Pedro Matapang, a computer technician. Pedro decided to open his computer repair shop on February 14, 2016, naming it Matapang Computer Repairs. Pedro knows that business transactions should be separated from personal finances. Thus, he decided to invest PHP200,000 in this business. He deposited the amount with Nation Bank. February 15, 2016 - Pedro purchased one computer unit from XY Computer Store to be used for the business. He issued check number 001 amounting to PHP25,000. On February 15, 2016 Matapang entered into a contract with Makisig to maintain the computers of Makisig for two months starting on February 15, 2016 up to April 15, 2016. On the same date, Makisig paid the total contract amount of PHP40,000 in full. February 16, 2016 - Pedro hired Juana Magaling, an experienced secretary. February 17, 2016 – Repaired the computer of Jean and collected PHP10,000 February 18, 2016 – Repaired Mike’s computer. However, Mike will pay PHP15,000 on March 18, 2016 February 19, 2016 – Pedro purchased Office Supplies from MM Merchandise amounting to PHP5,000 on account. Pedro will pay this on March 30, 2016. February 25, 2016 – Paid the salary of Juana amounting to PHP4,000 Others: 1. Equipment purchased on Feb. 15, was estimated to have a useful life of five years. It is estimated that after five years, the office equipment can be sold at a scrap value of PHP1,000. The company uses the straight line method of depreciation. 2. By the end of the month, PHP2,000 worth of these supplies are still unused. 3. On February 15, 2016 Matapang entered into a contract with Makisig to maintain the computers of Makisig for two months starting on February 15, 2016 up to April 15, 2016. On the same date, Makisig paid the total contract amount of PHP40,000 in full. 4. On February 29, 2016, Matapang received the electric bill for the month of February amounting to PHP3,800. Matapang will pay this bill on March 2016. REQUIREMENT: 1. Prepare the Journal Entries 2. Perform Posting using the T-Account 3. Prepare the Unadjusted Trial Balance 4. Prepare the adjusting Journal Entries 5. Preparation of the 10 column worksheet 6. Preparation of the Report form of the Financial Statements a. Statement of Financial Position b. Statement of Comprehensive Income c. Statement of Changes of Owner’s Equity d. Statement of Cash Flows
