Lowe Company

General Journal
For the year ended Dec 31, 2023
Date Particulars Debit Credit
1-Jan Cash P 1,500
Lowe Company, Capital P 500
Notes Payable 1,000

10-Jan Cash 150

Miscellaneous Income 150

21-Jan Investment-Utilities 150

Cash 150

Jan-31 Rent expense 18

Cash 18

Feb-25 Fines & Penalties 50

Cash 50

Feb-25 Miscellaneous expense 150

Cash 150

Feb-28 Land 260

Cash 260

7-Mar Cash 50
Miscellaneous income 50

Mar-13 Cash 12
Rent income 12
Mar-15 Cash 200
Salary Income 200

Mar-30 Rent expense 6

Cash 6

12-Apr Rent expense 25

Cash 25

24-Apr Rent expense 18

Cash 18

Apr-30 Land 300

Cash 300

May-13 Luxury tax expense 100

Cash 100

May-15 Cash 26
Rent income-undeveloped property 26

May-27 Cash 200

Salary income 200

May-27 Miscellaneous expense 150

Cash 150

May-31 Rent expense 6

Cash 6

9-Jun Rent expense 10

Cash 10
Jun-19 Cash 100
Miscellaneous income 100

Jun-28 Rent expense 16

Cash 16

1-Jul Cash 22
Rent income- undeveloped property 22

2-Jul Cash 26
Rent income-undeveloped property 26

10-Jul Rent expense 25

Cash 25

Jul-19 Cash 250

Miscellaneous income 250

Jul-28 Luxury tax expense 100

Cash 100

10-Aug Cash 200

Salary income 200

10-Aug Rent expense 6

Cash 6

Aug-14 Land 320

Cash 320

Aug-20 Rent expense 60

 Cash 60

Aug-23 Cash 22
rent income-undeveloped property 22

Aug-30 Buildings-Houses 150

Cash 150

1-Sep Cash 100

Rent income-undeveloped property 100

14-Sep Rent expense 20

Cash 20

19-Sep Cash 110

Rent income-houses and hotels 110

Sep-29 Cash 200

Salary income 200

Sep-29 Hospital expense 50

Cash 50

Sep-29 Buildings-Houses 150

Cash 150

8-Oct Rent expense 40

Cash 40

Oct-18 Rent expense 180

Cash 180
 Oct-21 Cash 26
Rent income-undeveloped property 26

Oct-26 Rent expense 90

Cash 90

22-Nov Luxury tax expense 100

Cash 100

Nov-31 Repairs and maintenance expense 80

Cash 80

8-Dec Rent expense 90

Cash 90

Dec-20 Rent expense 25

Cash 25

Dec-24 Cash 110

Rent Income- Houses and Hotels 110

Dec-30 Cash 250

Miscellaneous income 250
TOTAL: P 6,299 P 6,299

ADJUSTING ENTRY
Date Account titles Debit Credit
31-Dec Depreciation expense- houses P 25
Accumulated depreciation-houses P 25

31-Dec Depreciation expense-houses 25

Accumulated depreciation- houses 25
 TOTAL: P 50 P 50

CLOSING ENTRIES

Date Account Titles Debit Credit

31-Dec Salary income 800
Income summary 800
To close salary income

Miscellaneous income 800

Income summary 800
To close miscellaneous income

Rent income 428

Income summary 428
To close rent income
P 2028 P 2028

Date Account titles Debit Credit

31-Dec Income summary P 1,440
Rent expense P 610
Luxury tax expense 300
Miscellaneous expense 300
Repairs and Maintenance 80
Hospital expense 50
Fines & penalties 50
Depreciation expense 50
To close all expense account
P 1,440 P 1,440

Date Account titles Debit Credit

31-Dec Income summary P 588
 Lowe, capital P 588
To transfer net income earned in 2023 to Lowe, capital: P2028-1,440=588
TOTAL: 588 588
 LOWE COMPANY
GENERAL JOURNAL
FOR THE YEAR ENDED DECEMBER 31, 2024
Date Particulars Debit Credit
10-Jan Rent expense P 22
Cash P 22

12-Jan Cash 360

Rent income-Houses & Hotels 360

22-Jan Rent expense 25

Cash 25

31-Jan Cash 200

Salary income 200

31-Jan Cash 100

Miscellaneous income 100

12-Feb Rent expense 150

Cash 150

19-Feb Rent expense 16

Cash 16

22-Feb Cash 26
Rent income-undeveloped property 26

28-Feb Rent expense 22

Cash 22

6-Mar Cash 10
 Miscellaneous income 10

13-Mar Rent expense 25

Cash 25

13-Mar Cash 200

Salary income 200

8-Apr Cash 28
Rent income-undeveloped property 28

15-Apr Prepaid income tax 200

Cash 200

15-Apr Rent expense 16

Cash 16

23-Apr Cash 200

Salary income 200

23-Apr Rent expense 25

Cash 25

26-Apr Cash 120

Rent income-Houses & hotels 120

26-Apr Buildings-houses 150

Cash 150

8-May Cash 110

Rent income-Houses & hotels 110
12-May Rent expense 25
Cash 25

21-May Rent expense 16

Cash 16

31-May Rent expense 20

Cash 20

2-Jun Cash 26
Rent income-undeveloped property 26

28-Jun Rent expense 450

Cash 450

7-Jul Cash 200

Salary income 200

7-Jul Rent expense 250

Cash 250

12-Jul Cash 28
Rent income-undeveloped property 28

18-Jul Rent expense 300

Cash 300

30-Jul Hospital expense 50

Cash 50

9-Aug Rent expense 22

Cash 22
14-Aug Cash 110
Rent income-houses & hotels 110

15-Aug Cash 360

Rent income-houses & hotels 360

21-Aug Rent expense 390

Cash 390

30-Aug Cash 200

Salary income 200

22-Sep Cash 360

Rent income-houses & hotels 360

Sep-31 Cash 250

Miscellaneous income 250

3-Oct Cash 360

Rent income-houses and hotels 360

6-Oct Rent expense 25

Cash 25

19-Oct Cash 100

Miscellaneous income 100

23-Oct Cash 110

Rent income- houses & hotels 110

31-Oct Cash 200

 Salary income 200

31-Oct Cash 100

Miscellaneous income 100

1-Nov Cash 28
Rent income-undeveloped property 28

8-Nov Cash 200

Salary income 200

20-Nov Rent expense 300

Cash 300

30-Nov Rent expense 16

Cash 16

10-Dec Utilities expense 28

Cash 28

22-Dec Rent expense 25

Cash 25

28-Dec Cash 25
Rent income-Undeveloped property 25

31-Dec Rent expense 250

Cash 250

31-Dec Cash 200

Salary income 200
 31-Dec Notes payable 1,000 1,000
Cash

Total: ₱ 8029 ₱ 8,029

Adjusting Entry
Date Particulars Debit Credit
31-Dec Depreciation expense-Houses P 20
Accumulated depreciation-Houses P 20

CLOSING ENTRIES
Date Particulars Debit Credit
31-Dec Salary income ₱ 1,600
Income Summary ₱ 1,600
To close salary income
Rent Income 2,051
Income Summary
To close rent income 2,051
Miscellaneous income 560
Income Summary 560
To close miscellaneous income
TOTAL: ₱ 4,211 ₱ 4,211

Date Particulars Debit Credit

31-Dec Income Summary ₱ 2,688
Rent expense ₱ 2,390
Hospital expense 50
Utilities expense 28
Income tax expense 200
Depreciation expense 20
To close all expense account
TOTAL: ₱ 2,688 ₱ 2,688