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Assessment 6 Answers

The document shows journal entries made by a business in October 2019, including investing cash into the business, purchasing furniture and equipment, paying expenses like rent and salaries, receiving revenue from laundry services, and withdrawing cash. Separate accounts are shown tracking cash, supplies, equipment, payables, revenues and expenses. A trial balance at the end reconciles the total debits and credits for the period.

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John Lorence Orio
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30 views22 pages

Assessment 6 Answers

The document shows journal entries made by a business in October 2019, including investing cash into the business, purchasing furniture and equipment, paying expenses like rent and salaries, receiving revenue from laundry services, and withdrawing cash. Separate accounts are shown tracking cash, supplies, equipment, payables, revenues and expenses. A trial balance at the end reconciles the total debits and credits for the period.

Uploaded by

John Lorence Orio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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GENERAL JOURNAL

Date PARTICULARS DEBIT CREDIT


a. Cash 192,000.00
Magpantay, Capital 192,000.00
Invested cash in the business

b Furniture and Fixtures 12,960.00


cash 12,960.00
purchased tables and chairs for cash

c Rent expense 6,950.00


cash 6,950.00
paid rent for the month of October

d Laundry Equipment 163,000.00


cash 32,000.00
accounts payable 131,000.00
bought washers and dryers

e Supplies 5,190.00
Accounts payable 5,190.00
bought washing supplies on account

f cash 17,960.00
Laundry revenues 17,960.00
received cash for laundry services

g Prepaid insurance 2,140.00


Cash 2,140.00
bought 1 year insurance policy

h Utilities expense 1,940.00


Cash 1,940.00
paid electricity expense

i Accounts payable 1,230.00


Cash 1,230.00
paid accounts payable

j Cash 27,920.00
Laundry revenue 27,920.00
received cash for laundry services

k Salaries expense 10,350.00


Cash 10,350.00
paid salaries expense

l. Magpantay, Withdrawal 9,500.00


Cash 9,500.00
Withdrawal by the owner for personal use
GENERAL LEDGER

CASH
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
a. Magpantay Capital 192,000.00 b Furniture and Fixtures
f. Laundry revenues 17,960.00 c. Rent expense
j. Laundry revenues 27,920.00 d. Laundry Equipment
g. Prepaid insurance
h. Utilities expense
i. Accounts payable
k. Salaries expense
l. Magpantay Withdrawal
Total debits 237,880.00 Total credits
Cash 160,810.00

SUPPLIES
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
e. Accounts payable 5,190.00

Total debits 5,190.00 Total credits


Supplies 5,190.00

PREPAID INSURANCE
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
g. Cash 2,140.00

Total debits 2,140.00 Total credits


Prepaid insurance 2,140.00

LAUNDRY EQUIPMENT
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
d. Washers and dryers 163,000.00

Total debits 163,000.00 Total credits


Laundry Equipment 163,000.00

FURNITURE AND FIXTURES


DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
b. Tables and chair 12,960.00

Total debits 12,960.00 Total credits


Furnitures and Fixtures 12,960.00

ACCOUNTS PAYABLE
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
i. Cash 1,230.00 d. Laundry equipment
e. Supplies

Total debits 1,230.00 Total credits


Accounts payable

MAGPANTAY CAPITAL
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
a. Cash

Total debits - Total credits

MAGPANTAY WITHDRAWAL
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
l. Cash 9,500.00

Total debits 9,500.00 Total credits


Magpantay W/drawal 9,500.00

LAUNDRY REVENUES
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
f. cash
j. cash

Total debits - Total credits


Laundry revenues

SALARIES EXPENSE
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
k. Cash 10,350.00

Total debits 10,350.00 Total credits


Salaries expense 10,350.00

RENT EXPENSE
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
c. Cash 6,950.00

Total debits 6,950.00 Total credits


rent expense 6,950.00
UTILITIES EXPENSE
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS
h. Electricity 1,940.00

Total debits 1,940.00 Total credits


Utilities expense 1,940.00

MISCELLANEOUS EXPENSE
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE PARTICULARS

Total debits - Total credits


-
DIT
AMOUNT
12,960.00
6,950.00
32,000.00
2,140.00
1,940.00
1,230.00
10,350.00
9,500.00
77,070.00

DIT
AMOUNT

DIT
AMOUNT

DIT
AMOUNT

DIT
AMOUNT

DIT
AMOUNT
131,000.00
5,190.00

136,190.00
134,960.00

DIT
AMOUNT
192,000.00

-
-
DIT
AMOUNT

DIT
AMOUNT
17,960.00
27,920.00

45,880.00
45,880.00

DIT
AMOUNT

DIT
AMOUNT

-
DIT
AMOUNT

DIT
AMOUNT

-
TRIAL BALANCE
City Laundry
For the month ended, October, 2019

PARTICULARS DEBIT CREDIT


Cash 160,810.00
Supplies 5,190.00
Prepaid insurance 2,140.00
Laundry Equipment 163,000.00
Furniture and fixtures 12,960.00
Accounts payable 134,960.00
Magpantay Capital 192,000.00
Magpantay Withdrawal 9,500.00
Laundry revenues 45,880.00
Salaries expense 10,350.00
Rent expense 6,950.00
Utilities expense 1,940.00

Totals 372,840.00 372,840.00


GENERAL JOURNAL

Date PARTICULARS DEBIT CREDIT


1-Dec Cash 200,000.00
Sabio, capital 200,000.00
invested cash in the business

3-Dec Rent expense 10,000.00


Cash 10,000.00
Paid rent for the month of December

4-Dec Cash 25,000.00


Consulting revenues 25,000.00
received cash for services rendered

7-Dec Cash 20,000.00


Consulting revenues 20,000.00
received cash for services rendered

12-Dec Gasoline expense 600.00


Cash 600.00
paid cash for gasoline expense

14-Dec Salaries expense 6,000.00


Cash 6,000.00
paid salaries

17-Dec Office supplies 2,800.00


Accounts payable 2,800.00
bought supplies on account

20-Dec Utilities expense 1,000.00


Cash 1,000.00
paid telephone bills

21-Dec Sabio, withdrawal 11,000.00


Cash 11,000.00
owner's withdrawal

24-Dec Charitable contributions expense 1,000.00


Cash 1,000.00
Donation to PNR

27-Dec Cash 20,000.00


Consulting revenues 20,000.00
received cash for services rendered

28-Dec Salaries expense 6,000.00


Cash 6,000.00
paid salaries

28-Dec Utilities expense 750.00


cash 750.00
paid electric bill

29-Dec Accounts payable 1,000.00


Cash 1,000.00
paid accounts payable
GENERAL LEDGER

CASH
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
1-Dec Invested cash in the business 200,000.00 3-Dec
4-Dec Received cash for services rendered 25,000.00 12-Dec
7-Dec Received cash for services rendered 20,000.00 14-Dec
27-Dec Received cash for services rendered 20,000.00 20-Dec
21-Dec
24-Dec
28-Dec
28-Dec
29-Dec

Total debits 265,000.00


Cash 227,650.00

ACCOUNTS RECEIVABLE
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE

Total debits -
Accounts Receivable -

OFFICE SUPPLIES
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
17-Dec Bought supplies on account 2,800.00

Total debits 2,800.00


Office Supplies 2,800.00

ACCOUNTS PAYABLE
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
29-Dec Paid accounts payable for supplies 1,000.00 17-Dec

Total debits 1,000.00

Sabio, Capital
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
1-Dec

Total debits -

Sabio, Withdrawals
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
21-Dec Cash 11,000.00

Total debits 11,000.00


Sabio, Withdrawals 11,000.00

Consulting Revenues
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
4-Dec
7-Dec
27-Dec
Total debits -

Rent Expense
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
3-Dec Rent for December 10,000.00

Total debits 10,000.00


Rent Expense 10,000.00

Salaries Expense
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
14-Dec December first half 6,000.00
28-Dec December 2nd half 6,000.00

Total debits 12,000.00


Salaries expense 12,000.00

Utilities Expense
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
20-Dec Telephone bills 1,000.00
28-Dec Electric bills 750.00

Total debits 1,750.00


Utilities Expense 1,750.00

Gasoline Expense
DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
12-Dec Cash 600.00

Total debits 600.00


Gasoline Expense 600.00

Charitable Contributions Expense


DEBIT CREDIT
DATE PARTICULARS AMOUNT DATE
24-Dec Donation to PNR 1,000.00

Total debits 1,000.00


1,000.00
ASH
CREDIT
PARTICULARS AMOUNT
Paid rent for the month of December 10,000.00
Paid cash for gasoline expense 600.00
Paid cash for salaries 6,000.00
Paid telephone bills 1,000.00
Owner's withdrawal 11,000.00
Donation to PNR 1,000.00
Paid salaries 6,000.00
Paid electric bills 750.00
Paid accounts payable 1,000.00

Total credits 37,350.00

RECEIVABLE
CREDIT
PARTICULARS AMOUNT

Total credits -

SUPPLIES
CREDIT
PARTICULARS AMOUNT

Total credits -

S PAYABLE
CREDIT
PARTICULARS AMOUNT
Supplies 2,800.00

Total credits 2,800.00


Accounts payable 1,800.00

Capital
CREDIT
PARTICULARS AMOUNT
Invested cash 200,000.00

Total credits 200,000.00


Sabio, Capital 200,000.00

thdrawals
CREDIT
PARTICULARS AMOUNT

Total credits -

g Revenues
CREDIT
PARTICULARS AMOUNT
Cash 25,000.00
cash 20,000.00
Cash 20,000.00
Total credits 65,000.00
Consulting Revenues 65,000.00

xpense
CREDIT
PARTICULARS AMOUNT

Total credits -

Expense
CREDIT
PARTICULARS AMOUNT

Total credits -

Expense
CREDIT
PARTICULARS AMOUNT

Total credits -

Expense
CREDIT
PARTICULARS AMOUNT

Total credits -

ibutions Expense
CREDIT
PARTICULARS AMOUNT
Total credits -
TRIAL BALANCE
Maurice Sabio Consultancy
For the month ended, December, 2019

PARTICULARS DEBIT CREDIT


Cash 227,650.00
Accounts Receivable -
Office Supplies 2,800.00
Accounts Payable 1,800.00
Sabio, Capital 200,000.00
Sabio, Withdrawals 11,000.00
Consulting Revenues 65,000.00
Rent expense 10,000.00
Salaries expense 12,000.00
Utilities expense 1,750.00
Gasoline Expense 600.00
Charitable Contributions Expense 1,000.00

Totals 266,800.00 266,800.00

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