GENERAL JOURNAL

Jan-17

1 Cash P200,000
Land P500,000
Building P800,000
Papasa Ako, Capital
To record initial investment.

3 Equipment 60,000
Cash
To record purchase of equipment for cash

5 Office Supplies 30,000

Cash
To record office supplies for cash

7 Merchandise Inventory 200,000

Accounts Payable
To record purchase on account from Pray Muna Company

8 Accounts Receivable 200,000

Sales
To record sales of merchandise to Tiwala Lang Company

Cost of Goods Sold 100,000

Merchandise Inventory
To record cost of merchandise sold

9 Accounts Payable 50,000

Merchandise Inventory
To record the returned merchandise purchased last January 7

10 Merchandise Inventory 10,000

Cash
To record paid transportation cost on merchandise purchased

12 Accounts Payable 150,000

Merchandise Inventory
Cash
To record collection of payment from mechandise sold

14 Prepaid Insurance 3,000

Cash
 To record insurance bought good for 3 months

15 Cash 50,000
Notes Payable
To record notes issued for borrowed cash

16 Sales Returns and Allowances 40,000

Accounts Receivable
To record return of merchandise from Tiwala Lang Company

Merchandise Inventory 20,000

Cost of goods sold

18 Freight Out 10,000

Cash
To record payment of freight charges for merchandise sold

19 Cash 156,800
Sales Discount 3,200
Accounts Receivable
To record collections of sold merchandise on account

20 Merchandise Inventory 50,000

Cash
To record purchases of merchandise for cash

21 Cash 100,000
Sales
To record merchandise sold for cash

Cost of goods sold 50,000

Merchandise Inventory

22 Notes Payable 30,000

Cash

24 Salaries Expense 10,000

Cash
To record payment of salaries to workers

25 Merchandise Inventory 150,000

Cash
 Accounts Payable
To record purchases for cash and balance on credit

26 Accounts Payable 50,000

Cash
To record payment of merchandise bought on account

27 Cash 20,000
Accounts Receivable 80,000
Sales
To record merchandise sold for cash and balance on account

Cost of goods sold 50,000

Merchandise Inventory

28 Cash 50,000
Accounts Receivable
To record collection of merchandise sold on account

29 Advertising Expense 5,000

Cash
To record payment of advertising expense

29 Interest Expense 5,000

Cash
To record payment of interest

30 Papasa Ako, Withdrawal 20,000

Cash
To record withdrawal of owner

Adjustments

A1 Supplies Expense 20,000

Office Supplies

A2 Depreciation Expense - Building 5,000

Accumulated Depreciation - Building

A3 Depreciation Expense - Equipment 1,000

 Accumulated Depreciation - Equipment

A4 Insurance Expense 1,000

Prepaid Insurance

A5 Salaries Expense 10,000

Salaries Payable

A6 Bad Debts Expense 7,136

Allowance for Bad Debts
 P1,500,000

60,000

30,000

200,000
ny

200,000

100,000

50,000
uary 7

10,000
hased

4,500
145,500

3,000
 50,000

40,000
pany

20,000

10,000
old

160,000

50,000

100,000

50,000

30,000

10,000

50,000
 100,000

50,000

100,000
ount

50,000

50,000

5,000

5,000

20,000

20,000

5,000
 1,000

1,000

10,000

7,136
 General Ledger

110 Cash Debit Credit Balance

1 P200,000 P200,000
3 P60,000
5 30,000
10 10,000
12 145,500
14 3,000
15 50,000
18 10,000
19 156,800
20 50,000
21 100,000
22 30,000
24 10,000
25 50,000
26 50,000
27 20,000
28 50,000
29 5,000
5,000
30 20,000 98,300

120 Accounts Receivable Debit Credit Balance

8 P200,000 P200,000
16 P40,000
19 160,000
27 80,000
28 50,000 30,000

125 Allowance for Bad Debts Debit Credit Balance

31 7,136 7,136
130 Merchandise Inventory Debit Credit Balance
7 P200,000 P200,000
8 100,000
9 50,000
10 10,000
12 4,500
16 20,000
20 50,000
21 50,000
25 150,000
27 50,000 175,500

140 Office Supplies Debit Credit Balance

5 P30,000 P30,000
20,000 10,000

150 Prepaid Insurance Debit Credit Balance

14 P3,000 P3,000
31 1,000 2,000
160 Land Debit Credit Balance
1 P500,000 P500,000

170 Building Debit Credit Balance

1 P800,000 P800,000

175 Accumulated Depreciation - Building Debit Credit Balance

31 5,000 5,000
180 Equipment Debit Credit Balance
3 P60,000 P60,000

185 Accumulated Depreciation - Equipment Debit Credit Balance

1,000 1,000

210 Accounts Payable Debit Credit Balance

7 P200,000 P200,000
9 P50,000
12 150,000
25 100,000
26 50,000 50,000

220 Notes Payable Debit Credit Balance

15 P50,000 P50,000
 30,000 20,000

230 Salaries Payable Debit Credit Balance

31 10,000 10,000

310 Papasa Ako, Capital Debit Credit Balance

1 P1,500,000 P1,500,000

320 Papasa Ako, Withdrawals Debit Credit Balance

30 P20,000 P20,000
330 Income Summary Debit Credit Balance

410 Sales Debit Credit Balance

8 P200,000
21 100,000
27 100,000 400,000

420 Sales Returns and Allowances Debit Credit Balance

16 P40,000 P40,000

430 Sales Discounts Debit Credit Balance

 19 P3,200 P3,200

510 Purchases Debit Credit Balance

7

520 Purchase Returns and Allowances Debit Credit Balance

9

530 Purchase Discounts Debit Credit Balance

12
540 Freight In Debit Credit Balance
10

610 Salaries Expense Debit Credit Balance

24 P10,000 P10,000
31 10,000 20,000

620 Supplies Expense Debit Credit Balance

20,000 20,000
630 Insurance Expense Debit Credit Balance
31 1,000 1,000

640 Depreciation Expense - Building Debit Credit Balance

31 5,000

650 Depreciation Expense - Equipment Debit Credit Balance

31 1,000

660 Freight Out Debit Credit Balance

18 P10,000 P10,000
670 Advertising Expense Debit Credit Balance
29 P5,000 P5,000

680 Interest Expense Debit Credit Balance

29 5,000 5000

690 Bad Debts Expense Debit Credit Balance

31 7,136 7,136
700 Cost of Goods Sold Debit Credit Balance
8 P100,000 P100,000
16 20,000
21 50,000
27 50,000 180,000
 # Account Unadjusted Trial Balance
110 Cash 98,300.00
120 Accounts Receivable 30,000.00
125 Allowance for Bad Debts
130 Merchandise Inventory 175,500.00
140 Office Supplies 30,000.00
150 Prepaid Insurance 3,000.00
160 Land 500,000.00
170 Building 800,000.00
175 Accumulated Depreciation Building
180 Equipment 60,000.00
185 Accumulated Depreciation Equipment
210 Accounts Payable 50,000.00
220 Notes Payable 20,000.00
230 Salaries Payable
310 Papasa Ako, Capital 1,500,000.00
320 Papasa Ako, Withdrawals 20,000.00
330 Income Summary
410 Sales 400,000.00
420 Sales Returns and Allowances 40,000.00
430 Sales Discounts 3,200.00
610 Salaries Expense 10,000.00
620 Supplies Expense
630 Insurance Expense
640 Depreciation Expense Building
650 Depreciation Expense Equipment
660 Freight Out 10,000.00
670 Advertising Expense 5,000.00
680 Interest Expense 5,000.00
690 Bad Debts Expense
700 Cost of Goods Sold 180,000.00
1,970,000 1,970,000
NET INCOME
 Papasa Ako Company
Worksheet
For the month ended, January 31, 2017

Adjusments Adjusted Trial Balance Income Statement

98,300.00
30,000.00
7,136 7,136.00
175,500.00
20,000 10,000.00
1,000 2,000.00
500,000.00
800,000.00
5,000 5,000.00
60,000.00
1,000 1,000.00
50,000.00
20,000.00
10,000 10,000.00
1,500,000.00
20,000.00

400,000.00
40,000.00 40,000.00
3,200.00 3,200.00
10,000 20,000.00 20,000.00
20,000 20,000.00 20,000.00
1,000 1,000.00 1,000.00
5,000 5,000.00 5,000.00
1,000 1,000.00 1,000.00
10,000.00 10,000.00
5,000.00 5,000.00
5,000.00 5,000.00
7,136 7,136.00 7,136.00
180,000.00 180,000.00
44136 44136 1,993,136.00 1,993,136.00 297,336.00
102,664.00
400,000.00
Income Statement Balance Sheet
98,300.00
30,000.00
7,136.00
175,500.00
10,000.00
2,000.00
500,000.00
800,000.00
5,000.00
60,000.00
1,000.00
50,000.00
20,000.00
10,000.00
1,500,000.00
20,000.00

400,000.00

400,000.00 1,695,800.00 1,593,136.00

102,664.00
400,000.00 1,695,800.00 1,695,800.00