DATE

2014 PARTICULARS F DEBIT

Dec 31 ADJUSTING ENTRIES:
a) Rent Expense 7,200.00
Prepaid Rent
P19,200 x 3/8 = P7,200
#
b) Depreciation Expense - Equipment 7,125.00
Accumulated Depreciation - Equipment
P177,500 -35,000 x 5% = P7,125
#
c) Salaries Expense 12,000.00
Salaries Payable
#
d) Interest Expense 80.00
Interest Payable
P12,000 x 12% x 20/360 = P80
#
e) Bad Debts Expense 3,560.00
Allowance for Bad Debts
P71,200 x5% = P3,560
#
f) Supplies 5,000.00
Supplies Expense
#
CREDIT

7,200.00

7,125.00

12,000.00

80.00

3,560.00

5,000.00
 DIANA MARGALLO, INTERIO
WORKSHEET
For the Year Ended Decem

Cash 186,000.00
Accounts Receivables 71,200.00
Prepaid Rent 19,200.00
Equipment 177,500
Accum. Depr'n. - Equipment 4,750.00
Accounts Payable 18,750.00
Notes Payable 12,000.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional Fees 276,300.00
Salaries Expense 82,500
Supplies Expense 17,000
Utilities Expense 37,800
Interest Expense 1,600
TOTAL
MARGALLO, INTERIOR DECORATOR
WORKSHEET
e Year Ended December 31, 2014
 DIANA MARGALLO, INTERIO
WORKSHEET
For the Year Ended Decem

UNADJUSTED TRIAL
BALANCE ADJUSTMENTS
ACCOUNT TITLES Debit Credit Debit
Cash 186,000.00
Accounts Receivables 71,200.00
Prepaid Rent 19,200.00
Equipment 177,500
Accum. Depr'n. - Equipment 4,750.00
Accounts Payable 18,750.00
Notes Payable 12,000.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional Fees 276,300.00
Salaries Expense 82,500
Supplies Expense 17,000
Utilities Expense 37,800
Interest Expense 1,600
TOTAL
MARGALLO, INTERIOR DECORATOR
WORKSHEET
e Year Ended December 31, 2014

ADJUSTED TRIAL
ADJUSTMENTS BALANCE INCOME STATEMENT BALANCE SHEET
Credit Debit Credit Debit Credit Debit Credit
 DIANA MARGALL
W
For the Year En

UNADJUSTED TRIAL
BALANCE ADJUS
ACCOUNT TITLES Debit Credit Debit
Cash 186,000.00
Accounts Receivables 71,200.00
Prepaid Rent 19,200.00
Equipment 177,500
Accum. Depr'n. - Equipment 4,750.00
Accounts Payable 18,750.00
Notes Payable 12,000.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional Fees 276,300.00
Salaries Expense 82,500 c)
Supplies Expense 17,000
Utilities Expense 37,800
Interest Expense 1,600 d)
TOTAL 611,800 611,800
Rent Expense a)
Depr'n. Expense - Equipment b)
Salaries Payable
Interest Payable
Bad Debts Expense e)
Allowance for Bad Debts
Supplies f)
TOTAL
DIANA MARGALLO, INTERIOR DECORATOR
WORKSHEET
For the Year Ended December 31, 2014

ADJUSTED TRIAL
ADJUSTMENTS BALANCE INCOME STATEMENT BALANCE SHEET
Debit Credit Debit Credit Debit Credit Debit
186,000
71,200
a) 7,200 12,000
177,500
b) 7,125 11,875
18,750
12,000
300,000
19,000
276,300
12,000 94,500
f) 5,000 12,000
37,800
80 1,680

7,200 7,200
7,125 7,125
c) 12,000 12,000
d) 80 80
3,560 3,560
e) 3,560 3,560
5,000 5,000
34,965 34,965 634,565 634,565
BALANCE SHEET
Credit
 DIANA MARGALLO,
WOR
For the Year Ende

UNADJUSTED TRIAL
BALANCE ADJUSTM
ACCOUNT TITLES Debit Credit Debit
Cash 186,000.00
Accounts Receivables 71,200.00
Prepaid Rent 19,200.00
Equipment 177,500
Accum. Depr'n. - Equipment 4,750.00
Accounts Payable 18,750.00
Notes Payable 12,000.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional Fees 276,300.00
Salaries Expense 82,500 c)
Supplies Expense 17,000
Utilities Expense 37,800
Interest Expense 1,600 d)
TOTAL 611,800 611,800
Rent Expense a)
Depr'n. Expense - Equipment b)
Salaries Payable
Interest Payable
Bad Debts Expense e)
Allowance for Bad Debts
Supplies f)
TOTAL
DIANA MARGALLO, INTERIOR DECORATOR
WORKSHEET
For the Year Ended December 31, 2014

ADJUSTED TRIAL
ADJUSTMENTS BALANCE INCOME STATEMENT BALANCE SHEET
Debit Credit Debit Credit Debit Credit Debit
186,000
71,200
a) 7,200 12,000
177,500
b) 7,125 11,875
18,750
12,000
300,000
19,000
276,300
12,000 94,500
f) 5,000 12,000
37,800
80 1,680

7,200 7,200
7,125 7,125
c) 12,000 12,000
d) 80 80
3,560 3,560
e) 3,560 3,560
5,000 5,000
34,965 34,965 634,565 634,565
BALANCE SHEET
Credit
 DIANA MA

For the Y

UNADJUSTED TRIAL
BALANCE
ACCOUNT TITLES Debit
Cash 186,000.00
Accounts Receivables 71,200.00
Prepaid Rent 19,200.00
Equipment 177,500
Accum. Depr'n. - Equipment
Accounts Payable
Notes Payable
Margallo, Capital
Margallo, Drawings 19,000.00
Professional Fees
Salaries Expense 82,500
Supplies Expense 17,000
Utilities Expense 37,800
Interest Expense 1,600
611,800
Rent Expense
Depr'n. Expense - Equipment
Salaries Payable
Interest Payable
Bad Debts Expense
Allowance for Bad Debts
Supplies

NET INCOME
 DIANA MARGALLO, INTERIOR DECORATOR
WORKSHEET
For the Year Ended December 31, 2014

UNADJUSTED TRIAL ADJUSTED TRIAL

BALANCE ADJUSTMENTS BALANCE INCOME STATEMENT
Credit Debit Credit Debit Credit Debit Credit
186,000
71,200
a) 7,200 12,000
177,500
4,750.00 b) 7,125 11,875
18,750.00 18,750
12,000.00 12,000
300,000.00 300,000
19,000
276,300.00 276,300 276,300
c) 12,000 94,500 94,500
f) 5,000 12,000 12,000
37,800 37,800
d) 80 1,680 1,680
611,800
a) 7,200 7,200 7,200
b) 7,125 7,125 7,125
c) 12,000 12,000
d) 80 80
e) 3,560 3,560 3,560
e) 3,560 3,560
f) 5,000 5,000
34,965 34,965 634,565 634,565 163,865 276,300
112,435
276,300 276,300
BALANCE SHEET
Debit Credit
186,000
71,200
12,000
177,500
11,875
18,750
12,000
300,000
19,000

12,000
80

3,560
5,000
470,700 358,265
112,435
470,700 470,700
 DIANA MARGA

For the Year E

UNADJUSTED TRIAL
BALANCE
ACCOUNT TITLES Debit Credit
Cash 186,000.00
Accounts Receivables 71,200.00
Prepaid Rent 19,200.00
Equipment 177,500
Accum. Depr'n. - Equipment 4,750.00
Accounts Payable 18,750.00
Notes Payable 12,000.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional Fees 276,300.00
Salaries Expense 82,500
Supplies Expense 17,000
Utilities Expense 37,800
Interest Expense 1,600
TOTAL 611,800 611,800
Rent Expense
Depr'n. Expense - Equipment
Salaries Payable
Interest Payable
Bad Debts Expense
Allowance for Bad Debts
Supplies
TOTAL
NET INCOME
TOTAL
DIANA MARGALLO, INTERIOR DECORATOR
WORKSHEET
For the Year Ended December 31, 2014

ADJUSTED TRIAL
ADJUSTMENTS BALANCE INCOME STATEMENT BALANCE SHEET
Debit Credit Debit Credit Debit Credit Debit
186,000 186,000
71,200 71,200
a) 7,200 12,000 12,000
177,500 177,500
b) 7,125 11,875
18,750
12,000
300,000
19,000 19,000
276,300 276,300
c) 12,000 94,500 94,500
f) 5,000 12,000 12,000
37,800 37,800
d) 80 1,680 1,680

a) 7,200 7,200 7,200

b) 7,125 7,125 7,125
c) 12,000 12,000
d) 80 80
e) 3,560 3,560 3,560
e) 3,560 3,560
f) 5,000 5,000 5,000
34,965 34,965 634,565 634,565 163,865 276,300 470,700
112,435
276,300 276,300 470,700
BALANCE SHEET
Credit

11,875
18,750
12,000
300,000

12,000
80

3,560

358,265
112,435
470,700
 DIANA MARGALLO, INTERIOR DECORAT
POST CLOSING TRIAL BALANCE
December 31,2014

ACCOUNT TITLES
Cash
Accounts Receivables
Allowance for Bad Debts
Prepaid Rent
Supplies
Equipment
Accumulated Depreciation - Equipment
Accounts Payable
Notes Payable
Salaries Payable
Interest Payable
Margallo, Capital

TOTALS
NTERIOR DECORATOR
TRIAL BALANCE
r 31,2014

DEBIT CREDIT
186,000.00
71,200.00
3,560
12,000.00
5,000
177,500.00
11,875.00
18,750.00 HP:
12,000.00 P300,000 +
12,000.00 112,435 - 19,000
80.00
393,435.00

451,700.00 451,700.00
 DIANA MARGALLO, INTERIOR D
WORKSHEET
For the Year Ended December

UNADJUSTED TRIAL
BALANCE ADJUSTMENTS
ACCOUNT TITLES Debit Credit Debit Credit
Cash 16,000.00
Accounts Receivables 71,200.00
Prepaid Rent 19,200.00 a)
Equipment 177,500
Accum. Depr'n. - Equipment 4,750.00 b)
Accounts Payable 18,750.00
Notes Payable 12,000.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional Fees 106,300.00
Salaries Expense 82,500 c) 12,000
Supplies Expense 17,000 f)
Utilities Expense 37,800
Interest Expense 1,600 d) 80
441,800 441,800
Rent Expense a) 7,200
Depr'n. Expense - Equipment b) 7,125
Salaries Payable c)
Interest Payable d)
Bad Debts Expense e) 3,560
Allowance for Bad Debts e)
Supplies f) 5,000
34,965
NET LOSS
RGALLO, INTERIOR DECORATOR
WORKSHEET
ear Ended December 31, 2014

ADJUSTED TRIAL
DJUSTMENTS BALANCE INCOME STATEMENT BALANCE SHEET
Credit Debit Credit Debit Credit Debit Credit
16,000 16,000
71,200 71,200
7,200 12,000 12,000
177,500 177,500
7,125 11,875 11,875
18,750 18,750
12,000 12,000
300,000 300,000
19,000 19,000
106,300 106,300
94,500 94,500
5,000 12,000 12,000
37,800 37,800
1,680 1,680

7,200 7,200
7,125 7,125
12,000 12,000 12,000
80 80 80
3,560 3,560
3,560 3,560 3,560
5,000 5,000
34,965 464,565 464,565 163,865 106,300 300,700 358,265
57,565 57,565
163,865 163,865 358,265 358,265
 Date PARTICULARS F
Dec 31'14 ADJUSTING ENTRIES:
a) Rent Expense
Prepaid Rent
#
b) Depreciation Expense - Equipment
Accumulated Depreciation - Equipment
#
c) Salaries Expense
Salaries Payable
#
d) Interest Expense
Interest Payable
#
e) Bad Debts Expense
Allowance for Bad Debts
#
f) Supplies
Supplies Expense
#
Dec 31'14 CLOSING ENTRIES
a) Professional Fees
Income & expense Summary
#
b) Income & Expense Summary
Salaries Expense
Supplies Expense
Rent Expense
Utilities Expense
Bad Debts Expense
Depr'n. Expense - Equipment
Interest Expense
#
c) Income & Expense Summary
Margallo, Capital
#
d) Margallo, Capital
 Margallo, Drawings
#

Jan 01'15 REVERSING ENTRIES

a) Salaries Payable
Salaries Expense
#
b) Interest Payable
Interest Expense
#
c) Suppies Expense
Supplies
#
 DEBIT CREDIT

7,200.00
7,200.00

7,125.00
7,125.00

12,000.00
12,000.00

80.00
80.00

3,560.00
3,560.00

5,000.00
5,000.00

276,300.00
276,300.00

163,865.00
94,500.00
12,000.00
7,200.00
37,800.00
3,560
7,125.00
1,680.00

112,435.00
112,435.00

19,000.00
 19,000.00

12,000.00
12,000.00

80.00
80.00

5,000.00
5,000.00
 DIANA MARGALLO, INTERIOR DECORATOR
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014

REVENUES EARNED:
Professional Fees P
LESS: EXPENSES INCURRED
Salaries Expense P 94,500.00
Utilities Expense 37,800.00
Supplies Expense 12,000.00
Rent Expense 7,200.00
Depreciation Expense - Equipment 7,125.00
Bad Debts Expense 3,560.00
Interest Expense 1,680.00
NET INCOME P

DIANA MARGALLO, INTERIOR DECORATOR

STATEMENT OF CHANGES IN OWNER'S EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2014
Margallo, Capital, January 01, 2014 P
Add: Net Income
Total P
Less: Margallo, Drawings
Margallo, Capital, December 31, 2014 P
276,300.00

163,865.00
112,435.00

300,000.00
112,435.00
412,435.00
19,000.00
393,435.00
 DIANA MARGALLO, INTERIOR DECORATOR
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2014

A S S E T S Note
CURRENT ASSETS:
Cash ₱ 186,000.00
Trade and Other Receivables 1 67,640.00
Prepaid Expenses 2 17,000.00
Total Current Assets ₱ 270,640.00
NON-CURRENT ASSETS
Property, Plant & Equipment 3 165,625.00
TOTAL ASSETS ₱ 436,265.00

LIABILITIES & OWNER'S EQUITY

CURRENT LIABILITIES:
Trade and Other Payable 4 ₱ 42,830.00

OWNER'S EQUITY
Margallo, Capital, December 31, 2014 393,435.00
TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 436,265.00

NOTES TO FINANCIAL STATEMENTS:

Note 1 - Trade and Other Receivables

Accounts Receivables ₱ 71,200.00
Less: Allowance for Bad Debts 3,560.00
₱ 67,640.00

Note 2 - Prepaid Expenses

Prepaid Rent ₱ 12,000.00
Supplies 5,000.00
Total ₱ 17,000.00

Note 3 - Property, Plant & Equipment

Equipment ₱ 177,500.00
Less: Accumulated Depreciation 11,875.00
₱ 165,625.00

Note 4 - Trade and Other Payables

Accounts Payable ₱ 18,750.00
Notes Payable 12,000.00
Salaries Payable 12,000.00
Interest Payable 80.00
Total ₱ 42,830.00
 DIANA MARGALLO, INTERIOR DECORATOR
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2014

A S S E T S Note
CURRENT ASSETS:
Cash ₱ 186,000.00
Trade and Other Receivables 1 67,640.00
Prepaid Expenses 2 17,000.00
Total Current Assets ₱ 270,640.00
NON-CURRENT ASSETS
Property, Plant & Equipment 3 165,625.00
TOTAL ASSETS ₱ 436,265.00

NOTES TO FINANCIAL STATEMENTS:

Note 1 - Trade and Other Receivables

Accounts Receivables ₱ 71,200.00
Less: Allowance for Bad Debts 3,560.00
₱ 67,640.00

Note 2 - Prepaid Expenses

Prepaid Rent ₱ 12,000.00
Supplies 5,000.00
Total ₱ 17,000.00

Note 3 - Property, Plant & Equipment

Equipment ₱ 177,500.00
Less: Accumulated Depreciation 11,875.00
₱ 165,625.00

Note 4 - Trade and Other Payables

Accounts Payable ₱ 18,750.00
Notes Payable 12,000.00
Salaries Payable 12,000.00
Interest Payable 80.00
Total ₱ 42,830.00
 NTERIOR DECORATOR
NANCIAL POSITION
MBER 31, 2014

LIABILITIES & OWNER'S EQUITY Note

CURRENT LIABILITIES:
Trade and Other Payable 4 ₱ 42,830.00

OWNER'S EQUITY
Margallo, Capital, December 31, 2013 393,435.00

TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 436,265.00

 DIANA MARGALLO, INTERIOR DECORATOR
ADJUSTED TRIAL BALANCE
December 31,2014

ACCOUNT TITLES DEBIT CREDIT

Cash P 186,000.00
Accounts Receivables 71,200.00
Prepaid Rent 12,000.00
Equipment 177,500.00
Accumulated Depreciation - Equipment 11,875.00
Accounts Payable 18,750.00
Notes Payable 12,000.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional Fees 276,300.00
Salaries Expense 94,500.00
Supplies Expense 12,000.00
Utilities Expense 37,800.00
Interest Expense 1,680.00

TOTALS P P
 DIANA MARGALLO, INTERIOR DECORATOR
ADJUSTED TRIAL BALANCE
December 31, 2014

ACCOUNT TITLES DEBIT CREDIT

Cash P 186,000.00
Accounts Receivables 71,200.00
Allowance for Bad Debts P 3,560
Prepaid Rent 12,000.00
Supplies 5,000
Equipment 177,500.00
Accumulated Depreciation - Equipment 11,875.00
Accounts Payable 18,750.00
Notes Payable 12,000.00
Salaries Payable 12,000.00
Interest Payable 80.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional Fees 276,300.00
Salaries Expense 94,500.00
Supplies Expense 12,000.00
Rent Expense 7,200.00
Utilities Expense 37,800.00
Bad Debts Expense 3,560
Depr'n. Expense - Equipment 7,125.00
Interest Expense 1,680.00

TOTALS P 634,565.00 P 634,565.00

 DIANA MARGALLO, INTERIOR DECORATOR
ADJUSTED TRIAL BALANCE
December 31,2014

ACCOUNT TITLES DEBIT CREDIT

Cash 186,000.00
Accounts Receivables 71,200.00
Allowance for Bad Debts 3,560
Prepaid Rent 12,000.00
Supplies 5,000.00
Equipment 177,500.00
Accumulated Depreciation - Equipment 11,875.00
Accounts Payable 18,750.00
Notes Payable 12,000.00
Salaries Payable 12,000.00
Interest Payable 80.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional Fees 276,300.00
Salaries Expense 94,500.00
Supplies Expense 12,000.00
Rent Expense 7,200.00
Utilities Expense 37,800.00
Bad Debts Expense 3,560.00
Depr'n. Expense - Equipment 7,125.00
Interest Expense 1,680.00

TOTALS 634,565.00 634,565.00