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    Wac Service Metro Sails

    Uploaded by

    Jasmine Acta
    1) The document shows the transactions of Metro Sails for the month of June including cash receipts and payments, expenses incurred, and purchases and sales of assets. 2) Major transactions include the initial investment of $832,000, purchase of land, pool, fan system and sailboats totaling $1,933,000, and revenues of $153,895 from boat rentals and concessions. 3) Expenses such as salaries, insurance, utilities and others total $88,520, and drawings taken by the owner amounted to $22,080.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Wac Service Metro Sails

    Uploaded by

    Jasmine Acta
    1K views17 pages
    1) The document shows the transactions of Metro Sails for the month of June including cash receipts and payments, expenses incurred, and purchases and sales of assets. 2) Major transactions include the initial investment of $832,000, purchase of land, pool, fan system and sailboats totaling $1,933,000, and revenues of $153,895 from boat rentals and concessions. 3) Expenses such as salaries, insurance, utilities and others total $88,520, and drawings taken by the owner amounted to $22,080.

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    1) The document shows the transactions of Metro Sails for the month of June including cash receipts and payments, expenses incurred, and purchases and sales of assets. 2) Major transactions include the initial investment of $832,000, purchase of land, pool, fan system and sailboats totaling $1,933,000, and revenues of $153,895 from boat rentals and concessions. 3) Expenses such as salaries, insurance, utilities and others total $88,520, and drawings taken by the owner amounted to $22,080.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    1K views17 pages

    Wac Service Metro Sails

    Uploaded by

    Jasmine Acta
    1) The document shows the transactions of Metro Sails for the month of June including cash receipts and payments, expenses incurred, and purchases and sales of assets. 2) Major transactions include the initial investment of $832,000, purchase of land, pool, fan system and sailboats totaling $1,933,000, and revenues of $153,895 from boat rentals and concessions. 3) Expenses such as salaries, insurance, utilities and others total $88,520, and drawings taken by the owner amounted to $22,080.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 17

    DATE PARTICULARS DEBIT

    Jun-01 Cash 832,000.00


    Cabulay, Capital
    To record the investment of Danilo Cabulay

    2 Sailboats 208,000.00
    Fan System 85,000.00
    Pool Structure 1,440,000.00
    Land 400,000.00
    Cash
    Mortgage Payable
    To record the acquisition of Metro Sails

    3 Advertising Expense 14,800.00


    Accounts Payable
    To record the advertising billed

    3 Insurance Expense 10,800.00


    Cash
    To record the insurance paid

    3 Sailboats 65,200.00
    Cash
    Accounts Payable
    To record the boats purchased

    3 Cash 3,500.00
    Concession Revenues
    To record the received payment

    3 Advertising Expense 3,680.00


    Cash
    To record the advertising paid

    3 Boat Rental Expense 6,320.00


    Cash
    To record the boat rental paid

    5 Miscellaneous Expense 924.40


    Cash
    To record the miscellaneous expenses paid
    8 Cash 26,325.00
    Boat Rental Revenue
    To record the cash received from revenues

    9 Fan System 8,360.00


    Accounts Payable
    To record the purchased fan sytem on account

    15 Salaries Expense 42,000.00


    Cash
    To record the salaries paid

    16 Accounts Payable 14,800.00


    Cash
    To record the advertising paid

    16 Cabulay, Withdrawals 10,520.00


    Cash
    To record the drawing of the owner

    16 Sailboats 8,540.00
    Accounts Payable
    To record the boats purchased

    16 Cash 30,430.00
    Boat Rental Revenue
    To record the cash received from revenues

    19 Miscellaneous Expense 426.40


    Cash
    To record the miscellaneous expenses paid

    20 Accounts Payable 4,800.00


    Cash
    To record the payment of payable

    22 Cash 50,820.00
    Boat Rental Revenue
    To record the cash received from revenues

    23 Accounts Payable 4,520.00


    Sailboats
    To record the reduction in bill

    24 Utilities Expense 840.00


    Cash
    To record the utilities paid

    29 Salaries Expense 46,520.00


    Cash
    To record the salaries paid

    30 Accounts Payable 4,180.00


    Cash
    To record the payment of payable

    30 Utilities Expense 14,200.00


    Cash
    To record the utilities paid

    30 Mortgage Payable 6,800.00


    Interest Expense 12,000.00
    Cash
    To record the payment of mortgage plus interest

    30 Utilities Expense 4,320.00


    Cash
    To record the utilities paid

    30 Sailboats 48,520.00
    Cash
    Accounts Payable
    To record the boats purchased

    30 Cabulay, Withdrawals 11,560.00


    Cash
    To record the drawing of the owner

    30 Cash 46,320.00
    Boat Rental Revenue
    To record the cash received from revenues

    30 Cash 1,820.00
    Concession Revenue
    To record the income from concession
    (53,200 x 10%) - 3,500
    CREDIT Cash Land
    832,000.00 644,000.00 400,000.00
    832,000.00 3,500.00 10,800.00
    26,325.00 32,000.00
    30,430.00 3,680.00
    50,820.00 6,320.00
    46,320.00 924.40
    1,820.00 42,000.00
    14,800.00
    644,000.00 10,520.00
    1,489,000.00 426.40
    4,800.00
    840.00
    46,520.00
    14,800.00 4,180.00
    14,200.00
    18,800.00
    4,320.00
    10,800.00 44,000.00
    11,560.00

    76,524.20 400,000.00
    32,000.00
    33,200.00
    Accounts Payable Mortgage Payable
    14,800.00 14,800.00 6,800.00 1,489,000.00
    4,800.00 33,200.00
    3,500.00 4,520.00 8,360.00
    4,180.00 8,540.00
    4,520.00

    3,680.00

    41,120.00 1,482,200.00
    6,320.00

    Boat Rental Expense Advertising Expense


    6,320.00 14,800.00
    924.40 3,680.00
    26,325.00

    8,360.00 6,320.00 18,480.00

    Miscellaneous Expense
    42,000.00 924.40
    426.40

    14,800.00

    10,520.00
    1,350.80

    8,540.00

    30,430.00

    426.40

    4,800.00

    50,820.00

    4,520.00
    840.00

    46,520.00

    4,180.00

    14,200.00

    18,800.00

    4,320.00

    44,000.00
    4,520.00

    11,560.00

    46,320.00

    1,820.00
    Pool Structure Fan System Sailboats
    1,440,000.00 85,000.00 208,000.00
    8,360.00 65,200.00
    8,540.00
    48,520.00

    1,440,000.00 93,360.00 325,740.00

    Cabulay, Capital Cabulay, Withdrawals Concession Revenues


    832,000.00 10,520.00
    11,560.00

    832,000.00 22,080.00

    Salaries Expense Insurance Expense Utilities Expense


    42,000.00 10,800.00 840.00
    46,520.00 14,200.00
    4,320.00
    88,520.00 10,800.00 19,360.00

    Interest Expense Boat Rental Revenues


    12,000.00

    12,000.00
    Sailboats Metro Sails
    4,520.00 Unadjusted Trial Balance
    For the the month ended of June

    Account Title
    Cash
    Land
    Pool Structure
    Fan System
    Sailboats
    Accounts Payable
    Mortgage Payable
    Cabulag, Capital
    Cabulay, Withdrawals
    Concession Revenues
    Boat Rental Revenue
    Advertising Expense
    Salaries Expense
    Insurance Expense
    Utilities Expense
    Boat Rental Expense
    Miscellaneous Expense
    Interest Expense
    Total
    Concession Revenues
    3,500.00
    1,820.00

    5,320.00

    Utilities Expense
    Boat Rental Revenues
    26,325.00
    30,430.00
    50,820.00
    46,320.00

    153,895.00
    Metro Sails
    usted Trial Balance
    e month ended of June

    Debit Credit Concession Revenues


    76,524.20 Boat Rental Revenues
    400,000.00 Total Revenues
    1,440,000.00 Less: Operating Expenses
    93,360.00
    325,740.00
    41,120.00
    1,482,200.00
    832,000.00
    22,080.00
    5,320.00
    153,895.00 Net Income
    18,480.00
    88,520.00
    10,800.00
    19,360.00
    6,320.00
    1,350.80
    12,000.00
    ₱ 2,514,535.00 ₱ 2,514,535.00
    Metro Sails
    Statement of Profit and Loss
    For the the month ended of June

    Concession Revenues 5,320.00


    Boat Rental Revenues 153,895.00
    Total Revenues 159,215.00
    Less: Operating Expenses
    Advertising Expense 18,480.00
    Salaries Expense 88,520.00
    Insurance Expense 10,800.00
    Utilities Expense 19,360.00
    Boat Rental Expense 6,320.00
    Miscellaneous Expense 1,350.80
    Interest Expense 12,000.00 156,830.80
    Net Income ₱ 2,384.20

    Metro Sails
    Statement of Changes in Owners' Equity
    For the the month ended of June

    Cabulag, Capital 832,000


    Add: Net Income 2,384.20
    Total 834,384.20
    Cabulay, Withdrawals 22,080
    Cabulag, Capital 812,304.20

    Metro Sails
    Statement of Financial Position
    As of June

    ASSETS
    Current Assets
    Cash 76,524.20
    Total Current Assets ₱ 76,524.20

    Non-Current Assets
    Land 400,000.00
    Pool Structure 1,440,000.00
    Fan System 93,360.00
    Sailboats 325,740.00
    Total Non-Current Assets ₱ 2,259,100.00

    TOTAL ASSETS ₱ 2,335,624.20

    LIABILITIES AND EQUITY


    Liabilities
    Accounts Payable 41,120.00
    Mortgage Payable 1,482,200.00
    Total Liabilities ₱ 1,523,320.00

    Equity
    Cabulag, Capital ₱ 812,304.20

    TOTAL LIABILITIES AND EQUITY ₱ 2,335,624.20


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