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    Estefanie Calamba 2

    Uploaded by

    20 Ceralde Claire Alexa
    The document shows various journal entries made by Stephanie Calamba's video tape rental business throughout July and December 2011, including entries to record initial capital investment, purchases of supplies and land, income received, and expenses paid. It provides an overview of the company's transactions and financial activities for the period through a trial balance, income statement, statement of changes in equity, and statement of financial position. The trial balance and financial statements help track the business's cash flows, revenues, expenses, assets, liabilities, and owner's equity over the given time period.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Estefanie Calamba 2

    Uploaded by

    20 Ceralde Claire Alexa
    25 views13 pages
    The document shows various journal entries made by Stephanie Calamba's video tape rental business throughout July and December 2011, including entries to record initial capital investment, purchases of supplies and land, income received, and expenses paid. It provides an overview of the company's transactions and financial activities for the period through a trial balance, income statement, statement of changes in equity, and statement of financial position. The trial balance and financial statements help track the business's cash flows, revenues, expenses, assets, liabilities, and owner's equity over the given time period.

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    The document shows various journal entries made by Stephanie Calamba's video tape rental business throughout July and December 2011, including entries to record initial capital investment, purchases of supplies and land, income received, and expenses paid. It provides an overview of the company's transactions and financial activities for the period through a trial balance, income statement, statement of changes in equity, and statement of financial position. The trial balance and financial statements help track the business's cash flows, revenues, expenses, assets, liabilities, and owner's equity over the given time period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    25 views13 pages

    Estefanie Calamba 2

    Uploaded by

    20 Ceralde Claire Alexa
    The document shows various journal entries made by Stephanie Calamba's video tape rental business throughout July and December 2011, including entries to record initial capital investment, purchases of supplies and land, income received, and expenses paid. It provides an overview of the company's transactions and financial activities for the period through a trial balance, income statement, statement of changes in equity, and statement of financial position. The trial balance and financial statements help track the business's cash flows, revenues, expenses, assets, liabilities, and owner's equity over the given time period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    You are on page 1of 13

    Stephanie Calamba

    Date Particulars Debit Credit


    a Cash 450,000
    Calamba, Capital 450,000
    To record the initial investment of Calamba.

    b Office supplies 3,500


    Accounts payable 3,500
    To record supplies on account.

    c Land 300,000
    Cash 300,000
    To record purchase of land for future plant
    site for dormitory.

    d Cash 19,000
    Dormitory locator income 19,000
    To record income received.

    e. Accounts payable 1,000


    Cash 1,000
    To record partial payment of account.

    f. Calamba, drawings 20,000


    cash 20,000
    To record owners drawings for personal
    vacation.

    or

    No entry since this has nothing to do with the business.

    note: if the owner has only one cash account the 1st is the entry. but if he has more
    than one cash account and the one used is not what the business use
    the second answer which is no entry is correct.

    g. Rent expense 4,000


    Utilities expense 1,000
    cash 5,000
    To record rent and utilities expenses.

    h cash 1,500
    office supplies 1,500
    To record sold office supplies at cost.

    i Calamba, drawings 12,000


    Cash 12,000
    To record owners drawings.
    Cash 01
    date particulars Folio Debit Date Particulars Folio Credit
    12/01 initial inv. GJ1 250,000
    V
    Cash 01
    date particularsFolio Debit Date ParticularsFolio Credit
    12/01 initial inv. GJ1 250,000
    V
    assets Liabilites

    Cash Accounts payable


    Date Debit Date Credit Date Debit Date Credit
    07/a 450,000 07/c 300,000 07/b 3,500
    07/d 19,000
    12/17
    -

    Accounts receivable

    Office Supplies
    Date Debit Date Credit
    07/b 3,500

    Land
    Date Debit Date Credit
    07/c 300,000
    Capital revenues expenses

    Calamba, Capital Video rental fees Salaries expenses


    Date Debit Date Credit
    07/a
    knk
    07/a 450,000

    Victorino, Drawings Rent Expense

    Utilities Expense
    expenses

    Salaries expenses

    Rent Expense

    Utilities Expense
    Video Tape Rental Store Video Tape Rental Store
    For the month ended December 31, 2011 For the month ended December 31, 2011
    Trial Balance Income Statement

    Debit Credit
    Cash - Video rental fees
    Accounts receivable - Less: Operating expenses
    Office Supplies Debit Salaries expenses
    Land Debit Rent Expense
    Accounts payable - Utilities Expense
    Calamba, Capital Credit Net income
    Victorino, Drawings -
    Video rental fees - Video Tape Rental Store
    Salaries expenses - For the month ended December 31, 2011
    Rent Expense - Statement of Changes in Equity
    Utilities Expense -
    Total - - Victorino Capital, Dec. 1
    Add: Additional investment
    Net income
    Total
    Less: Drawings
    Victorino Capital, Dec. 31

    Video Tape Rental Store


    As of December 31, 2011
    Statement of Financial Position

    ASSET
    Current Assets:
    Cash
    Accounts receivable
    Office Supplies
    Total Current Assets
    Non-current assets
    Land
    Total Assets

    LIABILITIES AND OWNERS' EQUITY


    Liabilities
    Accounts payable

    Owners' Equity
    Victorino, Capital Dec 31
    Total Liabilities and Equity
    o Tape Rental Store
    h ended December 31, 2011
    come Statement

    -
    -
    - -
    -

    o Tape Rental Store


    h ended December 31, 2011
    nt of Changes in Equity

    250,000
    0
    - -
    250,000
    -
    250,000

    o Tape Rental Store


    December 31, 2011
    nt of Financial Position

    ASSET

    -
    -
    Debit
    -

    Debit
    #VALUE!

    S AND OWNERS' EQUITY

    250,000
    250,000
    Video Tape Rental Store direct approach
    For the month ended Dec 31, 2011
    Cash Flow Statement

    Cash from Operations


    Cash from Customers 155000
    Cash paid for expenses -209000
    Net cash from operations -54000
    Cash from Financing Activities FA
    Investment by the owner 250000 OA
    Withdrawal by the owner -47000
    Net cash from financing activies 203000 OA
    Cash from investing Activities 0
    Net cash from all Activities 149000
    Add: Beginning Cash balance Dec 1 0
    Cash balance Dec 31 149000
    OA
    OA

    FA

    OA
    OA

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