The document is a general journal for XYZ Repair Shop for February 2011. It contains one journal entry on February 1st debiting Cash for P10,000 and crediting Mr. Co's Capital for an initial investment of P10,000. The trial balance for Durable Electrical as of February 2011 lists account balances totaling P17,000 in debits and P17,000 in credits. The work sheet analyzes the trial balance accounts, segregating them into the income statement, balance sheet, and calculating net income of P550 which is added to Capital.

1. XYZ Repair Shop
Mr. Co - Owner
Feb. 2011
General Journal
Page: 1
2010 Explanation F Debit Credit
Feb. 1 Cash GL-1 P 10,000
Mr. Co, Capital P 10,000
Initial Investment.
XYZ Repair Shop
Mr. Co – Owner
Feb. 2011
General Ledger
CASH
Page: 1
Amoun
2010 Explanation F Amount 2010 Explanation
t
Feb 1 Initial Investment GJ- P 10,000
. 1

2. EU EQ
 Being systematic is  When is an entry
sure success. good and when is it
 Carefulness is next not?
to exactness

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5. Durable Electrical
Mr. Co – Owner
February 2011
TRIAL BALANCE
Cash P 9, 350
Receivable – A Trading P 1, 200
Furniture P 3, 000
Payable – X P 3, 000
Co, Capital P 10, 000
Repairs Income P 4, 000
Rent Expense P 2, 000
Salary Expense P 600
Supplies Expense P 500
Telephone Expense P 200
Utilities Expense P 150
TOTAL: P 17, 000 P 17, 000

6. XYZ Repair Shop
Mr. Co - Owner
Feb. 2011
General Journal
Page: 1
2010 Explanation F Debit Credit
Feb. 1 Cash GL-1 P 10,000
Mr. Co, Capital P 10,000
Initial Investment.
XYZ Repair Shop
Mr. Co – Owner
Feb. 2011
General Ledger
CASH
Page: 1
Amoun
2010 Explanation F Amount 2010 Explanation
t
Feb 1 Initial Investment GJ- P 10,000
. 1

7. TRIAL BALANCE
 Defined as a list of accounts with open balances
(not zero balance) taken from the general ledger
as of a given date.
WORK SHEET
Is a working paper used to analyze,
summarize and segregate information into the
financial statements. It is a convenient devise in
the primary preparation of the financial
statements.

8. Durable Electrical
Mr. Co – Owner
Work Sheet
February 28, 19B
Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr.
Particulars
Cash P 9,350 P 9,350
Receivable – A Trading 1,200 1,200
Furniture 3,000 3,000
Payable – X P 3,000 P 3,000
Co, Capital 10,000 10,000
Repairs Income 4,000 P 4,000
Rent Expense 2,000 P 2,000
Salary Expense 600 600
Supplies Expense 500 500
Telephone Expense 200 200
Utilities Expense 150 150
P 17,000 P17,000 P 3,450 P 4,000
Net Income added to 550 550
Capital
P 4,000 P 4,000 P 13,550 P13,550

9. EU EQ
 Being systematic is  When is an entry
sure success. good and when is it
 Carefulness is next not?
to exactness

11.  The accounting Period:
Calendar Year- a period of twelve months ending
December 31.
Fiscal Year- a period of twelve months ending at a time
other than December 31.
 What do you call the report submitted to the owner of the
business at the end of the accounting period.= Financial
Statements:
1. – a statement showing what the business owns, owes & what
the owner is worth of.
2. Income Statement – this is a statement showing the detail of
revenue and expenses of operation for a given period.
good luck! Happy Vacation. . .