Happy Tour and Travel Company

Chart of Accounts

Account Titles

101 Cash
102 Accounts Receivable
102.1 Allowance for Bad Debts
103 Notes Receivable
104 Office Supplies
201 Cars
201.1 Accumulated Depreciation - Cars
202 Equipment
202.1 Accumulated Depreciation - Equipment
203 Furniture and Fixtures
203.1 Accumulated Depreciation - Furniture and Fixtures
301 Accounts Payable
302 Loans Payable
303 Utilities Payable
401 Notes Payable
402 Mortgage Payable
501 Sorio, Capital
502 Sorio, Drawings
601 Service Income
701 Gas and Oil Expense
702 Rent Expense
703 Repairs Expense
704 Salaries Expense
705 Supplies Expense
706 Utilities Expense
 HAPPY TOUR AND TRAVEL COMPANY
JOURNAL ENTRIES

DATE
ACCOUNT TITLE PR DEBIT CREDIT
2022
May 1 Cash 101 ₱ 50,000.00
Equipment 202 750,000.00
Sorio, Capital 501 ₱ 800,000.00

Mr. Sorio made an investment.

3 Cash 101 100,000.00

Equipment 202 100,000.00

Borrowed from Citibank.

7 Furniture and Fixtures 203 45,000.00

Cash 101 45,000.00

Bought furnitures & fixtures on cash.

10 Equipment 202 55,000.00

Accounts Payable 301 55,000.00

Bought an equipment on account.

18 Equipment 202 5,000.00

Cash 101 5,000.00

Made a cash withdrawal.

20 Sorio, Capital 501 55,000.00

Cash 101 55,000.00

Paid the account due.

21 Accounts Payable 301 15,000.00

Service Income 601 15,000.00

Received a cash from tourist.

22 Gas and Oil Expense 701 500.00
Repairs Expense 703 1,000.00
Cash 101 1,500.00

Paid expenses on cash

31 Accounts Payable 301 16,000.00

Service Income 601 16,000.00

Rendered services on account

 HAPPY TOUR AND TRAVEL COMPANY
GENERAL JOURNAL
AS OF MAY 31, 2022

Date
Account Title PR Debit Credit
2021
May 1 Cash 101 ₱ 50,000.00
Equipment 202 750,000.00
Sorio, Capital 501 ₱ 800,000.00

Mr. Sorio made an investment.

3 Cash 101 100,000.00

Equipment 202 100,000.00

Borrowed from Citibank.

7 Furniture and Fixtures 203 45,000.00

Cash 101 45,000.00

Bought furnitures & fixtures on cash.

10 Equipment 202 55,000.00

Accounts Payable 301 55,000.00

Bought an equipment on account.

18 Equipment 202 5,000.00

Cash 101 5,000.00

Made a cash withdrawal.

20 Sorio, Capital 501 55,000.00

Cash 101 55,000.00

Paid the account due.

21 Accounts Payable 301 15,000.00

Service Income 601 15,000.00

Received a cash from tourist.

22 Gas and Oil Expense 701 500.00
Repairs Expense 703 1,000.00
Cash 101 1,500.00

Paid expenses on cash

31 Accounts Payable 301 16,000.00

Service Income 601 16,000.00

Rendered services on account

TOTAL ₱ 1,092,500.00 ₱ 1,092,500.00
 CASH 101
May-01 ₱ 50,000 May-07 ₱ 45,000
3 100,000 18 5,000
21 15,000 20 55,000
30 8,000 22 1,500
TOTAL ₱ 173,000 25 500
₱ 126,000 31 19,000
₱ 47,000 TOTAL ₱ 126,000

ACCOUNTS RECEIVABLE 102

May-24 ₱ 16,000 May-30 ₱ 8,000
27 20,000
TOTAL ₱ 36,000
₱ 8,000
₱ 28,000

CARS 201
May-01 ₱ 750,000

EQUIPMENT 202
May-10 ₱ 55,000

FURNITURE & FIXTURES 203

May-09 ₱ 45,000

ACCOUNTS PAYABLE 301

May-10 ₱ 55,000 May-20 ₱ 55,000
₱ 55,000
₱0.00

LOANS PAYABLE 302

May-03 ₱ 100,000

SORIO, CAPITAL 501

May-01 ₱ 800,000
 SORIO, DARWINGS 502
May-18 ₱ 5,000

SERVICE INCOME 601

May-21 ₱ 15,000
24 16,000
27 20,000
TOTAL ₱ 51,000

GAS AND OIL EXPENSES 701

May-22 ₱ 500

RENT EXPENSES 702

May-31 ₱ 10,000

REPAIRS EXPENSES 703

May-22 ₱ 1,000

SALARIES EXPENSES 704

May-31 ₱ 9,000

UTILITIES EXPENSES 706

May-25 ₱ 500

Happy Tour and Travel Company

 TRIAL BALANCE

ACCOUNT TITLES DEBIT CREDIT

Cash ₱ 47,000.00
Accounts Receivables 28,000.00
Cars 750,000.00
Equipment 55,000.00
Furniture & Fixtures 45,000.00
Loans Payable ₱ 100,000.00
Sorio, Capital 800,000.00
Sorio, Capital 5,000.00
Service Income 51,000.00
Gas and Oil Expense 500.00
Rent Expense 10,000.00
Repairs Expense 1,000.00
Salaries Expense 9,000.00
Utilities Expense 500.00
₱ 951,000.00 ₱ 951,000.00
 Journal Entries

DATE DEBIT CREDIT

2021
May.1 Cash P 50,000
Cars 750,000
Sorio, Capital P 800,000

3 Cash 100,000
Loans Payable 100,000

9 Furniture and Fixtures 45,000

Cash 45,000

10 Equipment 55,000
Accounts Payable 55,000

18 Sorio, Drawings 5,000

Cash 5,000

20 Accounts Payable 55,000

Cash 55,000

21 Cash 15,000
Service Income 15,000

22 Gas and Oil Expense 500

Repairs Expense 1,000
Cah 1,500

24 Accounts Receivable 16,000

Service Income 16,000

25 Utilities Expense 500

Cash 500

27 Accounts Receivable 20,000

Service Income 20,000

30 Cash 8,000
Accounts Receivable 8,000

31 Salaries Expense 9,000

Rent Expense 10,000
Cash 19,000
 Happy Tour and Travel Company
BALANCE SHEET

ASSETS
Current Assets
Cash ₱ 47,000
Accounts Receivables 28,000 ₱ 75,000

Noncurrent Assets
Cars 750,000
Equipment 55,000
Furniture & Fixtures 45,000 850,000
TOTAL ASSETS ₱ 925,000

TOTA LIABILITIES & OWNER'S EQUITY

Liabilities
Loans Payable ₱ 100,000
Owner's Equity
Sorio, Capital - May 31 825,000
TOTAL LIABILITIES & OWNER'S EQUITY ₱ 925,000