Chart of Accounts

Assets Owner's Equity

110 Cash 310 Del Mundo Capital
120 Accounts Receivable 320 Del Mundo, Withdrawals
130 Supplies 330 Income Summary
140 Prepaid Rent
150 Prepaid Insurance Income
160 Vehicles 410 Landscaping Revenue
165 Accumulated Depreciation-Vehicles 420 Lawn Cutting Revenue
170 Equipment
175 Acumulated Depreciatio-Equipment Expenses
Liabilties 510 Salaries Expense
210 Accounts Payable 520 Supplies Expense
220 Notes Payable 530 Rent Expense
230 Salaries Payable 540 Insurance Expense
240 Interest Payable 550 Gas Expense
250 Unearned Revenue 560 Advertisng Expense
570 Depreciation Expense-Vehicles
580 Depreciation Expense-Equipment
590 Interest Expense
Transactions were completed in Del Mundo Landscape Specialist for
the month of November 2021.
1 Galicano Del Mundo invests 450,000.00 to open the business.
1 Rented office space and paid three month's rent in advance P21,000.00
2 Purchased P300,000.00 used truck by paying P200,000.00 cash and balance is on
note payable which is due on 18 months.
3 Purchased mechanical lawn mowers for P54,000.00
4 Purchase P1,500.00 worth gasoline
5 Paid P24,000.00 for a one-year insurance from November 1 until
October 31 of the following year.
8 Purchase office supplies worth P1,000.00 on account.
14 Received P2,500.00 each from secven customers from rendered service.
20 Received P13,500.00 from a customer for six future maintenance visits.
22 Billed eight customers P2,500.00 each from rendered service.
26 Paid salaries P4,000.00 to a part-time employee.
28 Del Mundo paid P1,750.00 to print advertising fliers.
29 The owner withdrew P5,000.00 for his personal use.
30 Five of the customers billed last Nov. 22 each pay P2,500.

The following adjustments were made during November 30.

1 One of the three months' advance payment of rent had been used.
2 One twelfth of the insurance was expired
3 The used supplies amounted to P500.00
4 Company's accounting policy in computing depreciation is when property and
equipment bought on or before 15th day of the month, full month's depreciation is
applied otherwise half-month's depreciation. The salvage value of truck is P30,000.00
and estimated useful life is five years. The lawn mowers' useful life is 4 and a half years
without salvage value.
 5 Completed one visit from a customer who made prepayments for six visits.
6 Records an expense of his part time employee who earned P1,600.00 and will not be paid
until Dec. 10.
7 The note payable carries an 18% rate, simple interest is applied.
8 On November 30, the owner rendered service and agrees to mail the customer a bill for
P2,500.00 which he will do on Dec. 2.

2021 Debit Credit

Particulars PR
Nov 1 Cash 110 ₱ 4 5 0 0 0 0 00
Del Mundo, Capital 310 ₱ 4 5 0 0 0 0 00
To record initial investment.
3
/ Prepaid Rent 140 2 1 0 0 0 00
Cash 110 2 0 0 0 0 00
To record prepaid rent.

2 Vehicles 160 3 0 0 0 0 0 00
Cash 110 2 0 0 0 0 0 00
Notes Payable 220 1 0 0 0 0 0 00
To record purchased truck.

3 Equipment 170 5 4 0 0 0 00
Cash 110 5 4 0 0 0 00
To record purchased lawn mowers.

4 Gas Expense 550 1 5 0 0 00

Cash 110 1 5 0 0 00
To record the purchased gasoline.

5 Prepaid Insurance 150 2 4 0 0 0 00

Cash 110 2 4 0 0 0 00
To record prepaid insurance.

8 Supplies 130 1 0 0 0 00
AccountS Payable 210 1 0 0 0 00
To record purchased supplies on account.

14 Cash 110 1 7 5 0 0 00
Lawn Cutting Revenue 420 1 7 5 0 0 00
To record service rendered.

20 Cash 110 1 3 5 0 0 00
Unearned Revenue 250 1 3 5 0 0 00
To record prepayments of a customer.
 22 Accounts Receivable 120 ₱ 2 0 0 0 0 00
Lawn Cutting Revenues 420 ₱ 1 1 0 0 0 00
To record service rendered.

26 Salaries Expense 510 4 0 0 0 00

Cash 110 4 0 0 0 00
To record paid salaries.

28 Advertising Expense 560 1 7 5 0 00

Cash 110 1 7 5 0 00
To record paid advertisement.

29 Del Mundo, Withdrawals 320 5 0 0 0 00

Cash 110 5 0 0 0 00
To record cash withdrew.

30 Cash 110 1 2 5 0 0 00
Accounts Receivable 120 1 2 5 0 0 00
To record partial collection.

/ Rent Expense 530 7 0 0 0 00

Prepaid Rent Prepaid Rent 140 7 0 0 0 00
To record used prepaid rent.

/ Insurance Expense 540 2 0 0 0 00

Prepaid Insurance 150 2 0 0 0 00
To record expired insurance.

/ Supplies Expens 520 5 0 0 00

Supplies 130 5 0 0 0 00
To record supplies

/ Depreciation Expense-Vehicles 570 4 5 0 0 00

Accumulated Depreciation- Vehicles 165 4 5 0 0 00
To record provison of depreciation.

/ Depreciation Expense-Equipment 580 1 0 0 0 00

Accumulated Depreciation- Equipment 175 1 0 0 0 00
To record provison of depreciation.

/ Unearned Revenue 250 2 2 5 0 00

Lawn Cutting Revenue 420 2 2 5 0 0 00
To record servcie rendered.

/ Salaries Expense 510 1 6 0 0 00

Salaries Payable 230 1 6 0 0 00
To record accrued salaries.
/ Interest Expense 590 ₱ 1 4 0 0 00
Interest Payable 240 ₱ 1 4 0 0 00
To record accrued interest.

/ Accounts Receivable 120 2 5 0 0 00

Lawn Cutting Revenues 420 2 5 0 0 00
To record service rendered.