TRIAL BALANCE

ACCOUNTS
DEBIT CREDIT
Cash 650,000
Accounts Receivable 100,000
Prepaid Rent 108,000
Prepaid Insurance on Automobile 28,800
Supplies on Hand 9,000
Office Equipment 90,000
Accumulated depreciation Office Equip. 21,600
Automobile 240,000
Accumulated depreciation – Auto. 60,000
Accounts Payable 10,800
Notes Payable 150,000
Unearned Management Fees 46,800
M. Villas, Capital 1,337,400
M. Villas, Drawing 705,000
Sales Commissions Revenue 900,000
Management Service Revenue 72,000
Salaries Expense 599,400
Advertising Expense 9,000
Automobile Expense 53,400
Miscellaneous Expense 6,000
Total P 2,598,600 P 2,598,600
Insurance Expense on Automobile
Rent Expense
Depreciation Expense - Office equipment
Depreciation Expense - Auto
Salaries payable
Supplies expense
Interest expense
Interest payable
Total
NET INCOME
Totals

Villas Realty
Income Statement
For the year ended June 30, 2023
Revenues
Sales Commissions Revenue 900,000
Management Service Revenue 72,000
Total Revenue P 995,400
Less: Operating Expenses
Salaries Expense 609,390
Advertising Expense 9,000
Automobile Expense 53,400
Miscellaneous Expense 6,000
Insurance Expense on Automobile 14,400
Rent Expense 72,000
Depreciation Expense - Office equipment 10,800
Depreciation Expense - Auto 48,000
Supplies expense 6,000
Interest expense 15,000
Total Operating Expenses 843,990
Net income P 151,410

ASSETS
CURRENT ASSET
Cash
Accounts Receivable
Prepaid Rent
Prepaid Insurance on Automobile
Supplies on Hand
TOTAL CURRENT ASSET

NON-CURRENT ASSET
Office Equipment
Accumulated depreciation Office Equip.
Automobile
Accumulated depreciation – Auto.
 Villas Realty
Worksheet
For the year ended June 30, 2023
ADJUSTED ADJUSTED TRIAL BALANCE INCOME STATEMENT
DEBIT CREDIT DEBIT CREDIT DEBIT
650,000
100,000
72,000 36,000
14,400 14,400
6,000 3,000
90,000
10,800 32,400
240,000
48,000 108,000
10,800
150,000
23,400 23,400
1,337,400
705,000
900,000
23,400 95,400
9,990 609,390 609,390
9,000 9,000
53,400 53,400
6,000 6,000

14,400 14,400 14,400

72,000 72,000 72,000
10,800 10,800 10,800
48,000 48,000 48,000
9,990 9,990
6,000 6,000 6,000
15,000 15,000 15,000
15,000 15,000
P 199,590 P 199,590 2,682,190 2,682,190 843,990
151,410
P 995,400

Villas Realty
Capital statement
For the year ended June 30, 2023

M. Villas, Capital -Beginning P 1,337,400

Add: Additional Investment 0
Net Income P 151,410
Total P 1,488,810
Less: M.Villas,Drawing -705,000
 M. Villas, Capital -Ending P 783,810

Villas Realty
Capital statement
For the year ended June 30, 2023

LIABILITIES
CURRENT LIABLITY
650,000 Accounts Payable
100,000 Notes Payable
36,000 Unearned management fees
14,400 Salaries payable
3,000 Interest payable
803,400 TOTAL CURRENT LIABLITIES

OWNER'S EQUITY
90,000 M.Villas,Capital
-32,400 57,600 TOTAL LIABILITIES AND OWNER'S EQUITY
240,000
-108,000 132,000
189,600
993,000
INCOME STATEMENT BALANCE SHEET
CREDIT DEBIT CREDIT
650,000
100,000
36,000
14,400
3,000
90,000
32,400
240,000
108,000
10,800
150,000
23,400
1,337,400
705,000
900,000
95,400

9,990

15,000
843,990 1,838,400 1,838,400
151,410
P 995,400 1,838,400 1,838,400
 10,800
150,000
23,400
9,990
15,000
209,190

783,810
993,000