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Lesson 6 Journalizing

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Mailyn Payumo
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17 views

Lesson 6 Journalizing

Uploaded by

Mailyn Payumo
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Journalizing

Lesson 6
Examples of financial transactions:
• Payment of salaries of employees
• Payment of electric, water, and telecommunication bills
• Received payment from customers
• Received payment from customers on account
• Payment for purchasing furniture, equipment, and supplies
Examples of non-financial transactions:
• Orientation of newly-hired employees
• Posting of advertisements in the city
• Awarding of recognition to the business
• Hiring and terminating of employees
The following are examples of source
documents:
1. Official receipt or cash receipt
2. Charge invoice or Sales invoice
3. Check or Cash voucher
4. Deposit slips
Journal
is the accountant’s tool in recording the day-to-day
transactions. It is called the book of original entry, where the
accountant records first the business transactions that occurred in
the business.
Format
1. Date
2. Account Titles and Explanation
3. P.R. (Posting Reference)
4. Debit
5. Credit
Examples
The transaction covered the month of July 2019 of Pamilya
Services, a photocopying business by Mahal K. Pamilya.
July 1 Mr. Pamilya invested P30,000 cash and service
equipment worth P30,000 in the business.
July 2 The business obtained a loan from RDS Bank
worth P50,000.
Examples
July 3 He bought office supplies for P10,000 cash.
July 4 He paid P2,000 for business permits and licenses.
July 10 Mr. Pamilya hired one personnel with a weekly
salary of P1,000 to look after the business.
Examples
July 11 Mr. Pamilya hired one personnel with a weekly
salary of P1,000 to look after the business.
July 16 He received P8,000 cash for services rendered.
July 17 The business paid P1,000 for the weekly salary of
the employee.
Examples
July 21 He billed a customer P2,000 for services rendered
on account.
July 24 The business paid P1,000 for the weekly salary of
an employee.
July 27 Mr. Pamilya withdrew P500 from the business.
Examples
July 28 He collected P2,000 which is the amount billed to
a customer.
July 29 He paid P10,000 for the monthly rent of the place.
July 30 He had to pay P2,500 for the electric bill.
July 31 The business paid P1,000 for the weekly salary of
the employee.

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