XYZ Trucking Services

Date Account Titles and Explanations Debit Credit

5-Nov Cash ₱ 1,500,000.00
Transportation Equipment ₱ 1,800,000.00
XYZ, Capital ₱3,300,000.00
To invest cash and equipment in the business.

8-Nov Prepaid Insurance ₱ 45,000.00

Cash ₱ 45,000.00
Payment for the insurance of three trucks.

10-Nov Taxes and Licenses expense ₱ 5,500.00

Cash ₱ 5,500.00
Payment for tax and licenses.

11-Nov NO ENTRY

12-Nov NO ENTRY

14-Nov Office Supplies ₱ 1,000.00

Cash ₱ 1,000.00
To purchase office supplies.

18-Nov Furnitures and Fixtures ₱ 12,000.00

Accounts Payable ₱ 12,000.00
To purchase furnitures and fixtures.

20-Nov Office equipment ₱ 21,000.00

Cash ₱ 11,000.00
Accounts Payable ₱ 10,000.00
To purchse office equipment paid 11,000 on cash and
10,000 on account.

25-Nov Cash ₱ 35,000.00

Service Revenue ₱ 35,000.00
To render service.

30-Nov Salary Expense ₱ 9,800.00

Cash ₱ 9,800.00
To pay salary for secretary and driver partially.
1-Dec Accounts Receivable ₱ 33,000.00
Service Revenue ₱ 33,000.00
To render service on account.

3-Dec Accounts Payable ₱ 12,000.00

Cash ₱ 6,000.00
Furniture & Fixtures ₱ 6,000.00
Partial payment for furniture & fixtures.

5-Dec Notes Receivable ₱ 11,000.00

Accounts Receivable ₱ 22,000.00
Service Revenue ₱ 33,000.00
Received a note from Jane Trading for one-third on account.

10-Dec Accounts Receivable ₱ 55,000.00

Service Revenue ₱ 55,000.00
To render service on account.

15-Dec Utilities Expense ₱ 3,500.00

Cash ₱ 3,500.00
To pay for utilities.

15-Dec Cash ₱ 22,000.00

Notes Receivable ₱ 11,000.00
Service Revenue ₱ 33,000.00
Received two-thirds cash from accounts

16-Dec Accounts Payable ₱ 10,000.00

Cash ₱ 10,000.00
Full payment for office equipments.

18-Dec Cash ₱ 500,000.00

Loans Payable ₱ 500,000.00
Proceeds of loan from Allied bank.

20-Dec XYZ,Drawings ₱ 50,000.00

Cash ₱ 50,000.00
Withdrew cash for personal use.

24-Dec Salary Expense ₱ 18,000.00

Cash ₱ 18,000.00
To pay salary for secretary and driver fully.
24-Dec Utilities Expense ₱ 5,000.00
Utilities Payable ₱ 5,000.00
Received utility bill for payment on January 3

30-Dec Cash ₱ 11,000.00

Notes Receivable ₱ 11,000.00
Collected balance from Jane Trading's promissory note.
₱ 4,192,800.00
₱4,192,800.00
 Cash Accounts Receivable
₱ 1,500,000.00 ₱ 45,000.00 ₱ 33,000.00 ₱ 22,000.00
₱ 35,000.00 ₱ 5,500.00 ₱ 55,000.00
₱ 22,000.00 ₱ 1,000.00
₱ 500,000.00 ₱ 11,000.00 ₱ 88,000.00 ₱ 22,000.00
₱ 11,000.00 ₱ 9,800.00
₱ 6,000.00 ₱ 66,000.00
₱ 2,068,000.00 ₱ 3,500.00
₱ 10,000.00
₱ 50,000.00
₱ 18,000.00

₱ 159,800.00
₱ 1,908,200.00

Utilities Payable Loans Payable

₱ 500,000.00 ₱ 500,000.00

₱ 500,000.00 ₱ 500,000.00

Accounts Payable Notes Receivable

₱ 12,000.00 ₱ 12,000.00 ₱ 11,000.00 ₱ 11,000.00
₱ 10,000.00 ₱ 10,000.00 ₱ 11,000.00

₱ 22,000.00

₱ 22,000.00 ₱ 22,000.00 ₱ 11,000.00

₱ - ₱ 11,000.00

Prepaid Insurance Taxes and Licenses Expense

₱ 45,000.00 ₱ 5,500.00

₱ 45,000.00 ₱ 5,500.00
 Utilities Expense Salary Expense
₱ 3,500.00 ₱ 9,800.00
₱ 5,000.00 ₱ 18,000.00

₱ 8,500.00 ₱ 27,800.00

Transportation Equipment Office Equipment

₱ 1,800,000.00 ₱ 21,000.00

₱ 1,800,000.00 ₱ 21,000.00

Office Supplies Furnitures and Fixtures

₱ 1,000.00 12,000.00
6,000.00

₱ 6,000.00
₱ 1,000.00

XYZ, Drawings XYZ, Capital

₱ 50,000.00 ₱ 3,300,000.00

₱ 50,000.00 ₱ 3,300,000.00

Service Revenue
₱ 33,000.00
₱ 33,000.00
₱ 55,000.00
₱ 33,000.00

₱ 154,000.00
censes Expense