SAM POLANCO
MARCH 2019
1 Mr. Sam Polanco invested 20,000 cash in a service business, Sampol Ent.
3 Purchased Computers on account worth 25,000
6 Bought supplies in cash 9,000
9 Performed service for a customer on account 12,000
12 Received 30,000 cash loan covered by a promissory note from a local Bank
16 Collected partial payment from customer of March 9 P7,000
20 Owner withderw 3,000 for his personal use
24 Paid one half of the account due to the computers bought on March 3
27 Received 8,500 cash for repair services renedered.
30 Paid salary of assistant 2,000 and the utilities bill for the month 600
cash capital
accounts receivable drawing
supplies service income
Office equipment salaries expense
accounts payable utilities expense
notes payable
SAM POLANCO
MARCH 2019
1 Mr. Sam Polanco invested 20,000 cash in a service business, Sampol Ent.
3 Purchased Computers on account worth 25,000
6 Bought supplies in cash 9,000
9 Performed service for a customer on account 12,000
12 Received 30,000 cash loan covered by a promissory note from a local Bank
16 Collected partial payment from customer of March 9 P7,000
20 Owner withderw 3,000 for his personal use
24 Paid one half of the account due to the computers bought on March 3
27 Received 8,500 cash for repair services renedered.
30 Paid salary of assistant 2,000 and the utilities bill for the month 600
cash capital
accounts receivable drawing
supplies service income
Office equipment salaries expense
accounts payable utilities expense
notes payable
SAM POLANCO
JOURNAL ENTERIES
DATE ACOUNT TITLE AND EXPLANATION F DEBIT CREDIT
2019
MARCH
1 Cash 20,000.00
Capital 20,000.00
Initital investment
3 Office equipment 25,000.00
Accounts Payable 25,000.00 80
Bought repair equipment on account 20
17
6 Supplies 9,000.00 117
Cash 9,000.00 175.5
Bought supplies in cash
9 Accounts Receivable 12,000.00
Service Income 12,000.00
Rendred services on account
12 Cash 30,000.00
Notes Payable 30,000.00
Received bank loan
16 Cash 7,000.00
Accounts Receivable 7,000.00
Partial collection from customer
20 Drawings 3,000.00
Cash 3,000.00
Owners Withdrawal
24 Accounts Payable 12,500.00
Cash 12,500.00
Partial payment of computers
27 Cash 8,500.00
Service Income 8,500.00
Rendered services for cash
30 Salaries expense 2,000.00
Utilitites Expense 600.00
Cash 2,600.00
Paid salaries and utilities
SAM POLANCO
CLOSING ENTRIES
DATE ACOUNT TITLE AND EXPLANATION F DEBIT CREDIT
2019
MARCH
31 Service Income 20,500.00
Income Summary 20,500.00
To close revenue account
31 Income Summary 2,600.00
Salaries Expense 2,000.00
Utilities Expense 600.00
To close expense account to income summary
31 Income Summary 17,900.00
Capital 17,900.00
To close Income Summary to capital
31 Capital 3,000.00
Drawings 3,000.00
To close Drawing account to Capital
CASH ACCT. NO:____ C
BALANCE
DATE REMARKS P/R DEBIT CREDIT DATE
DEBIT CREDIT
1 20,000.00 20,000.00 1
6 9,000.00 11,000.00 31
12 30,000.00 41,000.00 31
16 7,000.00 48,000.00
20 3,000.00 45,000.00 DR
24 12,500.00 32,500.00
DATE
27 8,500.00 41,000.00
30 2,600.00 38,400.00 20
31
ACCOUNTS RECEIVABLE ACCT. NO:____
BALANCE SERV
DATE REMARKS P/R DEBIT CREDIT
DEBIT CREDIT
DATE
9 12,000.00 12,000.00
16 7,000.00 5,000.00 9
27
SUPPLIES ACCT. NO:____ 31
BALANCE
DATE REMARKS P/R DEBIT CREDIT
DEBIT CREDIT SALAR
6 9,000.00 9,000.00
DATE
OFFICE EQUIPMENT ACCT. NO:____ 30
BALANCE 31
DATE REMARKS P/R DEBIT CREDIT
DEBIT CREDIT
3 25,000.00 25,000.00 UTILIT
DATE
ACCOUNTS PAYABLE ACCT. NO:____ 30
BALANCE 31
DATE REMARKS P/R DEBIT CREDIT
DEBIT CREDIT
3 25,000.00 25,000.00 INCOM
24 12,500.00 12,500.00
DATE
DATE
NOTES PAYABLE ACCT. NO:____ 31
BALANCE 31
DATE REMARKS P/R DEBIT CREDIT
DEBIT CREDIT 31
3 30,000.00 30,000.00
CAPITAL ACCT. NO:____
BALANCE
REMARKS P/R DEBIT CREDIT
DEBIT CREDIT
20,000.00 20,000.00
CLOSING ENTRY 17,900.00 37,900.00
CLOSING ENTRY 3,000.00 34,900.00
DRAWINGS ACCT. NO:____
BALANCE
REMARKS P/R DEBIT CREDIT
DEBIT CREDIT
3,000.00 3,000.00
CLOSING ENTRY 3,000.00 -
SERVICE INCOME ACCT. NO:____
BALANCE
REMARKS P/R DEBIT CREDIT
DEBIT CREDIT
12,000.00 12,000.00
8,500.00 20,500.00
CLOSING ENTRY 20,500.00 -
SALARIES EXPENSE ACCT. NO:____
BALANCE
REMARKS P/R DEBIT CREDIT
DEBIT CREDIT
2,000.00 2,000.00
CLOSING ENTRY 2,000.00 -
UTILITIES EXPENSE ACCT. NO:____
BALANCE
REMARKS P/R DEBIT CREDIT
DEBIT CREDIT
600.00 600.00
CLOSING ENTRY 600.00 -
INCOME SUMMARY ACCT. NO:____
BALANCE
REMARKS P/R DEBIT CREDIT
REMARKS P/R DEBIT CREDIT
DEBIT CREDIT
CLOSING ENTRY 20,500.00 20,500.00
CLOSING ENTRY 2,600.00 17,900.00
CLOSING ENTRY 17,900.00 -
SAMPOL ENTERPRISES SAMPOL ENTERPRISES
TRIAL BALANCE STATEMENT OF FINANCIAL POSITION
March 31,2019 March 31,2019
ASSETS
ACCOUNT NAME DEBIT CREDIT Current Assets
Cash 38,400.00 Cash 38,400.00
Accounts Receivable 5,000.00 Accounts Receivable 5,000.00
Supplies 9,000.00 Supplies 9,000.00 52,400.00
Office Equipment 25,000.00 Non current
Accounts Payable 12,500.00 Office Equipment 25,000.00
Notes Payable 30,000.00 Total Assets 77,400.00
Capital 20,000.00 LIABILITIES AND OWNERS EQUITY
Drawings 3,000.00 Current Liabilities
Service Income 20,500.00 Accounts Payable 12,500.00
Salaries Expense 2,000.00 Notes Payable 30,000.00 42,500.00
Utilities Expense 600.00 Owners Equity
TOTAL 83,000.00 83,000.00 Sam Capital March 31,2019 34,900.00
Total Assets and Owners Equity 77,400.00
SAMPOL ENTERPRISES
STATEMENT OF PERFORMANCE
for the month ended March 31, 2019 SAMPOL ENTERPRISES
Service Income 20,500.00 POST CLOSING TRIAL BALANCE
Les:Operating Expense March 31,2019
Utilities expense 2,000.00 ACCOUNT NAME DEBIT CREDIT
Salaries expense 600.00 2,600.00 Cash 38,400.00
NET INCOME 17,900.00 Accounts Receivable 5,000.00
Supplies 9,000.00
SAMPOL ENTERPRISES Office Equipment 25,000.00
STATEMENT OF EQUITY Accounts Payable 12,500.00
for the month ended March 31, 2019 Notes Payable 30,000.00
Beginning Capital 20,000.00 Capital 34,900.00
Less: Drawings 3,000.00 TOTAL ### 77,400.00
Net Capital 17,000.00
Add: Net Income 17,900.00
Sam Capital March 31,2019 34,900.00
