Journal Date Account Titles Debit Credit
Journal Date Account Titles Debit Credit
Instructions: Prepare the correct entries (not correcting entries) in journal provided below.
JOURNAL
DATE ACCOUNT TITLES DEBIT CREDIT
1
lowing transactions:
in equipment were
wner’s equity of ₱40,500.
redited to Cash.
dited to Accounts receivable.
dit to Accounts Receivable.
and credited to the Owner’s equity account.
On January 2, 20x1, Jin, an attorney, opened a law office as Bangtan Law Office, a professional services company. Th
1. Jin invested ₱20,000 cash and ₱13,200 worth of office equipment in the business. (Use ‘Office equipment’ accou
2. Paid the current month’s rent of ₱2,500. (Use ‘Rent expense’ account)
3. Paid ₱1,000 for office supplies. (Use ‘Supplies expense’ account)
4. Collected legal fees of ₱19,600. (Use ‘Service fees’ account)
5. Paid secretary a salary of ₱1,100.
6. Purchased ₱200 worth of office supplies on account. (Use ‘Accounts payable’ account)
7. Bought a vehicle for business use (Use ‘Transportation equipment’ account). The cost of the vehicle is ₱13,000. T
8. Jin withdrew ₱5,000 cash from the business.
9. Paid ₱800 for auto repairs and maintenance.
10. Received a ₱240 telephone bill. The bill is not yet paid. (Use ‘Communications expense’ and ‘Accounts payable’
11. Paid the ₱240 telephone bill.
12. Paid premiums of ₱1,700 on property insurance. (Use ‘Insurance expense’ account)
13. Paid ₱2,000 on accounts payable.
14. Paid ₱5,000 cash for books for the law library. (Use ‘Books’ account)
15. Paid ₱500 cash for janitor service. (Use ‘Janitorial expense’ account)
ost of the vehicle is ₱13,000. The business paid ₱2,600 down payment and charged the balance on account. (Use ‘Accounts payable’ accou
LIABILITIES
Accounts payable
200 (f)
10,400 (g)
(k) 240 240 (j)
(m) 2,000
8,600 Bal.
GENERAL LEDGER
EQUITY
Owner’s equity Owner’s drawings
33,200 (a) (h) 5,000
INCOME
Service fees
19,600 (d)
19,600 Bal.
EXPENSES
Rent expense Supplies expense
(b) 2,500 (c) 1,000
(f) 200
Bal. 2,500 Bal. 1,200
Janitorial expense
(o) 500
Bal. 500
Bangtan Law Office
Trial Balance
January 31, 20x1