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JOURNALIZING

J-01

DATE
DE
C
1 Cash

PARTICULARS

PR
10
1
30
1

DEBIT
2000
00

50
1
10
1

1640
0

50
2
10
1

1550
0

10
5
10
Cash
1
20
Accounts Payable
1
bought computer paying 50% downpayment

8000
0

10
4
10
1

1250
0

V. Litton Capital
to record initial investment

1 Rent Expense
Cash
payment of rent

1 Office Supplies Expense


Cash
bought office supplies

1 Office Equipment

2 Furniture & Fixtures


Cash
purchased tables and chairs

2 Cash
Professional Fees
accounting services rendered for cash

10
1
40
1

CRED
IT
2000
00

1640
0

1550
0

4000
0
4000
0

1250
0

5600
5600

3 Light and Water Expense


Cash
paid meralco

DATE
PARTICULARS
DE
C
4 Accounts Receivable
Professional Fees
billed several clients

8 Cash
Loan Payable
borrowed from Metrobank
1
0 Note Receivable
Professional Fees
received note for service rendered
1
5 Salaries Expense
Cash
paid salaries
1
5 V. Litton Drawing
Cash
withdrew cash for personal use
1
8 Furniture & Fixtures
Accounts Payable
bought filing cabinets
2 Office Equipment

50
3
10
1

4000
4000

PR
10
2
40
1

DEBIT
3800
0

10
1
20
3

2000
0

10
3
40
1

1200
0

50
4
10
1

1650
0

30
2
10
1

1000
0

10
4
20
1

1500
0

10

3200

J-02
CRED
IT
3800
0

2000
0

1200
0

1650
0

1000
0

1500
0

0
Notes Payable
issued note for copying machine
bought

DATE
PARTICULARS
DE
3
C
1 Taxes and Licenses Expense
Cash
paid municipal license
3
1 Salaries Expense
Cash
paid salaries
3
1 Accounts Payable
Cash
paid Leeman partially
3
1 Cash
Accounts Receivable
partial collection from clients

POSTING

5
20
2

0
3200
0

PR
50
5
10
1

DEBIT

50
4
10
1

1425
0

20
1
10
1

10
1
10
2

J-03
CRED
IT

3000
3000

1425
0

4000
4000

1280
0
1280
0

CASH
PARTICU
LARS

DATE
DEC

PR

DR

J-01

200
000

J-01

8
3
1

J-02
J-03

BALA
NCE

PR

J-01

J-01

J-01

J-01

3
1
5
1
5
3
1
3
1
3
1

J-01
J-02
J-02
J-03
J-03
J-03

CR
164
00
155
00
400
00
125
00
400
0
165
00
100
00
300
0
142
50
400
0
13615
0

J-03

102
128
00

2520
0

1
0

BALA
NCE

DEC

DEC

PARTICU
LARS

ACCOUNTS RECEIVABLE
380
3
J-02
00 DEC 1

BALA
NCE

DEC

DATE

2384
00
1022
50

BALA
NCE

DEC

560
0
200
00
128
00

101

J-02

NOTES RECEIVABLE
120
00

103

1200
0

2
1
8

FURNITURE AND FIXTURES


125
J-01
00
150
J-02
00
2750
0

104

OFFICE EQUIPMENT
DAT
E
DEC

PR
1
2
0

BALA
NCE

DEC

J-01
J-02

105

DR
800
00
320
00

PR

CR

J-01

201
400
00
150
00

1120
00

3
1

ACCOUNTS PAYABLE
400
J-03
0 DEC 1
1
8

J-02

BALA
NCE

51000

NOTES PAYABLE
DEC

2
0

J-02

BALA
NCE

32000

LOAN PAYABLE
DEC

J-02

BALA
NCE

J-01

BALA
NCE

DEC
BALA
NCE

1
5

203
200
00
20000

V. LITTON CAPITAL
DEC

202
320
00

301
200
000
20000
0

V. LITTON DRAWING
100
J-02
00

302

1000
0

PROFESSIONAL FEES
DEC

J-01

4
1

J-02
J-02

401
560
0
380
00
120

DAT
E
DEC

55600

RENT EXPENSE

501

PR
1

J-01

DR
164
00

BALA
NCE

1640
0

DEC

OFFICE SUPPLIES EXPENSE


155
J-01
00

BALA
NCE

1550
0

DEC

LIGHT AND WATER EXPENSE


400
J-01
0

BALA
NCE

DEC

CR

502

503

4000

1
5
3
1

SALARIES EXPENSE
165
J-02
00
142
J-03
50

BALA
NCE

DEC

00

BALA
NCE

504

3075
0

3
1

TAXES AND LICENSES


300
J-03
0

BALA
NCE

505

3000

V. LITTON, CPA
TRIAL BALANCE
DEC 31, 2015
ACCOUNTS
CASH
ACCOUNTS RECEIVABLE

DEBIT
10225
0
25200

CREDIT

NOTES RECEIVABLE
FURNITURE & FIXTURES

12000
27500
11200
0

OFFICE EQUIPMENT
ACCOUNTS PAYABLE
NOTES PAYABLE
LOAN PAYABLE

51000
32000
20000
20000
0

V. LITTON CAPITAL
V. LITTON DRAWING
PROFESSIONAL FEES
RENT EXPENSE
OFFICE SUPPLIES EXPENSE
LIGHT AND WATER EXPENSE
SALARIES EXPENSE
TAXES AND LICENSES EXPENSE

10000
55600
16400
15500
4000
30750
3000
35860
0

TOTAL

35860
0

V. LITTON, CPA
INCOME STATEMENT
FOR THE MONTH ENDED DEC 31, 2015
PROFESSIONAL FEES
LESS EXPENSES:
RENT EXPENSE
OFFICE SUPPLIES EXPENSE
LIGHT AND WATER EXPENSE
SALARIES EXPENSE
TAXES AND LICENSES EXPENSE
INTEREST EXPENSE
NET LOSS

55600
16400
9500
6500
30750
3000
500

66650
(11,050)

V. LITTON, CPA
STATEMENT OF CHANGES IN OWNER'S EQUITY
FOR THE MONTH ENDED DEC 31, 2015
CAPITAL, DEC 1
ADD: ADDITIONAL INVESTMENT
DEDUCT: NET LOSS

200000
0
(11,050)

WITHDRAWALS
CAPITAL, DEC 31

(10,000)
178,950

V. LITTON, CPA
BALANCE SHEET
AS OF DECEMBER 31
ASSETS
CASH
ACCOUNTS RECEIVABLE
NOTES RECEIVABLE
UNUSED SUPPLIES
FURNITIRE & FIXTURES
OFFICE EQUIPMENT
TOTAL ASSETS

102250
25200
12000
6000
27500
112000
284950

LIABILITIES
ACCOUNTS PAYABLE
INTEREST PAYABLE
NOTES PAYABLE
LOAN PAYABLE
TOTAL LIABILITIES

53500
500
32000
20000
106000

V. LITTON CAPITAL
TOTAL LIABILITIES & OWNER'S
EQUITY

ADJUSTMENTS:
1. Unpaid Meralco bill P2,500
2. Unused supplies amounted to P6,000
3. Accrued Interest on Note Payable P500
Light and Water Expense 2500
Accounts Payable
2500

178950
284950

Unused Supplies
6000
Office Supplies Expense
Interest Expense
Interest Payable

6000

500
500