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Accounting Practice

The document summarizes transactions in September 2019 for Grind Away Tools and Supply. It records investments, purchases, sales, expenses and other transactions. An adjusted trial balance is presented showing accounts like cash, supplies, equipment, capital, sales and expenses for the period. Adjusting entries were made for rent and unearned revenue.

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Winz Quitasol
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48 views

Accounting Practice

The document summarizes transactions in September 2019 for Grind Away Tools and Supply. It records investments, purchases, sales, expenses and other transactions. An adjusted trial balance is presented showing accounts like cash, supplies, equipment, capital, sales and expenses for the period. Adjusting entries were made for rent and unearned revenue.

Uploaded by

Winz Quitasol
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Grind Away Tools and Supply

The following are the transactions that occurred for the month of September 2019

September 1 Mr. Dela Cruz invested in the following


Cash - ₱ 800,000.00
Tools & Supplies - ₱ 85,000.00
Equipments - ₱ 80,000.00
2 Purchased store furnitures amounting to ₱ 15,000 from Ignite
Furniture Company
3 An amount of ₱36,000 was paid as advance rent for three months
5 Sold supplies to LGU and received ₱ 55,000 in cash
8 Mr. Dela Cruz hired another employee at the rate of ₱ 8,000 a
month
9 Purchased office supplies costing ₱ 14,600 on account from Syside
Ventures Incorporation
11 Sold supplies to Haimobolia Enterprise and received ₱ 28,500 in
cash
12 Paid business taxes and licenses to City Government of ₱ 7,500
13 Received an electricity bill of ₱2,470
14 Sold supplies on account to Mrs. Torres ₱56,000. Terms n/55
15 Paid employees salary costing ₱12,000
16 ₱6,000 was withdrawn by Mr. Dela Cruz for personal use
17 Received ₱8,000 as an advance payment from Ms. Eudora
19 Paid the accounts worth ₱14,600 for purchasing office supplies
20 Received the internet bill worth ₱2,500
21 Paid electric bill worth ₱2,470
22 Sold supplies to Mrs. Love worth ₱35,000 on cash
24 Received payment in cash from Mr. Torres from her account on
Sept. 14
25 Paid the internet bill worth ₱2,500
28 Sold supplies to its customers and received ₱15,000 in cash
30 Paid the employees half salary worth ₱12,000
Grind Away Tools and Supply

General Journal

DATE PARTICULARS DEBIT


CREDIT

September 1 Cash
Tools & Supplies
Equipment
Capital
To record initial investment
2 Furniture
Cash
To record purchased
equipments
3 Prepaid Rent
Cash
To record pre-payments
5 Cash
Sales
To record sold merchandise
8 NO ENTRY
9 Supplies
Accounts payable
To record purchase
supplies on account
11 Cash
Sales
To record sold merchandise

12 Taxes & License

Cash

To record payment for taxes

13 Utilities Expense

Utilities Payable

To record the received bill

14 Accounts Receivable

Sales

To record accounts
receivable

15 Salaries & Wages

Cash

To record salaries for


employment
16 Drawing

Cash

To record withdrawal

17 Cash

Unearned revenue

To record received
advance payment
19 Accounts Payable

Cash

To record payment
Trial balance
(For the month ended September 2019)

PARTICULARS DEBIT CREDIT

Cash 889 430


Supplies 99 600
Equipment 80 000
Furniture and fixtures 15000
Accounts receivable 0
Prepaid rent 36000
Accounts Payable 0
Utilities Payable 0
Internet Payable 0
Unearned Revenue 8000
Capital 965000
Drawing 6000
Sales 189500
Taxes and Licences 7500
Utilities Expense 2470
Salaries and Wages 24000
Internet expense 25000
1 162 500 1 162 500
Sept CASH DEBIT CREDIT DEBIT CREDIT
EXPENSE
1 Investment 800 000

2 Purchased furniture 15 000

3 Prepayment 36 000

5 Sold merchandise 55 000

11 Sold merchandise 28500

12 Payment for taxes 7500

15 Salaries and Wages 12 000

16 Withdrawal 6 000

17 Advance Payment 8 000

19 Payment 14 600

21 Payment in utilities 2470

22 Sold merchandise 35 000

24 Receivables 56 000
Payment for internet
25 25 000
connection
28 Sold merchandise 15 000

30 Salaries and wages 12 000 889430

CASH

1 Investment 85 000
Purchased supplies
9 14 600 99600
on account
EQUIPMENT

1 Investment 80 000 80 000


FURNITURES &
FIXTURES
2 Purchased 15 000 15 000
ACCOUNTS
RECEIVABLE
14 Received on account 56 000

24 Payment 56 000 0

PREPAID RENT

3 Prepayments 36 000 36 000


ACCOUNTS
PAYABLE
Purchase supplies
9 14 600
on account
Payment for
19 14 600 0
purchased supplies
UTILITIES
PAYABLE
13 Received bill 2 470
Payment for
21 2 470 0
electricity
INTERNET
PAYABLE
20 Internet bill 2 500

25 Internet bill 2 500 0


UNEARNED
REVENUE
Received advance
17 8 000 8 000
payment
CAPITAL

1 Investment 965 000 965 000

16 Drawing 6 000 6 000


INCOME

5 Sold merchandise 55 000

11 Sold merchandise 28 500

14 Accounts Receivable 56 000

22 Sold merchandise 35 000

28 Sold merchandise 15 000 189 500

EXPENSE

12 Taxes and Licences 7 500

13 Utilities Expense 2 470

20 Internet Expense 2 500 12 470


SALARIES AND
WAGES
Paid employees
15 12 000
salary
Paid employees
30 12 000 24 000
salary

Adjusting Journal Entry

DATE ACCOUNT TITLE DEBIT CREDIT


Sept. 30 Rent expense 12 000
Prepaid rent 12 000
To record payment for rent
Sept. 30 Unearned revenue 16 000
Service Income 16 000
To record delivered 20% of
supplies to Ms Education
Adjusted Trial Balance

PARTICULARS DEBIT CREDIT

Cash 889 430


Supplies 99 600
Equipment 80 000
F&F 15 000
AR 0
Prepaid Rent 24 000
AP 0
UP 0
IP 0
UR 6 400
Capital 965 000
Drawing 6 000
Sales 19 100
Taxes& Licences 7 500
Utilities expense 2 470
Salaries & Wages 24 000
Internet expense 2 500
Rent expense 12 000

Sept PARTICULARS DEBIT CREDIT

800 000

15 000

36 000

55 000

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