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  • ASC Company General Journal For The Month of January 2014 Date Particulars

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    Ashley Nicole Torres
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    1) The document records various journal entries made by ASC Company in January 2014 and December 2014, including entries to record issuance of common stock, depreciation of assets, accrued expenses and income. 2) In January 2014, entries were made to record depreciation of buildings, furniture, equipment and vehicles. 3) In December 2014, entries included recording accrued purchase expenses, salaries paid, utilities expense, operating expenses, and tax expense. An entry was also made to record accrued sales income.

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    1) The document records various journal entries made by ASC Company in January 2014 and December 2014, including entries to record issuance of common stock, depreciation of assets, accrued expenses and income. 2) In January 2014, entries were made to record depreciation of buildings, furniture, equipment and vehicles. 3) In December 2014, entries included recording accrued purchase expenses, salaries paid, utilities expense, operating expenses, and tax expense. An entry was also made to record accrued sales income.

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    © All Rights Reserved
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    5 views14 pages

    ASC Company General Journal For The Month of January 2014 Date Particulars

    Uploaded by

    Ashley Nicole Torres
    1) The document records various journal entries made by ASC Company in January 2014 and December 2014, including entries to record issuance of common stock, depreciation of assets, accrued expenses and income. 2) In January 2014, entries were made to record depreciation of buildings, furniture, equipment and vehicles. 3) In December 2014, entries included recording accrued purchase expenses, salaries paid, utilities expense, operating expenses, and tax expense. An entry was also made to record accrued sales income.

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    © All Rights Reserved
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    of 14

    ASC Company

    General Journal
    For the Month of January 2014

    DATE PARTICULARS
    Jan. 2014 a.) Cash
    Common Stock
    To record issuance of ₱ 1.00 par value

    b.) Depreciation - Building


    Accumulated Depreciation - Building
    To record provision for depreciation

    c.) Depreciation - Furnitures & Fixtures


    Accumulated Depreciation - Furnitures & Fixtures
    To record provision for depreciation

    d.) Depreciation - Office Equipment


    Accumulated Depreciation - Office Equipment
    To record provision for depreciation

    e.) Depreciation - Transportation Vehicle


    Accumulated Depreciation - Transportation Vehicle
    To record provision for depreciation

    ASC Company
    General Journal
    For the Year Ended December 31, 2014

    DATE PARTICULARS
    Dec. 2014 a.) Purchase Expense
    Cash
    Accrued Purchase Expense
    To record unpaid purchase expense

    b.) Accrued Sales Income


    Cash
    Sales Income
    To record the accrued sales income

    c.) Salaries Expense


    Cash
    Salaries Paid

    d.) Utilities expense


    Cash
    Accrued Utilities Expense
    To record unpaid utilities expense

    e.) Operating Expense


    Cash
    To record operating expense

    f.) Tax expense


    Cash
    Accrued Tax Expense
    To record unpaid tax expense
    y
    nal
    uary 2014

    PR DEBIT CREDIT
    ₱ 12,500,000
    ₱ 12,500,000

    100,000
    100,000

    60,000
    60,000

    100,000
    100,000

    220,000
    220,000

    y
    nal
    mber 31, 2014

    PR DEBIT CREDIT
    ₱ 18,000,000
    ₱ 16,500,000
    1,500,000

    4,000,000
    16,000,000
    20,000,000

    1,250,000
    1,250,000
    280,000
    250,000
    30,000

    350,000
    350,000
    a.) Par Value of Preferred Stock = (Number of issued shares)(par value per share)

    PR = P12.5 million x P1
    PR = P12.5 million

    b.) Depreciation = Cost - Salvage or Scrap Value


    Life

    D = 6 million - 4 million
    20 years

    D = 100000

    c.) Depreciation = Cost - Salvage or Scrap Value


    Life

    D = 600,000
    10 years

    D = 60000

    d.) Depreciation = Cost - Salvage or Scrap Value


    Life

    D = 500,000
    5 years

    D = 100000

    e.) Depreciation = Cost - Salvage or Scrap Value


    Life

    D = 1,100,000
    5 years

    D = 220000
    ASC
    Gene
    For the Mon

    Date Particulars PR
    January 2014 To record issuance of ₱ 1.00 par value

    Com
    Date Particulars PR
    January 2014

    Depricia
    Date Particulars PR
    January 2014 To record provision for depreciation

    Accum. Depr
    Date Particulars PR
    January 2014

    Depreciation -
    Date Particulars PR
    January 2014 To record provision for depreciation

    Accum. Depreciatio
    Date Particulars PR
    January 2014

    Depreciation
    Date Particulars PR
    January 2014 To record provision for depreciation

    Accum. Deprecia
    Date Particulars PR
    January 2014

    Depreciation - T
    Date Particulars PR
    January 2014 To record provision for depreciation

    Accum. Depreciatio
    Date Particulars PR
    January 2014
    ASC Company
    General Ledger
    For the Month of January 2014

    Cash
    Debit Date Particulars
    ₱ 12,500,000 January 2014

    Common Stock
    Debit Date Particulars
    January 2014 To record issuance of ₱ 1.00 par value

    Depriciation - Building
    Debit Date Particulars
    ₱ 100,000 January 2014

    Accum. Depreciation - Building


    Debit Date Particulars
    January 2014 To record provision for depreciation

    Depreciation - Furnitures & Fixtures


    Debit Date Particulars
    ₱ 60,000 January 2014

    Accum. Depreciation - Furnitures & Fixtures


    Debit Date Particulars
    January 2014 To record provision for depreciation

    Depreciation - Office Equipment


    Debit Date Particulars
    ₱ 100,000 January 2014

    Accum. Depreciation - Office Equipment


    Debit Date Particulars
    January 2014 To record provision for depreciation

    Depreciation - Transportation Vehicle


    Debit Date Particulars
    ₱ 220,000 January 2014

    Accum. Depreciation - Transportation Vehicle


    Debit Date Particulars
    January 2014 To record provision for depreciation
    PR Credit

    PR Credit
    ₱ 12,500,000

    PR Credit

    PR Credit
    ₱ 100,000

    PR Credit

    PR Credit
    ₱ 60,000

    PR Credit

    PR Credit
    ₱ 100,000

    PR Credit

    PR Credit
    ₱ 220,000
    ASC Company
    General Ledger
    For the Year Ended Decemb

    Cash

    DATE PARTICULARS PR
    Dec. 2014 To record the accrued sales income

    Purchase Expense

    DATE PARTICULARS PR
    Dec. 2014 To record unpaid purchase expense

    Salaries Expense

    DATE PARTICULARS PR
    Dec. 2014 Salaries paid ₱ 1,250,000

    Utilities expense

    DATE PARTICULARS PR
    Dec. 2014 To record unpaid utilities expense

    Operating Expense

    DATE PARTICULARS PR
    Dec. 2014 To record operating expenses

    Tax Expense
    DATE PARTICULARS PR
    Dec. 2014 To record unpaid tax expense

    Sales Income

    DATE PARTICULARS PR

    Accrued Purchase Ex

    DATE PARTICULARS PR

    Accrued Sales Incom

    DATE PARTICULARS PR
    Dec. 2014 To record the accrued sales income

    Accrued Utilities Exp

    DATE PARTICULARS PR

    Accrued Tax Expe

    DATE PARTICULARS PR
    ASC Company
    General Ledger
    For the Year Ended December 31, 2014

    Cash

    DEBIT DATE PARTICULARS PR CREDIT


    ₱ 16,000,000 Dec. 2014 To record unpaid purchase expense ₱ 16,500,000
    Salaries paid 1,250,000
    To record unpaid utilities expense 250,000
    To record operating expense 350,000
    To record unpaid tax expense

    Purchase Expense

    DEBIT DATE PARTICULARS PR CREDIT


    ₱ 18,000,000

    Salaries Expense

    DEBIT DATE PARTICULARS PR CREDIT


    ₱ 1,250,000

    Utilities expense

    DEBIT DATE PARTICULARS PR CREDIT


    ₱ 280,000

    Operating Expense

    DEBIT DATE PARTICULARS PR CREDIT


    ₱ 350,000

    Tax Expense
    DEBIT DATE PARTICULARS PR CREDIT

    Sales Income

    DEBIT DATE PARTICULARS PR CREDIT


    Dec. 2014 To record the accrued sales income ₱ 20,000,000

    Accrued Purchase Expense

    DEBIT DATE PARTICULARS PR CREDIT


    Dec. 2014 To record unpaid merchandise expense ₱ 1,500,000

    Accrued Sales Income

    DEBIT DATE PARTICULARS PR CREDIT


    ₱ 4,000,000

    Accrued Utilities Expense

    DEBIT DATE PARTICULARS PR CREDIT


    Dec. 2014 To record unpaid utilities expense ₱ 30,000

    Accrued Tax Expense

    DEBIT DATE PARTICULARS PR CREDIT


    Dec. 2014 To record unpaid tax expense
    ASC COMPANY
    Trial Balance
    January, 2014

    Account Titles Debit


    Cash ₱ 12,500,000
    Depreciation - Building 100,000
    Depreciation - Furnitures & Fixtures 60,000
    Depreciation - Office Equipment 220,000
    Depreciation - Transportation Vehicle 100,000
    Common Stock
    Accumulated Depreciation - Building
    Accumulated Depreciation - Furnitures & Fixtures
    Accumulated Depreciation - Office Equipment
    Accumulated Depreciation - Transportation Vehicle
    TOTAL: P12,980,000

    ASC COMPANY
    Trial Balance
    December, 2014

    Account Titles Debit


    Purchase Expense ₱ 18,000,000
    Accrued Sales Income 4,000,000
    Cash 16,000,000
    Salaries Expense 1,250,000
    Utilities Expense 280,000
    Operating Expense 350,000
    Tax expense
    Cash
    Accrued Purchase Expense
    Accrued Utilities Expense
    Accrued Tax Expense
    Sales Income
    TOTAL:
    Credit

    P 12,500,000
    100,000
    60,000
    220,000
    100,000
    P12,980,000

    Credit

    ₱ 18,350,000
    1,500,000
    30,000

    20,000,000

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