TRANSACTION

Jul-18

2 Mr. X invested 1,500,000.00 to start his own Restaurant.

4 Purchased Equipment worth 600,00.00
6 Purchased Utensils worth 40,000.00
7 Paid Rent 600,000.00 for 2 months (July and August)
8 Paid Insurance 100,000.00 for 2months (July and August)
9 Purchased Furnitures and Fixtures worth 150,000.00 on account with 5% interest.
11 Purchased Ingredients worth 40,000.00
12 Received total of 13,500.00 from customers.
15 Received total of 8,500.00 from customers.
18 paid utility bill worth 6,000.00
21 Received total of 15,000.00 from customers
24 paid 5,000.00 for maintenance.
26 Mr. X withdrew 100,000.00 for personal use.
29 Received total of 12,000.00 from customers.
30 Paid salary 15,000.00 for month of march
31 Paid furnitures and Fixtures along with interest.

MR. X's RESTAURANT

Jul-18
JOURNALIZING

DATE ACCOUNT TITLES DEBIT

2 CASH 1,500,000.00
CAPITAL
STARTED BUSINESS

4 EQUIPMENT 600,000.00
CASH
PURCHASED EQUIPMENT

6 UTENSILS 40,000.00
CASH
PURCHASED UTENSILS

7 PREPAID RENT 60,000.00

CASH
 PAID RENT GOOD FOR 2 MONTHS

8 PREPAID INSURANCE 100,000.00

CASH
PAID INSURANCE GOOD FOR 2 MONTHS

9 FURNITURES AND FIXTURES 150,000.00

ACCOUNTS PAYABLE
PURCHAES FURNITURES AND FIXTURES ON ACCOUNT

11 INGREDIENTS 40,000.00
CASH
PURCHASED INGREDIENTS

12 CASH 13,500.00
SERVICE REVENUE
RECEIVED CASH FROM CUSTOMERS

15 CASH 8,500.00
SERVICE REVENUE
RECEIVED CASH FROM CUSTOMERS

18 UTILITY EXPENSE 6,000.00

CASH
PAID BILLS

21 CASH 15,000.00
SERVICE REVENUE
RECEIVED CASH FROM CUSTOMERS

24 MAINTENANCE EXPENSE 5,000.00

CASH
PAID MAINTENANCE

26 PERSONAL 100,000.00
CASH
WITHDREW CASH FOR PERSONAL USE

29 CASH 12,000.00
SERVICE REVENUE
RECEIVED CASH FROM CUSTOMERS

30 SALARY EXPENSE 15,000.00

CASH
PAID THE SALARY OF THE MONTH OF MARCH
31 ACCOUNTS PAYABLE 150,000.00
INTEREST EXPENSE 7,500.00
CASH
PAID THE FURNITURES AND FIXTURES WITH INTEREST
2,822,500.00
CREDIT

1,500,000.00

600,000.00

40,000.00

60,000.00
100,000.00

150,000.00

40,000.00

13,500.00

8,500.00

6,000.00

15,000.00

5,000.00

100,000.00

12,000.00

15,000.00
 157,500.00

2,822,500.00
 CASH
2 1,500,000.00 SERVICE REVENUE
4 600,000.00 12
6 40,000.00 15
7 60,000.00 21
8 100,000.00 29
11 40,000.00 BALANCE 49,000.00
12 13,500.00
15 8,500.00 CAPITAL
18 6,000.00 2
21 15,000.00 BALANCE 1,500,000.00
24 5,000.00
26 100,000.00 SALARY EXPENSE
29 12,000.00 30 15,000.00
30 15,000.00 BALANCE
31 157,500.00
425,500.00 INTEREST EXPENSE
31 7,500.00
BALANCE
EQUIPMENT
4 600,000.00 MAINTENACE EXPENSE
BALANCE 600,000.00 24 5,000.00
BALANCE
UTENSILS
6 40,000.00
BALANCE 40,000.00

FURNITURES AND FIXTURES

9 150,000.00
BALANCE 150,000.00

INGREDIENTS
11 40,000.00
BALANCE 40,000.00

PREPAID INSURANCE
8 100,000.00
BALANCE 100,000.00

PREPAID RENT
7 60,000.00
BALANCE 60,000.00
 ACCOUNTS PAYABLE
9 150,000.00
31 150,000.00
BALANCE 0.00
EVENUE
13,500.00
8,500.00
15,000.00
12,000.00

TAL PERSONAL
1,500,000.00 26 100,000.00
BALANCE 100,000.00

XPENSE

15,000.00

EXPENSE

7,500.00

E EXPENSE

5,000.00
 TRIAL BALANCE ADJUSTING TRIAL BALANCE

ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT

CASH 425,500.00 25,000.00

EQUIPMENT 600,000.00
UTENSILS 40,000.00
FURNITURES AND FIXTURES 150,000.00
INGREDIENTS 40,000.00 5,200.00
PREPAID RENT 60,000.00 30,000.00
PREPAID INSURANCE 100,000.00 50,000.00
PERSONAL 100,000.00
CAPITAL 1,500,000.00
SERVICE REVENUE 49,000.00 25,000.00
SALARY EXPENSE 15,000.00
UTILITY EXPENSE 6,000.00
MAINTENANCE EXPENSE 5,000.00
INTEREST EXPENSE 7,500.00
RENT EXPENSE 30,000.00
INSURANCE EXPENSE 50,000.00
INGREDIENTS EXPENSE 5,200.00

SUBTOTAL
NET LOSS
INCOME AND EXPENSE SUMMARY

TOTAL 1,549,000.00 1,549,000.00 110,200.00 110,200.00

JOURNAL ENTRIES

ACCOUNT NAME DEBIT

Rent Expense 30,000.00

Prepaid Rent
Consumed half of the rent

Insurance Expense 50,000.00

Prepaid Insurance
Consumed half of the insurance

Ingredients 5,200.00
Ingredients Expense
 Consumed 5,200 of Ingredients

Cash 25,000.00
Sales Income
Additional income
110,200.00
ADJUSTED TIAL BALANCE Statement of comprehensive income Statement of financial position CLOSING ENTRIES

DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT

450,500.00 450,500.00
600,000.00 600,000.00
40,000.00 40,000.00
150,000.00 150,000.00
34,800.00 34,800.00
30,000.00 30,000.00
50,000.00 50,000.00
100,000.00 100,000.00
1,500,000.00 1,500,000.00 44,700.00
74,000.00 74,000.00 118,700.00
15,000.00 15,000.00
6,000.00 6,000.00
5,000.00 5,000.00
7,500.00 7,500.00
30,000.00 30,000.00
50,000.00 50,000.00
5,200.00 5,200.00

118,700.00 74,000.00
44,700.00 44,700.00

74,000.00
1,574,000.00 1,574,000.00 118,700.00 118,700.00 1,500,000.00 1,500,000.00 237,400.00

CLOSING ENTRIES

CREDIT ACCOUNT NAME DEBIT

Income Summary 74,000.00

30,000.00 Sales Income

Income Summary 118,700.00

Salary Expense
50,000.00 Maintenance Expense
Utility Expense
Interest Expense
Rent Expense
5,200.00 Insurance Expense
 Ingredients Expense

Income Summary 44,700.00

25,000.00 Capital

110,200.00 Income Summary 100,000.00

Mr. X's Personal
337,400.00
CLOSING ENTRIES POST CLOSING TB

CREDIT DEBIT CREDIT

450,500.00
600,000.00
40,000.00
150,000.00
34,800.00
30,000.00
50,000.00
100,000.00
1,455,300.00

15,000.00
6,000.00
5,000.00
7,500.00
30,000.00
50,000.00
5,200.00

118,700.00

237,400.00 1,455,300.00 1,455,300.00

CREDIT

74,000.00

15,000.00
5,000.00
6,000.00
7,500.00
30,000.00
50,000.00
 5,200.00

44,700.00

100000
337,400.00