Journalizing & Posting

Group - 06
ANDRADA, Jazreel G.
DOMINGO, Jemwel
FANG, Dranoel
GUERRERO, Patrick
MIRANDA, Guila
 Chapter 5 – TEST 1
The following transactions occurred at Forever Green Lawn Service.
ACCOUNTS

A. Cash D. Equipment G. Rent Expense

B. Accounts Receivable E. Accounts Payable H. Salaries Expense

C. Supplies F. Service Income I. Telephone Expense

Debit Credit
2. Purchased supplied on account C E
3. Purchased new equipment, issuing a check for a down D A&E
payment due in thirty days.
4. Provided services on account B F
5. Purchase supplies for cash C A
6. Collected payment from credit customer. A B
 Debit Credit

7. Issued checks to pay employees their monthly salaries. H A

8. Performed services for cash. A F
9. Received cash for damaged supplies returned. A C
10. Issued a check to pay the telephone bill. I A

Chapter 5 – TEST 3
INSTRUCTION: For The month of April 2020: (1) journalize, (2) post, and (3) prepare the trial balance
for the following transactions of Locsin Decorators.

April 01 Tina Locsin established Locsin Deorators and invested P640,000 cash

02 Purchased P45,000 of office equipment on account.

05 Bought P15,750 of office supplies for cash.

08 Purchased a small truck for P840,000 paying P280,000 in cash
and issuing a note payable for balance.
10 Purchased office supplies on account, P15,750.

15 Completed a job and recieved P35,000.

20 Paid insurance premiums, P42,000

22 Paid P45,500 due on purchase of office equipment.

26 Completed a job and billed client P70,000.

30 Paid rent for the month, P21,000.

CHART OF ACCOUNTS
ASSETS INCOME
101 Cash 301 Service Income
102 Accounts Receivable
121 Office equipment EXPENSE
121 Delivery equipment 401 Office supplies
402 Rent expense
LIABILITIES 403 Insurance expense
201 Accounts payable 404 Miscellaneous expense
202 Notes payable
PROPRIETORSHIP
501 Locsin, Capital
502 Locsin, drawing
 CHAPTER 5 – TEST 1
JOURNALIZING AND POSTING

GENERAL JOURNAL
Date PARTICULARS F DEBIT CREDIT
Apr 1 Cash 101 P 640,000 00

Locsin, capital 501 P 640,000 00

-to record initial investment

2 Office Equipment 121 P 45,500 00

Acconts Payable 201 P 45,500 00

-to record the purchase of office
equipment on account
5 Office supplies 401 P 15,750 00

Cash 101 P 15,750 00

-to record purchase of store
supplies
 CHAPTER 5 – TEST 3
JOURNALIZING AND POSTING

8 Delivery Equipment 122 P 840,000 00

Cash 101 P 280,000 00
Note Payable 202 P 560,000 00
-to record the payment of cash in
acquiring delivery equipment using
note.
10 Office Supplies 401 P 15,750 00
Acconts Payable 201 P 15,7500 00
-to record the purchase of office
supplies on account
15 Cash 101 P 35,000 00

Service Income 301 P 35,000 00

-to record the income received from
client
 CHAPTER 5 – TEST 3
20 Insurance Expense 403 P 42,000 00

Cash 101 P 42,000 00

-to record insurance premium paid

22 Accounts Payable 201 P 45,500 00

Cash 101 P 45,500 00

-to record the payment of Accounts

Payable in purchasing office
equipment
 CHAPTER 5 – TEST 3

Apr 26 Accounts Receivable 102 P 70,000 00

Service Income 301 P 70,000 00

-to record the receivables from client

30 Rent Expense 401 P 21,000 00

Cash 101 P 21,000 00

-to record the payment of rent

 CHAPTER 5 - TEST 3
EXPLANATION

2 Office Equipment 121 P 45,500 00

Accounts Payable 201 P 45,500 00

-to record the purchase of office

equipment on account

5 Office supplies 401 P 15,750 00

Cash 101 P 15,750 00

-to record purchase of store supplies

DEBIT CREDIT
Apr 2 Office equipment Apr 2 Accounts Payable
Apr 5 Cash
Apr 5 Office supplies
 CHAPTER 5 – TEST 3
GENERAL JOURNAL

8 Delivery Equipment 122 P 840,000 00

Cash 101 P 280,000 00
Note Payable 202 P 560,000 00
-to record the payment of cash in
acquiring the delivery equipment using
note.
10 Office Supplies 401 P 15,750 00
Acconts Payable 201 P 15,7500 00
-to record the purchase of office
supplies on account

DEBIT CREDIT
Apr 8 Delivery equipment Apr 8 Delivery equipment

Apr 10 Office supplies Apr 10 Office supplies

 CHAPTER 5 – TEST 3

15 Cash 101 P 35,000 00

Service Income 301 P 35,000 00

-to record the cash recieved from
client

DEBIT CREDIT

Apr 15 Cash received as payment Apr 15Cash received as payment.

 CHAPTER 5 – TEST 3
20 Insurance Expense 403 P 42,000 00

Cash 101 P 42,000 00

-to record the payment of insurance
premium
22 Accounts Payable 201 P 45,500 00

Cash 101 P 45,500 00

-to record the payment of Accounts
Payable in purchasing office
equipment

DEBIT CREDIT
Apr 20 Insurance Apr 20 payment of insurance.

Apr 22 The obligation to pay Apr 22 payment of office supplies on accounts

payable
 CHAPTER 5 – TEST 3
Apr 26 Accounts Receivable 102 P 70,000 00

Service Income 301 P 70,000 00

-to record the receivables from client

30 Rent Expense 401 P 21,000 00

Cash 101 P 21,000 00

-to record the payment of rent

DEBIT CREDIT
Apr 26 Receivables from client Apr 26 Professional fees

Apr 30 Rent incurred Apr 30 Payment of rent

 CHAPTER 5 – TEST 3
GENERAL LEDGER

CASH

Account Title
Account No. 101

2020 PARTICULARS DEBIT PARTICULARS CREDIT

Apr 1 Initial Investment 640,000 Apr 5 Purchase of Office Supplies 15,750
15 Collection 35,000
8 Downpayment of Delivery Equipment 280,000

20 Payment for Insurance 42,000

22 Payment for Account Payable 45,500

30 Payment for Rent 21, 000

DEBIT BALANCE 270,750

TOTAL 675,000
TOTAL 675,000
 CHAPTER 5 - TEST 3
2020 PARTICULARS DEBIT PARTICULARS CREDIT

Apr 1 Initial Investment 640,000 Apr 5 Purchase of Office Supplies 15,750

15 Collection 35,000 8 Downpayment of Delivery Equipment 280,000

20 Payment for Insurance 42,000

22 Payment for Account Payable 45,500

30 Payment for Rent 21, 000

DEBIT BALANCE 270,750

TOTAL 675,000 TOTAL 675,000

DEBIT CREDIT
Apr 1 Initial investment worth P640,000
Apr 1 Initial investment worth P640,000
Apr 15 Collection worth P35,000
Apr 15 Collection worth P35,000
 CHAPTER 5 – TEST 3
2020 PARTICULARS DEBIT PARTICULARS CREDIT

Apr 1 Initial Investment 640,000 Apr 5 Purchase of Office Supplies 15,750

15 Collection 35,000 8 Downpayment of Delivery Equipment 280,000

20 Payment for Insurance 42,000

22 Payment for Account Payable 45,500

30 Payment for Rent 21, 000

DEBIT BALANCE 270,750

TOTAL 675,000 TOTAL 675,000

CREDIT DEBIT BALANCE

Apr 20 Apr 30 15,750 + 280,000 + 42,000 + 45,500 + 21,000
Paid insurance in cash Paid rent in cash = 404,250

Apr 22 Paid the accounts payable using cash. TOTAL DEBIT - 404,250
=270,750
 CHAPTER 5 – TEST 3
ACCOUNTS RECIEVABLE

Account Title

Account No. 102

2020 PARTICULARS DEBIT

Apr 26 Service Income 70,000 Apr

DEBIT
Apr 26 receivable worth 70,000 for service rendered.
 CHAPTER 5 – TEST 3
OFFICE EQUIPMENT

Account Title

Account No. 121

2020 PARTICULARS DEBIT

Apr 2 Acquisition on account 45,500 Apr

DEBIT
Apr 2 Balance worth 45,500
 CHAPTER 5 – TEST 3
DELIVERY EQUIPMENT
Account Title

Account No. 122

2020
Apr 8 Purchase by downpayment of cash and 840,000
Apr
acquisition of note

DEBIT
Apr 8 Delivery equipment purchased by down payment of cash
issuing note worth 840,000.
 CHAPTER 5 – TEST 3
Accounts payable
Account Title

Account No. 201

2020 PARTICULARS DEBIT PARTICULARS CREDI
T
Apr 22 Payment of Office Equipment 45,500 Apr 2 Acquisition of Office Equipment 45,500

CREDIT BALANCE 15,750 1 Acquisition of Office Supplies 15,750

0

TOTAL 61,250 TOTAL 61,250

 CHAPTER 5 – TEST 3
Accounts payable
Account Title

Account No. 201

2020 PARTICULARS DEBIT PARTICULARS CREDI
T
Apr 22 Payment of Office Equipment 45,500 Apr 2 Acquisition of Office Equipment 45,500

CREDIT BALANCE 15,750 10 Acquisition of Office Supplies 15,750

TOTAL 61,250 TOTAL 61,250

DEBIT CREDIT BALANCE CREDIT

Apr 2 an obligation to pay for office equipment worth 45,500.
Apr 22 Payment of office 61,250 - 45,500
Apr 10 an obligation to pay for office supplies worth 15,750.
equipment worth 45,500. = 15,750
 CHAPTER 5 – TEST 3
Notes payable
Account Title

Account No. 202

2020 PARTICULARS CREDIT

Apr Apr 8 Acquisition of note for Delivery 560,000

Equipment
 CHAPTER 5 – TEST 3
Notes payable
Account Title

Account No. 202

2020 PARTICULARS CREDIT

Apr Apr 8 Acquisition of note for Delivery 560,000

Equipment

CREDIT
Apr 8 Notes payable worth 560,000
 CHAPTER 5 – TEST 3

Account No. 501

2020 PARTICULARS CREDI
T
Apr Apr 1 Initial Investment 640,000

CREDIT
Apr 1 640,000 worth of initial investment
 CHAPTER 5 – TEST 3
Service Income
Account No. 301
2020 PARTICULARS CREDIT

Apr CREDIT BALANCE 105,000 Apr 15 Collection 35,000

26 Billing 70,000

TOTAL 105,000 TOTAL 105,000

 CHAPTER 5 – TEST 3
Service Income
Account No. 301
2020 PARTICULARS CREDIT

Apr CREDIT BALANCE 105,000 Apr 15 Collection 35,000

26 Billing 70,000

TOTAL 105,000 TOTAL 105,000

CREDIT BALANCE CREDIT

Apr 15 Collection of service rendered worth 35,000
35,000 + 70,000 Apr 26 Receivable from service rendered worth 70,000
= 105,000
 CHAPTER 5 – TEST 3
Office supplies expense

Account No. 401

2020 PARTICULARS DEBIT

Apr 5 Purchased by Cash 15,750 Apr DEBIT BALANCE 31,500

10 Acquisition on account 15,750

TOTAL 31,500 TOTAL 31,500

 CHAPTER 5 – TEST 3
Office supplies expense

Account No. 401

2020 PARTICULARS DEBIT

Apr 5 Purchased by Cash 15,750 Apr DEBIT BALANCE 31,500

10 Acquisition on account 15,750

TOTAL 31,500 TOTAL 31,500

DEBIT DEBIT BALANCE

Apr 5 office supplies expense worth 15,750
15,750 + 15,750
Apr 10 Balance worth 15,750
=31,500
 CHAPTER 5 – TEST 3
Rent expense
Account No. 403

2020 PARTICULARS DEBIT

Ap 30 Payment 21,000 Apr

r

DEBIT
Apr 30 Expense for rent worth 21,000
 CHAPTER 5 – TEST 3
Insurance expense

2020 PARTICULARS DEBIT

Apr 20 Payment 42,000 Apr

DEBIT

Apr 20 Expense for insurance worth 42,000

 CHAPTER 5 - TEST 3

Locsin Decorators

Trial Balance

June 30,2020

ACCOUNT TITLES DEBIT CREDIT

Cash 270,750 00

Accounts Receivable 70,000 00

Office Equipment 45,500 00

Delivery Equipment 840,000 00

 CHAPTER 5 – TEST 3
ACCOUNT TITLES DEBIT CREDIT

Accounts Payable 15,750 00

Notes Payable 560,000 00

Locsin, Capital 640,000 00

Service Income 105,000 00

Office Supplies Expense 31,500 00

Rent Expense 21,000 00

Insurance Expense 42,000 00

TOTAL

1,320,750 00 1,320,750 00