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4AC0 01 Accounting
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Mr. Edgar Esparaguera is a professional accou ntant. He ventured in a milling business to serve the needs
the rural areas of Dipolog City. With a given chart of accounts, record in a two-column General Journal the for the first month of operation on April 2014. Dipolog Rice Mill Chart of Accounts Page
Account
No.
No.
Particulars
Page
Account
No.
No.
Assets
Particulars
Owner's Equ
1
101
Cash Cash in Bank
10
301
E. Esparaguera,
2
102
Petty Petty Cash Fund
11
302
E. Esparaguera,
3
103
Accounts Receivable
4
104
Advances Advances to Employees
5
105
Diesoline Inventory
12
401
6
106
Satake Satake Rice Mill
13
401-A
7
107
Furniture and Fixtures
Income Milling Income Other Income
Expenses Liabilities
14
501
Salaries and Wage
8
201
Accounts Payable
15
502
Taxes and License
9
202
Unearned Unearned Milling Income
16
503
Repairs and Maint
17
504
Light and Water
Transactions for the Month: April
1 - Mr. Edgar Esparaguera invests cash of P100,000. He deposited the P99,000 in Land Bank
P1,000 as petty cash fund to pay for small expenses. He also invests a Satake Rice Mill wh
installation cost worth P950,000 and Furniture amounting to P80,000 for a total inv P1,130,000. 3 - Purchased diesoline worth P15,000 account from Caltex Philippines. 5 - Paid licenses and business permits to the city government, government, P2,800. 7 - Salary advance of an an employee employee deductible from payroll, payroll, P3,000. 8 - Paid minor repairs, P500. P500. This was taken from the Petty Cash Fund.
Master your semester with Scribd 14 - Received cash for milling services, P9,000. Read Free Foron 30this Days Sign up to vote title 18 - Withdrew P8,000 cash for personal use. & The New York Times Useful Not useful 20 - Rendered milling services services to Zamboanga Traders on account, P18,000. Special offer for students: Only $4.99/month. 23 - Paid in full the account with Caltex Philippines, P15,000.
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Dipolog Rice Mill
Journal Entry
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20A April
Particulars 1
Folio
Debit
Cash in Bank
JV - 1
99,000
Petty Cash Fund
JV - 2
1,000
Satake Rice Mill
JV - 6
950,000
Furniture and Fixtures
JV - 7
80,000
E. Esparaguera, Capital
JV - 10
Credit
1,130,000
Investment of E. Esparaguera. 3
Diesoline Inventory
JV - 5
Accounts Payable
15,000
JV - 8
15,000
Purchased on Account. 5
Taxes and Licenses
JV - 15
Cash in Bank
JV - 1
2,800 2,800
Paid Taxes and Licenses to the City Government. 7
Advances to Employees
JV - 4
Cash in Bank
3,000
JV - 1
3,000
Cash Advance for Employees.
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Repairs and Maintenance
JV - 16
500
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Petty Cash Fund
JV - 2
500
Paid Minor Repairs from
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Petty Cash Fund. 14
Cash in Bank
JV - 1
Milling Income
9,000
JV - 12
9,000
Received Cash for Milling Services. 18 E. Esparaguera, Master your semester with Drawing Scribd Cash in Bank & The New York TimesWithdrawal of E. Esparaguera
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Cash in Bank
JV - 1
Unearned Milling Income
7,000
JV - 9
7,000
Received Cash last still no services has been rendered. 29
Light and Water
JV - 17
Cash in Bank
8,000
JV - 1
8,000
Paid the Light and Water. 30
Salaries and Wages
JV - 14
15,000
Advances to Employees
JV - 4
3,000
Cash in Bank
JV - 1
12,000
Paid the Payroll less the cash advance. Accounts Receivable
JV - 3
Milling Income
25,000
JV - 12
25,000
Billed customer for milling services rendered.
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Dipolog Rice Mill
General Ledger
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ASSETS
Acc
CASH IN BANK 20A April
Particular 1
F
Debit
Investment
JE - 1
P 99,000
14
Received Cash
JE - 1
P 9,000
27
Partial Collection
JE - 2
P 10,000
28
Received Cash
JE - 2
P 7,000
P 76,200
20A April
Particular
F
5
Taxes and Licenses
JE - 1
7
Advances to Employees
JE - 1
18
Withdrawal
JE - 2
23
Paid account in full
JE - 2
29
Light and Water
JE - 2
30
Cash Advance
JE - 2
P 125,000
Acc
PETTY CASH FUND 20A April
Particular 1
Investment
F JE - 1
P 500
Debit P 1,000
20A April
Particular 8
F
Paid Minor Repairs
JE - 1
P 1,000
Acc
20A April
Particular
F
ACCOUNT RECEIVABLE You're Reading a Preview Debit
20
Rendered Services
JE - 1
P 18,000
30
Milling Services
JE - 2
P 25,000
P 33,000
20A
Particular
F
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April
29
Light and Water
JE - 1
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P 43,000
Acc
ADVANCES TO EMPLOYEES 20A April
Particular 7
Cash Advance
F JE - 1
Debit P 3,000
20A April
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Particular 30
Payroll
Debit
JE - 2
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DIESOLINE INVENTORY F
20A
F
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Acc
F
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Acc
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FURNITURE AND FIXTURES 20A
Particular
April
1
Investment
F JE - 1
Debit
20A
Particular
F
P 80,000 P 80,000
LIABILITIES
Acco
ACCOUNTS PAYABLE 20A April
23
Particular
F
Paid Account in Full
JE - 2
Debit P 15,000
20A April
Particular 3
F
Purchased on Account
JE - 1
P 15,000
Acco
UNEARNED MILLING INCOME 20A
Particular
F
Debit
20A April
Particular 28
F
Received Cash
JE - 2
OWNER'S EQUITY
Acco
E. ESPARAGUERA, CAPITAL 20A
Particular
F
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Particular
April 1 trial. Investment Unlock full access with a free
F JE - 1
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Acco
E. ESPARAGUERA, DRAWING 20A April
Particular 18
Withdrawal
F JE - 2
Debit
20A
Particular
F
P 8,000 P 8,000
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MILLING INCOME F
Debit
20A
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F
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EXPENSES
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Acco
SALARIES AND WAGES 20A April
Particular 30
F
Paid Payroll to Employees
JE - 1
Debit
20A
Particular
P 15,000 P 15,000
Acco
TAXES AND LICENSES 20A April
Particular 5
F
Taxes and Licenses
JE - 1
Debit
20A
Particular
P 2,800 P 2,800
Acco
REPAIRS AND MAINTENANCE 20A April
Particular 8
F
Paid Minor Repairs
JE - 1
Debit
20A
Particular
P 500 P 500
Acco
LIGHT AND WATER 20A April
Particular 29
Light and Water
F JE - 2
Debit
20A
Particular
P 8,000
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Dipolog Rice Mill
Trial Balance
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April 20A
Account Titles
Folio
Debit Balance
Credit Balance
Cash in Bank
1
76,200
Petty Cash Fund
2
500
Accounts Receivable
3
33,000
Diesoline Inventory
5
15,000
Satake Rice Mill
6
950,000
Furniture and Fixtures
7
80,000
Unearned Milling Income
9
7,000
E. Esparaguera, Capital
10
1,130,000
E. Esparaguera, Drawing
11
Milling Income
12
Salaries and Wages
14
15,000
Taxes and Licenses
15
2,800
Repairs and Maintenance
16
500
Light and Water
17
8,000
TOTAL
8,000 52,000
1,189,000
___________ 1,189,000
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