SAMPLE: General Ledger

ASSETS
CURRENT ASSETS Ref. No.
Cash 110
Accounts Receivable 120
Supplies 130
Prepaid Insurance 135

PROPERTY, LAND, & EQUIPMENT

Equipment 140
Furnitures & Fixtures 141

CURRENT LIABILITIES
Accounts Payable 210

STOCKHOLDER'S EQUITY
Susan Africa, Capital 310
Susan Africa, Drawing 320

REVENUE
Service Revenue 410
Income Summary 420

EXPENSES
Marketing Expense 501
Utilities Expense 502
Supplies Expense 503
Salaries Expense 504
Rent Expense 505
Insurance Expense 506

This document/presentation contains proprietary and confidential information. Reproduction, redistribution, or forwarding to any third party, in
whole or in part, is strictly prohibited unless made with prior written consent from AC Education Inc./iPeople, Inc. Violation or noncompliance
shall be dealt with according to law.
 ACCOUNT
ACCOUNT Cash NO. 110
Post
Date Description Debit Credit
Ref.
2016
October 1 J1 ₱ 500,000.00
5 J1 ₱ 40,000.00
7 J1 ₱ 20,000.00
12 J1 ₱ 47,825.00
21 J1 ₱ 8,000.00
27 J1 ₱ 3,500.00
30 J1 ₱ 1,500.00
November 3 J1 ₱ 5,000.00
12 J1 ₱ 500.00
15 J1 ₱ 10,000.00
23 J1 ₱ 50,000.00
27 J1 ₱ 15,000.00
December 1 ₱ 30,000.00
5 J1 ₱ 5,000.00
11 J1 ₱ 5,000.00
17 J1 ₱ 35,000.00
22 J1 ₱ 30,000.00
27 J1 ₱ 15,000.00
Total ₱ 554,000.00 ₱ 267,325.00
FINAL BALANCE ₱ 286,675.00

ACCOUNT
ACCOUNT Accounts Receivable NO. 120
Post
Date Description Debit Credit
Ref.
2016
October 17 J1 ₱ 2,500.00
November 12 J1 ₱ 500.00
Total ₱ 2,500.00 ₱ 500.00
FINAL BALANCE ₱ 2,000.00

This document/presentation contains proprietary and confidential information. Reproduction, redistribution, or forwarding to any third party, in
whole or in part, is strictly prohibited unless made with prior written consent from AC Education Inc./iPeople, Inc. Violation or noncompliance
shall be dealt with according to law.
 ACCOUNT
ACCOUNT Supplies NO. 130
Post
Date Description Debit Credit
Ref.
2016
October 9 J1 ₱ 2,000.00
November 3 J1 ₱ 5,000.00
18 J1 ₱ 1,500.00
Total ₱ 7,000.00 ₱ 1,500.00
FINAL BALANCE ₱ 5,500.00

ACCOUNT
ACCOUNT Prepaid Insurance NO. 135
Post
Date Description Debit Credit
Ref.
2016
December 1 J1 ₱ 30,000.00
31 Adjusting Entry J1 ₱ 5,000.00
Total ₱ 30,000.00 ₱ 5,000.00
FINAL BALANCE ₱ 25,000.00

ACCOUNT
ACCOUNT Furnitures & Fixtures NO. 141
Post
Date Description Debit Credit
Ref.
2016
October 12 J1 ₱ 47,825.00
Total ₱ 47,825.00 ₱-
FINAL BALANCE ₱ 47,825.00

This document/presentation contains proprietary and confidential information. Reproduction, redistribution, or forwarding to any third party, in
whole or in part, is strictly prohibited unless made with prior written consent from AC Education Inc./iPeople, Inc. Violation or noncompliance
shall be dealt with according to law.
 ACCOUNT
ACCOUNT Accounts Payable NO. 210
Post
Date Description Debit Credit
Ref.
2016
October 9 J1 ₱ 2,000.00
30 J1 ₱ 1,500.00
December 11 J1 ₱ 15,000.00
Total ₱ 1,500.00 ₱ 17,000.00
FINAL BALANCE ₱ 15,500.00

ACCOUNT
ACCOUNT Susan Africa, Capital NO. 310
Post
Date Description Debit Credit
Ref.
2016
October 1 J1 ₱ 500,000.00
Total ₱ - ₱ 500,000.00
FINAL BALANCE ₱ 500,000.00
December 31 Closing Entry ₱ 58,500.00
Closing Entry ₱ 30,000.00
Total ₱ 88,500.00 ₱ 500,000.00
FINAL BALANCE ₱ 411,500.00

ACCOUNT
ACCOUNT Susan Africa, Drawing NO. 320
Post
Date Description Debit Credit
Ref.
2016
December 22 J1 ₱ 30,000.00
Total ₱ 30,000.00 ₱-
FINAL BALANCE ₱ 30,000.00
31 Closing Entry ₱ 30,000.00
Total ₱ 30,000.00 ₱ 30,000.00
FINAL BALANCE ₱-

This document/presentation contains proprietary and confidential information. Reproduction, redistribution, or forwarding to any third party, in
whole or in part, is strictly prohibited unless made with prior written consent from AC Education Inc./iPeople, Inc. Violation or noncompliance
shall be dealt with according to law.
 ACCOUNT
ACCOUNT Income Summary NO. 420
Post
Date Description Debit Credit
Ref.
2016
December 31 J1 ₱ 56,000.00
31 J1 ₱ 114,500.00
TOTAL ₱ 114,500.00 ₱ 56,000.00
FINAL BALANCE ₱ 58,500.00
31 Closing Entry J1 ₱ 58,500.00
Total ₱ 58,500.00 ₱ 58,500.00
FINAL BALANCE ₱-

ACCOUNT
ACCOUNT Service Revenue NO. 410
Post
Date Description Debit Credit
Ref.
2016
October 17 J1 ₱ 2,500.00
27 J1 ₱ 3,500.00
November 15 J1 ₱ 10,000.00
December 5 J1 ₱ 5,000.00
17 J1 ₱ 35,000.00
TOTAL ₱- ₱ 56,000.00
FINAL BALANCE ₱ 56,000.00
31 Closing Entry ₱ 56,000.00
Total ₱ 56,000.00 ₱ 56,000.00
FINAL BALANCE ₱-

This document/presentation contains proprietary and confidential information. Reproduction, redistribution, or forwarding to any third party, in
whole or in part, is strictly prohibited unless made with prior written consent from AC Education Inc./iPeople, Inc. Violation or noncompliance
shall be dealt with according to law.
 ACCOUNT
ACCOUNT Marketing Expense NO. 501
Post
Date Description Debit Credit
Ref.
2016
October 7 J1 ₱ 20,000.00
Total ₱ 20,000.00 ₱-
FINAL BALANCE ₱ 20,000.00
December 31 Closing Entry ₱ 20,000.00
Total ₱ 20,000.00 ₱ 20,000.00
FINAL BALANCE ₱-

ACCOUNT
ACCOUNT Utilities Expense NO. 502
Post
Date Description Debit Credit
Ref.
2016
October 21 ₱ 8,000.00
Total ₱ 8,000.00 ₱-
FINAL BALANCE ₱ 8,000.00
December 31 Closing Entry ₱ 8,000.00
Total ₱ 8,000.00 ₱ 8,000.00
FINAL BALANCE ₱-

ACCOUNT
ACCOUNT Supplies Expense NO. 503
Post
Date Description Debit Credit
Ref.
2016
October 18 J1 ₱ 1,500.00
Total ₱ 1,500.00 ₱-
FINAL BALANCE ₱ 1,500.00
December 31 Closing Entry ₱ 1,500.00
Total ₱ 1,500.00 ₱ 1,500.00
FINAL BALANCE ₱-

This document/presentation contains proprietary and confidential information. Reproduction, redistribution, or forwarding to any third party, in
whole or in part, is strictly prohibited unless made with prior written consent from AC Education Inc./iPeople, Inc. Violation or noncompliance
shall be dealt with according to law.
 ACCOUNT
ACCOUNT Salaries Expense NO. 504
Post
Date Description Debit Credit
Ref.
2016
October 23 J1 ₱ 50,000.00
Total ₱ 50,000.00 ₱-
FINAL BALANCE ₱ 50,000.00
December 31 Closing Entry ₱ 50,000.00
Total ₱ 50,000.00 ₱ 50,000.00
FINAL BALANCE ₱-

ACCOUNT
ACCOUNT Rent Expense NO. 505
Post
Date Description Debit Credit
Ref.
2016
October 27 J1 ₱ 15,000.00
December 27 J1 ₱ 15,000.00
TOTAL ₱ 30,000.00 ₱-
FINAL BALANCE ₱ 30,000.00
December 31 Closing Entry ₱ 30,000.00
Total ₱ 30,000.00 ₱ 30,000.00
FINAL BALANCE ₱-

ACCOUNT
ACCOUNT Insurance Expense NO. 506
Post
Date Description Debit Credit
Ref.
2016
December 31 J1 ₱ 5,000.00
Total ₱ 5,000.00 ₱-
FINAL BALANCE ₱ 5,000.00
December 31 Closing Entry ₱ 5,000.00
Total ₱ 5,000.00 ₱ 5,000.00
FINAL BALANCE ₱-

This document/presentation contains proprietary and confidential information. Reproduction, redistribution, or forwarding to any third party, in
whole or in part, is strictly prohibited unless made with prior written consent from AC Education Inc./iPeople, Inc. Violation or noncompliance
shall be dealt with according to law.