Recording Transactions

Journal Entries

Date Account Titles and Explanation P.R Debit Credit

.
2017
Dec. 1 Cash 110 P 250,000.00
Bosh, Capital 310 P 250,000.00
To record the initial investment of Dwayne Bosh.

Dec. 2 Supplies 130 67,000.00

Accounts Payable 210 67,000.00
To record supplies acquired on account.

Dec. 4 Prepaid Rent 140 24,000.00

Cash 110 24,000.00
To record rent paid in advance for two months.

Dec. 5 Service Vehicle 150 235,000.00

Cash 110 50,000.00
Notes Payable 220 185,000.00
To record service vehicle paying P50,000 down, and notes payable
on the balance

Dec. 7 Furniture and Fixture 160 35,000.00

Cash 110 35,000.00
To record furniture and fixture bought in cash

Dec. 8 Cash 110 78,000.00

Rental Revenue 410 78,000.00
To record cash received from PBA Video for rental fees

Dec. 11 Accounts Receivable 120 105,000.00

Rental Revenue 410 105,000.00
To record accounts receivable from service rendered

Dec. 13 Cash 110 P 75,000.00

Unearned Rental Revenue 230 P 75,000.00
To record cash received for service to be rendered.

Dec. 16 Salaries Expense 510 65,000.00

Cash 110 65,000.00
To record salaries expense.

Dec. 17 Cash 110 77,000.00

Accounts Receivable 120 77,000.00
To record cash received from Oklahoma City.

Dec. 19 Advertising Expense 550 2,500.00

Accounts Payable 210 2,500.00
 To record advertising bill received payable next month

Date Account Titles and Explanation P.R Debit Credit

.
2017
Dec. 21 Transportation Expense 530 3,000.00
Cash 110 3,000.00
To record transportation expense

Dec. 23 Bosh, Drawings 320 47,000.00

Cash 110 47,000.00
To record cash withdrawal of the owner

Dec. 25 Miscellaneous Expense 540 3,800.00

Cash 110 3,800.00
To record miscellaneous expense

Dec. 27 Accounts Payable 210 9,500.00

Cash 110 9,500.00
To record partial payment of accounts payable

Dec. 30 Utilities Expense 520 17,500.00

Cash 110 17,500.00
To record utilities expense

GENERAL LEDGER

Account Title: Cash Account No. 110

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 1 Initial investment J-1 P250,000.00 P250,000.00
4 Rent paid in advance J-1 P 24,000.00 226,000.00
5 Down payment for service veh. J-1 50,000.00 176,000.00
7 DECA Homes J-1 35,000.00 141,000.00
8 PBA Video rental fees J-1 78,000.00 219,000.00
13 THE STARTERS J-1 75,000.00 294,000.00
16 Salaries paid J-1 65,000.00 229,000.00
17 Cash collection - Oklahoma City J-1 77,000.00 306,000.00
21 Transportation paid J-2 3,000.00 303,000.00
23 Withdrawals J-2 47,000.00 256,000.00
25 Miscellaneous expense paid J-2 3,800.00 252,200.00
27 Partial payment on supplies J-2 9,500.00 242,700.00
30 Utilities expense paid J-2 17,500.00 225,200.00

Account Title: Accounts Receivable Account No. 120

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 11 Oklahoma City J-1 P105,000.00 P105,000.00
17 Oklahoma City J-1 P 77,000.00 28,000.00
 Account Title: Supplies Account No. 130
Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 2 Supplies acquired on account J-1 P 67,000.00 P 67,000.00

Account Title: Prepaid Rent Account No. 140

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 4 Rent paid in advance J-1 P 24,000.00 P 24,000.00

Account Title: Service Vehicle Account No. 150

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 5 Service Vehicle J-1 P235,000.00 P235,000.00

Account Title: Furniture and Fixtures Account No. 160

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 7 DECA Homes J-1 P 35,000.00 P 35,000.00

Account Title: Accounts Payable Account No. 210

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 2 Supplies acquired on account J-1 P 67,000.00 P 67,000.00
19 Manila Bulletin Advertising J-2 2,500.00 69,500.00
27 Partial payment for supplies J-2 P 9,500.00 60,000.00

Account Title: Notes Payable Account No. 220

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 5 Notes issued for the balance J-1 P185,000.00 P185,000.00
 Account Title: Unearned Rental Revenue Account No. 230
Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 13 Received cash in advance for J-1 P 75,000.00 P 75,000.00
service to be rendered

Account Title: Bosh, Capital Account No. 310

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 1 Initial investment J-1 P250,000.00 P250,000.00

Account Title: Bosh, Drawings Account No. 320

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 23 Withdrawals J-2 P 47,000.00 P 47,000.00

Account Title: Rental Revenue Account No. 410

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 08 PBA Video rental fees J-1 P 78,000.00 P 78,000.00
11 Oklahoma City J-1 105,000.00 183,000.00

Account Title: Salaries Expense Account No. 510

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 16 Salaries J-1 P 65,000.00 P 65,000.00

Account Title: Utilities Expense Account No. 520

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 30 Utilities J-2 P 17,500.00 P 17,500.00

Account Title: Transportation Expense Account No. 530

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 21 Transportation J-2 P 3,000.00 P 3,000.00

Account Title: Miscellaneous Expense Account No. 540

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 25 Miscellaneous expense J-2 P 3,800.00 P 3,800.00
 Account Title: Advertising Expense Account No. 550
Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
Dec. 19 Manila Bulletin Advertising J-2 P 2,500.00 P 2,500.00

THE NBA VIDEO STORE

Trial Balance
Dec. 31, 2017

Account Titles Debits Credits

Cash P 225,200.00
Accounts Receivable 28,000.00
Supplies 67,000.00
Prepaid Rent 24,000.00
Service Vehicle 235,000.00
Furniture and Fixtures 35,000.00
Accounts Payable P 60,000.00
Notes Payable 185,000.00
Unearned Rental Revenues 75,000.00
Bosh, Capital 250,000.00
Bosh, Drawings 47,000.00
Rental Revenue 183,000.00
Salaries Expense 65,000.00
Utilities Expense 17,500.00
Transportation Expense 3,000.00
Miscellaneous Expense 3,800.00
Advertising Expense 2,500.00
TOTALS P 753,000.00 P 753,000.00