Accounting Cycle

GENERAL JOURNAL
DATE ACCOUNT TITLE REF. #

Apr-01 Cash 110
Pina Asa, Capital
Initial investment.
Supplies
Cash 110
Bought supplies.
Office Equipment
Cash
Acquired equipment.
Furniture and Fixtures

Accounts Payable
Purchased office furniture.
2 Rent Expense
Cash
Paid an advance rent.
4 Prepaid Insurance
Cash
6 Cash
Unearned Income
Received advance payment
8 Accounts Receivable - Enie Wan

Service Income
Rendered service on credit.
11 Advertising Expense
Cash
Payment for advertising.
12 Accounts Payable
Cash
Notes Payable
Partial payment.
15 Salaries and Wages Expense

Cash
Payment for wage.
18 Supplies
Cash
Purchased supplies.
20 Cash
Service Income
Rendered service.
25 Accounts Receivable - Chou Lah

Service Income
Rendered Service.
26 Pina Asa, Drawings

Cash
Withdrawals for personal use.
27 Salaries and Wages Expense

Cash
Paid wages.
28 Cash
Service Income
Rendered service.
29 Utility Expense
Telephone and Communication Expense
Cash
Paid the expenses.
Total
DEBIT CREDIT
₱ 10,000.00
₱ 10,000.00
₱ 1,250.00
₱ 1,250.00
₱ 7,500.00
₱ 7,500.00
₱ 1,800.00
₱ 1,800.00
₱ 4,500.00
₱ 4,500.00
₱ 1,800.00
₱ 1,800.00
₱ 3,000.00
₱ 3,000.00
₱ 800.00
₱ 800.00
₱ 120.00
₱ 120.00
₱ 1,800.00
₱ 800.00
₱ 1,000.00
₱ 400.00
₱ 400.00
₱ 750.00
₱ 750.00
₱ 1,600.00
₱ 1,600.00
₱ 2,000.00
₱ 2,000.00
₱ 700.00
₱ 700.00
₱ 400.00
₱ 400.00
₱ 1,500.00
₱ 1,500.00
₱ 400.00
₱ 130.00
₱ 530.00
₱ 40,450.00 ₱ 40,450.00
Cash Accounts Receivable - Enie Wan
₱ 10,000.00 ₱ 1,250.00 ₱ 800.00
₱ 3,000.00 ₱ 7,500.00
₱ 1,600.00 ₱ 4,500.00
₱ 1,500.00 ₱ 1,800.00
₱ 120.00
₱ 800.00
₱ 400.00
₱ 750.00
₱ 700.00
₱ 400.00 ₱ 800.00
₱ 530.00
₱ 16,100.00 ₱ 18,750.00
₱ 2,650.00
Prepaid Rent Prepaid Insurance

₱ 3,000.00 ₱ 1,800.00
₱ 3,000.00 ₱ 1,650.00
Accumulated Depreciation – Equipment Furniture and Fixtures

₱ 125.00 ₱ 1,800.00
₱ 1,800.00
Accrued Interest Expense Pina Asa, Capital

₱ 4.00 ₱ 700.00
₱ 700.00
Service Income Salaries and Wages Expense

₱ 5,900.00 ₱ 800.00 ₱ 400.00
₱ 1,600.00 ₱ 400.00
₱ 2,000.00
₱ 1,500.00
₱ 5,900.00 ₱ 5,900.00 ₱ 800.00

- -
Supplies Expense Unearned Income

₱ 850.00 ₱ 850.00
₱ 850.00 ₱ 850.00
-
Depreciation Expense Bad Debts Expense

₱ 125.00 ₱ 125.00 ₱ 56.00
- -
unts Receivable - Enie Wan Accounts Receivable - Chou Lah
₱ 2,000.00
₱ 2,000.00
Prepaid Insurance Supplies

₱ 150.00 ₱ 1,250.00 ₱ 850.00
₱ 750.00
₱ 2,000.00 ₱ 850.00
₱ 1,150.00
Furniture and Fixtures Accounts Payable

₱ 1,800.00 ₱ 1,800.00
- -
Pina Asa, Capital Pina Asa, Drawings

₱ 10,000.00 ₱ 700.00 ₱ 700.00
₱ 1,765.00
₱ 11,765.00
₱ 11,065.00 ₱ 700.00
aries and Wages Expense Insurance Expense

₱ 800.00 ₱ 150.00 ₱ 150.00
₱ 800.00
-
Unearned Income Advertising Expense

₱ 3,000.00 ₱ 120.00 ₱ 120.00
₱ 120.00 ₱ 120.00
₱ 3,000.00 -
Bad Debts Expense Interest Expense

₱ 56.00 ₱ 4.00 ₱ 4.00
-
Allowance for Bad Debts
₱ 56.00
₱ 56.00
Office equipment
₱ 7,500.00
₱ 7,500.00
Notes Payable
₱ 1,000.00
₱ 1,000.00
Income and Expense summary

₱ 4,135.00 ₱ 5,900.00
₱ 1,765.00
₱ 5,900.00
-
Rent Expense
₱ 4,500.00 ₱ 3,000.00
₱ 1,500.00
₱ 4,500.00 ₱ 4,500.00
-
Utility Expense
₱ 400.00 ₱ 400.00
₱ 400.00 ₱ 400.00
-

₱ 130.00 ₱ 130.00
-
Adjusting Entries
Date Account Title Debit
Apr-30 Supplies Expense ₱ 850.00
Supplies
To record supplies Expense.
Depreciation Expense ₱ 125.00

Accumulated Depreciation - Equipment
To record depreciation for the equipment.
Bad Debts Expense ₱ 56.00

Uncollectible amount.
Prepaid Rent ₱ 3,000.00

Rent Expense
Rent for the month.
Insurance Expense ₱ 150.00

Prepaid Insurance
To record insurance expense.
Interest Expense ₱ 4.00

Accrued Interest Expense
To record interest for the month.
Total ₱ 4,185.00
Credit
₱ 850.00
₱ 125.00
₱ 56.00
₱ 3,000.00
₱ 150.00
₱ 4.00
₱ 4,185.00
Pina Asa
Unadjusted Trial Balance
April 30, 2020
Account Title Debit Credit
Cash ₱ 2,650.00
Accounts Receivable - Enie Wan ₱ 800.00
Accounts Receivable - Chou Lah ₱ 2,000.00
Prepaid Rent -
Prepaid Insurance ₱ 1,800.00
Supplies ₱ 2,000.00
Office Equipment ₱ 7,500.00
Furniture and Fixtures ₱ 1,800.00
Notes Payable ₱ 1,000.00
Unearned Income ₱ 3,000.00
Pina Asa, Capital ₱ 10,000.00
Pina Asa, Drawings ₱ 700.00
Service Income ₱ 5,900.00
Salaries and Wages Expense ₱ 800.00
Insurance Expense -
Rent Expense ₱ 4,500.00
Supplies Expense -
Utility Expense ₱ 400.00
Telephone and Communication Expense ₱ 130.00
Advertising Expense ₱ 120.00
Total ₱ 22,550.00 ₱ 22,550.00
Unadjusted Trial Balance
Account Title dr cr
Cash ₱ 2,650.00
Accounts Receivable - Enie Wan ₱ 800.00
Accounts Receivable - Chou Lah ₱ 2,000.00
Prepaid Rent -
Prepaid Insurance ₱ 1,800.00
Office Equipment ₱ 7,500.00
Unearned Income ₱ 3,000.00
Pina Asa, Drawings ₱ 700.00
Salaries and Wages Expense ₱ 800.00
Insurance Expense -
Rent Expense ₱ 4,500.00
Supplies Expense -
Utility Expense ₱ 400.00
Telephone and Communication Expense ₱ 130.00
Advertising Expense ₱ 120.00
Total ₱ 22,550.00 ₱ 22,550.00
Depreciation Expense
Accumulated Dept.
Bad Debts Expense
Interest Expense
Accrued Interest Expense
Total
Net Income
Total
Adjustments Adjusted Trial Balance
dr cr
₱ 2,650.00
₱ 800.00
₱ 2,000.00
₱ 3,000.00 ₱ 3,000.00
₱ 150.00 ₱ 1,650.00
₱ 850.00 ₱ 1,150.00
₱ 7,500.00
₱ 1,800.00
₱ 1,000.00
₱ 3,000.00
₱ 10,000.00
₱ 700.00
₱ 5,900.00
₱ 800.00
₱ 150.00 ₱ 150.00
₱ 3,000.00 ₱ 1,500.00
₱ 850.00 ₱ 850.00
₱ 400.00
₱ 130.00
₱ 120.00
₱ 125.00 ₱ 125.00
₱ 125.00 ₱ 125.00
₱ 56.00 ₱ 56.00
₱ 56.00 ₱ 56.00
₱ 4.00 ₱ 4.00
₱ 4.00 ₱ 4.00
₱ 4,185.00 ₱ 4,185.00 ₱ 22,735.00 ₱ 22,735.00
Income Statement Balance Sheet
₱ 2,650.00
₱ 800.00
₱ 2,000.00
₱ 3,000.00
₱ 1,650.00
₱ 1,150.00
₱ 7,500.00
₱ 1,800.00
₱ 1,000.00
₱ 3,000.00
₱ 10,000.00
₱ 700.00
₱ 5,900.00
₱ 800.00
₱ 150.00
₱ 1,500.00
₱ 850.00
₱ 400.00
₱ 130.00
₱ 120.00
₱ 125.00
₱ 125.00
₱ 56.00
₱ 56.00
₱ 4.00
₱ 4.00
₱ 4,135.00 ₱ 5,900.00 ₱ 18,600.00 ₱ 16,835.00
₱ 1,765.00 ₱ 1,765.00
₱ 5,900.00 ₱ 5,900.00 ₱ 19,450.00 ₱ 18,600.00
Closing Entries
Income and Expense Summary
To record ….
Income and Expense Summary ₱ 4,135.00

Salaries and Wages Expense
Insurance Expense
Rent Expense
Supplies Expense
Utility Expense
Advertising Expense
Depreciation Expense
Bad Debts
Interest Ex
To record…
Pina Asa, Capital ₱ 700.00

Pina Asa, Drawings
To record…
Income and Expense Summary ₱ 1,765.00

Pina Asa, Capital
To record…
₱ 5,900.00
₱ 800.00
₱ 150.00
₱ 1,500.00
₱ 850.00
₱ 400.00
₱ 130.00
₱ 120.00
₱ 125.00
₱ 56.00
₱ 4.00
₱ 700.00
₱ 1,765.00
Account dr cr
Cash ₱ 2,650.00
AccountsReceivable - Enie Wan ₱ 800.00
Accounts Receivable - Chula Lah ₱ 2,000.00
Allowance for Bad Debts ₱ 56.00
Prepaid Rent ₱ 3,000.00
Prepaid Ins. ₱ 1,650.00
Office Equip. ₱ 7,500.00
Accumulated Dept. ₱ 125.00
Accrued Interest Expense ₱ 4.00
Un. Income ₱ 3,000.00
Total ₱ 17,900.00 ₱ 17,900.00

Accounting Cycle

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GENERAL JOURNAL

DATE ACCOUNT TITLE REF. #

Furniture and Fixtures

8 Accounts Receivable - Enie Wan

15 Salaries and Wages Expense

25 Accounts Receivable - Chou Lah

26 Pina Asa, Drawings

27 Salaries and Wages Expense

Prepaid Rent Prepaid Insurance

Accumulated Depreciation – Equipment Furniture and Fixtures

Accrued Interest Expense Pina Asa, Capital

Service Income Salaries and Wages Expense

₱ 5,900.00 ₱ 5,900.00 ₱ 800.00

Supplies Expense Unearned Income

Depreciation Expense Bad Debts Expense

Prepaid Insurance Supplies

Furniture and Fixtures Accounts Payable

Pina Asa, Capital Pina Asa, Drawings

aries and Wages Expense Insurance Expense

Unearned Income Advertising Expense

Bad Debts Expense Interest Expense

Income and Expense summary

Telephone and Communication Expense

Depreciation Expense ₱ 125.00

Bad Debts Expense ₱ 56.00

Prepaid Rent ₱ 3,000.00

Insurance Expense ₱ 150.00

Interest Expense ₱ 4.00

Income and Expense Summary ₱ 4,135.00

Pina Asa, Capital ₱ 700.00

Income and Expense Summary ₱ 1,765.00

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