The FIX IT, a repair shop began operation on August 1, 2021.

The following transactions took place during the month.

8/1/2021 Ms. Wang invested P500,000 cash in the business

8/2/2021 Various office equipment is purchased for P200,000 cash.
8/3/2021 On August 3, P60,000 rents on the building are paid for the months of August and September
8/4/2021 Purchased repair equipment from Tool 'n Things, costing P380,000 on account
8/5/2021 P300,000 is borrowed from a local bank and a note is signed.
8/6/2021 Services provided for the month on account, P400,000
8/7/2021 P150,000 is collected on account from customer
8/8/2021 P200,000 is paid on account to supplier of repair equipment
8/9/2021 Salaries of P70,000 are paid for employees of August
8/10/2021 A bill for P20,000 is received from local utility company for the month
8/11/2021 P300,000 was loaned to another business, evidenced by a promissory note.
Date Account Titles and Description Debit Credit
8/1/2021 Cash ₱ 500,000
Ms. Wang, Capital ₱ 500,000
Initial investment of the owner
8/2/2021 Office equipment ₱ 200,000
Cash ₱ 200,000
Purchase of office equipment
8/3/2021 Prepaid rent ₱ 60,000
Cash ₱ 60,000
Advanced payment of rent for August and September
8/4/2021 Repair equipment ₱ 380,000
Account payable ₱ 380,000
Purchase of repair equipment from PINK Enterprise
8/5/2021 Cash ₱ 300,000
Notes Payable ₱ 300,000
Borrowed cash from bank through promissory note
8/6/2021 Accounts Receivable ₱ 400,000
Service Revenue ₱ 400,000
Service rendered on account
8/7/2021 Cash ₱ 150,000
Accounts receivable ₱ 150,000
Collection from customer
8/8/2021 Account payable ₱ 200,000
Cash ₱ 200,000
Payment of repair equipment on account to supplier
8/9/2021 Salaries Expense ₱ 70,000
Cash ₱ 70,000
Paid salaries of employees for August
8/10/2021 Utilities expense ₱ 20,000
Accounts payable ₱ 20,000
Utilities payable
8/11/2021 Notes Receivable ₱ 300,000
Cash ₱ 300,000
Loaned to another business denoted by promissory note
 Cash
Date Particulars DEBIT CREDIT
8/1/2021 Initial investment ₱ 500,000
8/2/2021 Purchase of office equipment ₱ 200,000
8/3/2021 Advanced payment of rent ₱ 60,000
8/5/2021 Borrowed cash from bank through promissory note ₱ 300,000
8/7/2021 Collected from customer ₱ 150,000
8/8/2021 Payment of account to supplier ₱ 200,000
8/9/2021 Payment of salaries ₱ 70,000
8/11/2021 Loan to other business through promissory note ₱ 300,000
Ms. Wang, Capital
Date Particulars DEBIT CREDIT
8/1/2021 Initial investment ₱ 500,000
Office equipment
Date Particulars DEBIT CREDIT
8/2/2021 Payment of office equipment ₱ 200,000
Prepaid Rent
Date Particulars DEBIT CREDIT
8/3/2021 Advanced payment of rent ₱ 60,000
Repair equipment
Date Particulars DEBIT CREDIT
8/4/2021 Purchased repair equipment ₱ 380,000
Notes Payable
Date Particulars DEBIT CREDIT
8/5/2021 Borrowed cash from bank through promissory note ₱ 300,000
Accounts Receivable
Date Particulars DEBIT CREDIT
8/6/2021 Service rendered on account ₱ 400,000
8/7/2021 Collected from customer on account ₱ 150,000
Service Revenue
Date Particulars DEBIT CREDIT
8/6/2021 Services rendered ₱ 400,000
Accounts Payable
Date Particulars DEBIT CREDIT
8/4/2021 Purchase of repair equipment on account ₱ 380,000
8/8/2021 Payment repair equipment to supplier ₱ 200,000
8/10/2021 Utilities payable ₱ 20,000
Salaries Expense
Date Particulars DEBIT CREDIT
8/9/2021 Payment of salaries ₱ 70,000
Utilities Expense
Date Particulars DEBIT CREDIT
8/10/2021 Consumed utilities ₱ 20,000
Notes Receivable
Date Particulars DEBIT CREDIT
8/11/2021 Loan to other business through promissory note ₱ 300,000
 Balance
₱ 500,000
₱ 300,000
₱ 240,000
₱ 540,000
₱ 690,000
₱ 490,000
₱ 420,000
₱ 120,000

Balance
₱ 500,000

Balance
₱ 200,000

Balance
₱ 60,000

Balance
₱ 380,000

Balance
₱ 300,000

Balance
₱ 400,000
₱ 250,000

Balance
₱ 400,000

Balance
₱ 380,000
₱ 180,000
₱ 200,000

Balance
₱ 70,000

Balance
₱ 20,000

Balance
₱ 300,000
 FIX IT
Unadjusted Trial Balance
August, 2021
Debit Credit
Cash ₱ 120,000
Ms. Wang ₱ 500,000
Office equipment ₱ 200,000
Prepaid Rent ₱ 60,000
Repair Equiptment ₱ 380,000
Notes Payable ₱ 300,000
Service Revenue ₱ 400,000
Accounts Receivable ₱ 250,000
Accounts Payable ₱ 200,000
Salaries Expense ₱ 70,000
Utilities expense ₱ 20,000
Notes Receivable ₱ 300,000
Totals ₱ 1,400,000 ₱ 1,400,000