Scribd Logo
Upload

Welcome to Scribd!

  • 80 views

    Far-1 2

    Uploaded by

    tygur
    1. The general journal of an accounting firm for the month of December 2021 is presented, with various debit and credit transactions recorded. 2. Key transactions include the purchase of office equipment and supplies using cash and financing, payment of rent, salaries and other expenses, and billing and collection of fees from clients. 3. The owner also withdrew cash from the business and the firm took out a bank loan.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Far-1 2

    Uploaded by

    tygur
    80 views6 pages
    1. The general journal of an accounting firm for the month of December 2021 is presented, with various debit and credit transactions recorded. 2. Key transactions include the purchase of office equipment and supplies using cash and financing, payment of rent, salaries and other expenses, and billing and collection of fees from clients. 3. The owner also withdrew cash from the business and the firm took out a bank loan.

    Original Title

    far-1 2

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The general journal of an accounting firm for the month of December 2021 is presented, with various debit and credit transactions recorded. 2. Key transactions include the purchase of office equipment and supplies using cash and financing, payment of rent, salaries and other expenses, and billing and collection of fees from clients. 3. The owner also withdrew cash from the business and the firm took out a bank loan.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    80 views6 pages

    Far-1 2

    Uploaded by

    tygur
    1. The general journal of an accounting firm for the month of December 2021 is presented, with various debit and credit transactions recorded. 2. Key transactions include the purchase of office equipment and supplies using cash and financing, payment of rent, salaries and other expenses, and billing and collection of fees from clients. 3. The owner also withdrew cash from the business and the firm took out a bank loan.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 6

    Accounting Firm

    For the Month Ended December 1, 2021


    General Journal

    DATE PARTICULARS DR

    Dec 1 Cash 101 ₱ 200.00


    V, Infinity, Capital 301
    V. Infinity invested P 200 as initial capital for his accounting firm.

    Rent Expense 501 16,400.00


    Cash 101
    Paid office rent for the month P 16,400.

    Office Supplies Expense 502 15,500.00


    Cash 101
    Bought office supplies for cash P 15,500.

    Office Equipment 105 80,000.00


    Cash 101
    Notes/AC Payable 202
    Bought computer from Mabuhay Equipment Corporation P 80,000,
    paying 50% down and the balance payable IN 90days

    2 Furnitures and fixtures 104 12,500.00


    Cash 101
    Office tables and chairs were purchased for cash, P 12,500.

    Cash 101 5,600.00


    Professional Fees Revenues 401
    Received cash from a client for accounting services rendered P 5,600.

    3 Light and Water Expense 503 4,000.00


    Cash 101
    Paid Meralco, P4,000.

    4 Accounts Receivable 102 38,000.00


    Professional Fees Revenues 401
    Billed several clients for services rendered P 38,000.

    8 Cash 101 20,000.00


    Loan Payable 203
    Borrowed money from Metrobank, P 20,000.

    10 Notes Receivable 103 12,000.00


    Professional Fees Revenues 401
    Received a 60 – day note from a client for services rendered, P 12,000.
    15 Salaries Expense 504 16,500.00
    Cash 101
    Paid salaries of the employees, P 16,500.

    V, Infinity Drawing 302 10,000.00


    Cash 101
    Infinity withdrew P 10,000 cash for his personal issue.

    18 Office Equipment 105 15,000.00


    Accounts Payable 201
    Bought filling cabinets from Leeman Trading P 15,000, terms 30days.

    20 Office Equipment 105 32,000.00


    Notes Payable 202
    Issued a promissory note to CORTEZ Trading P 32,000 for a
    copying machine bought.

    31 Taxes and License Expense 505 3,000.00


    Cash 101
    Paid municipal license, P 3,000.

    Salaries Expense 504 14,250.00


    Cash 101
    Paid the salaries of the employees P 14,250.

    Accounts Payable 201 4,000.00


    Cash 101
    Paid Leeman Trading Corporation partially, P 4,000.

    Cash 101 12,800.00


    Accounts Receivable 102
    ₱ 311,750.00
    CR

    ₱ 200.00

    16,400.00

    15,500.00

    40,000.00
    40,000.00

    12,500.00

    5,600.00

    4,000.00

    38,000.00

    20,000.00

    12,000.00
    16,500.00

    10,000.00

    15,000.00

    32,000.00

    3,000.00

    14,250.00

    4,000.00

    12,800.00
    ₱ 311,750.00
    CASH
    DATE PARTICULARS DR CR Balance

    Dec 1 200 200


    16400 -16200
    15500 -31700
    40000 -71700
    12500 -84200
    5600 -78600
    4000 -82600
    20000 -62600
    16500 -79100
    10000 -89100
    3000 -92100
    14250 -106350
    12800 -93550

    ACCOUNTS RECEIVABLE
    DATE PARTICULARS DR CR Balance

    38000 38000
    12800 25200

    NOTES RECEIVABLE
    DATE PARTICULARS DR CR Balance

    12000 12000

    FURNITURES AND FIXTURES


    DATE PARTICULARS DR CR Balance

    12500 12500

    OFFICE EQUIPMENT
    DATE PARTICULARS DR CR Balance

    0
    80000 80000
    15000 95000
    32000 127000

    ACCOUNTS PAYABLE
    DATE PARTICULARS DR CR Balance

    40000 -40000
    4000 -36000

    NOTES PAYABLE
    DATE PARTICULARS DR CR Balance

    32000 32000

    LOAN PAYABLE
    DATE PARTICULARS DR CR Balance

    20000 20000

    V, Infinity Capital
    DATE PARTICULARS DR CR Balance

    200 200

    V, Infinity Drawing
    DATE PARTICULARS DR CR Balance

    10000 10000

    PROFESSIONAL FEES REVENUES


    DATE PARTICULARS DR CR Balance

    5600 -5600
    38000 -43600
    12000 -55600

    RENT EXPENSE
    DATE PARTICULARS DR CR Balance

    16400 16400

    OFFICE SUPPLIES EXPENSE


    DATE PARTICULARS DR CR Balance

    You might also like