Guia Mae V.

Estellena Grade XII – ABM – C

General Journal page 1

Date Account Titles and Explanation P.R. Debit Credit

2017
June 1 Cash 110 ₱ 832,000.00
Makulangan, Capital 310 ₱ 832,000.00
June 2 Sailboats 170 ₱ 208,000.00
Fan System 160 ₱ 85,000.00
Pool Structure 150 ₱ 1,444,000.00
Land 140 ₱ 400,000.00
Cash 110 ₱ 644,000.00
Mortgage Payable 240 ₱ 1,493,000.00
June 3 Advertising Expense 520 ₱ 148,00.00
Cash 110 ₱ 148,000.00
June 3 Prepaid Insurance 130 ₱ 10,800.00
Cash 110 ₱ 10,800.00
June 3 Sailboats 170 ₱ 62,500.00
Cash 110 ₱ 32,000.00
Accounts Payable 210 ₱ 30,500.00
June 3 Cash 110 ₱ 3,500.00
Concession Revenues 420 ₱ 3,500.00
June 3 Advertising Expense 520 ₱ 3,680.00
Accounts Payable 210 ₱ 3,680.00
June 3 Boat Rental Expense 510 ₱ 6,320.00
Cash 110 ₱ 6,320.00
June 5 Miscellaneous Expense 591 ₱ 924.40
Cash 110 ₱ 924.40
June 8 Cash 110 ₱ 26,325.00
Boat Rental Revenues 410 ₱ 26,325.00
 General Journal page 2
Date Account Titles and Explanation P.R. Debit Credit
June 9 Fan System 160 ₱ 8,360.00
Accounts Payable 210 ₱ 8,360.00
June 15 Salaries Expense 530 ₱ 42,000.00
Cash 110 ₱ 42,000.00
June 16 Accounts Payable 210 ₱ 3,680.00
Cash 110 ₱ 3,680.00
June 16 Makulangan, Withdrawals 320 ₱ 10,520.00
Cash 110 ₱ 10,520.00
June 16 Sailboats 170 ₱ 8,540.00
Accounts Payable 210 ₱ 8,540.00
June 16 Cash 110 ₱ 30,430.00
Boat Rental Revenues 410 ₱ 30,430.00
June 19 Miscellaneous Expense 591 ₱ 426.40
Cash 110 ₱ 426.40
June 20 Accounts Payable 210 ₱ 4,800.00
Cash 110 ₱ 4,800.00
June 22 Cash 110 ₱ 50,820.00
Boat Rental Revenues 410 ₱ 50,820.00
June 23 Accounts Payable 210 ₱ 4,520.00
Sailboats 170 ₱ 4,520.00
June 24 Utilities Expense 550 ₱ 840.00
Cash 110 ₱ 840.00
June 29 Salaries Expense 530 ₱ 46,520.00
Cash 110 ₱ 46,520.00
June 30 Accounts Payable 210 ₱ 4,180.00
Cash 110 ₱ 4,180.00
June 30 Utilities Expense 550 ₱ 14,200.00
Cash 110 ₱ 14,200.00
 General Journal page 3
Date Account Titles and Explanation P.R. Debit Credit
June 30 Mortgage Payable 240 ₱ 6,800.00
Interest Expense 590 ₱ 12,000.00
Cash 110 ₱ 18,800.00
June 30 Utilities Expense 550 ₱ 4,320.00
Cash 110 ₱ 4,320.00
June 30 Sailboats 170 ₱ 48,520.00
Cash 110 ₱ 4,520.00
Accounts Payable 210 ₱ 44,000.00
June 30 Makulangan, Withdrawals 320 ₱ 11,560.00
Cash 110 ₱ 11,560.00
June 30 Cash 110 ₱ 46,320.00
Boat Rental Revenues 410 ₱ 46,320.00
June 30 Accounts Receivable 120 ₱ 1,820.00
Concession Revenues 420 ₱ 1,820.00
 Adjusting Entries
Account Titles and Explanation P.R. Debit Credit
a. Insurance Expense 540 ₱ 900.00
Prepaid Insurance 130 ₱ 900.00
b. Depreciation Expense-Fan System 570 ₱ 1,360.00
Accumulated Depreciation-Fan System 165 ₱ 1,360.00
c. Depreciation Expense-Pool Structure 560 ₱ 6,000.00
Accumulated Depreciation-Pool Structure 155 ₱ 6,000.00
d. Depreciation Expense-Sailboats 580 ₱ 8,040.00
Accumulated Depreciation-Sailboats 175 ₱ 8,040.00
e. Salaries Expense 530 ₱ 6,960.00
Salaries Payable 220 ₱ 6,960.00
 General Ledger

Account: Cash Account No. 110

Date Explanation J.R. Debit Credit Balance
2017
June 1 J-1 ₱ 832,000.00 ₱ 832,000.00
June 2 J-1 ₱ 644,000.00 ₱ 188,000.00
June 3 J-1 ₱ 14,800.00 ₱ 173,200.00
June 3 J-1 ₱ 10,800.00 ₱ 162,400.00
June 3 J-1 ₱ 32,000.00 ₱ 130,400.00
June 3 J-1 ₱ 3,500.00 ₱ 133,900.00
June 3 J-1 ₱ 6,320.00 ₱ 127,580.00
June 5 J-1 ₱ 924.40 ₱ 126,655.60
June 8 J-1 ₱ 26,325.00 ₱ 152,980.60
June 15 J-2 ₱ 42,000.00 ₱ 110,980.60
June 16 J-2 ₱ 3,680.00 ₱ 107,300.60
June 16 J-2 ₱ 10,520.00 ₱ 96,780.60
June 16 J-2 ₱ 30,430.00 ₱ 127,210.60
June 19 J-2 ₱ 426.40 ₱ 126,784.20
June 20 J-2 ₱ 4,800.00 ₱ 121,984.20
June 22 J-2 ₱ 50,820.00 ₱ 172,804.20
June 24 J-2 ₱ 840.00 ₱ 171,964.20
June 29 J-2 ₱ 46,520.00 ₱ 125,444.20
June 30 J-2 ₱ 4,180.00 ₱ 121,264.20
June 30 J-2 ₱ 14,200.00 ₱ 107,064.20
June 30 J-3 ₱ 18,800.00 ₱ 88,264.20
June 30 J-3 ₱ 4,320.00 ₱ 83,944.20
June 30 J-3 ₱ 4,520.00 ₱ 79,424.20
June 30 J-3 ₱ 11,560.00 ₱ 67,864.20
June 30 J-3 ₱ 46,320.00 ₱ 114,184.20
Account: Accounts Receivable Account No. 120
Date Explanation J.R. Debit Credit Balance
2017
June 30 J-3 ₱ 1,820.00 ₱ 1,820.00

Account: Prepaid Insurance Account No. 130

Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 ₱ 10,800.00 ₱ 10,800.00

Account: Land Account No. 140

Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 ₱ 400,000.00 ₱ 400,000.00

Account: Pool Structure Account No. 150

Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 ₱ 1,444,000.00 ₱ 1,444,000.00

Account: Fan System Account No. 160

Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 ₱ 85,000.00 ₱ 85,000.00
June 9 J-1 ₱ 8,360.00 ₱ 93,360.00
Account: Sailboats Account No. 170
Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 ₱ 208,000.00 ₱ 208,000.00
June 3 J-1 ₱ 62,500.00 ₱ 270,500.00
June 16 J-2 ₱ 8,540.00 ₱ 279,040.00
June 23 J-2 ₱ 4,520.00 ₱ 274,520.00
June 30 J-3 ₱ 48,520.00 ₱ 323,040.00

Account: Accounts Payable Account No. 210

Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 ₱ 30,500.00 ₱ 30,500.00
June 3 J-1 ₱ 3,680.00 ₱ 34,180.00
June 9 J-2 ₱ 8,360.00 ₱ 42,540.00
June 16 J-2 ₱ 3,680.00 ₱ 38,860.00
June 16 J-2 ₱ 8,540.00 ₱ 47,400.00
June 20 J-2 ₱ 4,800.00 ₱ 42,600.00
June 23 J-2 ₱ 4,520.00 ₱ 38,080.00
June 30 J-2 ₱ 4,180.00 ₱ 33,900.00
June 30 J-3 ₱ 44,000.00 ₱ 77,900.00

Account: Mortgage Payable Account No. 240

Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 ₱ 1,493,000.00 ₱ 1,493,000.00
June 30 J-3 ₱ 6,800.00 ₱ 1,486,200.00
Account: Makulangan, Capital Account No. 310
Date Explanation J.R. Debit Credit Balance
2017
June 1 J-1 ₱ 832,000.00 ₱ 832,000.00

Account: Makulangan, Withdrawals Account No. 240

Date Explanation J.R. Debit Credit Balance
2017
June 16 J-2 ₱ 10,520.00 ₱ 10,520.00
June 30 J-3 ₱ 11,560.00 ₱ 22,080.00

Account: Boat Rental Revenues Account No. 410

Date Explanation J.R. Debit Credit Balance
2017
June 8 J-1 ₱ 26,325.00 ₱ 26,325.00
June 16 J-2 ₱30,430.00 ₱ 56,755.00
June 22 J-2 ₱ 50,820.00 ₱ 107,575.00
June 30 J-3 ₱ 46,320.00 ₱ 153,895.00

Account: Concession Revenues Account No. 420

Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 ₱ 3,500.00 ₱ 3,500.00
June 30 J-2 ₱ 1,820.00 ₱ 5,320.00

Account: Boat Rental Expense Account No. 510

Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 ₱ 6,320.00 ₱ 6,320.00
Account: Advertising Expense Account No. 520
Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 ₱ 14,800.00 ₱ 14,800.00
June 3 J-1 ₱ 3,680.00 ₱ 18,480.00

Account: Salaries Expense Account No. 530

Date Explanation J.R. Debit Credit Balance
2017
June 15 J-2 ₱ 42,000.00 ₱ 42,000.00
June 29 J-2 ₱ 46,520.00 ₱ 88,520.00

Account: Utilities Expense Account No. 550

Date Explanation J.R. Debit Credit Balance
2017
June 24 J-2 ₱ 840.00 ₱ 840.00
June 30 J-2 ₱ 14,200.00 ₱ 15,040.00
June 30 J-3 ₱ 4,320.00 ₱ 19,360.00

Account: Interest Expense Account No. 590

Date Explanation J.R. Debit Credit Balance
2017
June 30 J-3 ₱ 12,000.00 ₱ 12,000.00

Account: Miscellaneous Expense Account No. 591

Date Explanation J.R. Debit Credit Balance
2017
June 5 J-1 ₱ 924.40 ₱ 924.40
June 19 J-2 ₱ 426.40 ₱ 1,350.00
 Metro Sails
Income Statement
For the Month Ended June 30, 2017

Revenues
Boat Rental Revenues ₱ 153,895.00
Concession Revenues 5,320.00
Total ₱ 159,215.00
Expenses
Boat Rental Expense ₱ 6,320.00
Advertising Expense 18,480.00
Salaries Expense 95,480.00
Insurance Expense 900.00
Utilities Expense 19,360.00
Depreciation Expense-Pool Structure 6,000.00
Depreciation Expense-Fan System 1,360.00
Depreciation Expense-Sailboats 8,040.00
Interest Expense 12,000.00
Miscellaneous Expense 1,350.80
Total 169,290.80
Loss ₱ 10,075.80
 Metro Sails
Balance Sheet
June 30, 2017

Assets
Current Assets
Cash ₱ 114,184.20
Accounts Receivable 1,820.00
Prepaid Insurance 9,900.00
Total Current Assets ₱ 125,904.20
Property and Equipment (Net)
Land ₱400,000.00
Pool Structure ₱ 1,444,000.00
Less: Accumulated Depreciation-Pool Structure 6,000.00 1,438,000.00
Fan System ₱ 93,360.00
Less: Accumulated Depreciation-Pool Structure 1,360.00 92,000.00
Sailboats ₱ 323,040.00
Less: Accumulated Depreciation-Sailboats 8,040.00 315,000.00 2,245,000.00
Total Assets ₱ 2,370,904.20
Liabilities
Current Liabilities
Accounts Payable ₱ 77,900.00
Salaries Payable 6,960.00
Total Current Liabilities ₱ 84,860.00
Non-current Liabilities
Mortgage Payable ₱ 1,486,200.00
Total Current Liabilities ₱ 1,571,060.00
Owner’s Equity
Makulangan, Capital, 6/30/2017 ₱ 799,844.20
Total Liabilities and Owner’s Equity ₱ 2,370,904.20
 Metro Sails
Statement of Changes in Equity
For the Month Ended June 30, 2017

Makulangan, Owner’s Equity, 6/1/2017 ₱ 832,000.00

Less: Loss 10,075.80
Total ₱ 821,924.20
Less: Withdrawals 22,080.00
Makulangan, Owner’s Equity, 6/30/2017 ₱ 799,844.20
 Closing Entries
Date Account Titles and Explanation P.R. Debit Credit
June 30 Boat Rental Revenues 410 ₱ 153,895.00
Concession Revenues 420 ₱ 5,320.00
Income Summary 330 ₱ 159,185.00
June 30 Income Summary 330 ₱ 169,290.80
Boat Rental Expense 510 ₱ 6,320.00
Advertising Expense 520 ₱ 18,480.00
Salaries Expense 530 ₱ 95,480.00
Insurance Expense 540 ₱ 900.00
Utilities Expense 550 ₱ 19,360.00
Depreciation Expense-Pool Structure 560 ₱ 6,000.00
Depreciation Expense-Fan System 570 ₱ 1,360.00
Depreciation Expense-Sailboats 580 ₱ 8,040.00
Interest Expense 590 ₱ 12,000.00
Miscellaneous Expense 591 ₱ 1,350.80
June 30 Makulangan, Capital 310 ₱ 10,075.80
Income Summary 330 ₱ 10,075.80
June 30 Makulangan, Capital 310 ₱ 22,080.00
Makulangan, Withdrawals 320 ₱ 22,080.00
 Metro Sails
Post-Closing Trial Balance
June 30, 2017

Cash ₱ 114,184.20
Accounts Receivable 1,820.00
Prepaid Insurance 9,900.00
Land 400,000.00
Pool Structure 1,444,000.00
Accumulated Depreciation-Pool Structure ₱ 6,000.00
Fan System 93,360.00
Accumulated Depreciation-Fan System 1,360.00
Sailboats 323,040.00
Accumulated Depreciation-Sailboats 8,040.00
Accounts Payable 77,900.00
Salaries Payable 6,960.00
Mortgage Payable 1,486,200.00
Makulangan, Capital 799,844.20
₱ 2,386,304.20 ₱ 2,386,304.20
 PERFORMANCE TASK
In
Fundamentals of Accounting, Business,
and Management 2

July 24, 2017

PRACTICE SET

Guia Mae V. Estellena

Grade 12 – ABM – C