Based on the given information below, prepare the following: 1. Statement of Income 2. Statement of Changes in Owner's Equity Happy Valley Worksheet (Unadjusted to Adjusted TB omitted) For the month ended March 31, 2021 Statement of Income Statement of Financial Position Dr Cr Dr Cr Cash on Hand 87,904.00 Cash in Bank 2,114,640.00 Accounts Receivable 35,000.00 Allowance for Bad Debts 1,750.00 Notes Receivable 4,000.00 Interest Receivable 40.00 Amusement Rides 2,400,000.00 Accumulated Depreciation - Amusement Rides 18,000.00 Electronic Equipment 80,896.00 Accumulated Depreciation - Electronic Equipment 2,136.00 Furniture and Fixtures 24,000.00 Accumulated Depreciation - Furniture and Fixtures 360.00 Accounts Payable 15,400.00 Notes Payable 80,000.00 Interest Payable 1,600.00 SS Premiums Payable 2,880.00 EC Premiums Payable 64.00 Philhealth Premiums Payable 1,280.00 Pag-Ibig Premiums Payable 960.00 Withholding Taxes Payable 3,760.00 Utilities Payable 2,400.00 Mortgage Payable 400,000.00 Masaya, Capital 4,200,000.00 Masaya, Drawing 7,500.00 Ticket Sales 44,960.00 Rental Income 89,600.00 Interest Income 40.00 Advertising Expense 16,000.00 Salaries Expense 48,000.00 EC Premium Expense 64.00 Pag-Ibig Premium Expense 480.00 Philhealth Premium Expense 640.00 SS Premium Expense 1,920.00 Rent Expense 8,000.00 Taxes and Licenses Expense 1,460.00 Utility Expense 10,800.00 Interest Expense 1,600.00 Bad Debts Expense 1,750.00 Depreciation Expense 20,496.00 Total 111,210.00 134,600.00 4,753,980.00 4,730,590.00 Net Income 23,390.00 23,390.00 Total 134,600.00 134,600.00 4,753,980.00 4,753,980.00 Additional Information: This is the company's 1st month of operations. The Notes Receivable is a 90-day note. The Notes Payable is a 1-year note maturing March 18, 2021. It was issued to acquire the Electronic Equipment. The Mortgage Payable matures on March 3, 2026. The Furniture and Fixtures was acquired by paying cash of P8,600 and the balance on the account (Accounts Payable of P15,400) GENERAL LEDGER CASH ON HAND 101 Date f Dr Date f Cr Mar 1 GJ1 Investment 50,000.00 Mar 3 GJ1 Payment for freight on Equipment 896.00 12 Collection of account: Wesleyan University 10,000.00 10 Payment for billboard ads 16,000.00 13 GJ2 Collection of account: International School 10,000.00 15 GJ2 Transfer to Cash in Bank 39,300.00 14 Cash receipts from customers 2,560.00 24 GJ3 Taxes and Licenses 1,460.00 17 Cash receipts from customers 20,000.00 18 Collection of account: St. Michael College 7,000.00 20 Collection of account: International School 3,000.00 26 Collection of account: St. Michael College 10,000.00 27 Collection of account: Wesleyan University 6,000.00 30 Cash receipts from customers 27,000.00 145,560.00 57,656.00 87,904.00 CASH IN BANK 102 Date f Dr Date f Cr Mar 1 GJ1 investment 3,950,000.00 Mar 1 GJ1 Purchase of Amusement rides 2,000,000.00 3 investment 200,000.00 10 Purchase of Furniture and Fixtures 8,600.00 15 GJ2 Transfer from Cash on Hand 39,300.00 16 GJ2 Payment for Salaries 21,920.00 25 GJ3 Payment for Utilities 8,400.00 28 Payment for Rent 8,000.00 31 Payment for Salaries 20,240.00 31 Withdrawal 7,500.00 4,189,300.00 2,074,660.00 2,114,640.00 MASAYA, CAPITAL 501 Date f Dr Date f Cr Mar 1 GJ1 4,000,000 3 200,000 4,200,000

Based on the given information below, prepare the following: 1. Statement of Income 2. Statement of Changes in Owner's Equity Happy Valley Worksheet (Unadjusted to Adjusted TB omitted) For the month ended March 31, 2021 Statement of Income Statement of Financial Position Dr Cr Dr Cr Cash on Hand 87,904.00 Cash in Bank 2,114,640.00 Accounts Receivable 35,000.00 Allowance for Bad Debts 1,750.00 Notes Receivable 4,000.00 Interest Receivable 40.00 Amusement Rides 2,400,000.00 Accumulated Depreciation - Amusement Rides 18,000.00 Electronic Equipment 80,896.00 Accumulated Depreciation - Electronic Equipment 2,136.00 Furniture and Fixtures 24,000.00 Accumulated Depreciation - Furniture and Fixtures 360.00 Accounts Payable 15,400.00 Notes Payable 80,000.00 Interest Payable 1,600.00 SS Premiums Payable 2,880.00 EC Premiums Payable 64.00 Philhealth Premiums Payable 1,280.00 Pag-Ibig Premiums Payable 960.00 Withholding Taxes Payable 3,760.00 Utilities Payable 2,400.00 Mortgage Payable 400,000.00 Masaya, Capital 4,200,000.00 Masaya, Drawing 7,500.00 Ticket Sales 44,960.00 Rental Income 89,600.00 Interest Income 40.00 Advertising Expense 16,000.00 Salaries Expense 48,000.00 EC Premium Expense 64.00 Pag-Ibig Premium Expense 480.00 Philhealth Premium Expense 640.00 SS Premium Expense 1,920.00 Rent Expense 8,000.00 Taxes and Licenses Expense 1,460.00 Utility Expense 10,800.00 Interest Expense 1,600.00 Bad Debts Expense 1,750.00 Depreciation Expense 20,496.00 Total 111,210.00 134,600.00 4,753,980.00 4,730,590.00 Net Income 23,390.00 23,390.00 Total 134,600.00 134,600.00 4,753,980.00 4,753,980.00 Additional Information: This is the company's 1st month of operations. The Notes Receivable is a 90-day note. The Notes Payable is a 1-year note maturing March 18, 2021. It was issued to acquire the Electronic Equipment. The Mortgage Payable matures on March 3, 2026. The Furniture and Fixtures was acquired by paying cash of P8,600 and the balance on the account (Accounts Payable of P15,400) GENERAL LEDGER CASH ON HAND 101 Date f Dr Date f Cr Mar 1 GJ1 Investment 50,000.00 Mar 3 GJ1 Payment for freight on Equipment 896.00 12 Collection of account: Wesleyan University 10,000.00 10 Payment for billboard ads 16,000.00 13 GJ2 Collection of account: International School 10,000.00 15 GJ2 Transfer to Cash in Bank 39,300.00 14 Cash receipts from customers 2,560.00 24 GJ3 Taxes and Licenses 1,460.00 17 Cash receipts from customers 20,000.00 18 Collection of account: St. Michael College 7,000.00 20 Collection of account: International School 3,000.00 26 Collection of account: St. Michael College 10,000.00 27 Collection of account: Wesleyan University 6,000.00 30 Cash receipts from customers 27,000.00 145,560.00 57,656.00 87,904.00 CASH IN BANK 102 Date f Dr Date f Cr Mar 1 GJ1 investment 3,950,000.00 Mar 1 GJ1 Purchase of Amusement rides 2,000,000.00 3 investment 200,000.00 10 Purchase of Furniture and Fixtures 8,600.00 15 GJ2 Transfer from Cash on Hand 39,300.00 16 GJ2 Payment for Salaries 21,920.00 25 GJ3 Payment for Utilities 8,400.00 28 Payment for Rent 8,000.00 31 Payment for Salaries 20,240.00 31 Withdrawal 7,500.00 4,189,300.00 2,074,660.00 2,114,640.00 MASAYA, CAPITAL 501 Date f Dr Date f Cr Mar 1 GJ1 4,000,000 3 200,000 4,200,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3EA: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...

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Based on the given information below, prepare the following:
1. Statement of Income
2. Statement of Changes in Owner's Equity

Happy Valley

Worksheet (Unadjusted to Adjusted TB omitted)

For the month ended March 31, 2021

	Statement of Income	Statement of Financial Position
	Dr	Cr	Dr	Cr
Cash on Hand			87,904.00
Cash in Bank			2,114,640.00
Accounts Receivable			35,000.00
Allowance for Bad Debts				1,750.00
Notes Receivable			4,000.00
Interest Receivable			40.00
Amusement Rides			2,400,000.00
Accumulated Depreciation - Amusement Rides				18,000.00
Electronic Equipment			80,896.00
Accumulated Depreciation - Electronic Equipment				2,136.00
Furniture and Fixtures			24,000.00
Accumulated Depreciation - Furniture and Fixtures				360.00
Accounts Payable				15,400.00
Notes Payable				80,000.00
Interest Payable				1,600.00
SS Premiums Payable				2,880.00
EC Premiums Payable				64.00
Philhealth Premiums Payable				1,280.00
Pag-Ibig Premiums Payable				960.00
Withholding Taxes Payable				3,760.00
Utilities Payable				2,400.00
Mortgage Payable				400,000.00
Masaya, Capital				4,200,000.00
Masaya, Drawing			7,500.00
Ticket Sales		44,960.00
Rental Income		89,600.00
Interest Income		40.00
Advertising Expense	16,000.00
Salaries Expense	48,000.00
EC Premium Expense	64.00
Pag-Ibig Premium Expense	480.00
Philhealth Premium Expense	640.00
SS Premium Expense	1,920.00
Rent Expense	8,000.00
Taxes and Licenses Expense	1,460.00
Utility Expense	10,800.00
Interest Expense	1,600.00
Bad Debts Expense	1,750.00
Depreciation Expense	20,496.00
Total	111,210.00	134,600.00	4,753,980.00	4,730,590.00
Net Income	23,390.00			23,390.00
Total	134,600.00	134,600.00	4,753,980.00	4,753,980.00

Additional Information:

This is the company's 1st month of operations.

The Notes Receivable is a 90-day note.

The Notes Payable is a 1-year note maturing March 18, 2021. It was issued to acquire the Electronic Equipment.

The Mortgage Payable matures on March 3, 2026.

The Furniture and Fixtures was acquired by paying cash of P8,600 and the balance on the account (Accounts Payable of P15,400)

GENERAL LEDGER

CASH ON HAND	101
Date	f		Dr	Date	f		Cr
Mar 1	GJ1	Investment	50,000.00	Mar 3	GJ1	Payment for freight on Equipment	896.00
12		Collection of account: Wesleyan University	10,000.00	10		Payment for billboard ads	16,000.00
13	GJ2	Collection of account: International School	10,000.00	15	GJ2	Transfer to Cash in Bank	39,300.00
14		Cash receipts from customers	2,560.00	24	GJ3	Taxes and Licenses	1,460.00
17		Cash receipts from customers	20,000.00
18		Collection of account: St. Michael College	7,000.00
20		Collection of account: International School	3,000.00
26		Collection of account: St. Michael College	10,000.00
27		Collection of account: Wesleyan University	6,000.00
30		Cash receipts from customers	27,000.00
			145,560.00				57,656.00
			87,904.00

CASH IN BANK	102
Date	f		Dr	Date	f		Cr
Mar 1	GJ1	investment	3,950,000.00	Mar 1	GJ1	Purchase of Amusement rides	2,000,000.00
3		investment	200,000.00	10		Purchase of Furniture and Fixtures	8,600.00
15	GJ2	Transfer from Cash on Hand	39,300.00	16	GJ2	Payment for Salaries	21,920.00
				25	GJ3	Payment for Utilities	8,400.00
				28		Payment for Rent	8,000.00
				31		Payment for Salaries	20,240.00
				31		Withdrawal	7,500.00
			4,189,300.00				2,074,660.00
			2,114,640.00






MASAYA, CAPITAL	501
Date	f		Dr	Date	f		Cr
				Mar 1	GJ1		4,000,000
				3			200,000
							4,200,000

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