Engineer Scackile Asuncion open an engineering and design firm.

His accountant prepared the following transactions

during January 2021 (its first month of operation)

DATE TRANSACTIONS
1/1/2021 Shackile Asuncion, the owner, invested cash to the business, PhP150,000
1/2/2021 Shackile Asuncion engineering and design firm bought office equipment amounting to PhP60,000; paid cash amounting to
PhP50,000 and the balance payable in January 2 PhP10,000
1/5/2021 Shackile Asuncion, invested additional cash to the business, PhP15,000
1/10/2021 Paid the account in January 2 amounting to PhP10,000
1/16/2021 Bought two computer units for cash, PhP30,000
1/20/2021 Bought office furniture on credit, PhP12,000
1/25/2021 Rendered services to client who paid in cash, PhP60,000
1/30/2021 Paid salary of assistant, PhP8,000
1/31/2021 Rendered services to Client, PhP10,000. Collected 40% and the balance on note

Instruction. Perform the following:

1. Prepare journal entries with reference with the Chart of Accounts (using the Journal Template)
2. Post the journal entries in the general ledger (using the Ledger template)
3. Prepare Unadjusted Trial Balance (using the Journal Template)
 Page No. 1

Date
Particulars PR DR CR
2021

January 1 Cash 1000 150,000.00

Shackile Asuncion, Capital 3000 150,000.00
Initial Investment - S. Asuncion

2 Office Equipment 1300 60,000.00

Cash 1000 50,000.00
Accounts Payable 2000 10,000.00
Bought office equipment - partial payment, S. Asuncion equipment

5 Cash 1000 15,000.00

Shackile Asuncion, Capital 3000 15,000.00
Additional Investment - S. Asuncion

10 Office Equipment 2000 10,000.00

Cash 1000 10,000.00
Payment to S. Asuncion office supply

16 Office Equipment 1300 30,000.00

Cash 1000 30,000.00
Bought two computer units for cash

20 Office Furniture 1400 12,000.00

Accounts Payable 2000 12,000.00
S. Asuncion bought furniture on credit

25 Cash 1000 60,000.00

Professional Income fees 4000 60,000.00
Receipt cash from service rendered

30 Salary Expense 5000 8,000.00

Cash 1000 8,000.00
Payment of salary

31 Accounts Receivable 1100 4,000.00

Notes Receivable 1200 6,000.00
Professional Income fees 4000 10,000.00
Rendered services to Client
Account Title: Cash Account No. 1000

DATE 2021
Particulars REF DR CR BALANCE

January 1 Initial Investment - S. Asuncion P1 150,000.00 150,000.00

2 Bought office equipment - partial payment, S. Asuncion equipment P1 50,000.00 100,000.00
5 Additional Investment - S. Asuncion P1 15,000.00 115,000.00
10 Payment to S. Asuncion office supply P1 10,000.00 105,000.00
16 Bought two computer units for cash P1 30,000.00 75,000.00
25 Receipt cash from service rendered P1 60,000.00 135,000.00
30 Payment of salary P1 8,000.00 127,000.00

Account Title: Accounts Receivable Account No. 1100

DATE 2021
Particulars REF DR CR BALANCE

31 Rendered services to Client P1 4,000.00 4,000.00

Account Title: Office Equipment Account No. 1300

DATE 2021
Particulars REF DR CR BALANCE

2 Bought office equipment - partial payment, S. Asuncion equipment P1 60,000.00 60,000.00

10 Payment to S. Asuncion office supply P1 10,000.00 70,000.00
16 Bought two computer units for cash P1 30,000.00 100,000.00

Account Title: Office Furniture Account No. 1400

DATE 2021
Particulars REF DR CR BALANCE

20 S. Asuncion bought furniture on credit P1 12,000.00 12,000.00

Account Title: Notes Receivable Account No. 1200

DATE 2021
Particulars REF DR CR BALANCE

31 Rendered services to Client, 10% on note P1 6,000.00 6,000.00

Account Title: Accounts Payable Account No. 2000

DATE 2021
Particulars REF DR CR BALANCE

2 Payment to S. Asuncion office supply P1 10,000.00 10,000.00

20 S. Asuncion payment to furniture on credit P1 12,000.00 22,000.00
 Unadjusted Trial Balance
AUGUST 31, 2021

TRIAL BALANCE

Particulars PR DR CR

1000 Cash 127,000.00

1100 Accounts Receivable 4,000.00
1300 Office Equipment 100,000.00
1400 Office Furniture 12,000.00
1200 Notes Receivable 6,000.00
2000 Accounts Payable 22,000.00
3000 S. Asuncion Capital 165,000.00
4000 Professional Income fees 70,000.00
5000 Salary Expense 8,000.00

257,000.00 257,000.00