Eternal Images

Journal Entries

Date Journal Entries with Particulars

Oct-01 Cash 350,000.00

Labasan, Capital 350,000.00
To record investment of Labasan.

Oct-03 Prepaid Rent 40,500.00

Cash 40,500.00
To record the advance rental payment.

Oct-05 Equipment 129,000.00

Labasan, Capital 129,000.00
To record the transfer of equipment to the business.

Oct-07 No Journal Entry

Oct-08 Office Equipment 54,000.00

Cash 54,000.00
To record purchase of office equipment.

Oct-10 Photography Equipment 75,000.00

Cash 75,000.00
To record purchase of photography equipment ordered on October 7.

Oct-12 Photography Supplies 21,000.00

Accounts Payable 21,000.00
To record purchase of photography supplies on credit.

Oct-13 Cash 11,400.00

Unearned Revenue 11,400.00
To record cash received from unbilled portraits.

Oct-17 Accounts Receivable 22,500.00

Service Revenue 22,500.00
To record portraits billed to customers.

Oct-19 Accounts Payable 10,500.00

Cash 10,500.00
To record 50% payment of supplies purchased on credit last October 12.

Oct-25 Utilities Expense 3,600.00

 Cash 3,600.00
To record payment of electricity bill.

Oct-26 Utilities Expense 2,100.00

Cash 2,100.00
To record payment of telephone bill.

Oct-28 Cash 7,500.00

Accounts Receivable 7,500.00
To record cash received from the customers billed on October 17.

Oct-29 Salaries Expense 12,000.00

Cash 12,000.00
To record payment of salaries to employess.

Oct-30 Cash 1,500.00

Unearned Revenue 1,500.00
To record advance payment from a customer.

Oct-31 Labasan, Drawing 16,000.00

Cash 16,000.00
To record cash withdrawal from the business
ered on October 7.

credit last October 12.

on October 17.
Eternal Images
Worksheet

October 31, 2019

Date Particulars

01-Oct-19 To record capital investment

03-Oct-19 To record rent payments
05-Oct-19 To record investment in equipment
07-Oct-19 "Ordered Additional Photography Equipment"
08-Oct-19 To record purchase of office equipment
10-Oct-19 To record the payment for the Equipment order on Oct. 7
12-Oct-19 To record photography supplies in credit
13-Oct-19 To record cash received from unbilled portraits
17-Oct-19 To record accrued revenues from billed portraits
19-Oct-19 To record payments of liability from Oct. 12
25-Oct-19 To record cash paid for electricity bill
26-Oct-19 To record cash paid for telephone bill
28-Oct-19 To record partial payments from customers on Oct. 17
29-Oct-19 To record payrolls
30-Oct-19 To record cash received from advance payments
31-Oct-19 To record withdrawals
 ASSETS
Checkings Cash Accounts Recievable Prepaid Rent

₱ 156,700.00 ₱ 15,000.00 ₱ 40,500.00

- ₱ 350,000.00
- -₱ 40,500.00 ₱ 40,500.00
-

- -₱ 54,000.00
- -₱ 75,000.00
-
- ₱ 11,400.00
- ₱ 22,500.00
- -₱ 10,500.00
- -₱ 3,600.00
- -₱ 2,100.00
- ₱ 7,500.00 -₱ 7,500.00
- -₱ 12,000.00
- ₱ 1,500.00
- -₱ 16,000.00
ASSETS
Photography Equipment Photography Supplies Office Equipment

₱ 204,000.00 ₱ 21,000.00 ₱ 54,000.00

₱ 129,000.00

₱ 54,000.00
₱ 75,000.00
₱ 21,000.00
 LIABILITY OWNERS
Accounts Payable Service Revenue Unearned Revenues

₱ 10,500.00 ₱ 22,500.00 ₱ 12,900.00

₱ 21,000.00
₱ 11,400.00
₱ 22,500.00
-₱ 10,500.00

₱ 1,500.00
 OWNERS EQUITY
Labasan, Withdrawals Labasan, Capital Utility Expense

₱ 16,000.00 ₱ 479,000.00 ₱ 5,700.00

₱ 350,000.00

₱ 129,000.00

₱ 3,600.00
₱ 2,100.00

₱ 16,000.00
 Salaries Expense

₱ 12,000.00

₱ 12,000.00
 Eternal Images
Unadjusted Trial Balance
As of October 31, 2019

ACCOUNT TITLES Debit Credit

Cash ₱ 156,700.00

Accounts Recievable ₱ 15,000.00

Prepaid Rent ₱ 40,500.00

Photography Equipment ₱ 204,000.00

Photography Supplies ₱ 21,000.00

Office Equipment ₱ 54,000.00

Accounts Payable ₱ 10,500.00

Service Revenue ₱ 22,500.00

Unearned Revenues ₱ 12,900.00

Labasan, Withdrawals ₱ 16,000.00

Labasan, Capital ₱ 479,000.00

Utility Expense ₱ 5,700.00

Salaries Expense ₱ 12,000.00

TOTAL ₱ 524,900.00 ₱ 524,900.00