Grade XII – ABM – C
Guia Mae V. Estellena
General Journal
Date
page 1
Account Titles and Explanation
P.R.
Cash
110
Debit
Credit
2017
June 1
Makulangan, Capital
June 2
June 3
June 3
June 3
₱
208,000.00
Fan System
160
₱
85,000.00
Pool Structure
150
₱ 1,444,000.00
Land
140
₱
644,000.00
400,000.00
₱
Mortgage Payable
240
₱ 1,493,000.00
Advertising Expense
Prepaid Insurance
520
₱
148,00.00
110
130
₱
₱
148,000.00
₱
10,800.00
10,800.00
Cash
110
Sailboats
170
Cash
110
₱
32,000.00
Accounts Payable
210
₱
30,500.00
₱
3,500.00
₱
3,680.00
₱
6,320.00
₱
924.40
₱
26,325.00
Cash
Advertising Expense
Boat Rental Expense
Miscellaneous Expense
Cash
June 8
832,000.00
110
Cash
June 5
₱
Cash
Accounts Payable
June 3
310
170
Concession Revenues
June 3
832,000.00
Sailboats
Cash
June 3
₱
Cash
Boat Rental Revenues
110
₱
₱
62,500.00
3,500.00
420
520
₱
3,680.00
210
510
₱
6,320.00
110
591
₱
924.40
110
110
410
₱
26,325.00
General Journal
Date
June 9
Account Titles and Explanation
Fan System
Accounts Payable
June 15 Salaries Expense
Cash
June 16 Accounts Payable
Cash
June 16 Makulangan, Withdrawals
page 2
P.R.
160
530
210
320
170
110
Cash
110
June 22 Cash
Boat Rental Revenues
June 23 Accounts Payable
Sailboats
June 24 Utilities Expense
Cash
June 29 Salaries Expense
Cash
June 30 Accounts Payable
Cash
June 30 Utilities Expense
Cash
₱
₱
210
₱
₱
₱
₱
₱
₱
₱
110
₱
₱
8,540.00
₱
30,430.00
₱
426.40
₱
4,800.00
₱
50,820.00
₱
4,520.00
₱
840.00
₱
46,520.00
₱
4,180.00
₱
14,200.00
4,520.00
840.00
46,520.00
4,180.00
110
550
10,520.00
50,820.00
110
210
₱
4,800.00
110
530
3,680.00
426.40
170
550
₱
30,430.00
410
210
42,000.00
8,540.00
110
110
₱
10,520.00
410
591
Cash
₱
8,360.00
3,680.00
210
June 19 Miscellaneous Expense
June 20 Accounts Payable
₱
₱
42,000.00
110
June 16 Sailboats
Boat Rental Revenues
₱
Credit
8,360.00
110
110
June 16 Cash
₱
210
Cash
Accounts Payable
Debit
14,200.00
General Journal
Date
Account Titles and Explanation
June 30 Mortgage Payable
Interest Expense
Cash
June 30 Utilities Expense
page 3
P.R.
Debit
240
₱
6,800.00
590
₱
12,000.00
110
550
₱
Credit
₱
18,800.00
₱
4,320.00
4,320.00
Cash
110
June 30 Sailboats
170
Cash
110
₱
4,520.00
Accounts Payable
210
₱
44,000.00
₱
11,560.00
₱
46,320.00
₱
1,820.00
June 30 Makulangan, Withdrawals
Cash
June 30 Cash
Boat Rental Revenues
June 30 Accounts Receivable
Concession Revenues
320
₱
₱
48,520.00
11,560.00
110
110
₱
46,320.00
410
120
420
₱
1,820.00
Adjusting Entries
Account Titles and Explanation
a. Insurance Expense
Prepaid Insurance
b. Depreciation Expense-Fan System
Accumulated Depreciation-Fan System
c. Depreciation Expense-Pool Structure
Accumulated Depreciation-Pool Structure
d. Depreciation Expense-Sailboats
Accumulated Depreciation-Sailboats
e. Salaries Expense
Salaries Payable
P.R.
540
Debit
₱
900.00
130
570
₱
₱
₱
220
₱
₱
1,360.00
₱
6,000.00
₱
8,040.00
₱
6,960.00
8,040.00
175
530
900.00
6,000.00
155
580
₱
1,360.00
165
560
Credit
6,960.00
General Ledger
Account: Cash
Date
Account No. 110
Explanation
J.R.
Debit
Credit
Balance
2017
₱
₱
832,000.00
644,000.00
₱
188,000.00
₱
14,800.00
₱
173,200.00
J-1
₱
10,800.00
₱
162,400.00
June 3
J-1
₱
32,000.00
₱
130,400.00
June 3
J-1
₱
133,900.00
June 3
J-1
₱
6,320.00
₱
127,580.00
June 5
J-1
₱
924.40
₱
126,655.60
June 8
J-1
₱
152,980.60
June 15
J-2
₱
42,000.00
₱
110,980.60
June 16
J-2
₱
3,680.00
₱
107,300.60
June 16
J-2
₱
10,520.00
₱
96,780.60
June 16
J-2
₱
127,210.60
June 19
J-2
₱
426.40
₱
126,784.20
June 20
J-2
₱
4,800.00
₱
121,984.20
June 22
J-2
₱
172,804.20
June 24
J-2
₱
840.00
₱
171,964.20
June 29
J-2
₱
46,520.00
₱
125,444.20
June 30
J-2
₱
4,180.00
₱
121,264.20
June 30
J-2
₱
14,200.00
₱
107,064.20
June 30
J-3
₱
18,800.00
₱
88,264.20
June 30
J-3
₱
4,320.00
₱
83,944.20
June 30
J-3
₱
4,520.00
₱
79,424.20
June 30
J-3
₱
11,560.00
₱
67,864.20
June 30
J-3
₱
114,184.20
June 1
J-1
June 2
J-1
₱
June 3
J-1
June 3
₱
₱
₱
₱
₱
832,000.00
3,500.00
26,325.00
30,430.00
50,820.00
46,320.00
Account: Accounts Receivable
Date
Explanation
Account No. 120
J.R.
Debit
Credit
Balance
2017
June 30
J-3
₱
₱
1,820.00
Account: Prepaid Insurance
Date
Explanation
1,820.00
Account No. 130
J.R.
Debit
Credit
Balance
2017
June 3
J-1
₱
₱
10,800.00
Account: Land
Date
10,800.00
Account No. 140
Explanation
J.R.
Debit
Credit
Balance
2017
June 2
J-1
₱
₱
400,000.00
Account: Pool Structure
Date
Explanation
400,000.00
Account No. 150
J.R.
Debit
J-1
₱ 1,444,000.00
Credit
Balance
2017
June 2
₱ 1,444,000.00
Account: Fan System
Date
Explanation
Account No. 160
J.R.
Debit
Credit
Balance
2017
June 2
J-1
₱
85,000.00
₱
85,000.00
June 9
J-1
₱
8,360.00
₱
93,360.00
Account: Sailboats
Date
Explanation
Account No. 170
J.R.
Debit
Credit
Balance
2017
June 2
J-1
₱
208,000.00
₱
208,000.00
June 3
J-1
₱
62,500.00
₱
270,500.00
June 16
J-2
₱
8,540.00
₱
279,040.00
June 23
J-2
₱
274,520.00
June 30
J-3
₱
323,040.00
₱
₱
4,520.00
48,520.00
Account: Accounts Payable
Date
Explanation
Account No. 210
J.R.
Debit
Credit
Balance
2017
June 3
J-1
₱
30,500.00
₱
30,500.00
June 3
J-1
₱
3,680.00
₱
34,180.00
June 9
J-2
₱
8,360.00
₱
42,540.00
June 16
J-2
₱
38,860.00
June 16
J-2
₱
47,400.00
June 20
J-2
₱
4,800.00
₱
42,600.00
June 23
J-2
₱
4,520.00
₱
38,080.00
June 30
J-2
₱
4,180.00
₱
33,900.00
June 30
J-3
₱
77,900.00
₱
3,680.00
₱
₱
8,540.00
44,000.00
Account: Mortgage Payable
Date
Explanation
Account No. 240
J.R.
Debit
Credit
Balance
₱ 1,493,000.00
₱ 1,493,000.00
2017
June 2
J-1
June 30
J-3
₱
6,800.00
₱ 1,486,200.00
Account: Makulangan, Capital
Date
Explanation
Account No. 310
J.R.
Debit
Credit
Balance
2017
June 1
₱
J-1
832,000.00
Account: Makulangan, Withdrawals
Date
Explanation
₱
832,000.00
Account No. 240
J.R.
Debit
Credit
Balance
2017
June 16
J-2
₱
10,520.00
₱
10,520.00
June 30
J-3
₱
11,560.00
₱
22,080.00
Account: Boat Rental Revenues
Date
Explanation
Account No. 410
J.R.
Debit
Credit
Balance
2017
June 8
J-1
June 16
J-2
June 22
J-2
June 30
J-3
₱
26,325.00
₱
26,325.00
₱30,430.00
₱
56,755.00
₱
50,820.00
₱
107,575.00
₱
46,320.00
₱
153,895.00
Account: Concession Revenues
Date
Explanation
Account No. 420
J.R.
Debit
Credit
Balance
2017
June 3
J-1
₱
3,500.00
₱
3,500.00
June 30
J-2
₱
1,820.00
₱
5,320.00
Account: Boat Rental Expense
Date
Explanation
Account No. 510
J.R.
Debit
Credit
Balance
2017
June 3
J-1
₱
6,320.00
₱
6,320.00
Account: Advertising Expense
Date
Explanation
Account No. 520
J.R.
Debit
Credit
Balance
2017
June 3
J-1
₱
14,800.00
₱
14,800.00
June 3
J-1
₱
3,680.00
₱
18,480.00
Account: Salaries Expense
Date
Explanation
Account No. 530
J.R.
Debit
Credit
Balance
2017
June 15
J-2
₱
42,000.00
₱
42,000.00
June 29
J-2
₱
46,520.00
₱
88,520.00
Account: Utilities Expense
Date
Explanation
Account No. 550
J.R.
Debit
Credit
Balance
2017
June 24
J-2
₱
840.00
₱
840.00
June 30
J-2
₱
14,200.00
₱
15,040.00
June 30
J-3
₱
4,320.00
₱
19,360.00
Account: Interest Expense
Date
Explanation
Account No. 590
J.R.
Debit
Credit
Balance
2017
June 30
J-3
₱
₱
12,000.00
Account: Miscellaneous Expense
Date
Explanation
12,000.00
Account No. 591
J.R.
Debit
Credit
Balance
2017
June 5
J-1
₱
924.40
₱
924.40
June 19
J-2
₱
426.40
₱
1,350.00
Metro Sails
Income Statement
For the Month Ended June 30, 2017
Revenues
Boat Rental Revenues
₱
Concession Revenues
153,895.00
5,320.00
₱
Total
159,215.00
Expenses
Boat Rental Expense
₱
6,320.00
Advertising Expense
18,480.00
Salaries Expense
95,480.00
Insurance Expense
Utilities Expense
900.00
19,360.00
Depreciation Expense-Pool Structure
6,000.00
Depreciation Expense-Fan System
1,360.00
Depreciation Expense-Sailboats
8,040.00
Interest Expense
Miscellaneous Expense
12,000.00
1,350.80
Total
Loss
169,290.80
₱
10,075.80
Metro Sails
Balance Sheet
June 30, 2017
Assets
Current Assets
₱ 114,184.20
Cash
Accounts Receivable
1,820.00
Prepaid Insurance
9,900.00
₱ 125,904.20
Total Current Assets
Property and Equipment (Net)
₱400,000.00
Land
₱ 1,444,000.00
Pool Structure
Less: Accumulated Depreciation-Pool Structure
6,000.00
₱
Fan System
Less: Accumulated Depreciation-Pool Structure
1,438,000.00
93,360.00
1,360.00
92,000.00
₱ 323,040.00
Sailboats
Less: Accumulated Depreciation-Sailboats
8,040.00
315,000.00 2,245,000.00
₱ 2,370,904.20
Total Assets
Liabilities
Current Liabilities
₱
Accounts Payable
Salaries Payable
77,900.00
6,960.00
Total Current Liabilities
Non-current Liabilities
₱
84,860.00
Mortgage Payable
₱ 1,486,200.00
₱ 1,571,060.00
Total Current Liabilities
Owner’s Equity
Makulangan, Capital, 6/30/2017
₱
Total Liabilities and Owner’s Equity
₱ 2,370,904.20
799,844.20
Metro Sails
Statement of Changes in Equity
For the Month Ended June 30, 2017
Makulangan, Owner’s Equity, 6/1/2017
₱
Less: Loss
Total
10,075.80
₱
Less: Withdrawals
Makulangan, Owner’s Equity, 6/30/2017
832,000.00
821,924.20
22,080.00
₱
799,844.20
Closing Entries
Date
Account Titles and Explanation
P.R.
Debit
June 30 Boat Rental Revenues
410
₱
153,895.00
Concession Revenues
420
₱
5,320.00
Income Summary
330
June 30 Income Summary
330
₱
Credit
₱
159,185.00
169,290.80
Boat Rental Expense
510
₱
6,320.00
Advertising Expense
520
₱
18,480.00
Salaries Expense
530
₱
95,480.00
Insurance Expense
540
₱
900.00
Utilities Expense
550
₱
19,360.00
Depreciation Expense-Pool Structure
560
₱
6,000.00
Depreciation Expense-Fan System
570
₱
1,360.00
Depreciation Expense-Sailboats
580
₱
8,040.00
Interest Expense
590
₱
12,000.00
Miscellaneous Expense
591
₱
1,350.80
₱
10,075.80
₱
22,080.00
June 30 Makulangan, Capital
Income Summary
June 30 Makulangan, Capital
Makulangan, Withdrawals
310
₱
10,075.80
330
310
320
₱
22,080.00
Metro Sails
Post-Closing Trial Balance
June 30, 2017
Cash
₱
114,184.20
Accounts Receivable
1,820.00
Prepaid Insurance
9,900.00
Land
Pool Structure
400,000.00
1,444,000.00
₱ 6,000.00
Accumulated Depreciation-Pool Structure
Fan System
93,360.00
Accumulated Depreciation-Fan System
Sailboats
1,360.00
323,040.00
Accumulated Depreciation-Sailboats
8,040.00
Accounts Payable
77,900.00
Salaries Payable
6,960.00
Mortgage Payable
1,486,200.00
Makulangan, Capital
799,844.20
₱ 2,386,304.20
₱ 2,386,304.20
PERFORMANCE TASK
In
Fundamentals of Accounting, Business,
and Management 2
July 24, 2017
PRACTICE SET
Guia Mae V. Estellena
Grade 12 – ABM – C