Activity 8

Journalize the following transactions:

March 2
5
7
8
9
10
15
19
25
26
27
30
nalize the following transactions:

On March 1 of the current year. E. Estrada opened a TV repair shop by investing P 500,000 cash in the
business. He had completed the following transactions in the said month.

Paid the rent of the shop space for the month P 4,500.
Purchased shop supplies for cash P 16,700.
Paid P 6,500 for newspaper advertising.
Purchased a filing cabinet from T. Agbayani Trading on credit P 34,500.
Purchased a truck, P 150,000 on credit. Gave P 30,000 cash and a note for the balance.
Completed repair work to various customers and received P 25,000 in full payment therefor.
Completed repair work for A. Tantay, P 1,500. Accepted P 500 cash and a promissory note for the balance.
Paid T. Agbayani Trading.
Received payment from A. Tantay.
Paid utility bills, P 750.
Withdrew P 5,000 cash for personal living expenses.
Paid the helper’s salary P 5,000.
 GENERAL JOURNAL page 1 Account N
Account Co
DATE ACCOUNT TITLES AND EXPLANATION F DEBIT CREDIT
Date
2018 Mar-01
Mar-01 Cash 101 P 500,000 2
E. Estrada, Capital 301 P 500,000 5
initial investment. 7
9
2 Rent Expense 4,500 10
Cash 4,500 15
paid rent. 19
25
5 Shop Supplies 16,700 26
Cash 16,700 27
purchase of supplies 30

7 Advertising Expense 6,500 Account N

Cash 6,500 Account Co
paid advertising.
Date
8 Furniture and Fixtures 34,500 Mar-15
Accounts Payable 34,500 25
purchase cabinet

9 Truck 150,000 Account N

Cash 30,000 Account Co
Notes Payable 120,000
purchase truck on credit Date
Mar-03
10 Cash 25,000
Service Income 25,000
collection

15 Cash 500 Account N

Notes Receivable 1,000 Account Co
Service Income 1,500
service rendered Date
Mar-08
19 Accounts Payable 34,500
Cash 34,500
payment of account
Account Name:
25 Cash 1,000 Account Code:
Notes Receivable 1,000
 collection Date
Mar-09
26 Utilities Expense 750
Cash 750
payment of utilities

27 E. Estrada, drawing 5,000

Cash 5,000
owner's drawing

30 Salary Expense 5,000

Cash 5,000
paid salary.
 Cash Account N Accounts Payable
101 Account Co 201
Balance
ParticularsF Debit Credit Debit Credit Date ParticularsF
investmenGJ1 500000 500000 Mar-08 furniture
rent gj1 4500 495500 19 payment
supplies 16700 478800
advertising 6500 472300
truck 30000 442300
income 25000 467300 Account N Notes Payable
income 500 467800 Account Co 202
furniture 34500 433300
collection 1000 434300 Date ParticularsF
utilities 750 433550 Mar-09 truck GJ1
drawing 5000 428550
salary 5000 423550

Notes Receivable
102
Balance Account N E. Estrada, Capital
ParticularsF Debit Credit Debit Credit Account Co 301
gj1 1000 1000
collection gj2 1000 0 Date Particulars F
Mar-01 investmentGJ1
31 closing gj3
Shop Supplies 31 closing gj3
103
Balance
ParticularsF Debit Credit Debit Credit
GJ1 16700 16700
Account N E. Estrada, drawing
Account Co 302

Date Particulars F
Furniture and Fixtures Apr-27 cash
104 31 closing
Balance
ParticularsF Debit Credit Debit Credit
purchase GJ1 34500 34500

Account N Service Income

Account Co 401
Account Name: Truck
Account Code: 105 Date Particulars F
Balance Apr-10
ParticularsF Debit Credit Debit Credit 15
150000 150000
 Account N Salary Expense
Account Co 501
Balance
Debit Credit Debit Credit Date ParticularsF Debit Credit
34500 34500 Mar-30 5000
34500 0

Account N Utilities Expense

Account Co 502
Balance
Debit Credit Debit Credit Date ParticularsF Debit Credit
120000 120000 /1/2026 GJ1 750

Account Name: Advertising Expense

Account Co 503
Balance
Debit Credit Debit Credit Date Particulars F Debit Credit
500000 500000 Mar-07 6500
9750 509750
5000 504750

Account Name: Rent Expense

Account Co 504

Balance Date Particulars F Debit Credit

Debit Credit Debit Credit Mar-02 4500
5000 5000
5000 0

Balance
Debit Credit Debit Credit
25000 25000
1500 26500
 E. Estrada TV Repair Shop
Trial Balance
Balance March 31, 2018
Debit Credit
5000 Account
Code Account Titles Debit Credit

101 Cash 423550

103 Shop Supplies 16700
104 Furniture and Fixtures 34500
105 Truck 150000
Balance 202 Notes Payable 120000
Debit Credit 301 E. Estrada, Capital 500000
750 302 E. Estrada, drawing 5000
401 Service Income 26500
501 Salary Expense 5000
502 Utilities Expense 750
503 Advertising Expense 6500
504 Rent Expense 4500
646500 646500

Balance
Debit Credit
6500

Balance
Debit Credit
4500
 E. Estrada TV Repair Shop E. Estrada TV Repair Shop
Income Statement Balance Sheet
For the Month Ended March 31. 2018 As of March 31, 2018

ASSETS
Service Income 26500 Current:
Less Cash
Salary Expense 5000 Shop Supplies
Utilities Expense 750 Total Current Assets
Advertising Expense 6500 Non-Current:
Rent Expense 4500 16750 Furniture and Fixtures
Net Income 9750 Truck
504750 Total Non-current Assets

E. Estrada TV Repair Shop LIABILITIES

Statement of Changes in Oner's Equity
For the Month Ended March 31. 2018 Notes Payable

CAPITAL
E. Estrada, Capital-Beginning 500000
Add: Net Income 9750 E. Estrada, Capital
Total 509750
Less, drawing E. Estrada, drawing 5000
E. Estrada, Capital-End 504750
 E. Estrada TV Repair Shop
Balance Sheet
As of March 31, 2018

ASSETS

423550
Shop Supplies 16700
Total Current Assets 440250

Furniture and Fixtures 34500

150000
Total Non-current Assets 184500
Total Assets 624750

LIABILITIES

Notes Payable 120000

CAPITAL

E. Estrada, Capital 504750

Total Liabilities and Capital 624750