Date Account Title & Explanation Debit Credit

Jan-01 Cash 100,000

Viesca, Capital 100,000
To record Additional investment

Jan-01 Service Vehicle 80,000

Cash 80,000
To record Purchase of Vehicle

Feb-01 Cash 100,000

Notes Payable 100,000
To record 1 year notes payable

Feb-01 Prepaid rent 24,000

Cash 24,000
To record lease payment for 1 year

Mar-01 Viesca, Withdrawals 30,000

Cash 30,000
To record withdrawals

Apr-01 Land 70,000

Cash 70,000
To record purchase of land

May-01 Accounts Payable 15,000

Cash 15,000
To record payment of accounts payable

Jul-01 Cash 42,000

Unearned Service revenue 42,000
To record advance payment of client

Sep-01 Cash 100,000

Land 90,000
Gain on Sale of Land 10,000
To record sale of land

Oct-01 Supplies 20,000

Accounts Payable 20,000
To record purchased of supplies on account

Nov-01 Investment 50,000

Cash 50,000
To record purchases of certificate of deposit
 Dec-31 Accounts Receivable 250,000
Service Revenues 250,000
To record service revenues on account

Dec-31 Cash 200,000

Accounts Receivable 200,000
To recored collection

Dec-31 Other Expenses 80,000

Accounts payable 80,000
To record payment of oerating expenses
Adjusting entries
Dec-31 Salaries Expense 32,000
Salaries Payable 32,000
To record accrued salaries

Dec-31 Supplies Expense 19,000

Supplies 19,000
To record adjustment on supplies

Dec-31 Depreciation Expense 24,000

Accumulated Depreciation - Service Vehicle 24,000
To record depreciation expense

Dec-31 Interest expense 8,250

Interest payable 8,250
To record accrued interest expense

Dec-31 Rent Expense 22,000

Prepaid rent 22,000
To record rent expense

Unearned Service Revenues 21,000

Service Revenues 21,000
To record earned service revenue

Interest receivables 500

Interest income 500
To record interest income
Reversing Entries

Jan 1, 2021 Salaries Payable 32,000

Salaries Expense 32,000

If there is Reversing entries

Jan 10,2021 Salaries Expense 32,000
Cash 32,000

If there is no Reversing entries

Salaries Payable 32,000
Cash 32,000

Jan 1,2021 Interest Payable 8,250

Interest Expense 8,250

If there is a reversing entries

Feb 1, 2021 Notes Payable 100,000
Interest Expense 9,000
Cash 109,000

If there is no reversing entries

Feb 1,2021 Notes Payable 100,000
Interest Expense (1month) 750
Interest Payable 8250
Cash 109,000

Reversing entries
Jan 1,2021 Interest income 500
Interest receivables 500

If there is a reversing entries

Nov-01 Cash 53,000
Investment 50,000
Interest income 3,000 3000
 2,500
If there is no reversing entries
Nov-01 Cash 53,000
Investment 50,000
Interest income 2,500
Interest Receivable 500
 CASH Accounts Payable
Date Particulars Debit Date Particulars Credit Date Particulars
Jan-01 Beg Balance 180,000 Jan-01 Purchased of 80,000 May-01 Payment
Jan-01 owner's inves 100,000 Feb-01 Lease payme 24,000
Feb-01 Proceeds of no 100,000 Mar-01 Withdrawals 30,000
Jul-01 Received adva 42,000 Apr-01 Purchased of 70,000
Sep-01 Proceeds of sal 100,000 May-01 Payment of A 15,000
Dec-31 Collection of a 200,000 Nov-01 Certificate of 50,000

Notes Payable
Date Particulars

722,000 269,000
Balance 453,000 -

Unearned Service Reve

Accounts Receivable Date Particulars
Date Particulars Debit Date Particulars Credit Dec-31 Adjustmen
Beginning 110,000
Dec-31 Service Revenu 250,000 Dec-31 Collection 200,000

360,000 200,000
Balance 160,000 Salaries Payable
Date Particulars

Interest Receivable
Date Particulars Debit Date Particulars Credit
Dec-31 Accrueal of int 500

500 - Interest Payable

Balance 500 Date Particulars

Investment
Date Particulars Debit Date Particulars Credit
Nov-01 1 year Certific 50,000

Total Liabilities
50,000 -
Balance 50,000
 Supplies
Date Particulars Debit Date Particulars Credit
Oct-01 Purchased on 20,000 Dec-31 Adjustment 19,000

20,000 19,000
Balance 1,000

Prepaid Rent
Date Particulars Debit Date Particulars Credit
Feb-01 1 year lease 24,000 Dec-31 adjustment 22,000

Balance 2,000

Prepaid Insurance
Date Particulars Debit Date Particulars Credit

Balance -

Land Account no. 150

Date Particulars Debit Date Particulars Credit
Jan-01 Beg Bal 90,000 Sep-01 Sale 90,000
Apr-01 Purchased on c 70,000

Balance 70,000

Service Vehicles
Date Particulars Debit Date Particulars Credit
Jan-01 Purchased on c 80,000
Balance 80,000

Accumulated Depreciation - Service Vehicles

Date Particulars Debit Date Particulars Credit
Dec-31 Depreciation 24,000

Balance 24,000
 Accounts Payable Viesca, Capital
Debit Date Particulars Credit Date Particulars Debit Date Particulars
15,000 Jan-01 Beg Bal 34,000 Jan-01 Beg Balanc
Oct-01 Supplies o 20,000
Dec-31 Operating 80,000 Balance

15,000 134,000
Balance 119,000
Villanueva, Withdrawals
Notes Payable Date Particulars Debit Date Particulars
Debit Date Particulars Credit Mar-01 Personal w 30,000
Feb-01 Issuance of 100,000
Balance 30,000
- 100,000
Balance 100,000

Unearned Service Revenue

Debit Date Particulars Credit
21,000 Jul-01 1 year adv 42,000

21,000 42,000
Balance 21,000

Salaries Payable
Debit Date Particulars Credit
Dec-31 Accrual of 32,000

- 32,000
Balance 32,000

Interest Payable
Debit Date Particulars Credit
Dec-31 Accrual of 8,250

- 8,250
Balance 8,250

280,250
 Service revenue
Credit Date ParticularsDebit Date Particulars Credit
346,000 Dec-31 On Account 250,000
Dec-31 Adjustment 21,000
346,000

Balance 271,000
wals
Credit

Gain on Sale
Date ParticularsDebit Date Particulars Credit
Sep-01 Gain on sale 10,000

Balance 10,000

Interest Income
Date ParticularsDebit Date Particulars Credit
Dec-31 accrued inte 500

Balance 500
 Other expenses
Date Particulars Debit Date Particulars Credit
Dec-31 Operating 80,000

Balance 80,000

Salaries Expense
Date Particulars Debit Date ParticularsCredit
Dec-31 Accrual of 32,000

Balance 32,000

Supplies Expense
Date Particulars Debit Date ParticularsCredit
Dec-31 Adjustmen 19,000

Balance 19,000

Depreciation Expense
Date Particulars Debit Date ParticularsCredit
Dec-31 Adjustmen 24,000

Balance 24,000

Interest Expense
Date Particulars Debit Date ParticularsCredit
Dec-31 Accrual of 8,250

Balance 8,250

Rent Expense
Date Particulars Debit Date ParticularsCredit
Dec-31 Adjustmen 22,000

Balance 22,000
 Catherine Viesca Outdoor Ad Concepts
Income Statement
For the year ended Dec 31,2020

Revenues
Service Revenues 271,000.00
Gain on Sale 10,000.00
Interest Income 500.00
Total Revenues 281,500.00

Expenses
Salaries Expense 32,000.00
Supplies Expense 19,000.00
Other expenses 80,000.00
Depreciation expense 24,000.00
Interest expense 8,250.00
Rent Expense 22,000.00
Total Expenses 185,250.00

Profit 96,250.00
CLOSING ENTRIES

To Close revenues account

Service Revenues 271,000.00
Gain on Sale 10,000.00
Interest Income 500.00
Income Summary

To Close expense account

Income Summary 185,250.00
Salaries Expense
Supplies Expense
Other expenses
Depreciation expense
Interest expense
Rent Expense

To close Income summary account

Income Summary 96,250.00
Viesca, Capital

To close Withdrawals
Viesca, Capital 30,000.00
Viesca, withdrawals
281,500.00

32,000.00
19,000.00
80,000.00
24,000.00
8,250.00
22,000.00

96,250.00

30,000.00
 Catherine Viesca Outdoor Ad Concepts
Income Statement
For the year ended Dec 31,2020

Cash inflow from Operating Activities

Payment of rent -24,000
Payment to settle accounts payable -15,000
Receipt for service revenues 42,000
Collection of Accounts receivable 200,000
Net cash provided by/ (Used) by operating Activities 203,000
Cash inflow from Investing Activities
Purchase of Service vehicle -80,000
Purchase of Land -70,000
Proceeds on sale of Land 100,000
Acquiring Investment -50,000
Net cash provided by/ (Used) by Investing Activities -100,000
Cash inflow from Financing Activities
Cash inflow from the owner 100,000
Receipts on the issuance of notes payable 100,000
Withdraws of the owner -30,000
Net cash provided by/ (Used) by Financing Activities 170,000
Net increase/(decrease) 273,000
Beginning Cash Balance 180,000
Cash Balance ending, Dec 31,2020 453,000
 Catherine Viesca Outdoor Ad Concepts
Statement of Changes in Equity
For the year ended Dec 31,2020

Viesca, Beginning Capital, 1/1/2020 446,000.00

Add: Additiona Investment 0
Net income 96,250.00 96,250.00
Total 542,250.00
Less Withdrawals 30,000
Viesca, Capital, 12/31/2020 512,250.00
 Catherine Viesca Outdoor Ad Concepts
Statement of Financial Position
Dec 31,2020

Assets
Cash 453,000.00
Accounts Receivable 160,000.00
Interest Receivable 500.00
Investment 50,000.00
Supplies 1,000.00
Prepaid Rent 2,000.00
Land 70,000.00
Service vehicle 80,000.00
Less: Accumulated Depreciation 24,000.00 56,000.00
Total Assets 792,500.00
sca Outdoor Ad Concepts
t of Financial Position
Dec 31,2020

Liabilities
Accounts Payable 119,000.00
Notes Payable 100,000.00
Unearned Service Revenue 21,000.00
Salaries Payable 32,000.00
Interest Payable 8,250.00
Total Liabilities 280,250.00

Owners Equity
Viesca, Capital, 12/31/2020 512,250.00
Total Liabilities & Owner's Equity 792,500.00
-
Cash
Accounts Receivable
Investment
Supplies
Prepaid Rent
Land
Service vehicle
Notes Payable
Accounts Payable
Unearned Service Revenue
Viesca, Capital
Viesca, Drawings
Service Revenues
Gain on sale of Land
Other Expenses
Totals
Salaries Expense
Salaries Payable
Supplies Expense
Depreciation Expense
Accumulated Depreciation
Interest Payable
Rent Expense
Interest Receivable
Interest Income