VICKI VOLA PAINTS YOUR WALL COMPANY

Chart of Accounts

Balance Sheet Accounts Income Statement Accounts

Assets

110 Cash 410

120 Accounts Receivable

130 Painting Supplies

140 Prepaid Insurance 510

150 Painting Equipment 520

155 Accumulated Depreciation – Painting Equipment 530

160 Service Vehicle 540

165 Accumulated Depreciation – Service Vehicle

Liabilities

210 Notes Payable

220 Accounts Payable

Owner’s Equity

310 Bola, Capital

320 Bola, Withdrawals

330 Income Summary

R WALL COMPANY
ounts

Income Statement Accounts

Income

Painting Revenues

Expenses

Wages Expense

Utilities Expense

Maintenance Expense

Miscellaneous Expense
 Date Account Titles and Explanation

2022
1 2-Apr Painting Equipment
Cash
Bola,Capital
Initial investment

2 3-Apr Service Vehicle

Cash
Notes Payable
To record acquisition of service vehicle

3 4-Apr Painting Supplies

Accounts Payable
To record purchase of painting supplies

4 5-Apr Accounts Receivable

Painting Revenue
To record revenue billed to customer

5 7-Apr Cash
Painting Revenue
To record painting revenue

6 10-Apr Painting Supplies

Cash
To record purchase of painting supplies

7 11-Apr Cash
Accounts Receivable
To record check received from billed customer on April 5

8 12-Apr Prepaid Insurance

Cash
To record insurance for one year

9 13-Apr Accounts Receivable

Painting Revenue
To record painting revenue

10 14-Apr Wages Expense

Cash
 To record wages expense

11 15-Apr Maintenance Expense

Cash
To record tune-up expense for service vehicle

12 18-Apr Accounts Payable

Cash
To settle in whole the remaining balance from April 4

13 20-Apr Painting Equipment

Painting Supplies
Accounts Payable
To record purchase of painting equipment and painting supplies

14 22-Apr Utilities Expense

Accounts Payable
To record telephone bill

15 23-Apr Cash
Accounts Receivable
To record partially collected receivable for April 13

16 24-Apr Bola,Withdrawal
Cash
To record owner's withdrawal

17 25-Apr Cash
Painting Revenue
To record painting revenue

18 27-Apr Notes Payable

Cash
To record partial payment from the balance past April 3

19 29-Apr Wages Expense

Cash
To record wages expense
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Apr. 2 Invested in the business painting equipment valued at P24,600 and placed P142,000 in a business checking account.

3 Acquired a service vehicle costing P160,000. Paid P100,000 cash and signed a note for the balance.
 4 Purchased painting supplies on account for P6,400.

5 Completed a painting job and billed the customer P9,600.

7 Received P3,000 cash for painting an apartment room.

10 Purchased painting supplies for P3,200 cash.

11 Received a P9,600 check from the customer billed on April 5.

12 Paid P8,000 for an insurance policy for a one-year coverage.

13 Billed a customer P12,400 for a painting job.

14 Paid the assistant P3,000 for twenty-five hours' work.

15 Paid P800 for a tune-up of the service vehicle.

18 Paid for the painting supplies purchased on April 4.

20 Purchased a new ladder for P12,000 and painting supplies for P5,800, on account.

22 Received a telephone bill for P1,200, due next month.

23 Received P6,600 in cash from the customer billed on April 13.

24 Transferred P6,000 to a personal checking account.

25 Received P7,200 in cash for painting a two-room apartment.

27 Paid P4,000 on the note signed for the service vehicle.

29 Paid the assistant P3,600 for thirty hours' work.

P.R Debit Credit

24,600
142,000
166,600

160,000
100,000
60,000

6,400
6,400

9,600
9,600

3,000
3,000

3,200
3,200

9,600
9,600

8,000
8,000

12,400
12,400

3,000
3,000
 800
800

6,400
6,400

12,000
5,800
17,800

1,200
1,200

6,600
6,600

6,000
6,000

7,200
7,200

4,000
4,000

3,600
3,600
0 in a business checking account.

for the balance.

 ASSETS

CASH N
2-Apr 142,000 3-Apr 100,000 27-Apr
7-Apr 3,000 10-Apr 3,200
11-Apr 9,600 12-Apr 8,000
23-Apr 6,600 14-Apr 3,000
25-Apr 7,200 15-Apr 800
18-Apr 6,400
24-Apr 6,000
27-Apr 4,000
29-Apr 3,600 Acc
18-Apr
168,400 135,000
Balance 33,400

Account Receivable
5-Apr 9,600 23-Apr 9,600
12,400 6,600
22,000 16,200
Balance 5,800

Painting Supplies
4-Apr 6,400
10-Apr 3,200
20-Apr 5,800

Balance 15,400
 Prepaid Insurance
12-Apr 8,000

Balance 8,000

Painting Equipment
2-Apr 24,600
20-Apr 12,000

Balance 36,600

Accumulated Depreciation- Painting Equipment

Service Vehicle
3-Apr 160,000

Balance 160,000

Accumulated Depreciation- Service Vehicle

 LIABILITIES OWNER'S EQUITY

Notes Payable Bola,Capital

4,000 3-Apr 60,000

Balance 56,000

Accounts Payable
6,400 4-Apr 6,400
20-Apr 17,800
22-Apr 1,200 Bola,Withdrawals
24-Apr 6,000
6,400 25,400
Balance 19,000
Balance 6,000

Income Summary
OWNER'S EQUITY INCOME STATEMENT

Bola,Capital Painting Revenues

2-Apr 166,600 5-Apr
7-Apr
13-Apr
Balance 166,600 25-Apr

Balance

Bola,Withdrawals Wages Expense

14-Apr 3,000
29-Apr 3,600

Balance 6,600

Income Summary Utilities Expense

22-Apr 1,200

Balance 1,200

Maintenance Expense
15-Apr 800

Balance 800

Miscellaneous Expense
ATEMENT

venues
9,600
3,000
12,400
7,200

32,200
32,200

pense

xpense

e Expense

s Expense
 ASSETS

Cash
Date Explanation Ref. Debit
2-Apr Initial investment J1 142,000
3-Apr To record acquisition of service vehicle J2
7-Apr To record painting revenue J5 3,000
10-Apr To record purchase of painting supplies J6
11-Apr To record check received from billed customer on A J7 9,600
12-Apr To record insurance for one year J8
14-Apr To record wages expense J10
15-Apr To record service vehicle maintenance J11
18-Apr To settle in whole the remaining balance from Apr. J12
23-Apr To record partially collected receivables from Apr. J15 6,600
24-Apr To record owner's withdrawal J16
25-Apr To record painting revenue J17 7,200
27-Apr To record partial payment from the balance past Ap J18
29-Apr To record wages expense J19

Account Receivable
Date Explanation Ref. Debit
5-Apr To record painting revenue J4 9,600
11-Apr To record check received from billed customer on A J7
13-Apr To record painting revenue J9 12,400
23-Apr To record partially collected receivables from Apr. J15

Painting Supplies
Date Explanation Ref. Debit
 4-Apr To record purchase of painting supplies J3 6,400
10-Apr To record purchase of painting supplies J6 3,200
20-Apr To record purchase of painting equipment and pain J13 5,800

Prepaid Insurance
Date Explanation Ref. Debit
12-Apr To record insurance for one year J8 8,000

Painting Equipment
Date Explanation Ref. Debit
2-Apr Initial investment J1 24,600
20-Apr To record purchase of painting equipment and pain J13 12,000

Accumulated Depreciation-Painting Equipment

Date Explanation Ref. Debit
 Service Vehicle
Date Explanation Ref. Debit
3-Apr To record acquisition of service vehicle J2 160,000

Accumulated Depreciation-Service Vehicle

Date Explanation Ref. Debit
 LIABILITIES

No. 110 Notes Payable

Credit Balance Date Explanation
142,000 3-Apr To record acquisition of service vehicle
100,000 42,000 27-Apr To record partial payment from the balance past
45,000
3,200 41,800
51,400
8,000 43,400
3,000 40,400
800 39,600
6,400 33,200
39,800
6,000 33,800
41,000 Accounts Payable
4,000 37,000 Date Explanation
3,600 33,400 4-Apr To record purchase of painting supplies
18-Apr To settle in whole the remaining balance from Apr.
33,400 20-Apr To record purchase of painting equipment and pain
22-Apr To record telephone bill

No.120
Credit Balance
9,600
9,600 0
12,400
6,600 5,800

5,800

No. 130
Credit Balance
 6,400
9,600
15,400

15,400

No. 140
Credit Balance
8,000

8,000

No. 150
Credit Balance
24,600
36,600

36,600

No. 155
Credit Balance
 No. 160
Credit Balance
160,000

160,000

No. 165
Credit Balance
 LIABILITIES

otes Payable No. 210

Ref. Debit Credit Balance Date
J2 60,000 -60,000 2-Apr
J18 4,000 -56,000

-56,000

counts Payable No. 220

Ref. Debit Credit Balance Date
J3 6,400 -6,400 24-Apr
J12 6,400 0
J13 17,800 -17,800
J14 1,200 -19,000

-19,000

Date
 OWNER'S EQUITY

Bola, Capital
Explanation Ref. Debit Credit
Initial investment J1 166,600

Bola, Withdrawal
Explanation Ref. Debit Credit
To record owner's withdrawal J16 6,000

Income Summary
Explanation Ref. Debit Credit
 INCOME STATEMENT

No. 310 Painting Revenue

Balance Date Explanation Ref.
-166,600 5-Apr To record painting revenu J4
7-Apr To record painting revenu J5
-166,600 13-Apr To record painting revenu J9
25-Apr To record painting revenu J17

No. 320 Wages Expense

Balance Date Explanation Ref.
6,000 14-Apr To record wages expense J10
29-Apr To record wages expense J19
6,000

No. 330 Utilities Expense

Balance Date Explanation Ref.
22-Apr To record telephone bill J14

Maintenance Expense
Date Explanation Ref.
 15-Apr To record service vehicle J11

Miscellaneous Expense
Date Explanation Ref.
 INCOME STATEMENT

evenue No. 410

Debit Credit Balance
9,600 -9,600
3,000 -12,600
12,400 -25,000
7200 -32,200

-32,200

xpense No. 510

Debit Credit Balance
3,000 3,000
3,600 6,600

6,600

xpense No. 520

Debit Credit Balance
1,200 1,200

1,200

e Expense No. 530

Debit Credit Balance
 800 800

800

us Expense No. 540

Debit Credit Balance
 Unadjusted Trial Balance
No Account Title Debit Credit
110 Cash 33,400
120 Accounts Receivable 5,800
130 Painting Supplies 15,400
140 Prepaid Insurance 8,000
150 Painting Equipment 36,600
155 Accumulated Depreciation-Painting Equipment
160 Service Vehicle 160,000
165 Accumulated Depreciation-Service Vehicle
210 Notes Payable 56,000
220 Accounts Payable 19,000
310 Bola,Capital 166,600
320 Bola,Withdrawals 6,000
330 Income Summary
410 Painting Revenue 32,200
510 Wages Expense 6,600
520 Utilities Expense 1,200
530 Maintenance Expense 800
540 Miscellaneous Expense
273,800 273,800