AE110 BOOKKEEPING SYSTEM (E.

MEDINA)
(3) CHART OF ACCOUNTS
TYPE OF NORMAL NORMAL TYPE OF
(1) COMPANY INFORMATION CODES ACCOUNT TITLES
ACCOUNT BALANCE BALANCE ACCOUNT
NAME MERCADEJAS' ART GALLERY 101 CASH REAL DEBIT DEBIT REAL
ADDRESS BAGUIO CITY 102 ACCOUNTS RECEIVABLE REAL DEBIT CREDIT NOMINAL
TIN 111-22-333 103 SUPPLIES REAL DEBIT
104 PREPAID INSURANCE REAL DEBIT
(2) EMPLOYEES 105 OFFICE EQUIPMENT REAL DEBIT
NAME POSITITION 106 ACCUMULATED DEPRECIATION- EQUIPMENT REAL CREDIT
CELESTINE HERRERA Bookkeeper 201 ACCOUNTS PAYABLE REAL CREDIT
ANTONIOUS MERCADEJAS Accountant 202 NOTES PAYABLE REAL CREDIT
203 UNEARNED SERVICE REVENUE REAL CREDIT
204 SALARIES PAYABLE REAL CREDIT
205 UTILITIES PAYABLE REAL CREDIT
301 MERCADEJAS, CAPITAL REAL CREDIT
302 MERCADEJAS, DRAWING REAL DEBIT
303 INCOME SUMMARY REAL CREDIT
401 SERVICE REVENUE NOMINAL CREDIT
501 ART SUPPLIES EXPENSE NOMINAL DEBIT
502 DEPRECIATION EXPENSE NOMINAL DEBIT
503 INSURANCE EXPENSE NOMINAL DEBIT
504 SALARIES EXPENSE NOMINAL DEBIT
505 RENT EXPENSE NOMINAL DEBIT
506 UTILITIES EXPENSE NOMINAL DEBIT
 Page 2 of 8

MERCADEJAS' ART GALLERY

BAGUIO CITY
111-22-333
TABLE OF BEGINNING BALANCE

NORMAL BEGINNING BALANCE

PARTICULARS CODE
BALANCE DEBIT CREDIT
CASH 101 DEBIT 300,000.00
ACCOUNTS RECEIVABLE 102 DEBIT 70,000.00
SUPPLIES 103 DEBIT 5,000.00
OFFICE EQUIPMENT 105 DEBIT 140,000.00
PREPAID INSURANCE 104 DEBIT 28,800.00
ACCOUNTS PAYABLE 201 CREDIT 43,800.00
NOTES PAYABLE 202 CREDIT 200,000.00
MERCADEJAS, CAPITAL 301 CREDIT 300,000.00
TOTAL 543,800.00 543,800.00

Prepared By:
Name CELESTINE HERRERA
 Page 3 of 8

Position Bookkeeper

Checked By:
Name ANTONIOUS MERCADEJAS
Position Accountant
 MERCADEJAS' ART GALLERY
BAGUIO CITY
111-22-333
GENERAL JOURNAL- ORIGINAL ENTRIES

DATE PARTICULARS CODE DEBIT CREDIT

January 01,2021 CASH 101 300,000.00
MERCADEJAS, CAPITAL 301 300,000.00

January 03, 2021 OFFICE EQUIPMENT 105 180,000.00

NOTES PAYABLE 202 180,000.00

January 05, 2021 CASH 101 120,000.00

UNEARNED SERVICE REVENUE 203 120,000.00

January 07, 2021 RENT EXPENSE 505 10,700.00

CASH 101 10,700.00

January 09,2021 PREPAID INSURANCE 104 10,800.00

CASH 101 10,800.00

January 11, 2021 SUPPLIES 103 7,200.00

ACCOUNTS PAYABLE 201 7,200.00

January 13, 2021 MERCADEJAS, DRAWING 302 18,000.00

CASH 101 18,000.00

January 15, 2021 SALARIES EXPENSE 504 4,000.00

CASH 101 4,000.00

January 17, 2021 CASH 101 100,000.00

SERVICE REVENUE 401 100,000.00

Page 4 of 8
 MERCADEJAS' ART GALLERY
BAGUIO CITY
111-22-333

GENERAL JOURNAL - ADJUSTING ENTRIES

DATE PARTICULARS CODE DEBIT CREDIT

December 30,2021 ART SUPPLIES EXPENSE 501 1,800.00
SUPPLIES 103 1,800.00

December 30,2021 INSURANCE EXPENSE 503 2,700.00

PREPAID INSURANCE 104 2,700.00

December 30,2021 DEPRECIATION EXPENSE 502 5,000.00

ACCUMULATED DEPRECIATION- EQUIPME 106 5,000.00

December 30,2021 UNEARNED SERVICE REVENUE 203 4,000.00

SERVICE REVENUE 401 4,000.00

December 30,2021 ACCOUNTS RECEIVABLE 102 2,000.00

SERVICE REVENUE 401 2,000.00

December 30,2021 UTILITIES EXPENSE 506 500.00

UTILITIES PAYABLE 205 500.00

December 30,2021 SALARIES EXPENSE 504 3,000.00

SALARIES PAYABLE 204 3,000.00

Page 5 of 8
 MERCADEJAS' ART GALLERY
BAGUIO CITY
111-22-333

GENERAL JOURNAL - CLOSING ENTRIES

DATE PARTICULARS CODE DEBIT CREDIT

December 31,2021 SERVICE REVENUE 401 206,500.00
INCOME SUMMARY 303 206,500.00

December 31,2021 INCOME SUMMARY 303 29,540.00

SALARIES EXPENSE 504 4,000.00
ART SUPPLIES EXPENSE 501 1,800.00
RENT EXPENSE 505 10,700.00
INSURANCE EXPENSE 503 3,000.00
UTILITIES EXPENSE 506 5,040.00
DEPRECIATION EXPENSE 502 5,000.00

December 31,2021 INCOME SUMMARY 303 176,960.00

MERCADEJAS, CAPITAL 301 176,960.00

December 31,2021 MERCADEJAS, CAPITAL 301 18,000.00

MERCADEJAS, DRAWING 302 18,000.00

Page 6 of 8
 MERCADEJAS' ART GALLERY
BAGUIO CITY
111-22-333
GENERAL LEDGER

NORMAL BEG. BALANCE ORIGINAL ENTRY BALANCE ADJUSTING ENTRIES BALANCE CLOSING ENTRIES BALANCE
ACCOUNT TITLE CODE
BALANCE DEBIT (CREDIT) DEBITS CREDITS DEBIT (CREDIT) DEBITS CREDITS DEBIT (CREDIT) DEBITS CREDITS DEBIT (CREDIT)
CASH 101 DEBIT 300000 520,000.00 43,500.00 776,500.00 776,500.00 776,500.00
ACCOUNTS RECEIVABLE 102 DEBIT 70000 70,000.00 2,000.00 72,000.00 72,000.00
SUPPLIES 103 DEBIT 5000 7,200.00 12,200.00 1,800.00 10,400.00 10,400.00
PREPAID INSURANCE 104 DEBIT 28800 10,800.00 39,600.00 2,700.00 36,900.00 36,900.00
OFFICE EQUIPMENT 105 DEBIT 140000 180,000.00 320,000.00 320,000.00 320,000.00
ACCUMULATED DEPRECIATION- EQUIPMENT 106 CREDIT 5,000.00 (5,000.00) (5,000.00)
ACCOUNTS PAYABLE 201 CREDIT (43,800.00) 7,200.00 (51,000.00) (51,000.00) (51,000.00)
NOTES PAYABLE 202 CREDIT (200,000.00) 180,000.00 (380,000.00) (380,000.00) (380,000.00)
UNEARNED SERVICE REVENUE 203 CREDIT 120,000.00 (120,000.00) 4,000.00 (116,000.00) (116,000.00)
SALARIES PAYABLE 204 CREDIT 3,000.00 (3,000.00) (3,000.00)
UTILITIES PAYABLE 205 CREDIT 500.00 (500.00) (500.00)
MERCADEJAS, CAPITAL 301 CREDIT (300,000.00) 300,000.00 (600,000.00) (600,000.00) 18,000.00 176,960.00 (758,960.00)
MERCADEJAS, DRAWING 302 DEBIT 18,000.00 18,000.00 18,000.00 18,000.00
INCOME SUMMARY 303 CREDIT 206,500.00 206,500.00
SERVICE REVENUE 401 CREDIT 100,000.00 (100,000.00) 6,000.00 (106,000.00) 206,500.00 100,500.00
ART SUPPLIES EXPENSE 501 DEBIT 1,800.00 1,800.00 1,800.00
DEPRECIATION EXPENSE 502 DEBIT 5,000.00 5,000.00 5,000.00
INSURANCE EXPENSE 503 DEBIT 2,700.00 2,700.00 3,000.00
SALARIES EXPENSE 504 DEBIT 4,000.00 4,000.00 3,000.00 7,000.00 4,000.00 3,000.00
RENT EXPENSE 505 DEBIT 10,700.00 10,700.00 10,700.00 10,700.00
UTILITIES EXPENSE 506 DEBIT 500.00 500.00 5,040.00
- 750,700.00 750,700.00 - 19,000.00 19,000.00 - 431,000.00 431,000.00 431,000.00

Page 7 of 8
 MERCADEJAS' ART GALLERY
BAGUIO CITY
Page 8 of 8
111-22-333
WORKING PAPER

TYPE OF NORMAL Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet
ACCOUNT TITLE CODE
ACCOUNT BALANCE Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
CASH 101 REAL DEBIT 776,500.00 776,500.00 776,500.00
ACCOUNTS RECEIVABLE 102 REAL DEBIT 70,000.00 2,000.00 72,000.00 72,000.00
SUPPLIES 103 REAL DEBIT 12,200.00 10,400.00 10,400.00
PREPAID INSURANCE 104 REAL DEBIT 39,600.00 2,700.00 36,900.00 36,900.00
OFFICE EQUIPMENT 105 REAL DEBIT 320,000.00 320,000.00 320,000.00
ACCUMULATED DEPRECIATION- EQUIPMENT 106 REAL CREDIT 5,000.00 5,000.00 5,000.00
ACCOUNTS PAYABLE 201 REAL CREDIT 51,000.00 51,000.00 51,000.00
NOTES PAYABLE 202 REAL CREDIT 380,000.00 380,000.00 380,000.00
UNEARNED SERVICE REVENUE 203 REAL CREDIT 120,000.00 4,000.00 116,000.00 116,000.00
SALARIES PAYABLE 204 REAL CREDIT 3,000.00 3,000.00 3,000.00
UTILITIES PAYABLE 205 REAL CREDIT 500.00 500.00 500.00
MERCADEJAS, CAPITAL 301 REAL CREDIT 600,000.00 600,000.00 600,000.00
MERCADEJAS, DRAWING 302 REAL DEBIT 18,000.00 18,000.00 18,000.00
INCOME SUMMARY 303 REAL CREDIT
SERVICE REVENUE 401 NOMINAL CREDIT 100,000.00 6,000.00 106,000.00 106,000.00
ART SUPPLIES EXPENSE 501 NOMINAL DEBIT 1,800.00 1,800.00 1,800.00
DEPRECIATION EXPENSE 502 NOMINAL DEBIT 5,000.00 5,000.00 5,000.00
INSURANCE EXPENSE 503 NOMINAL DEBIT 2,700.00 2,700.00 2,700.00
SALARIES EXPENSE 504 NOMINAL DEBIT 4,000.00 3,000.00 7,000.00 7,000.00
RENT EXPENSE 505 NOMINAL DEBIT 10,700.00 10,700.00 10,700.00
UTILITIES EXPENSE 506 NOMINAL DEBIT 500.00 500.00 500.00
1,251,000.00 1,251,000.00 19,000.00 17,200.00 1,261,500.00 1,261,500.00 27,700.00 106,000.00 1,233,800.00 1,155,500.00
NET INCOME (NET LOSS) - 78,300.00 (78,300.00)
106,000.00 106,000.00 1,155,500.00 1,155,500.00

TOTAL 2,502,000.00 2,502,000.00 38,000.00 34,400.00 2,523,000.00 2,523,000.00 239,700.00 318,000.00 3,544,800.00 3,466,500.00
NET INCOME (NET LOSS) 78,300.00 78,300.00
TOTAL 318,000.00 318,000.00 3,544,800.00 3,544,800.00