Accounting Firm

For the Month Ended December 1, 2021

General Journal

DATE PARTICULARS DR

Dec 1 Cash 101 ₱ 200.00

V, Infinity, Capital 301
V. Infinity invested P 200 as initial capital for his accounting firm.

Rent Expense 501 16,400.00

Cash 101
Paid office rent for the month P 16,400.

Office Supplies Expense 502 15,500.00

Cash 101
Bought office supplies for cash P 15,500.

Office Equipment 105 80,000.00

Cash 101
Notes/AC Payable 202
Bought computer from Mabuhay Equipment Corporation P 80,000,
paying 50% down and the balance payable IN 90days

2 Furnitures and fixtures 104 12,500.00

Cash 101
Office tables and chairs were purchased for cash, P 12,500.

Cash 101 5,600.00

Professional Fees Revenues 401
Received cash from a client for accounting services rendered P 5,600.

3 Light and Water Expense 503 4,000.00

Cash 101
Paid Meralco, P4,000.

4 Accounts Receivable 102 38,000.00

Professional Fees Revenues 401
Billed several clients for services rendered P 38,000.

8 Cash 101 20,000.00

Loan Payable 203
Borrowed money from Metrobank, P 20,000.

10 Notes Receivable 103 12,000.00

Professional Fees Revenues 401
Received a 60 – day note from a client for services rendered, P 12,000.
15 Salaries Expense 504 16,500.00
Cash 101
Paid salaries of the employees, P 16,500.

V, Infinity Drawing 302 10,000.00

Cash 101
Infinity withdrew P 10,000 cash for his personal issue.

18 Office Equipment 105 15,000.00

Accounts Payable 201
Bought filling cabinets from Leeman Trading P 15,000, terms 30days.

20 Office Equipment 105 32,000.00

Notes Payable 202
Issued a promissory note to CORTEZ Trading P 32,000 for a
copying machine bought.

31 Taxes and License Expense 505 3,000.00

Cash 101
Paid municipal license, P 3,000.

Salaries Expense 504 14,250.00

Cash 101
Paid the salaries of the employees P 14,250.

Accounts Payable 201 4,000.00

Cash 101
Paid Leeman Trading Corporation partially, P 4,000.

Cash 101 12,800.00

Accounts Receivable 102
₱ 311,750.00
 CR

₱ 200.00

16,400.00

15,500.00

40,000.00
40,000.00

12,500.00

5,600.00

4,000.00

38,000.00

20,000.00

12,000.00
 16,500.00

10,000.00

15,000.00

32,000.00

3,000.00

14,250.00

4,000.00

12,800.00
₱ 311,750.00
 CASH
DATE PARTICULARS DR CR Balance

Dec 1 200 200

16400 -16200
15500 -31700
40000 -71700
12500 -84200
5600 -78600
4000 -82600
20000 -62600
16500 -79100
10000 -89100
3000 -92100
14250 -106350
12800 -93550

ACCOUNTS RECEIVABLE
DATE PARTICULARS DR CR Balance

38000 38000
12800 25200

NOTES RECEIVABLE
DATE PARTICULARS DR CR Balance

12000 12000

FURNITURES AND FIXTURES

DATE PARTICULARS DR CR Balance

12500 12500

OFFICE EQUIPMENT
DATE PARTICULARS DR CR Balance

0
80000 80000
15000 95000
32000 127000

ACCOUNTS PAYABLE
DATE PARTICULARS DR CR Balance

40000 -40000
 4000 -36000

NOTES PAYABLE
DATE PARTICULARS DR CR Balance

32000 32000

LOAN PAYABLE
DATE PARTICULARS DR CR Balance

20000 20000

V, Infinity Capital
DATE PARTICULARS DR CR Balance

200 200

V, Infinity Drawing
DATE PARTICULARS DR CR Balance

10000 10000

PROFESSIONAL FEES REVENUES

DATE PARTICULARS DR CR Balance

5600 -5600
38000 -43600
12000 -55600

RENT EXPENSE
DATE PARTICULARS DR CR Balance

16400 16400

OFFICE SUPPLIES EXPENSE

DATE PARTICULARS DR CR Balance