Question 1 Accounting

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On December 1, 2021, Ms. David started a mobile laundry business and she registered it under the name David Laundry Services. The following are the transactions she incurred for the month of December. December Invested P350,000 as the initial capital of her business. A W Bought three washing machines worth P25,000 each paying 25% down and the balance on credit. Bought supplies needed in her office amounting to P5,000 in cash. Paid licenses and permits, P10,000. Rendered laundry services worth P10,500 cash. Bought tables and chairs for the office on account, P2,800. 8 Purchased vehicle amounting to P180,000 paying P50,000 cash for the down payment and the rest is on a monthly installment basis. 10 Rendered laundry services on account, P3,900. 12 Collected the full payment for the transaction on December 10. 16 Paid salary of two staff for the first 15 days of work, P8,000. 16 Rendered laundry services in cash, P10,000. 24 Purchased additional supplies, P3,400. 28 Withdrew P5,000 from the capital of the business. 29 Received electricity bill and paid on the same day, P2,100. 29 Rendered laundry services in cash, P21,000. 30 Paid radio advertising worth P3,000 and salaries of staff worth P8,000. Prepare the following: 1. Journal Entries (20%) 2. Ledger (10%) 3. Trial Balance (5%) Items for adjustments: A. The washing machines were expected to have a useful life of 8 years and a salvage value of P2,000.00 B. The used supplies amounted to P4,910.00 C. The tables and chairs were expected to have a useful life of 5 years with no salvage value. D. The vehicle was expected to have a useful life of 10 years with a salvage value of P5,000.00 Prepare the following: 1. Adjusting Entries (5%) 2. Worksheet (25%) 3. Income Statement (10%) 4. Statement of Changes in Equity (5%) 5. Balance Sheet (10%) 6. Cash Flows (10%)