JOURNAL ENTRIES, POSTING TO THE LEDGER & PREPARATION OF UNADJUSTED TRIAL

BALANCE
a. The pandemic is over. Everything is back to normal. Mr. Mars decided to open his own
burger joint on June 1, 2020 with an initial investment of P50,000 and immediately
registered his business and paid P3,000 for registration fees to relevant government
institutions.
b. On June 2, Mr. Mars hired Ms. Venus as his sous chef and assistant responsible for
bookkeeping.
c. He procured ready to cook burgers amounting P20,000 from his supplier for cash.
d. He also bought packaging supplies amounting to P10,000 for cash.
e. On the same day, he determined that he needed more funds and borrowed from
lending company additional P40,000 by issuing a promissory note.
f. Mr. Mars bought some cooking equipment, furniture, and fixtures necessary for the
business for P50,000 on June 3, paying P25,000 as down payment and the balance at
the end of the month.
g. On the same day, Ms. Venus coordinated with the landlord of their stand and paid him
P12,000 as advance payment for the rent of the stand.
h. Mr. Mars told Ms. Venus to have the business insured and paid Earth Insurance Co.
P10,500 as insurance for the entire year on June 4 for cash.
i. They finally opened their burger joint on June 5 and made cash sales on the first day
amounting to P40,000. All inventory was sold out and determined that they made a 50%
gross profit.
j. All burgers are ready to cook so they did not have other expenses for the ingredients.
k. On the same day, they ordered again ready to cook burgers from their suppliers on
account for P100,000 because they expect more demand during the month.
l. On June 12, after 1 week in operation, they made a total sales of P50,000 all for cash.
m. On June 13, his friend asked Mr. Mars if he can cater and supply them burgers for his
party. Since he is his friend, he agreed to be paid only by end of month for P10,000.
n. As of the week ending June 19, he made additional cash sales of P30,000 and billed
burgers catered on account for P15,000.
o. As of the week ending June 26, he sold burgers amounting to P40,000 for cash.
p. On June 29, he paid salaries of Ms. Venus for P5,000.
q. One June 30, he received water and electricity bills amounting to P7,000 and settled it.
r. On the same day, he made an inventory count of his ready to cook burgers inventory
and there was still P28,000 worth of it.
s. He received cash from his friend as payment for the burgers he ordered, P10,000.
t. Paid the balance for cooking equipment, furniture, and fixtures purchased, P25,000.
u. Withdrew P15,000 for personal use.
REQUIREMENTS:
1. Journalize the above transactions. Ms Venus used the following chart of accounts in
recording the transactions of the business:

CASH
1/Jun 50,000.00 1/Jun 3,000.00
2/Jun 40,000.00 2/Jun 20,000.00
2/Jun 10,000.00
3/Jun 25,000.00

90,000.00 58,000.00

Date Account Titles and Explanations P.R. Debit Credit

2. Post the journal Entries to the Ledger

3. Prepare the Trial Balance

One Output per GROUP:

GROUP 1 – AMING, TORREJOS, BASAT, ALDERITE

GROUP 2 – RAMOS, ATILANO, ABUYON, RODRIGUEZ, NONONG

GROUP 3 – GARCIA, AIZON, BANAYAT, DAVID, GREGORIO

GROUP 4 – HANNAN, BENDANO, JUMANGIT, CANOY, SUBRAMANIAM