EXERCISE FOR JOURNALIZING AND POSTING

APRIL 11, 2022

ABM-11

Required : 1.) Journaly Entries

2.) Post it on General Ledger
DATE OF SUBMISSION : April 17, 2022
Prepare for graded recitation in liue of this transaction.

Armina established a service business to be known as Armina Photography on July 1, 2020.

During the first month, the following transactions occured :

1 July 1 : Arnina transferred cash of Php300,000 from her personal bank account to an account to be
used for her business.
She also invested the following : Digital camera, Php45,000; manual camera , Php25,000;
Desktop computer, Php28,000: photopapers and ink Php14,000; and her personal debts evidenced by a
note which would be assumed by the business, Php 12,000.
2 July 4: Paid six months advance rent to Cyrene Commercial Complex, Php30,000.
3 July 6: received a statement of account from Brian News for advertising this month, Php5,500.
4 July 8. Bought photo enhancing and editing equipment from Mirzi Outlet for Php40,000.
Armina paid 30% down payment and the balance on account
5 July 12. Hired Office assistant with a monthly salary of Php6,000. The office assistant officially started on
6 July 13, Photography services rendered totaled Php180,000.
Terms: 25% cash and the balance settled on account.
7 July 14: Purchased office sofa set from Renzo Designs for Php30,000 on account.
8 July 15: Paid various operating expenses during the month: Meeting potential clients, Php4,000, (represent
Electricity, Php23,000, Telephone expense, Php6,000; and repairs expense Php2, 500.
9 July 18: Photography services rendered totaled Php180,000 of which 25% was settled with an interest bear
and the balance on account.
10 July 20: Received photogrpahy advances from a couple for a prenuptial coverage
to be rendered next month, Php60,000.
11 July 22: Collected 90% of the outstanding receivable from July 13 transaction.
12 July 24: Paid in full the statement of account received last July 6.
13 July 26: Paid 80% of the outstanding obligation to Mirzi Outlet and for the remaining balance, she issued a
14 July 28: Paid half of the outstanding obligation to Renzo Designs.
15 July 31: Paid salary of the office assistant for 16 days Php3.097.

***Armina Photography uses the folllowing account titles :

Cash Photography Equipment

Photography Supplies Office Equipment
Loan Payable Delivery Vehicle
Notes Payable Photography Services Revenue
Repairs Expense Representation Expense
Armina, Drawing Armina, Capital
Furniture and Fixtures Salaries Payable
Advertising expense Accounts Payable
Salaries Expense Accounts Receivable
Advances from clients Liabilties Expense
Notes Receivable Interest Receivable
Prepaid Rent Insurance Expense

GENERAL JOURNAL

DATE PARTICULARS Ref.

July 1, 2020 Cash
Armina's Capital
To record intial investment of Php300,000 came from Arminas Personal Bank Account'

July 1, 2020 Photography Equipment

Office Equipment
( 10 points) Photography Supplies
Cash
Notes Payable
Armina Capital
To record purchase of digital camera, manual camera, desktop computers , photopap
and acquisition of debts representing notes payable to be assumed by the business
July 4, 2020 Preapid Rent
( 3 points) Cash
To record payment of six months advance to Cyrene Commercial Complex

July 6, 2020 Advertising Expense

(3 points) Accounts Payable
To setup expense on Advertising From Brian News

July 8, 2020 Photography Equipment

( 3 points) Cash
Accounts Payable
To record purchase of enhancing equipment

July 12, 2020 NO JOURNAL ENTRY

( 1 point)
July 13, 2020 Cash
(4 points) Accounts Receivable
Photography Service Revenue
To record service revenue amounting to Php180,000 terms 25% cash, balance on acc

July 14, 2020 Office Furniture and Fixtures

( 3 points) Accounts Payable
 To record purchase of sofa set from Renzo Designs on account

July 15, 2020 Representation Expense

Utilities Expense _ Electricity
( 6 points) Telecommunication Expense
Repair Expense
Cash
To record payment of representation, electricity, telecommunication and repair expe

July 18, 2020 Cash

( 4 points) Accounts Receivable
Photography Service Revenue
To record services rendred of Php 180,000 of which 25% were settled and the balan

July 20, 2020 Cash

( 3 points) Advances from Client
Received Photography Advances from couple prenuptial coverage

July 22, 2020 Cash

( 3 points) Accounts receivable
Collected 90% of the outstanding Accounts Receivable from July 13, transaction

July 24, 2020 Accounts Payable

( 3 points) Cash
To record full settlement of accounts to Brian News

July 26, 2020 Accounts Payable

( 3 points) Cash
To record payment of 80% to Mirzi Outlet ( Php 28,000*80%)

July 28, 2020 Accounts Payable

( 3 points) Cash
To record half payment to Renzon Design (Php30,000 x 50%)

July 31, 2020 Salaries Expense

( 3 points) Cash
To record salary of the office assistant for 16 days Php3.097.
an account to be

debts evidenced by a

h, Php5,500.

tant officially started on Juy 16, 2020.

nts, Php4,000, (representation expense)

tled with an interest bearing note

ing balance, she issued an interest bearing note.

URNAL

Debit Credit
300,000.00
300,000.00
Personal Bank Account'

70,000.00
28,000.00
14,000.00
12,000.00
12,000.00
112,000.00
op computers , photopapers & ink
ssumed by the business
30,000.00
30,000.00
ercial Complex

5,500.00
5,500.00

40,000.00
12,000.00
28,000.00

45,000.00
135,000.00
180,000.00
25% cash, balance on account

30,000.00
30,000.00
 4,000.00
23,000.00
6,000.00
2,500.00
35,500.00
unication and repair expense

45,000.00
135,000.00
180,000.00
were settled and the balance on account

60,000.00
60,000.00

121,500.00
121,500.00
m July 13, transaction

5,500.00
5,500.00

22,400.00
22,400.00

15,000.00
15,000.00

3,097.00
3,097.00
EXERCISE FOR JOURNALIZING AND POSTING
APRIL 11, 2022
ABM-11

Required : 1.) Journaly Entries

2.) Post it on General Ledger
DATE OF SUBMISSION : April 17, 2022
Prepare for graded recitation in liue of this transaction.

Armina established a service business to be known as Armina Photography on July 1, 2020.

During the first month, the following transactions occured :

1 July 1 : Arnina transferred cash of Php300,000 from her personal bank account to an account to be
used for her business.
She also invested the following : Digital camera, Php45,000; manual camera , Php25,000;
Desktop computer, Php28,000: photopapers and ink Php14,000; and her personal debts evidenced by a
note which would be assumed by the business, Php 12,000.
2 July 4: Paid six months advance rent to Cyrene Commercial Complex, Php30,000.
3 July 6: received a statement of account from Brian News for advertising this month, Php5,500.
4 July 8. Bought photo enhancing and editing equipment from Mirzi Outlet for Php40,000.
Armina paid 30% down payment and the balance on account
5 July 12. Hired Office assistant with a monthly salary of Php6,000. The office assistant officially started on
6 July 13, Photography services rendered totaled Php180,000.
Terms: 25% cash and the balance settled on account.
7 July 14: Purchased office sofa set from Renzo Designs for Php30,000 on account.
8 July 15: Paid various operating expenses during the month: Meeting potential clients, Php4,000, (represent
Electricity, Php23,000, Telephone expense, Php6,000; and repairs expense Php2, 500.
9 July 18: Photography services rendered totaled Php180,000 of which 25% was settled with an interest bear
and the balance on account.
10 July 20: Received photogrpahy advances from a couple for a prenuptial coverage
to be rendered next month, Php60,000.
11 July 22: Collected 90% of the outstanding receivable from July 13 transaction.
12 July 24: Paid in full the statement of account received last July 6.
13 July 26: Paid 80% of the outstanding obligation to Mirzi Outlet and for the remaining balance, she issued a
14 July 28: Paid half of the outstanding obligation to Renzo Designs.
15 July 31: Paid salary of the office assistant for 16 days Php3.097.

***Armina Photography uses the folllowing account titles :

Cash Photography Equipment

Photography Supplies Office Equipment
Loan Payable Delivery Vehicle
Notes Payable Photography Services Revenue
Repairs Expense Representation Expense
Armina, Drawing Armina, Capital
Furniture and Fixtures Salaries Payable
Advertising expense Accounts Payable
Salaries Expense Accounts Receivable
Advances from clients Liabilties Expense
Notes Receivable Interest Receivable
Prepaid Rent Insurance Expense
to an account to be

al debts evidenced by a

onth, Php5,500.

ssistant officially started on Juy 16, 2020.

lients, Php4,000, (representation expense)

settled with an interest bearing note

aining balance, she issued an interest bearing note.

121.5
 45
135

22400
\
Bldg. H-8931 Former Subcom
Mondriaan Subic Bay Freeport Zone
AURA COLLEGE Tel # (047) 252-3808
Telefax # (047) 252-3801
We have the EdGe

ACCOUNTING CYCLE OF A BUSINESS TRANSACTIONS

***Analyzing business transactions fro source documents requires familiarity with business docume
***Common busness documents are offcial receipts (usually for service businesses), Sales invoice (
business
***Statement of Accounts (SOA) or billing statements (an example is an electricity bill
**Banks - Deposit Slips/ Withdrawal Slip
***Payroll sheet - for salaries and wages

SIMPLE STEPS IN ANALYZATION :

STEP 1 These are :
1. Classify whether the transaction is a business or non-business transaction.
2. Identify the major account/s and the account title/s affected and the movements with respect to
3. Determine the amount/s to be credited or debited.

STEP 2 Journalizing a business transactions

- after analyzation of the business transactions
- Journalizing is the recording phase of accounting.
- Journalizing is the process of entering a business transaction in the form of an accounting entry in
or the so called "book og original entry.
- A journal is where the business transactions are initially recorded in chronological order.

Exmple Problem :

-1 July 1, 2020 Mr. Mercado invested the following in his business to be known as JM Photocpying Center :
Cash Php 30,000.00
(1) Photocopying Equipment 30,000.00
Loans Payable 50,000.00
his loan payable of Php50,000 would be assumed by the business.

GENERAL JOURNAL

DATE PARTICULARS Ref.

July 1, 2020 Cash

Equipment- Photocopy Equipment
 Loans Payable
Mercado's Capital
EXPLANATION To record investments of cash, photocopying machine and loans payable

GENERAL JOURNAL
1. Date of transactions
2. Particulars (Account titles and explanation)
3. Reference (for posting reference)
4. Debit account title/s and debit amount/s
5. Credit account title/s and credit amount/s
6. An explanation

July 2, 2020 JM Photocopying Center paid Php 10,000 for the purchase of bond papers ( with sales invoice
(2)
GENERAL JOURNAL

DATE PARTICULARS Ref.

July 2, 2020 Unused Office Supplies
Cash
To record purchase of office supplies

July 3, 2020 Mr. Mercado hired one personnel with a weekly salary of Php1,000 to look after the business (
(3)
***Dont need to journalize the transaction since this is a non business transaction which mean
effect on assets, liabilities, Equity, Revenues and expenses.

July 3, 2020 On July 3, 2020 JM photocopying Center paid for business permits and licenses amounting to
(3 A)

GENERAL JOURNAL

DATE PARTICULARS Ref.

July 3, 2020 Taxes and Licenses Expense
Cash
To record payment of business permit

July 10, 2020 On July 10, 2020, Photocopying Center paid salary of the personnel for the week, Php 1,0
(4)
GENERAL JOURNAL

DATE PARTICULARS Ref.

July 10, 2020 Salaries Expense
Cash
To record payment of salaries for the period of July 3 - July 10, 2020 RON

July 16, 2020 On July 16, 2020, JM Photocopying Center received Php 8,000 cash for services rendered
(5)
 GENERAL JOURNAL

DATE PARTICULARS Ref.

July 16, 2020 Cash
Service Income - Photocopying revenues
To record cash received for services rendered

July 16, 2020 On July 16, 2020, JM Photocopying Center received Php 8,000 cash for services rendered
(6)
GENERAL JOURNAL

DATE PARTICULARS Ref.

July 16, 2020 Cash
Service Income - Photocopying revenues
To record payment of cash received for services rendered

July 17, 2020 On July 17, 2020, JM Photocopying Center payment of weekly salary of Php1,000
(7)
DATE PARTICULARS Ref.
July 10, 2020 Salaries Expense
Cash
To record payment of salaries for the period of July 11 - July 17, 2020 RON

July 21, 2020 On July 21, 2020, JM Photocopying Center billed a customer for services rendered during
(8)

GENERAL JOURNAL

DATE PARTICULARS Ref.

July 21 2020 Accounts Receivable
Service Income - Photocopying revenues
To record customers billed for services rendered

July 24, 2020 On July 24, 2020, JM Photocopying Center payment of weekly salary of office staff
(9)

DATE PARTICULARS Ref.

July 24, 2020 Salaries Expense
Cash
To record payment of salaries July 18 - July 24, 2020

July 27, 2020 On July 27, 2020, Mr. Mercado made a Php500 cash withdrwal for personal use.
(10)

GENERAL JOURNAL

DATE PARTICULARS Ref.

July 27, 2020 Mercado, Drawing
Cash
To record Mercados Drawing / owner's personal withdrawal
July 28, 2020 On July 28, 2020, JM Photocopying Center collected the amount billed to a customer,
(10) Php 2,000 ( with Official receipt)

GENERAL JOURNAL

DATE PARTICULARS Ref.

July 28, 2020 Cash
Accounts Receivable
To record collection of customer's account

July 29, 2020 On July 29, 2020, JM Photocopying Center paid rent for two months amounting to Php10
(11)

GENERAL JOURNAL

DATE PARTICULARS Ref.

July 29, 2020 Prepaid Rent
Cash
To record payment of rent - July -Aug 2020

July 30, 2020 On July 30, 2020, JM Photocopying Center received a bill from an electric company,
(11)

GENERAL JOURNAL

DATE PARTICULARS Ref.

July 30, 2020 Accrued Expense - Utilities Expense
Accounts Payable
To record set up of electricity bill for the period July
 Bldg. H-8931 Former Subcom Area
Subic Bay Freeport Zone
Tel # (047) 252-3808
Telefax # (047) 252-3801

iliarity with business document.

e businesses), Sales invoice ( usually for merchandising

an electricity bill

e movements with respect to its/their normal balances.

rm of an accounting entry in the 'journal"

hronological order.

JM Photocpying Center :

Debit Credit

30,000.00
30,000.00
 50,000.00
10,000.00

d papers ( with sales invoice 1234)

URNAL

Debit Credit Dr Cr
10,000.00 Supplies Expense 10,000.00
10,000.00 Cash 10,000.00
###

0 to look after the business (with employment contract)

ess transaction which means it does have any

s and licenses amounting to Php2,000 (with Official Receipt)

URNAL

Debit Credit
2,000.00
2,000.00
###

onnel for the week, Php 1,000

URNAL

Debit Credit
1,000.00
1,000.00
0, 2020 RON ###

0 cash for services rendered (with official receipt)

URNAL

Debit Credit
8,000.00
8,000.00
###

0 cash for services rendered (with official receipt)

URNAL

Debit Credit
8,000.00
8,000.00
###

y salary of Php1,000

Debit Credit
1,000.00
1,000.00
17, 2020 RON ###

for services rendered during the week, Php 2,000 (with billing statement)

URNAL

Debit Credit
2,000.00
2,000.00
### To record owner's personal withdrawal

y salary of office staff

Debit Credit
1,000.00
1,000.00
###

al for personal use.

URNAL

Debit Credit
500.00
500.00
###
unt billed to a customer,

URNAL
ACCOUNTS RECEIVABLE
Debit Credit DR
2,000.00 JULY 2,000.00
2,000.00
###

months amounting to Php10,000 (with statement of account)

URNAL

Debit Credit
10,000.00
10,000.00
###

m an electric company,

URNAL

Debit Credit
2,500.00
2,500.00
###
COUNTS RECEIVABLE
CR
2,000.00
OFFSET
-
***To summarized the transactions for July 2020 ***

GENERAL JOURNAL
DATE
2020 PARTICULARS Ref.
Jul-01 Cash 101
Equipment - Photocpying Machine 151
Loans Payable 215
Mercado's, Capital 301
To record investment of cash, photocopying equipment,
and loan payable

"July 02 Unused Supplies 122

Cash 101
To record purchase of supplies

"July 03 Taxes and Licenses Expense 501

Cash 101
To record payment of business permit

"July 10 Salaries Expense 502

Cash 101
To record payment of salary July 10 -16, 2020

"July 16 Cash 101

Service Income - Photocopying revenues 401
To record cash received for services rendered

"July 17 Salaries Expense 502

Cash 101
To record payment of weekly salary July 17-23,2020

Jul-21 Accounts Receivable 112

Service Income - Photocopying revenues 401
To record customers billed for services rendered

Jul-24 Salaries Expense 502

Cash 101
To record payment of salary July 18-24,2020

Jul-27 Mercado Drawing 302

Cash 101
To record owner's personal withdrawal

Jul-28 Cash 101

Accounts Receivable 112
To record collection of customer's account
Jul-29 Prepaid Rent 505
Cash 101
To record payment of rent - July -Aug 2020

Jul-30 Accrued Expense - Utilities Expense 504

Accounts Payable 201
To record set up of electricity bill for the period July

Jul-31 Salaries Expense' 502

Cash 101
To record payment of salary July 25 -31, 2020
AL

Debit Credit REF -CHART OF ACCOUNTS

30,000.00
30,000.00
50,000.00
10,000.00

10,000.00
10,000.00

2,000.00
2,000.00

1,000.00
1,000.00

8,000.00
8,000.00

1,000.00
1,000.00

2,000.00
2,000.00

1,000.00
1,000.00

500.00
500.00

2,000.00
2,000.00
10,000.00
10,000.00

2,500.00
2,500.00

1,000.00
1,000.00
SIMPLE STEPS IN ANALYZATION
STEP 3 POSTING TO THE LEDGER
a. After journalizing, the next step in the accounting cycle is posting in the general ledger.
b. A ledger contains all the accounts (assets, Liabilities, Owner's equity, revenues and expenses) maintained by
c. It is for the reason that ledge is the so called "Book of Final Entry"

Let us now take a look at how ledger will look like :

GENERAL LEDGER
Account Title CASH
Date EXPLANATION REF DEBIT DATE
2020
Jul-01 1 Jul-02
16 2
28 3

TOTAL DEBIT Php -

Debit Balance -

40,000.00

GENERAL LEDGER
Account Title ACCOUNTS RECEIVABLE
Date EXPLANATION REF DEBIT DATE
2020 2020
Jul-21 Services rendered 3 2,000.00 Jul-28

Dr Php 2000
Cr Php 2000
RESULT IS ZERO

GENERAL LEDGER
Account Title UNUSED SUPPLIES
Date EXPLANATION REF DEBIT DATE
2020 Purchase of supplies 1 2,000.00

GENERAL LEDGER
Account Title EQUIPMENT (PHOTOCOPY MACHINE)
Date EXPLANATION REF DEBIT DATE
Jul-01 Investment of photocopying machine 1 30,000.00
 GENERAL LEDGER
Account Title ACCOUNTS PAYABLE
Date EXPLANATION REF DEBIT DATE
2020
30

GENERAL LEDGER
Account Title LOANS PAYABLE
Date EXPLANATION REF DEBIT DATE
2020
Jul-01

GENERAL LEDGER
Account Title MERCADO'S CAPITAL
Date EXPLANATION REF DEBIT DATE
2020
Jul-01

GENERAL LEDGER
Account Title MERCADO'S DRAWING
Date EXPLANATION REF DEBIT DATE
2020
Jul-27 Owner's Personal Use 3 500.00

GENERAL LEDGER
Account Title SERVICE INCOME - PHOTOCOPYING REVENUES
Date EXPLANATION REF DEBIT DATE
2020
Jul-16
21

GENERAL LEDGER
Account Title TAXES AND LICENSES
Date EXPLANATION REF DEBIT DATE
2020
Jul-03 Business Permits and licenses 1 2,000.00
 GENERAL LEDGER
Account Title SALARIES EXPENSE
Date EXPLANATION REF DEBIT DATE
2020
Jul-10 Payment of salary 1 1,000.00
17 Payment of salary 2 1,000.00
24 Payment of salary 3 1,000.00
31 Payment of salary 3 1,000.00

DEBIT BALANCE 4,000.00

GENERAL LEDGER
Account Title ACCRUED EXPENSE -UTILITIES EXPENSE
Date EXPLANATION REF DEBIT DATE
2020
Jul-30 Receipt of electricity bill 3 2,500.00

GENERAL LEDGER
Account Title PREPAID RENT
Date EXPLANATION REF DEBIT DATE
2020
Jul-29 Rent for two months 3 10,000.00
 general ledger.
venues and expenses) maintained by the business.

GER
Account No. 101
EXPLNATION REF CREDIT

1
1
1
2
3
3
3
3

TOTAL CREDIT Php -

40,000.00

GER
EIVABLE Account No. 112
EXPLNATION REF CREDIT

Collection of Account 3 2,000.00

GER
PLIES Account No. 122
EXPLNATION REF CREDIT

GER
OPY MACHINE) Account No. 151
EXPLNATION REF CREDIT
 GER
YABLE Account No. 201
EXPLNATION REF CREDIT

Receipt of electricity bill 3 2,500.00

GER
BLE Account No. 215
EXPLNATION REF CREDIT

Initial Investment 1 50,000.00

GER
APITAL Account No. 301
EXPLNATION REF CREDIT

Initial Investment 1 50,000.00

GER
AWING Account No. 302
EXPLNATION REF CREDIT

GER
OPYING REVENUES Account No. 401
EXPLNATION REF CREDIT

Services Rendered 2 8,000.00

Services Rendered 3 2,000.00

CREDIT BALANCE 10,000.00

GER
ENSES Account No. 501
EXPLNATION REF CREDIT
GER
ENSE Account No. 502
EXPLNATION REF CREDIT

GER
LITIES EXPENSE Account No. 504
EXPLNATION REF CREDIT

GER
NT Account No. 504
EXPLNATION REF CREDIT
STEP 4
Preparing the Trial Balance
- From the ledger, accounts with balances will be summarized in a trial balance.
- A trial balance is a list of accounts and their balances at a given time. It shows the equality of the debits and credits.
- The accounts are listed in the same manner they appear in the ledger, with accounts having zero balances skipped
(just like the Accounts Receivable account in the Illustrative Example).
- The accounts in the trial balance will heve either a debit or a credit balance following their balances in the ledger.
The following are the simple steps in in preparing a Trial Balance :
1 Indicate in the heading (centered) the details of the trial balance
NAME OF THE BUSINESS
THE TERM TRIAL BALANCE
AND THE DATE
2 List the oppen accounts and their balances
3 Total the debit and credit columns
4 Double rule the totals of the debit and credit columns
uality of the debits and credits.
having zero balances skipped

their balances in the ledger.

SIMPLE STEPS IN ANALYZATION
STEP 3 POSTING TO THE LEDGER
a. After journalizing, the next step in the accounting cycle is posting in the general ledger.
b. A ledger contains all the accounts (assets, Liabilities, Owner's equity, revenues and expenses) maintained by
c. It is for the reason that ledge is the so called "Book of Final Entry"

Let us now take a look at how ledger will look like :

GENERAL LEDGER
Account Title CASH
Date EXPLANATION REF DEBIT DATE
2020
Jul-01 Cash Investment 1 30,000.00 Jul-02
16 Services Rendered 2 8,000.00 3
28 Collection of Account 3 2,000.00 10
17
24
27
29
31

TOTAL DEBIT Php 40,000.00

Debit Balance 13,500.00

40,000.00

GENERAL LEDGER
Account Title ACCOUNTS RECEIVABLE
Date EXPLANATION REF DEBIT DATE
2020 2020
Jul-21 Services rendered 3 2,000.00 Jul-28

Dr Php 2000
Cr Php 2000
RESULT IS ZERO

GENERAL LEDGER
Account Title UNUSED SUPPLIES
Date EXPLANATION REF DEBIT DATE
2020 Purchase of supplies 1 2,000.00

GENERAL LEDGER
Account Title EQUIPMENT (PHOTOCOPY MACHINE)
Date EXPLANATION REF DEBIT DATE
Jul-01 Investment of photocopying machine 1 30,000.00
 GENERAL LEDGER
Account Title ACCOUNTS PAYABLE
Date EXPLANATION REF DEBIT DATE
2020
30

GENERAL LEDGER
Account Title LOANS PAYABLE
Date EXPLANATION REF DEBIT DATE
2020
Jul-01

GENERAL LEDGER
Account Title MERCADO'S CAPITAL
Date EXPLANATION REF DEBIT DATE
2020
Jul-01

GENERAL LEDGER
Account Title MERCADO'S DRAWING
Date EXPLANATION REF DEBIT DATE
2020
Jul-27 Owner's Personal Use 3 500.00

GENERAL LEDGER
Account Title SERVICE INCOME - PHOTOCOPYING REVENUES
Date EXPLANATION REF DEBIT DATE
2020
Jul-16
21

GENERAL LEDGER
Account Title TAXES AND LICENSES
Date EXPLANATION REF DEBIT DATE
2020
Jul-03 Business Permits and licenses 1 2,000.00
 GENERAL LEDGER
Account Title SALARIES EXPENSE
Date EXPLANATION REF DEBIT DATE
2020
Jul-10 Payment of salary 1 1,000.00
17 Payment of salary 2 1,000.00
24 Payment of salary 3 1,000.00
31 Payment of salary 3 1,000.00

DEBIT BALANCE 4,000.00

GENERAL LEDGER
Account Title ACCRUED EXPENSE -UTILITIES EXPENSE
Date EXPLANATION REF DEBIT DATE
2020
Jul-30 Receipt of electricity bill 3 2,500.00

GENERAL LEDGER
Account Title PREPAID RENT
Date EXPLANATION REF DEBIT DATE
2020
Jul-29 Rent for two months 3 10,000.00
 general ledger.
venues and expenses) maintained by the business.

GER
Account No. 101
EXPLNATION REF CREDIT

Purchase of supplies 1 10,000.00

Business Permits and licenses 1 2,000.00
Payment of Salary 1 1,000.00
Payment of Salary 2 1,000.00
Payment of Salary 3 1,000.00
Owner's personal use 3 500.00
Rent for two months 3 10,000.00
Payment of Salary 3 1,000.00

TOTAL CREDIT Php 26,500.00

40,000.00

GER
EIVABLE Account No. 112
EXPLNATION REF CREDIT

Collection of Account 3 2,000.00

GER
PLIES Account No. 122
EXPLNATION REF CREDIT

GER
OPY MACHINE) Account No. 151
EXPLNATION REF CREDIT
 GER
YABLE Account No. 201
EXPLNATION REF CREDIT

Receipt of electricity bill 3 2,500.00

GER
BLE Account No. 215
EXPLNATION REF CREDIT

Initial Investment 1 50,000.00

GER
APITAL Account No. 301
EXPLNATION REF CREDIT

Initial Investment 1 50,000.00

GER
AWING Account No. 302
EXPLNATION REF CREDIT

GER
OPYING REVENUES Account No. 401
EXPLNATION REF CREDIT

Services Rendered 2 8,000.00

Services Rendered 3 2,000.00

CREDIT BALANCE 10,000.00

GER
ENSES Account No. 501
EXPLNATION REF CREDIT
GER
ENSE Account No. 502
EXPLNATION REF CREDIT

GER
LITIES EXPENSE Account No. 504
EXPLNATION REF CREDIT

GER
NT Account No. 504
EXPLNATION REF CREDIT