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Quality Auto Repair Shop
General Journal
Jan. 31,2021
Date
Jan-21 Particulars Folio Debit Credit
1 Cash 110 ₱ 22,500.00
Accounts Receivable 120 ₱ 12,600.00
Notes Receivable 130 ₱ 8,000.00
Unused Tools 140 ₱ 5,000.00
Furniture and Fixtures 170 ₱ 27,000.00
Shop Equipment 180 ₱ 150,000.00
Delivery Truck 190 ₱ 180,000.00
Accumulated Depreciation - Furniture and Fixture 175 ₱ 5,400.00
Accumulated Depreciation - Shop Equipment 185 ₱ 18,750.00
Accumulated Depreciation - Delivery Truck 195 ₱ 22,500.00
Accounts Payable 200 ₱ 14,000.00
Notes Payable 210 ₱ 10,000.00
Salary Payable 220 ₱ 1,670.00
Salang, Capital 310 ₱ 332,780.00
to record balances
1 Cash 110 ₱ 50,000.00

to record investment of owner
1 Cash 110 ₱ 40,000.00

Loan Payable 240 ₱ 40,000.00
to record proceeds from loan
1 Unused Tools 140 ₱ 25,500.00

Cash 110 ₱ 25,500.00
to record bought tools
1 Furniture and Fixtures 170 ₱ 12,520.00

Accounts Payable 200 ₱ 12,520.00
to record purchased office tables and chairs on credit
2 Cash 110 ₱ 10,260.00

Unearned Repair Income 230 ₱ 10,260.00
to record cash received for service yet to be rendered
4 Unused Tools 140 ₱ 1,565.00

to record investment of owner
5 Notes Receivable 130 ₱ 7,400.00

Repair Income 510 ₱ 7,400.00
to record note received from a customer
9 Advertising Expense 520 ₱ 1,800.00

Cash 110 ₱ 1,800.00
to record payment of advertisement
12 Salang, Drawing 320 ₱ 5,000.00

Cash 110 ₱ 5,000.00
to record withdrawal of owner
13 Salary Expense 570 ₱ 16,700.00

Cash 110 ₱ 16,700.00
to record payment of salaries
17 Rent Expense 560 ₱ 3,000.00

Cash 110 ₱ 3,000.00
to record payment of rent
18 Supplies Expense 580 ₱ 4,500.00

Cash 110 ₱ 4,500.00
to record bought supplies on cash
20 Cash 110 ₱ 31,000.00

to record cash received for service rendered
21 Prepaid Insurance 540 ₱ 16,020.00

Cash 110 ₱ 16,020.00
to record payment for insurance
22 Utilities Expense 600 ₱ 6,140.00

Cash 110 ₱ 6,140.00
to record payment for telephone and electricity
25 Cash 110 ₱ 4,000.00

to record collection from customers
25 Cash 110 ₱ 7,400.00

to record collection of note in Jan. 5
26 Accounts Payable 200 ₱ 12,520.00

to record issued note
27 Salary Expense 570 ₱ 16,700.00
Cash 110 ₱ 16,700.00
to record payment of salaries
27 Land 160 ₱ 30,000.00

to record bought land with a note
31 Cash 110 ₱ 21,250.00

to record cash received for service rendered
Cash
Date
Jan-21 Particulars Debit Credit
1 to record balances ₱ 22,500.00
1 to record investment of owner ₱ 50,000.00
1 to record proceeds from loan ₱ 40,000.00
1 to record bought tools ₱ 25,500.00
2 to record cash received for service yet to be rendered ₱ 10,260.00
9 to record payment of advertisement ₱ 1,800.00
12 to record withdrawal of owner ₱ 5,000.00
13 to record payment of salaries ₱ 16,700.00
17 to record payment of rent ₱ 3,000.00
18 to record bought supplies on cash ₱ 4,500.00
20 to record cash received for service rendered ₱ 31,000.00
21 to record payment for insurance ₱ 16,020.00
22 to record payment for telephone and electricity ₱ 6,140.00
25 to record collection from customers ₱ 4,000.00
25 to record collection of note in Jan. 5 ₱ 7,400.00
27 to record payment of salaries ₱ 16,700.00
31 to record cash received for service rendered ₱ 21,250.00
Accounts Receivable
Date
Notes Receivable
Date
5 to record note received from a customer ₱ 7,400.00
25 to record collection from customers ₱ 4,000.00
25 to record collection of note in Jan. 5 ₱ 7,400.00
Unused Tools
Date
1 to record bought tools ₱ 25,500.00
4 to record investment of owner ₱ 1,565.00
Prepaid Insurance
Date
21 to record payment for insurance ₱ 16,020.00
Date
Particulars Debit Credit
27 to record bought land with a note ₱ 30,000.00
Furniture and Fixtures

Date
1 to record purchased office tables and chairs on credit ₱ 12,520.00
Accumulated Depreciation - Furniture and Fixture

Date
Shop Equipment
Date
1 to record balances ₱150,000.00
Accumulated Depreciation - Shop Equipment

Date
Delivery Truck
Date
Accumulated Depreciation - Delivery Truck

Date
110 Accounts Payable
Date
Balance Jan-21 Particulars
₱ 22,500.00 1 to record balances
₱ 72,500.00 1 to record purchased office tables and chairs on credit
₱ 112,500.00 26 to record issued note
₱ 87,000.00
₱ 97,260.00 Notes Payable
₱ 95,460.00 Date
₱ 90,460.00 Jan-21 Particulars
₱ 70,760.00 27 to record bought land with a note
₱ 66,260.00 26 to record issued note
₱ 97,260.00
₱ 81,240.00 Salary Payable
₱ 75,100.00 Date
₱ 69,800.00
₱ 91,050.00 Unearned Repair Income
Date
120 Jan-21 Particulars
2 to record cash received for service yet to be rendered
Balance
₱ 12,600.00 Loan Payable
Date
₱ 130.00 Jan-21 Particulars
1 to record proceeds from loan
Balance
₱ 8,000.00 Interest Payable
₱ 15,400.00 Date
₱ 4,000.00
Salang, Capital
140 Date
Jan-21 Particulars
Balance 1 to record balances
₱ 5,000.00 1 to record investment of owner
₱ 30,500.00 4 to record investment of owner
₱ 32,065.00
Salang, Drawing
150 Date
Jan-21 Particulars
Balance 12 to record withdrawal of owner
₱ 16,020.00
Income Summary
Date
Balance Particulars
Balance Jan-21 Particulars
₱ 30,000.00
Repair Income
170 Date
Jan-21 Particulars
Balance 5 to record note received from a customer
₱ 27,000.00 20 to record cash received for service rendered
₱ 39,520.00 31 to record cash received for service rendered
175
Balance
₱ 5,400.00
180
Balance
₱ 150,000.00
185
Balance
₱ 18,750.00
190
Balance
₱180,000.00
195
Balance
₱ 22,500.00
₱ 200.00 Advertising Expense
Date
Debit Credit Balance Jan-21
₱ 14,000.00 ₱ 14,000.00 9
₱ 12,520.00 ₱ 26,520.00
₱ 12,520.00 ₱ 14,000.00 Depreciation Expense
Date
210 Jan-21
Debit Credit Balance Insurance Expense

₱ 10,000.00 ₱ 10,000.00 Date
₱ 30,000.00 ₱ 40,000.00 Jan-21
₱ 12,520.00 ₱ 52,520.00 21
220 Interest Expense

Date
₱ 1,670.00 ₱ 1,670.00
Rent Expense
230 Date
Jan-21
Debit Credit Balance 17
₱ 10,260.00 ₱ 10,260.00
Salary Expense
Date
Jan-21
Debit Credit Balance 13
₱ 40,000.00 ₱ 40,000.00 27
250 Supplies Expense

Date
18
310
Tools Used
Debit Credit Balance Date
₱ 332,780.00 ₱ 332,780.00 Jan-21
₱ 50,000.00 ₱ 382,780.00
₱ 1,565.00 ₱ 384,345.00 Utilities Expense
Date
320 Jan-21
22
Debit Credit Balance
₱ 5,000.00 ₱ 5,000.00
330

510

₱ 7,400.00 ₱ 7,400.00
₱ 31,000.00 ₱ 38,400.00
₱ 21,250.00 ₱ 59,650.00
Advertising Expense 520
Particulars Debit Credit Balance

to record payment of advertisement ₱ 1,800.00 ₱ 1,800.00
Depreciation Expense 530
Insurance Expense 540

to record payment for insurance ₱ 16,020.00 ₱ 16,020.00
Interest Expense 550
Rent Expense 560

to record payment of rent ₱ 3,000.00 ₱3,000.00
Salary Expense 570

to record payment of salaries ₱ 16,700.00 ₱ 16,700.00
to record payment of salaries ₱ 16,700.00 ₱ 33,400.00
Supplies Expense 580

to record bought supplies on cash ₱ 4,500.00 ₱ 4,500.00
Tools Used 590
Utilities Expense 600

to record payment for telephone and electricity ₱ 6,140.00 ₱ 6,140.00
Date
Jan-21 Account Title Folio Debit Credit
31 Interest Expense 550 ₱ 400.00
Interest Payable 250 ₱ 400.00
to record accrued interest
31 Tools Used 590 ₱ 28,265.00

Unused Tools 140 ₱ 28,265.00
to adjust for tools used
31 Unearned Repair Income 230 ₱ 6,669.00

to record earned income ₱ 3.00
31 Insurance Expense 540 ₱ 2,670.00

Prepaid Insurance 150 ₱ 2,670.00
to record expired portion
31 Salary Expense 570 ₱ 3,340.00

Salary Payable 220 ₱ 3,340.00
to record accrued salaries
31 Depreciation Expense 530 ₱ 3,887.00

Accumulated Depreciation - Furniture and Fixture 175 ₱ 450.00
Accumulated Depreciation - Shop Equipment 185 ₱ 1,562.00
Accumulated Depreciation - Delivery Truck 195 ₱ 1,875.00
to record depreciation
31 Accounts Receivable 120 ₱ 5,600.00

to correct erroneous entry
31 Cash 110 ₱ 270.00

Repair Income 510 ₱ 270.00
to correct erroneous entry
Cash 110
Date
Jan-21 Particulars Debit Credit Balance
1 to record balances ₱ 22,500.00 ₱ 22,500.00
1 to record investment of owner ₱ 50,000.00 ₱ 72,500.00
1 to record proceeds from loan ₱ 40,000.00 ₱ 112,500.00
1 to record bought tools ₱ 25,500.00 ₱ 87,000.00
2 to record cash received for service yet to be rende ₱ 10,260.00 ₱ 97,260.00
9 to record payment of advertisement ₱ 1,800.00 ₱ 95,460.00
12 to record withdrawal of owner ₱ 5,000.00 ₱ 90,460.00
13 to record payment of salaries ₱ 16,700.00 ₱ 73,760.00
17 to record payment of rent ₱ 3,000.00 ₱ 70,760.00
18 to record bought supplies on cash ₱ 4,500.00 ₱ 66,260.00
20 to record cash received for service rendered ₱ 31,000.00 ₱ 97,260.00
21 to record payment for insurance ₱ 16,020.00 ₱ 81,240.00
22 to record payment for telephone and electricity ₱ 6,140.00 ₱ 75,100.00
25 to record collection from customers ₱ 4,000.00 ₱ 79,100.00
25 to record collection of note in Jan. 5 ₱ 7,400.00 ₱ 86,500.00
27 to record payment of salaries ₱ 16,700.00 ₱ 69,800.00
31 to record cash received for service rendered ₱ 21,250.00 ₱ 91,050.00
31 to correct erroneous entry ₱ 270.00 ₱ 91,320.00
Accounts Receivable 120
Date
31 to correct erroneous entry ₱ 5,600.00 ₱ 18,200.00
Notes Receivable 130

Date
5 to record note received from a customer ₱ 7,400.00 ₱ 15,400.00
25 to record collection from customers ₱ 4,000.00 ₱ 11,400.00
25 to record collection of note in Jan. 5 ₱ 7,400.00 ₱ 4,000.00
Unused Tools 140

Date
1 to record bought tools ₱ 25,500.00 ₱ 30,500.00
4 to record investment of owner ₱ 1,565.00 ₱ 32,065.00
31 to record used portion ₱ 28,265.00 ₱ 3,800.00
Prepaid Insurance 150

Date
21 to record payment for insurance ₱ 16,020.00 ₱ 16,020.00
31 to record expired portion ₱ 2,670.00 ₱ 13,350.00
Land 160
Date
27 to record bought land with a note ₱ 30,000.00 ₱ 30,000.00
Furniture and Fixtures 170

Date
1 to record purchased office tables and chairs on cred₱ 12,520.00 ₱ 39,520.00
Accumulated Depreciation - Furniture and Fixture 175

Date
31 to record depreciation ₱ 450.00 ₱ 5,850.00
Shop Equipment 180

Date
Accumulated Depreciation - Shop Equipment 185

Date
31 to record depreciation ₱ 1,562.00 ₱ 20,312.00
Delivery Truck 190

Date
Accumulated Depreciation - Delivery Truck 195

Date
31 to record depreciation ₱ 1,875.00 ₱ 24,375.00
Accounts Payable
Date
1 to record purchased office tables and chairs on credit ₱12,520.00
26 to record issued note 12,520.00
Notes Payable
Date
27 to record bought land with a note ₱30,000.00
26 to record issued note ₱12,520.00
Salary Payable
Date
31 to record accrued salaries ₱3,340.00
Unearned Repair Income

Date
2 to record cash received for service yet to be rendered ₱10,260.00
31 to record earned income 6,669.00
Loan Payable
Date
1 to record proceeds from loan ₱40,000.00
Interest Payable
Date
31 to record accrued interest ₱ 400.00
Salang, Capital
Date
1 to record investment of owner ₱50,000.00
Salang, Drawing
Date
12 to record withdrawal of owner 5,000.00
Income Summary
Date
Repair Income
Date
5 to record note received from a customer ₱7,400.00
20 to record cash received for service rendered ₱31,000.00
31 to record earned income 6,669.00
31 to correct erroneous entry ₱ 5,600.00
31 to correct erroneous entry ₱270.00
200 Advertising Expense
Date
Balance Jan-21 Particulars Debit
₱14,000.00 9 to record payment of advertisement ₱ 1,800.00
₱26,520.00
₱14,000.00 Depreciation Expense
Date
210 Jan-21 Particulars Debit
31 to record depreciation ₱ 3,887.00
Balance
₱10,000.00 Insurance Expense
₱40,000.00 Date
₱52,520.00 Jan-21 Particulars Debit
31 to record expired portion ₱ 2,670.00
220
Interest Expense
Balance Date
₱5,010.00 31 to record accrued interest ₱ 400.00
230 Rent Expense

Date
₱10,260.00 17 to record payment of rent ₱ 3,000.00
₱3,591.00
Salary Expense
240 Date
Jan-21 Particulars Debit
Balance 13 to record payment of salaries ₱ 16,700.00
₱40,000.00 27 to record payment of salaries ₱ 16,700.00
31 to record accrued salaries ₱3,340.00
250
Supplies Expense
Balance Date
₱ 400.00 Jan-21 Particulars Debit
18 to record bought supplies on cash ₱ 4,500.00
310
Tools Used
Balance Date
₱382,780.00 31 to record used portion ₱ 28,265.00
₱384,345.00
Utilities Expense
320 Date
Balance 22 to record payment for telephone and electricity ₱ 6,140.00
₱5,000.00
330
Balance
510
Balance
₱7,400.00
₱38,400.00
₱59,650.00
₱66,319.00
₱71,919.00
₱72,189.00
520
Credit Balance
₱ 1,800.00
530
Credit Balance
₱ 3,887.00
540
Credit Balance
₱ 2,670.00
550
Credit Balance
₱ 400.00
560
Credit Balance
₱3,000.00
570
Credit Balance
₱ 16,700.00
₱ 33,400.00
₱36,740.00
580
Credit Balance
₱ 4,500.00
590
Credit Balance
₱ 28,265.00
600
Credit Balance
₱ 6,140.00
Income Statement
For Month Ending Jan. 31, 2021
Revenue:
Repair Income ₱ 72,189.00
Operating Expenses:
Advertising Expense ₱ 1,800.00
Depreciation Expense ₱ 3,887.00
Insurance Expense ₱ 2,670.00
Rent Expense ₱ 3,000.00
Salary Expense ₱ 36,740.00
Suppies Expense ₱ 4,500.00
Tools Used ₱ 28,265.00
Utilities Expense ₱ 6,140.00 ₱ 87,002.00
Operating Loss -₱ 14,813.00
Interest Expense ₱ 400.00
Net Loss -₱ 15,213.00

Statement of Changes in Equity
Salang, Capital (December 31) ₱ 332,780.00

Add: Investment ₱ 51,565.00
Less: Net Loss -₱ 15,213.00
Withdrawal -₱ 5,000.00 -₱ 20,213.00
Salang, Capital (January 31) ₱ 364,132.00
Balance Sheet
As of Jan. 31, 2021
ASSET
Cash ₱ 91,320.00
Accounts Receivable ₱ 18,200.00
Notes Receivable ₱ 4,000.00
Unused Tools ₱ 3,800.00
Prepaid Insurance ₱ 13,350.00
Land ₱ 30,000.00
Furnitures and Fixture ₱ 39,520.00
Accumulated Depreciation - Furniture and Fixture ₱ 5,850.00 ₱ 33,670.00
Shop Equipment ₱ 150,000.00
Accumulated Depreciation - Shop Equipment ₱ 20,312.00 ₱ 129,688.00
Delivery Truck ₱ 180,000.00
Accumulated Depreciation - Delivery Truck ₱ 24,375.00 ₱ 155,625.00
Total Assets ₱ 479,653.00
LIABILITIES
Accounts Payable ₱ 14,000.00
Notes Payable ₱ 52,520.00
Salary Payable ₱ 5,010.00
Unearned Repair Income ₱ 3,591.00
Loan Payable ₱ 40,000.00
Interest Payable ₱ 400.00
Total Liabilities ₱ 115,521.00
OWNER'S EQUITY
Salang, Capital ₱ 364,132.00
Total Liabilities and Equity ₱ 479,653.00
Statement of Cash Flow
Cash Flows from Operating Activities

Collection from customers ₱ 74,180.00
Payment of insurance -₱ 16,020.00
Payment of various expenses -₱ 74,340.00
Net cash provided by (used) in operating activities -₱ 16,180.00
Cash Flows from Investing Activities
Purchase of property and equipment ₱ -
Net cash provided by (used) in investing activities ₱ -
Cash Flows from Financing Activities
Investment of owner ₱ 50,000.00
Withdrawal of owner -₱ 5,000.00
Proceeds from loan ₱ 40,000.00
Net cash provided by (used) in financing activities ₱ 85,000.00
Net increase (decrease) in Cash ₱ 68,820.00
Add: Cash Balance at the beginning of the period ₱ 22,500.00
Cash balance at the end of the period ₱ 91,320.00
Date
Jan-21 Particulars Folio Debit Credit
31 Repair Income 510 ₱ 72,189.00
Income Summary 330 ₱ 72,189.00
to close revenue account
31 Income Summary 330 ₱ 87,402.00

Advertising Expense 520 ₱ 1,800.00
Depreciation Expense 530 ₱ 3,887.00
Insurance Expense 540 ₱ 2,670.00
Interest Expense 550 ₱ 400.00
Rent Expense 560 ₱ 3,000.00
Salary Expense 570 ₱ 36,740.00
Suppies Expense 580 ₱ 4,500.00
Tools Used 590 ₱ 28,265.00
Utilities Expense 600 ₱ 6,140.00
to close expense account
31 Salang Capital 310 ₱ 15,213.00

Income Summary 330 ₱ 15,213.00
to close income summary account
31 Salang, Capital 310 ₱ 5,000.00

Salang, Drawing 320 ₱ 5,000.00
to close drawing account
Cash
Date
1 to record proceeds from loan ₱40,000.00
1 to record bought tools ₱25,500.00
2 to record cash received for service yet to be rende ₱10,260.00
9 to record payment of advertisement ₱1,800.00
12 to record withdrawal of owner ₱5,000.00
13 to record payment of salaries ₱16,700.00
17 to record payment of rent ₱3,000.00
18 to record bought supplies on cash ₱4,500.00
21 to record payment for insurance ₱16,020.00
22 to record payment for telephone and electricity ₱6,140.00
25 to record collection from customers ₱4,000.00
25 to record collection of note in Jan. 5 ₱7,400.00
27 to record payment of salaries ₱16,700.00
31 to correct erroneous entry ₱270.00
Accounts Receivable
Date
31 to correct erroneous entry ₱5,600.00
Notes Receivable
Date
5 to record note received from a customer ₱7,400.00
25 to record collection from customers ₱4,000.00
25 to record collection of note in Jan. 5 ₱7,400.00
Unused Tools
Date
1 to record bought tools ₱25,500.00
31 to record used portion ₱ 28,265.00
Prepaid Insurance
Date
21 to record payment for insurance ₱16,020.00
31 to record expired portion ₱2,670.00
Land
Date
27 to record bought land with a note ₱30,000.00
Furniture and Fixtures

Date
1 to record purchased office tables and chairs on cre ₱12,520.00
Accumulated Depreciation - Furniture and Fixture

Date
31 to record depreciation ₱450.00
Shop Equipment
Date
Accumulated Depreciation - Shop Equipment

Date
31 to record depreciation ₱1,562.00
Delivery Truck
Date
Accumulated Depreciation - Delivery Truck

Date
31 to record depreciation ₱1,875.00
110 Accounts Payable
Date
₱22,500.00 1 to record balances
₱72,500.00 1 to record purchased office tables and chairs on credit
₱112,500.00 26 to record issued note 12,520.00
₱87,000.00
₱97,260.00 Notes Payable
₱95,460.00 Date
₱70,760.00 27 to record bought land with a note
₱66,260.00 26 to record issued note
₱97,260.00
₱81,240.00 Salary Payable
₱75,100.00 Date
₱69,800.00 31 to record accrued salaries
₱91,050.00
₱91,320.00 Unearned Repair Income
120 Date
Balance 2 to record cash received for service yet to be rendered
₱12,600.00 31 to record earned income 6,669.00
₱18,200.00
Loan Payable
130 Date
Balance 1 to record proceeds from loan
₱8,000.00
₱15,400.00 Interest Payable
₱11,400.00 Date
31 to record accrued interest
140
Salang, Capital
Balance Date
₱32,065.00 1 to record investment of owner
₱3,800.00 4 to record investment of owner
31 to close income summary account 15,213
150 31 to close drawing account 5,000
Balance Salang, Drawing

₱16,020.00 Date
Particulars Debit
12 to record withdrawal of owner 5,000.00
160 31 to close drawing account
Income Summary
Balance Date
31 to close revenue account
170 31 to close expense account 87402
31 to close income summary account
Balance
₱27,000.00 Repair Income
₱39,520.00 Date
175 5 to record note received from a customer
20 to record cash received for service rendered
Balance 31 to record cash received for service rendered
₱ 5,400.00 31 to record earned income
₱ 5,850.00 31 to correct erroneous entry
31 to correct erroneous entry
180 31 to close revenue account 72,189
Balance
₱150,000.00
185
Balance
₱18,750.00
₱20,312.00
190
Balance
₱ 180,000.00
195
Balance
₱22,500.00
₱24,375.00
200 Advertising Expense
Date
Credit Balance Jan-21 Particulars
₱14,000.00 ₱14,000.00 9 to record payment of advertisement
₱12,520.00 ₱26,520.00 31 to close expense account
₱14,000.00 Depreciation Expense
Date
210 Jan-21 Particulars
31 to record depreciation
Credit Balance 31 to close expense account
₱10,000.00 ₱10,000.00 Insurance Expense
₱30,000.00 ₱40,000.00 Date
₱12,520.00 ₱52,520.00 Jan-21 Particulars
31 to record expired portion
220 31 to close expense account
Interest Expense
Credit Balance Date
₱1,670.00 ₱1,670.00 Jan-21 Particulars
₱3,340.00 ₱5,010.00 31 to record accrued interest
31 to close expense account
230 Rent Expense
Date
Credit Balance Jan-21 Particulars
₱10,260.00 ₱10,260.00 17 to record payment of rent
₱3,591.00 31 to close expense account
Salary Expense
240 Date
Jan-21 Particulars
Credit Balance 13 to record payment of salaries
₱40,000.00 ₱40,000.00 27 to record payment of salaries
31 to record accrued salaries
Supplies Expense
Credit Balance Date
₱ 400.00 ₱ 400.00 Jan-21 Particulars
18 to record bought supplies on cash
310 31 to close expense account
Tools Used
Credit Balance Date
₱332,780.00 ₱332,780.00 Jan-21 Particulars
₱50,000.00 ₱382,780.00 31 to record used portion
₱1,565.00 ₱384,345.00 to close expense account
₱369,132.00 Utilities Expense
₱364,132.00 Date
Jan-21 Particulars
320 22 to record payment for telephone and electricity
Credit Balance
Credit Balance
₱5,000.00
5,000 ₱0.00
330
Credit Balance
₱ 72,189.00 ₱72,189.00
-₱15,213.00
₱15,213.00 ₱0.00
510
Credit Balance
₱7,400.00 ₱7,400.00
₱31,000.00 ₱38,400.00
₱21,250.00 ₱59,650.00
6,669.00 ₱66,319.00
₱ 5,600.00 ₱71,919.00
₱270.00 ₱72,189.00
₱0.00
520

₱1,800.00 ₱1,800.00
1800 ₱ -
530

₱3,887.00 ₱3,887.00
3887 ₱ -
540

₱2,670.00 ₱2,670.00
2,670.00 ₱ -
550

₱ 400.00 ₱ 400.00
₱400.00 ₱ -
560

₱3,000.00 ₱3,000.00
3000 ₱ -
570

₱ 16,700.00 ₱ 16,700.00
₱ 16,700.00 ₱ 33,400.00
₱ 3,340.00 ₱ 36,740.00
36,740 ₱0.00
580

₱4,500.00 ₱4,500.00
4500 ₱0.00
590

₱28,265.00 ₱28,265.00
28,265 0
600

₱6,140.00 ₱6,140.00
6,140 ₱ -
Post Closing Trial Balance
As of June 30, 20
Folio Account Title Debit Credit

110 Cash ₱91,320.00
120 Accounts Receivable ₱18,200.00
130 Notes Receivable ₱4,000.00
140 Unused Tools ₱3,800.00
150 Prepaid Insurance ₱13,350.00
160 Land ₱30,000.00
170 Furnitures and Fixture ₱39,520.00
175 Accumulated Depreciation - Furniture and Fixture ₱ 5,850.00
180 Shop Equipment ₱150,000.00
185 Accumulated Depreciation - Shop Equipment ₱ 20,312.00
190 Delivery Truck ₱180,000.00
195 Accumulated Depreciation - Delivery Truck ₱ 24,375.00
200 Accounts Payable ₱ 14,000.00
210 Notes Payable ₱ 52,520.00
220 Salary Payable ₱ 5,010.00
230 Unearned Repair Income ₱ 3,591.00
240 Loan Payable ₱ 40,000.00
250 Interest Payable ₱ 400.00
310 Salang, Capital ₱364,132.00
TOTAL ₱530,190.00 ₱ 530,190.00

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Quality Auto Repair Shop

1 Cash 110 ₱ 50,000.00

1 Cash 110 ₱ 40,000.00

1 Unused Tools 140 ₱ 25,500.00

1 Furniture and Fixtures 170 ₱ 12,520.00

2 Cash 110 ₱ 10,260.00

4 Unused Tools 140 ₱ 1,565.00

5 Notes Receivable 130 ₱ 7,400.00

9 Advertising Expense 520 ₱ 1,800.00

12 Salang, Drawing 320 ₱ 5,000.00

13 Salary Expense 570 ₱ 16,700.00

17 Rent Expense 560 ₱ 3,000.00

18 Supplies Expense 580 ₱ 4,500.00

20 Cash 110 ₱ 31,000.00

21 Prepaid Insurance 540 ₱ 16,020.00

22 Utilities Expense 600 ₱ 6,140.00

25 Cash 110 ₱ 4,000.00

25 Cash 110 ₱ 7,400.00

26 Accounts Payable 200 ₱ 12,520.00

27 Land 160 ₱ 30,000.00

31 Cash 110 ₱ 21,250.00

Furniture and Fixtures

Accumulated Depreciation - Furniture and Fixture

Accumulated Depreciation - Shop Equipment

Accumulated Depreciation - Delivery Truck

Debit Credit Balance Insurance Expense

220 Interest Expense

250 Supplies Expense

Debit Credit Balance

Debit Credit Balance

Particulars Debit Credit Balance

Depreciation Expense 530

Particulars Debit Credit Balance

Insurance Expense 540

Particulars Debit Credit Balance

Interest Expense 550

Particulars Debit Credit Balance

Rent Expense 560

Particulars Debit Credit Balance

Salary Expense 570

Particulars Debit Credit Balance

Supplies Expense 580

Particulars Debit Credit Balance

Tools Used 590

Particulars Debit Credit Balance

Utilities Expense 600

Particulars Debit Credit Balance

31 Tools Used 590 ₱ 28,265.00

31 Unearned Repair Income 230 ₱ 6,669.00

31 Insurance Expense 540 ₱ 2,670.00

31 Salary Expense 570 ₱ 3,340.00

31 Depreciation Expense 530 ₱ 3,887.00

31 Accounts Receivable 120 ₱ 5,600.00

31 Cash 110 ₱ 270.00

Notes Receivable 130

Unused Tools 140

Prepaid Insurance 150

Furniture and Fixtures 170

Accumulated Depreciation - Furniture and Fixture 175

Shop Equipment 180

Accumulated Depreciation - Shop Equipment 185

Delivery Truck 190

Accumulated Depreciation - Delivery Truck 195

Unearned Repair Income