Exercise No.

3: Analyzing
Transactions to Start a Business
Bookkeeping for a Service
Provider (Posting to the Ledger)
Introduction
The third step in the accounting cycle involves classifying and posting from the journal, the book
of original entry to another book called the ledger, the book of final entry. Each ledger carries a
particular account. These ledgers are filed in a book called a general ledger. If there are 20
accounts then there will be also 20 ledgers to be complied in the general ledger. The process of
transferring the debit and the credits from the journal to the ledger is called posting.

Learning Outcomes
1. Post from journal to the ledger.
2. Be able to extract the correct balances from the ledger.
3. Prepare the trial balance

Materials
Online: Laptop or a cellphone, calculator
Modular: Black Ballpen answer sheet provided, calculator
Procedure

Haydee Carpio opened a beach resort called the Blue Lagoon I Nasugbu Batangas by investing
cash Php. 100,000 and furniture Php. 20,000 on April 1. She signed a contract of lease on the
property for ten years promising to pay Php. 25,000 monthly. The following are the additional
transactions for April,

April
5 Paid cash for the purchase of advertising billboards, Php.
15,000
10 Paid Php. 75,000 for the construction of 5 cottages, 10 huts
and an office. Issued a note payable.
11 Total cash receipts for the week, Php. 150,000
18 Billed Fortune Company for use of resort, Php. 28,000
20 Paid Php. 50,000 for the note
25 Utility bills paid amounted to Php. 18,000
26 Fortune Company paid its account in full
27 Total cash receipts amounted to Php. 122,500
28 Paid salaries of clerks and helpers, Php. 82,000
29 Paid for the monthly rental of the property plus advertising
of Php. 20,000
Prepare Journal Entries:

Date Accounts and Explanation F Debit Credit

Post to T-accounts. Date your postings. Extract balances and prepare a trial balance.

Cash Accounts Receivable

Leasehold Improvement Furniture &Fixtures

Office Equipment Notes Payable

Carpio, Capital Beach Resort Fees Revenue

Advertising Expense Salaries Expense

Rent Expense Utilities Expense

TRIAL BALANCE

Accounts Debit Credit

Guide questions and instructions on how to prepare and submit
the laboratory
Submit outputs thru the VSUEE Student Portal saved in PDF File with the following filename
SURNAME_OfferingNum_Output Number Example: POLIQUIT_MGMT101aD034_Output No_1

References and Additional Resources

De Jesus, P.A et.al (2018), Fundamentals of Accounting. De Jesus et. al

Vera Cruz-Manuel (2018), Basic Concepts and Procedures International Edition 2018.Vera Cruz-
Manuel