

32,000

Service Income
Less: Expenses
Rent Expense
Taxes and Licences
Utility Expense
Salary Expense
Net Loss

23,000
10,000
2,000
3,500
14,000
29,500
(6,500)

h Tutorial Center

ACCOUNTSNOTES
PAYABLE PAYABLE

CAPITAL

REVENUE EXPENSES

50,000

10,000

2,000

15,000

3,000

20,000

5,000

3,500

32,000

14,000

32,000

20,000

52,000

50,000

23,000
43,500

95,500
-

29,500

DATE
ACCOUNT NAME
REF
1-Apr-15 Cash
Medical fee
To record cash medical fee

DEBIT
CREDIT
65,000
65,000

2-Apr-15 Cash
5,000
Account Receivable
To record cash from service rendered last March

5,000

3-Apr-15 Cash
5,000
Unearned Service Income
To record cash for service to be rendered in May

5,000

4-Apr-15 Rent Expense

Cash
To record rental

9,000
9,000

5-Apr-15 Utility Expense

Utilities Payable
To record electric bill

4,000

6-Apr-15 Salary Expense

Cash
To record payment of salary
7-Apr-15 Utility Expense
Cash
To record water bill
8-Apr-15 Cash
Bank Payable
To record bank loan - BC Bank
9-Apr-15 Repairs and Maintenance
Cash
To record payment of repairs
10-Apr-15 Cash
Owner's Capital

4,000

14,000
14,000

3,500
3,500

20,000
20,000

2,500
2,500

50,000
50,000

CASH
65,000

ACCOUNTSOFFICE
ACCOUNTSBANK
RECEIVABLEQUIPMEN PAYABLE PAYABLE

CAPITAL

REVENUE EXPENSES
65,000

5,000
(5,000)

5,000
5,000

9,000
(9,000)

4,000

14,000

3,500
(3,500)

20,000
20,000

2,500

50,000
50,000

INCOME
LOSS

PIO English and Math Tutorial Center

Statement of Finnancial Position
As of the period ended July 31, 2011
( In Philippine Peso)
ASSETS
Cash
Accounts Receivable
Office Equipment
Total Asset
LIABILITIES
Accounts Payable
Notes Payable
Total Liabilities
EQUITY
Owner's Capital, Beg.
Income
Owner's Capital, End.

58,500
5,000
32,000
95,500

Total Liabilities and Owner's Equity

95,500

32,000
20,000
52,000
50,000
(6,500)
43,500