Charlotte B.

Laride – ABM A, Block 2

GENERAL JOURNAL J1

Date Account Titles and Explanation Ref Debit Credit

2016
January 1 Cash 101 250 000
DJJ, Capital 301 250 000
Owner’s investment of cash in
the business

121 130,000
Inventory
201 130,000
Accounts Payable
Purchase of siopao from
supplier on account

January 2 Cash 101 5,000

Sales 400 5,000
Sale of siopao to customer
through cash

500 25,000
Cost of Goods Sold
121 25,000
Inventory
Sale of siopao to customer

January 3 Accounts Receivable 111 30,000

Sales 400 30,000
Sale of siopao to customer on
account

500 15,000
Cost of Goods Sold
121 15,000
Inventory
Sale of siopao to customer
January 10 Cash 101 10,000
Accounts Receivable 111 10,000
Collection of customer’s
accounts receivable
January 12 Accounts Payable 201 45,000
Cash 101 45,000
Payment of accounts payable to
 supplier
January 15 Rent Expense 505 15,000
Cash 101 15,000
Payment of rent expense for the
month
January 18 Cash 101 35,000
Accounts Receivable 121 35,000
500 70,000
Sales
Sale of siopao to customer on
account with 50% downpayment
505 35,000
Cost of Goods Sold 121 35,000
Inventory
Sale of siopao to customer
January 20 Inventory 121 35,500
Accounts Payable 201 5,500
101 30,000
Cash
Purchase of siopao; partly
cash, partly on account
January 31 Cash 101 15,000
DJJ, Capital 301 15,000
Owner’s investment of
additional cash
 GENERAL LEDGER
CASH NO. 101
Date Explanation Ref Debit Credit Balance
2016 J1
January 1 Owner’s investment of cash in J1 250,000 250,000
the business
January 2 Sale of siopao to customer J1 5,000 255,000
through cash
January 10 Collection of customer’s J1 10,000 265,000
accounts receivable

January 12 Payment of accounts payable J1 45,000 220,000

to supplier
January 15 Payment of rent expense for J1 15,000 205,000
the month
January 18 Sale of siopao to customer on J1 35,000 240,000
account with 50%
downpayment
January 20 Purchase of siopao; partly J1 30,000 210,000
cash, partly on account
January 31 Owner’s investment of J1 15,000 225,000
additional cash
BALANCE 315,000 90,000 225,000

ACCOUNTS RECEIVABLE NO. 111

Date Explanation Ref Debit Credit Balance
2016 J1
January 3 Sale of siopao to customer on J1 30,000 30,000
account
January 10 Collection of customer’s J1 10,000 20,000
accounts receivable
January 18 Sale of siopao to customer on J1 35,00 55,000
account with 50%
downpayment
January 31 BALANCE 65,000 10,000 55,000
 INVENTORY NO. 121
Date Explanation Ref Debit Credit Balance
2016
January 1 Purchase of siopao from J1 130,000 130,000
supplier on account
January 2 Sale of siopao to customer J1 25,000 105,000
January 3 Sale of Siopao to customer J1 15,000 90.000
January 18 Purchase of siopao; partly J1 35,000 55,000
cash, partly on account
January 20 Purchase of siopao; partly J1 35,500 90,500
cash, partly on account
January 31 BALANCE 165,500 75,000 90,500

ACCOUNTS PAYABLE NO. 201

Date Explanation Ref Debit Credit Balance
2016
January 1 Purchase of siopao from J1 130,000 130,000
supplier on account
January 12 Payment of accounts payable J1 45,000 85,000
to supplier
January 20 Purchase of siopao; partly J1 5,500
cash, partly on account
January 31 BALANCE 45,000 135,500 90,500

DJJ, Capital NO. 301

Date Explanation Ref Debit Credit Balance
2016
January 1 Owner’s investment of cash in J1 250,000
the business
January 31 Owner’s investment of J1 15,OOO
additional cash
BALANCE 0 265,000 265,000
 SALES NO. 400
Date Explanation Ref Debit Credit Balance
2016
January 2 Sale of siopao to customer J1 5,OOO 5,000
through cash
January 3 Sale of siopao to customer on J1 30,000 35,000
account
January 18 Sale of siopao to customer on J1 70,000 105,000
account with 50%
downpayment
January 31 BALANCE 0 105,000 105,000

Cost of Goods Sold NO. 500

Date Explanation Ref Debit Credit Balance
2016
January 2 Sale of siopao to customer J1 25,000 25,000
January 3 Sale of siopao to customer J1 15,000 40,000
January 18 Sale of siopao to customer J1 35,000 75,000
January 31 BALANCE 75,000 0 75,000

RENT EXPENSES NO. 505

Date Explanation Ref Debit Credit Balance
2016
January 15 Payment of rent expense for the J1 15,000 15,000
month
January 31 BALANCE 15,000 15,000
Organize Balance List:

ASSETS
Cash 225,000
Accounts Receivable 55,000
Inventory 90,500

LIABILITIES
Accounts Payable 90,500

EQUITY
DJJ, Capital 265,000
Sales 105,000
Cost of Goods Sold 75,000
Rent Expense 15,000