MAY DAYA CONSUTANCY SERVICES

GENERAL JOURNAL

Date Account Title and Explanation PR Debit Credit

20XX
Aug 1 Cash 001 800,000
Daya, Capital 031 800,000
Initial investment

2 Cash 001 500,000

Notes Payable 022 500,000
Issued a promissory note for a loan payable after
one year
013
3 Office Furniture 001 150,000
Cash 150,000
Purchased office furniture in cash

5 Office Equipment 011 50,000

Cash 001 10,000
Accounts Payable – Eastern Marketing 021 40,000
Purchased office equipment paying down
payment and the balance on account

7 Prepaid Insurance 016 9,000

Cash 001 9,000
Paid in cash the insurance premium

8 Prepaid Rent 017 45,000

Cash 001 45,000
Paid two month rent in advance

9 Supplies 004 7,000

Accounts Payable – Ace Supplies 021A 7,000
Ordered supplies delivered on account

10 Accounts Receivable 002 100,000

Consultancy Fee 046 100,000
Consultancy services rendered on account

11 Accounts Payable – Ace Supplies 021 5,000

Cash 001 5,000
Made partial payment

12 Cash 001 50,000

Accounts Receivable 002 50,000
Received cash as partial collection from
MaCuenta
Company

14 Cash 001 60,000

Unearned Consultancy Fee 026 60,000
Received cash for consultancy services to be
rendered

18 Daya, Drawing 032 18,000

Cash 001 18,000
Withdrawal for personal use
 20 Cash 001 30,000
Consultancy Fee 046 30,000
Received cash for consultancy services rendered

23 Salary Expense 056 8,000

Cash 001 8,000
Paid assistant’s salary

25 Utilities Expense 053 5,000

Cash 001 5,000
Paid electric bill for the month

30 Utilities Expense 053 450

Utilities Payable 025 450
Received bill from Maynilad

POSTING TO THE LEDGER

Account No. 001

CASH
Date Explanation PR Debit Date Explanation PR Credit

20XX 20XX
Aug 1 Initial investment J1 800,000 Aug 3 Purchased office J1 150,000
furniture for cash
2 Loan payable after a J1 500,000 5 Purchased office J1 10,000
year equipment on account
12 Partial collection from J1 50,000 7 Paid insurance premium J1 9,000
MaCuenta Co.
14 Consultancy services to J1 60,000 8 Paid rent in advance J1 45,000
be rendered
20 Consultancy services J1 30,000 11 Partial payment J1 5,000
rendered
1,440,000 18 Withdrawal for personal J1 18,000
use
23 Paid assistant’s salary J2 8,000
25 Paid electric bill J2 5,000
Balance: 1,190,000 250,000

Account No. 002

ACCOUNTS RECEIVABLE
Date Explanation PR Debit Date Explanation PR Credit

20XX 20XX
Aug 10 Consultancy services J1 100,000 Aug 12 Partial collection from J1 50,000
rendered on account McCuenta Co.

Balance: 50,000
 Account No. 011
OFFICE EQUIPMENT
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 5 Purchased office J1 50,000
equipment on account

Account No. 004

SUPPLIES
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 9 Purchased office J1 7,000
supplies on account

Account No. 013

OFFICE FURNITURES
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 3 Purchased office J1 150,000
furniture for cash

Account No. 007

PREPAID INSURANCE
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 7 Paid in cash the J1 9,000
insurance premium

Account No. 016

PREPAID RENT
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 8 Paid three-months rent J1 45,000
in advance
 Account No. 021
ACCOUNTS PAYABLE – EASTERN MARKETING
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 5 Bought office equipment J1 40,000
on account

Account No.
021A
ACCOUNTS PAYABLE – ACE SUPPLIES
Date Explanation PR Debit Date Explanation PR Credit

20XX 20XX
Aug 11 Made partial payment J1 5,000 Aug 9 Ordered supplies J1 7,000
delivered on account

Balance: 2,000

Account No. 022

NOTES PAYABLE
Date Explanation PR Debit Date Explanation PR Credit

20xx
Aug 2 Loan payable after one J1 500,000
year

Account No. 026

UNEARNED CONSULTANCY FEE
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 14 Received cash for J1 60,000
consultancy services to
be rendered

Account No. 025

UTILITIES PAYABLE
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 30 Received bill from J2 450
Maynilad
 Account No. 031
DAYA, CAPITAL
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 1 Initial investment J1 800,000

Account No. 032

DAYA, DRAWING
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 18 Withdrawal for personal J1 18,000
use

Account No. 046

CONSULTANCY FEES
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 10 Consultancy services J1 100,000
rendered on account
20 Received cash for J1 30,000
consultancy services
rendered
130,000

Account No. 056

SALARIES
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 23 Paid assistant’s salary J2 8,000

Account No. 053

UTILITIES EXPENSE
Date Explanation PR Debit Date Explanation PR Credit

20XX
Aug 25 Paid electric bill for the J2 5,000
 month
30 Received bill from J2 450
Maynilad
5,450

TRIAL BALANCE OF BALANCES

MAY DAYA CONSULTANCY SERVICES

TRIAL BALANCE
For the month of August, 20XX

Accounts Debit Credit

Cash 1,190,000
Accounts Receivable 50,000
Office Equipment 50,000
Supplies 7,000
Office Furnitures 150,000
Prepaid Insurance 9,000
Prepaid Rent 45,000
Accounts Payable - Eastern Marketing 40,000
Accounts Payable - Ace Supplies 2,000
Notes Payable 500,000
Unearned Consultancy Fee 60,000
Utilities Payable 450
Daya, Capital 800,000
Daya, Drawing 18,000
Consultancy Fees 130,000
Salaries 8,000
Utilities Expense 5,450
1,532,450 1,532,450

TRIAL BALANCE OF TOTALS

MAY DAYA CONSULTANCY SERVICES

TRIAL BALANCE
For the month of August, 20XX

Accounts Debit Credit

Cash 1,440,000 250,000

Accounts Receivable 100,000 50,000
Office Equipment 50,000
Supplies 7,000
Office Furnitures 150,000
Prepaid Insurance 9,000
Prepaid Rent 45,000
Accounts Payable - Eastern Marketing 40,000
Accounts Payable - Ace Supplies 5,000 7,000
Notes Payable 500,000
Unearned Consultancy Fee 60,000
Utilities Payable 450
Daya, Capital 800,000
Daya, Drawing 18,000
Consultancy Fees 130,000
Salaries 8,000
Utilities Expense 5,450
1,837,450 1,837,450