Instructions:

• Prepare Journal Entries for November Transactions

• Post the transactions in the Ledger

Nov 1 Java made additional investments of P50,000 in the business

Nov 2 Bought liability insurance for one year, P14,500
Nov 3 Received a bill for advertising from Southmin News, P3,200
Nov 4 Paid rent for the month,P8,900
Nov 7 Received bill for equipment repair from E. Hipolito,P2,880
Nov 10 Received and deposited tuition from students,P62,500
Nov 11 Received and paid telephone bill. P2,300
Nov 15 Bought chairs from E. Awayan Furniture , P18,800 paying P8,800 in cash and the
balance on account
Nov 18 Paid accounts to Southmin News, P3,200
Nov 21 Java withdrew P8,000 for personal use
Nov 24 Received a bill for gas and oil from Mindanao Oil Corp., P1,800
Nov 25 Received and deposited tuition from students, P61,400
Nov 27 Paid the salaries of the office assistants, P12,000
Nov 28 Bought a photocopier on account from Dadiangas Office Machines, P7,500
Nov 29 Received P7,000 tuition from a student who charged the tuition on account last
month
Nov 30 Received and paid the water utilities bill, P3,600
Nov 31 Paid for flower arrangements for front office, P620
Nov 31 Java invested personal computer, with a fair market value of P12,300, in the
business

Chart of Accounts
Assets Income

110 Cash 410 School Fees

120 Accounts Receivable
130 Furniture
140 Equipment Expenses

150 Prepaid Insurance 510 Salaries Expense

520 Supplies Expense
530 Rent Expense
540 Utilities Expense
550 Gas and Oil Expense
560 Advertising Expense
Liabilities 570 Repair Expense

210 Accounts Payable 580 Telecommunications Expense

590 Miscellaneous Expense
Owner’s Equity

310 Java, Capital

320 Java, Withdrawals
330 Income Summary

General Journal
Date Description Debit Credit
Nov 1 Cash P50,000
Java, Capital P50,000
Made Additional Investments

Nov 2 Prepaid Insurance P14,500

Cash P14,500
Bought liability insurance for one year

Nov 3 Advertising Expense P3,200

Accounts Payable P3,200
Received a bill for advertising from
Southmin News

Nov 4 Rent Expense P8,900

Cash P8,900
Paid rent for the month

Nov 7 Repair Expense P2,880

Accounts Payable P2,880
Received bill for equipment repair from
E. HIpolito

Nov 10 Cash P62,500

School Fees P62,500
Received and deposited tuition from
students

Nov 11 Telecommunications P2,300

Cash P2,300
Received and paid telephone bill

Nov 15 Furnitures P18,800

Cash P8,800
Accounts Payable P10,000
Bought chairs for P18,800, paid P8,800
and balance on account

Nov 18 Accounts Payable P3,200

 Cash P3,200
Paid accounts

Nov 21 Java, Withdrawals P8,000

Cash P8,000
Withdrew cash for personal use

Nov 24 Gas Oil Expense P1,800

Accounts Payable P1,800
Received a bill for gas and oil from
Mindanao Oil Corp

Nov 25 Cash P61,400

School Fees P61,400
Received and deposited tuition from
student

Nov 27 Salaries Expense P12,000

Cash P12,000
Paid the salaries of the office assistants

Nov 28 Equipment P7,500

Accounts Payable P7,500
Bought a photocopier on account

Nov 29 School Fees P7,000

Accounts Receivable P7,000
Received tuition from a student who
charged the tuition on account last month

Nov 30 Utilities Expense P3,600

Cash P3,600
Received and paid the water utilities bill

Nov 31 Miscellaneous Expense P620

Cash P620
Paid for flower arrangements for front
office

Nov 31 Java, Capital P12,300

Equipment P12,300
Invested personal computer in the
business

General Ledger

Account: Cash Account Number: 110

 Date Explanation JR Debit Credit
(Code) Balance
Dr Cr

Nov 1 Made Additional Investments GJ-1 P50,000 P50,000

Nov 2 Bought liability insurance for one year GJ-1 P14,500 P35,500
Nov 4 Paid rent for the month GJ-1 P8,900 P26,600
Nov 10 Received and deposited tuition from a GJ-1 P62,500 P35,900
student
Nov 11 Received and paid telephone bill GJ-1 P2,300 P38,200
Nov 15 Bought chairs for P18,800, paid GJ-1 P8,800 P47,000
P8,800 and balance on account
Nov 18 Paid accounts to Southmin News GJ-1 P3,200 P50,200
Nov 21 Withdrew cash for personal use GJ-1 P8,000 P58,200
Nov 25 Received and deposited tuition from GJ-1 P61,400 P3,200
students
Nov 27 Paid salaries to the office assistants GJ-1 P12,000 P8,800
Nov 28 Bought a photocopier on account GJ-1 P7,500 P16,300
Nov 30 Received and paid for the water GJ-1 P3,600 P19,900
utilities bill
Nov 31 Paid for the flower arrangement GJ-1 P620 P20,520

Account: Accounts Receivable Account Number: 120

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 29 Received a tuition from a student who GJ-1 P7,000 P7,000

charged the tuition on account last
month

Account: Furniture Account Number: 130

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 15 Bought chairs for P18,800, paid GJ-1 P18,800 P18,800

P8,800 and balance on account

Account: Equipment Account Number: 140

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 28 Bought a photocopier on account GJ-1 P7,500 P7,500

Account: Prepaid Insurance Account Number: 150

Date Explanation JR Debit Credit

 (Code) Balance
Dr Cr

Nov 2 Bought a liability insurance for a year GJ-1 P14,500 P14,500

Account: Accounts Payable Account Number: 210

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 3 Received a bill for advertising from GJ-1 P3,200 P3,200

Southmin news
Nov 7 Received a bill for equipment repair GJ-1 P2,880 P6,080
from E. Hipolito
Nov 15 Bought chairs from E. Awayan GJ-1 P10,000 P16,080
Furniture
Nov 18 Paid accounts to Southmin News GJ-1 P3,200 P12,880
Nov 24 Received a bill for gas and oil from GJ-1 P1,800 P14,680
Mindanao Oil Corp

Account: Java, Capital Account Number:

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 1 Made new investments GJ-1 P50,000 P50,000

Nov 31 Invested personal computer for GJ-1 P12,300 P37,700
business

Account: Java, WIthdrawals Account Number: 320

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 21 Withdrew cash for personal use GJ-1 P8,000 P8,000

Account: School Fees Account Number: 410

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 10 Received and deposited tuition from GJ-1 P62,500 P62,500

students
Nov 25 Received and deposited tuition from GJ-1 P61,400 P1,100
students
Nov 29 Received a tuition from a student who GJ-1 P7,000 P8,100
charged the tuition on account last
 month

Account: Salaries Expense Account Number: 510

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr
Nov 27 Paid salaries to the office assistants GJ-1 P12,000 P12,000

Account: Rent Expense Account Number: 530

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 4 Paid rent for the month GJ-1 P8,900 P8,900

Account: Utilities Expense Account Number: 540

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 30 Received and paid for the water GJ-1 P3,600 P3,600
utilities bill

Account: Gas and Oil Expense Account Number: 550

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 24 Received the gas and oil from GJ-1 P1,800 P1,800
MIndanao Oil Corp.

Account: Advertising Expense Account Number: 560

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 3 Received bill for advertising from GJ-1 P3,200 P3,200

Southmin News

Account: Repair Expense Account Number: 570

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 7 Received bill for repair equipment GJ-1 P2,880 P2,880

from E. Hipolito
Account: Telecommunication Expense Account Number: 580

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 11 Received and paid telephone bill GJ-1 P2,300 P2,300

Account: Miscellaneous Expense Account Number: 590

Date Explanation JR Debit Credit

(Code) Balance
Dr Cr

Nov 31 Paid for flower arrangements GJ-1 P620 P620

Nov 31 Invested personal computers for GJ-1 P12,300 P11,680
business

Trial Balance

Particulars L.F D.r. C.r.

Cash P20,520
Accounts Receivable P7,000
 Furniture P18,800
Equipment P7,500
Prepaid Insurance P14,500
Accounts Payable P14,680
Java, Capital P37,700
Java, Withdrawals P8,000
School Fees P8,100
Salaries Expense P12,000
Rent Expense P8,900
Utilities Expense P3,600
Gas and Oil Expense P1,800
Advertising Expense P3,200
Repair Expense P2,880
Telecommunication Expense P2,300
Miscellaneous Expense P11,680

Total 91,580 91,580