Module 3 - EA03
Module 3 - EA03
Module 3 - EA03
ENABLING ASSESSMENT 03
Rey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of
1-Dec P1,500,000. He also invested a computer worth P100,000 with a fair market value of P90,000.
Bought a P900,000 condominium for his office paying P500,000 down payment and signing a mortgage with Metro
5 Bank payable in 10 years for the balance.
Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note,
12 and the balance on account.
Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to
13 Baguio Trading. The business will assume the liability.
15 Withdrew P75,000 cash and office supplies worth P500 for personal use.
Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel -
19 P8,000; Uriel - P7,000.
Requirements:
1 Journalize the December transactions using a general journal and the
account titles given in the chart of accounts.
Date Particulars f Dr Cr
Dec 1 Cash 1,500,000.00
Equipment
Millora, Capital
Initial investment
5 Office Condominium
Cash 500,000.00
Mortgage Payable
Purchase of office condominium.
9 Equipment 24,000.00
Cash 24,000.00
Purchase of cash register.
12 Vehicle
Cash 150,000.00
Notes Payable 240,000.00
Accounts Payable - Jade Motors
Purchase of van.
General Journal
Date Particulars f Dr Cr
Dec 13 Cash 500,000.00
Equipment 60,000.00
Accounts Payable - Baguio Trading 10,000.00
550,000.00
Additional investment.
14 Cash 880.00
Office Supplies 880.00
Return of damaged supplies.
18 Cash 200,000.00
Laundry Service Income 200,000.00
Collection from various customers.
General Journal
Date Particulars f Dr Cr
Dec 30 Cash
Accounts Receivable - Gabriel 5,000.00
Accounts Receivable - Michael 10,000.00
Accounts Receivable - Daniel 5,000.00
Accounts Receivable - Uriel 4,000.00
Collection of customers' accounts.
General Journal
Date Particulars f Dr Cr
Page 1
Cr
5,500.00
500,000.00
45,000.00
7,000.00
24,000.00
5,600.00
150,000.00
240,000.00
Page 2
Cr
10,000.00
550,000.00
880.00
75,000.00
500.00
7,600.00
1,200.00
200,000.00
2,000.00
Page 3
Cr
5,000.00
10,000.00
5,000.00
4,000.00
Page 4
Cr
GENERAL LEDGER
CASH
Date Particulars f Dr Date Particulars f
ACCOUNTS RECEIVABLE
Date Particulars f Dr Date Particulars f
OFFICE SUPPLIES
Date Particulars f Dr Date Particulars f
OFFICE CONDOMINIUM
Date Particulars f Dr Date Particulars f
EQUIPMENT
Date Particulars f Dr Date Particulars f
VEHICLE
Date Particulars f Dr Date Particulars f
ACCOUNTS PAYABLE
Date Particulars f Dr Date Particulars f
NOTES PAYABLE
Date Particulars f Dr Date Particulars f
INTEREST PAYABLE
Date Particulars f Dr Date Particulars f
SALARIES PAYABLE
Date Particulars f Dr Date Particulars f
MORTGAGE PAYABLE
Date Particulars f Dr Date Particulars f
MILLORA, CAPITAL
Date Particulars f Dr Date Particulars f
MILLORA, PERSONAL
Date Particulars f Dr Date Particulars f
INCOME AND EXPENSE SUMMARY
Date Particulars f Dr Date Particulars f
DEPRECIATION EXPENSE
Date Particulars f Dr Date Particulars f
UTILITIES EXPENSE
Date Particulars f Dr Date Particulars f
SUPPLIES EXPENSE
Date Particulars f Dr Date Particulars f
INTEREST EXPENSE
Date Particulars f Dr Date Particulars f
101
Cr
102
Cr
102a
Cr
103
Cr
201
Cr
201a
Cr
202
Cr
202a
Cr
203
Cr
203a
Cr
204
Cr
204a
Cr
301
Cr
302
Cr
303
Cr
304
Cr
305
Cr
401
Cr
402
Cr
403
Cr
501
Cr
501
Cr
602
Cr
603
Cr
604
Cr
605
Cr
606
Cr
607
Cr
608
Cr
SUBSIDIARY LEDGERS
CUSTOMER'S NAME:
Date Particulars f Dr Cr Balance
ACCOUNTS PAYABLE SUBSIDIARY LEDGER OR SUPPLIERS' CARD
SUPPLIER'S NAME:
Date Particulars f Dr Cr Balance
Rey's Laundromat
TRIAL BALANCE
DECEMBER 31, 2020
Amounts in Philippine Peso
Dr Cr
Cash
Accounts Receivable
Office Supplies
Office Condominium
Equipment
Furniture and Fixtures
Vehicle
Accounts Payable
Notes Payable
Mortgage Payable
Millora, Capital
Millora, Personal
Laundry Service Income
Taxes and Licenses
Salaries Expense
Utilities Expense
Repairs and Maintenance
Total
Rey's Laundromat
ACCOUNTS RECEIVABLE SCHEDULE
December 31, 2020
Amounts in Philippine Peso
Gabriel
Daniel
Uriel
Total
Rey's Laundromat
ACCOUNTS PAYABLE SCHEDULE
December 31, 2020
Amounts in Philippine Peso
Jade Motors
Baguio Trading
Total