JOURNAL

Date Account Titles Debit Credit

Nov. 1, 20X1 Cash ₱2,000,000
Owner’s Capital ₱2,000,000
To record owner’s investment

Nov. 5, 20X1 Cash 500,000

Notes Payable 500,000
To record the loan obtained

Nov. 8, 20X1 Equipment 1,000,000

Cash 1,000,000
To record the acquisition equipment

Nov. 16, 20x1 Inventory 200,000

Cash 200,000
To record the acquisition of inventory

Nov. 30, 20x1 Cash 300,000

Sales 300,000
To record the total sales

Nov. 30, 20X1 Cost of Goods Sold 135,000

Inventory 135,000
To record cost of goods sold

Dec. 1, 20X1 Accounts Receivable 400,000

Sales 400,000
To record the total sales

Dec. 1, 20X1 Cost of goods sold 180,000

Inventory 180,000
To record cost of goods sold on account

Dec. 4, 20X1 Inventory 600,000

Accounts Payable 600,000
To record purchased inventory on account

Dec. 9, 20X1 Cash 100,000

Accounts Receivable 100,000
To record the collection of account

Dec. 17, 20X1 Accounts Payable 200,000

Cash 200,000
To record the payment of account

Dec. 28 , 20X1 Owner’s Drawing 120,000

Cash 120,000
To record withdrawal