Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021:

April 4                   The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250.

April 4                   Paid three months advance rental to Ninang Lessor for 1,500 per month.

April 4                   Paid Casualty insurance PRU UK amounting to 1,800.

April 6                   Received cash from GTZ Enterprise on sale of merchandise for 3,000.

April 7                   Purchase additional furniture on account from Crizfat Furniture amounting to 1,800.

April 8                   Cash Sales from walk in client amounting to 800

April 11                 Paid Cash advertisement to Bulgar Newspaper amounting to 120.

April 12                 Paid debt amounting to 800 from Crizfat Furniture (purchased furniture last April 7)

April 15                Sales from Zion the Lion on account amounting to 2,250

April 15                 Paid part time employee amounting to 400.

April 15                 Cash Sales walk in Client amounting to 3,175.

April 18                 Purchase supplies amounting to 750.

April 22                 Sale on account to Zues Bala amounting to 1,100

April 22                 Cash Sales form walk in client amounting to 1,850

April 25                 Received Cash from walk in client amounting to 1,600

April 27                 Paid part time employee amounting to 400.

April 29                 Paid PLDT amounting to 130.

April 29                 Paid Meralco 200.

April 29                 Received Cash from client for merchandise amounting to 2,050.

April 29                 Sale on account amounting tp 1,000.

April 29                 Drex withdraw 4,500 as part of his return of investment.

Already provided closing entries, adjusting, and t-account

INSTRUCTION:

Prepare Trial Balance

Prepare Income Statement, Balance Sheet and Statement of Changes in equity

Transcribed Image Text:Taccount April 15 April 22 Accounts Receivable 2250 1,100 April 29 Drex, Capital 20.000 April 4 2,050 2.300 Cash Bal. ef Advertising Expese 120 Bal ef April 4 10,000 April 4 4,500 Bal. of 10.000 April 29 1000 Apnl 11 120 April 6 April 8 April 15 3,000 1,800 April 4 April 4 April 4 April 4 1,250 7.500 April 11 3,175 April 12 April 15 April 18 2,050 Apeil 27 April 29 April 29 April 29 800 120 4350 4,350 Salaries Expense 800 1,250 April 15 400 Bal cf 800 April 22 1,850 400 Telephone Expense April 27 400 April 25 1,600 750 20,000 20,000 April 29 130 Bal. cf 130 April 29 400 s00 s00 130 Prepaid Rent Electricity Expense 200 April 4 4,500 Bal. ef 4,500 April 29 200 Bal. ef 200 Drex, Wirhdrawals 4,500 April 29 4,500 Bal cf 4,500 Bal ef 8,875 Prepaid Insurance April 4 1,800 Bal. ef 1,800 Part 2: 22,475 22,475 Sales Supplies Bal, ef 14.775 April 6 3.000 Record and post the adjustments on month end: April 8 April 15 April 15 April 4 1,250 Bal ef 2,000 s00 April 18 750 2,250 3.175 Date Account Title Debit Credit 2,000 2,000 April 22 1.100 Insurance Expense Prepaid Insurance April 30 150 1 8s0 April 22 April 25 April 29 1,850 150 Office Equipment 1,600 April 4 7,500 Bal ef 7,500 7 500 1.000 Supplies Expense (2,000 - 1,020) Supplies April 30 980 Furniture 14,775 14,775 980 April 4 1.250 Bal cf 3,050 April 7 1,800 1 800 Accounts Payable Depreciation Expense - Office Equipment (7,500 / 5) Accumulated Depreciation - Office Equipment April 12 Bal. ef 1,500 April 7 1,800 April 30 1050 3,050 3.050 1,000 1,500 1,800 1,900 April 30 Depreciation Expense - Furniture (3,050 / 5) Accumulated Depreciation - Furniture 610 610 Salaries Expense Accrued Salaries April 30 20 20 April 30 Rent Expense 1,500
Transcribed Image Text:April 30 Rent Expense Prepaid Rent 1,500 1,500 Prupaid Insurавсе Accumulated Depreciation - Office Equipment Date Account Title Debit Credit April 4 Bal of 1,500 April 30 1,800 Apnil 30 150 1,500 April 30 Sales 14,775 Bal ef 1,650 Income Summary 14,775 Accumulated Depreciation - Furniture Bal ef 1,900 1300 610 April 30 610 Insurance Expense 150 Bal ef Income Summary Telephone Expense Electricity Expense Advertising Expense Salaries Expense Insurance Expense Supplies Expense Rent Expense Depreciation Expense - Office Equipment Depreciation Expense - Furniture April 30 6,010 April 30 Salaries Expee 150 130 Apeil 15 Aprl 27 April 30 400 Bal ef 820 400 200 Supplies 1,250 Aprl 4 Apel 10 980 20 120 April 18 750 Bal ef 1.020 820 320 820 150 980 1,500 1,500 610 2.000 2.000 Accrued Salaries Bal ef 20 April 30 20 Supplies Expense Apeil 30 980 Bal ef 980 Prepaid Rent April + 4,500 April 30 1,500 Depreciation Espense - Office Equipment Bal of 3.000 April 30 1,500 | Bal of 1,500 4.500 4.500 Income Summary (14,775 - 6,010) Drex, Capital April 30 8,765 Rent Expense Depreciation Expense - Furniture 610 Bal ef 1,500 Bal ef April 30 April 30 8,765 610 1,500 Drex, Capital Drex, Withdrawals April 30 4,500 Part 3: 4,500

Question

Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021:

April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250.

April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month.

April 4 Paid Casualty insurance PRU UK amounting to 1,800.

April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000.

April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800.

April 8 Cash Sales from walk in client amounting to 800

April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120.

April 12 Paid debt amounting to 800 from Crizfat Furniture (purchased furniture last April 7)

April 15 Sales from Zion the Lion on account amounting to 2,250

April 15 Paid part time employee amounting to 400.

April 15 Cash Sales walk in Client amounting to 3,175.

April 18 Purchase supplies amounting to 750.