Uploaded by QUENNY GIE RAS

RAS LE45 Journalizing-and-T-account

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Name: QUENNY GIE C. RAS
Score:
Course/Yr/Section: 1BSBA-A
Date: 03-10-22
Requirement 1. The assets, liabilities and owner’s equity of Roberto Lapus who operates a repair
are expressed in equation form below. Lapus completed the following transactions:
Transactions
Assets
Cash
August 1,
2021
1.
August 2,
2021
2.
August 5,
2021
3.
August 8,
2021
4.
August 13,
2021
5.
August 15,
2021
6.
August
20, 2021
7.
Organized a
repair shop
and
deposited
P500,000
cash in the
bank for use
by the
business.
Purchased
P20,000 of
supplies on
account.
Balance
Purchased
land for
future repair
site for
P140,000
cash.
Balance
Paid P18,000
to creditors.
Balance
Withdrew
P25,000 for
personal use.
Balance
Paid P28,000
for site and
equipment
rent for the
month.
Balance
During the
month,
P10,000
utilities
Supplies
=
Land
Liabilities
Accounts
Payable
500,000
Owner’s
Equity
Lapus,
Capital
500,000
INV
20,000
20,000
20,000
(140,000)
20,000
500,000
140,000
360,000
(18,000)
20,000
140,00
20,000
(18,000)
500,000
342,000
(25,000)
20,000
140,000
2,000
500,000
(25,000)W
317,000
(28,000)
20,000
140,000
2,000
475,000
(28,000)E
289,000
20,000
140,000
2,000
(10,000)
447,000
(10,000)E
August
27, 2021
August
28, 2021
August 31,
2021
expense were
incurred on
account by
the business.
Balance
8. During the
month, Lapus
invested
another
P100,000
cash in the
business.
Balance
9. Received
P5,000 for a
cash service
call.
Balance
10. Lapus used
P6,000 worth
of supplies.
Balance
Total
289,000
100,000
20,000
140,000
12,000
437,000
100,000
INV
389,000
5,000
20,000
140,000
12,000
537,000
5,000 (I)
394,000
20,000
(6,000)
140,000
12,000
542,000(I)
(6,000)E
394,000
14,000
140,000
P548,000
12,000
P548,000
536,000
Required 1.
On each of the numbered lines, show by addition or subtraction the effect of each of the
transactions in the equation. For each transaction, identify the changes in owner’s equity by
placing the letter I (Income), E (Expense), W (Withdrawal), or INV (Investment) at the right side
of each amount. On the lines labeled “Balance” show the new equation resulting from the
transaction.
Required 2.
After completing the financial transaction worksheet, prepare t-account for the following
account titles of Lapus Repair Services:
110 Cash
120 Supplies
130 Land
210 Accounts Payable
310 Lapus, Capital
320 Lapus, Drawings
410 Service Income
510 Supplies Expense
520 Utilities Expense
530 Rent Expense
T - ACCOUNTS
ASSESTS
CASH
August 1
August 27
August 28
Debit
P500,00
100,000
5,000
August5
August 8
August 13
August 15
P605,000
Balance
Credit
P140,000
18,000
25,000
28,000
P211,000
P394,000
SUPPLIES
Debit
Credit
August 2
P20,000 August 31
Balance
P14,000
P6,000
LAND
Debit
Credit
August 8
P140,000
Balance
P140,000
LIABILITIES
ACCOUNTS PAYABLE
Debit
August 8
Credit
P18,000
August5
August 20
P20,000
P10,000
Balance
P 12,000
OWNER’S EQUITY
LAPUS, CAPITAL
Debit
Credit
August1
August 27
Balance
P500,000
P100,000
P600 ,000
LAPUS, DRAWINGS
Debit
Credit
August 13
P25,000
Balance
P25,000
SERVICE INCOME
Debit
Credit
August 28
P5,000
Balance
P5 ,000
SUPPLIES EXPENSE
Debit
Credit
August 31
P6,000
Balance
P6,000
UTILITIES EXPENSE
Debit
Credit
August 20
P10,000
Balance
P10,000
RENT EXPENSE
Debit
Credit
August 15
P28,000
Balance
P28,000
Total Assets:
Total Liabilities + OE:
Required 3. Record the transactions in the journal.
= P617,000
P12,000 + P605,00 =P617,000
JOURNAL ENTRIES
DATE
Account titles and explanation
P.R
DEBIT
CREDIT
AUGUST 1, 2021
Cash
110
Lapus, capital
5 0 0 0 0 0 -
310
5 0 0 0 0 0 -
Bank deposit for the business
AUGUST 2, 2021
Supplies
120
Accounts Payable
2 0 0 0 0 -
210
2 0 0 0 0 -
Purchased supplies on account
AUGUST 5, 2021
Land
130
Cash
1 4 0 0 0 0 -
110
1 4 0 0 0 0 -
Purchased land for future repair site
AUGUST 8, 2021
Accounts Payable
Cash
210
1 8 0 0 0 -
110
1 8 0 0 0 -
Payment to creditors
AUGUST 13, 2021 Lapus, Drawings
Cash
320
2 5 0 0 0 -
110
2 5 0 0 0 -
Withdraw cash for personal use
AUGUST 15, 2021 Rent Expense
Cash
To record the paid amount for rent and
equipment
530
110
2 8 0 0 0 2 8 0 0 0 -
AUGUST 20, 2021 Utilities Expense
Account payable
520
1 0 0 0 0 -
210
1 0 0 0 0 -
To record the expenses incurred on
account
AUGUST 27, 2021
Cash
110
Lapus, capital
1 0 0 0 0 0 -
310
1 0 0 0 0 0 -
To record cash invested
AUGUST 28, 2021 Cash
110
Service income
5 0 0 0 -
410
5 0 0 0 -
To record cash service call
AUGUST 31, 2021
Supplies Expenses
Supplies
To record supplies expense
Required 4. Post transactions to the ledger.
510
120
6 0 0 0 6 0 0 0 -
LEDGER
ASSETS
Account: CASH
Date
Account No. 110
Explanation
J.R
Debit
Credit
500,000
Balance
AUGUST 1, 2021
Investment
J-1
500,000
AUGUST 5, 2021
Purchased
land
J-1
AUGUST 8, 2021
Payment to
creditors
J-1
18,000
342,000
AUGUST 13, 2021 Withdrawal
J-1
25,000
317,000
AUGUST 15, 2021 Rent expense J-1
28,000
289,000
140,000
360,000
AUGUST 27, 2021 Additional
investment
J-1
100,000
389,000
AUGUST 28, 2021 Service
income
J-1
5,000
394,000
Account: Supplies
Date
AUGUST 2, 2021
AUGUST 31, 2021
Account No. 120
Explanation
J.R
Purchas J-1
es
Use
J-1
supplies
Debit
Credit
20,000
20,000
6,000
Account: Land
Date
Balance
14,000
Account No. 130
Explanation
AUGUST 5, 2021 Purchased
for cash
J.R
J-1
Debit
140,000
Credit
Balance
140,000
LIABILITIES
Account: Accounts Payable
Date
Account No. 210
Explanation
J.R
AUGUST 2, 2021
Supplies
J-1
AUGUST 8, 2021
Payments
J-1
AUGUST 20, 2021
Utilities
expense
J-1
Debit
Credit
20,000
18,000
Balance
20,000
2,000
10,000
12,000
OWNER’S EQUITY
Account: Lapus, Capital
Date
AUGUST 1, 2021
Explanation
Account No. 310
J.R
Debit
Investment J-1
AUGUST 27, 2021 Additional
investment
J-1
Credit
500,000
500,000
100,000
600,000
Account: Lapus, Drawings
Date
AUGUST 13, 2021
Explanation
Withdrew
cash
Account No. 320
J.R
J-1
Debit
Credit
25,000
Explanation
AUGUST 28, 2021 Rendered
services
Balance
25,000
Account: Service Income
Date
Balance
Account No: 410
J.R
J-1
Debit
Credit
5,000
Balance
5,000
EXPENSES
Account: Supplies Expense
Date
Explanation
AUGUST 31, 2021 Use
supplies
Account No. 510
J.R
J-1
Debit
Credit
6,000
6,000
Account: Utilities Expense
Account No. 520
Date
Explanatio J.R
n
AUGUST 20, 2021 Incurred
J-1
utilities
Debit
Credit
10,000
AUGUST 15, 2021
Explanation
Account No. 530
J.R
Site and
and
J-1
equipment
rent
Required 5. Prepare a trial balance
Balance
10,000
Account: Rent Expense
Date
Balance
Debit
28,000
Credit
Balance
28,000
TRIAL BALANCE
ACCOUNTS
DEBIT
Cash
P 394,000
Supplies
14,000
Land
140,000
CREDIT
Accounts Payable
P 12,000
Lapus, Capital
600,000
Lapus, Drawings
25,000
Service Income
5,000
Supplies Expense
6,000
Utilities Expense
10,000
Rent Expense
28,000
TOTAL BALANCE:
P 617,000
P 617,000
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