ACTIVITY2 Oro Video

ORO VIDEO
CHART OF ACCOUNTS
ACCOUNT NUMBER ACCOUNT TITLE

100 CASH
101 ACCOUNTS RECEIVABLE
102 SUPPLIES
103 VIDEO TAPES
200 ACCOUNTS PAYABLE
300 ROA CAPITAL
301 ROA DRAWINGS
400 RENTAL REVENUE
500 SALARIES EXPENSE
501 RENT EXPENSE
502 UTILITIES EXPENSE
GENERAL JOURNAL
PAGE NUMBER GJ-1
With Explanations
CURRENT JOURNAL ENTRIES

DATE DESCRIPTION REF DEBIT CREDIT
2004
Dec. 1 Cash 100 P 250,000
Roa Capital 300 P
To record the cash investment
1 Supplies 102 67,000

Accounts Payable 200
To record acquired supplies on account
4 Video Tapes 103 235,000

Accounts Payable 200
To record acquired video tapes on account
5 Accounts Payable 200 85,000

Cash 100
To record payments to creditors
8 Cash 100 78,000

Rental Revenue 400
To record rental fees from ACA Video
11 Accounts Receivable 101 105,000

Rental Revenue 400
To record billed customer
16 Salaries Expense 500 65,000

Cash 100
To record payment for salaries
17 Cash 100 77,000

Accounts Receivable 101
To record collected from billed customer
GENERAL JOURNAL
PAGE NUMBER GJ-2
With Explanations
CURRENT JOURNAL ENTRIES

DATE DESCRIPTION REF DEBIT CREDIT
2004
Dec. 23 Roa Drawings 301 P 47,000
Cash 100 P
To record withdrew for personal use
24 Rent expense 501 41,500

Cash 100
To record payment for rent
30 Utilities Expense 502 17,500

Cash 100
To record payment for utilities
CREDIT
250,000
67,000
235,000
85,000
78,000
105,000
65,000
77,000
CREDIT
47,000
41,500
17,500
GENERAL LEDGER
PAGE NUMBER GL-1
Account 100 CASH

DATE ITEM POST DEBIT CREDIT BALANCE
2004 DEBIT CREDIT
Dec. 1 Investment GJ-1 P 250,000 P 250,000
5 Paid creditors GJ-1 P 85,000 165,000
8 Rental Rvenue GJ-1 78,000 243,000
16 Paid Salaries GJ-1 65,000 178,000
17 From Receivables GJ-1 77,000 255,000
23 Drawings GJ-2 47,000 208,000
24 Paid Rent GJ-2 41,500 166,500
30 Paid Utilities GJ-2 17,500 149,000
Account 101 ACCOUNTS RECEIVABLE

2004 DEBIT CREDIT
Dec. 11 Billed Customer GJ-1 P 105,000 P 105,000
17 Collected amount GJ-1 P 77,000 28,000
Account 102 SUPPLIES

2004 DEBIT CREDIT
Dec. 1 Acquired on account GJ-1 P 67,000 P 67,000
GENERAL LEDGER
PAGE NUMBER GL-2
Account 103 VIDEO TAPES

2004 DEBIT CREDIT
Dec. 4 Acquired on account GJ-1 P 235,000 P 235,000
Account 200 ACCOUNTS PAYABLE

2004 DEBIT CREDIT
Dec. 1 Acquired Supplies GJ-1 P 67,000 P 67,000
4 Acquired Video Tapes GJ-1 235,000 302,000
5 Paid Creditors GJ-1 P 85,000 217,000
Account 300 ROA CAPITAL
2004 DEBIT CREDIT
Dec. 1 Cash Investment GJ-1 P 250,000 P 250,000
Account 301 ROA DRAWINGS

2004 DEBIT CREDIT
Dec. 23 Cash Withdrawals GJ-2 P 47,000 P 47,000
GENERAL LEDGER
PAGE NUMBER GL-3
Account 400 RENTAL REVENUE

2004 DEBIT CREDIT
Dec. 8 Received cash GJ-1 P 78,000 P 78,000
11 Billed customer GJ-1 105,000 183,000
Account 500 SALARIES EXPENSE

2004 DEBIT CREDIT
Dec. 16 Paid cash GJ-1 P 65,000 P 65,000
Account 501 RENT EXPENSE

2004 DEBIT CREDIT
Account 502 UTILITIES EXPENSE

2004 DEBIT CREDIT
ORO VIDEO
PRELIMINARY TRIAL BALANCE
December 31, 2004
ACCOUNT TITLES DEBIT CREDIT

100 CASH P 149,000
101 ACCOUNTS RECEIVABLE 28,000
102 SUPPLIES 67,000
103 VIDEO TAPES 235,000
200 ACCOUNTS PAYABLE P 217,000
300 ROA CAPITAL 250,000
301 ROA DRAWINGS 47,000
400 RENTAL REVENUE 183,000
500 SALARIES EXPENSE 65,000
501 RENT EXPENSE 41,500
502 UTILITIES EXPENSE 17,500
P 650,000 P 650,000
ORO VIDEO
STATEMENT OF PERFORMANCE
For the Month Ended December 31, 2004
(IN PESOS)
RENTAL REVENUE P 183,000

LESS EXPENSES:
SALARIES EXPENSE P 65,000
RENT EXPENSE 41,500
UTILITIES EXPENSE 17,500 (124,000)
NET INCOME P 59,000
ORO VIDEO
STATEMENT OF EQUITY
For the Month Ended December 31, 2004
(IN PESOS)
Beginning, Roa Capital, December 1, 2004 P 250,000

ADD: Net Income 59,000
LESS: Roa, Drawings (47,000)
Ending, Roa Capital, December 31, 2004 P 262,000
ORO VIDEO
STATEMENT OF FINANCIAL POSITION
As of December 31, 2004
(IN PESOS)
ASSETS
CURRENT ASSETS
CASH P 149,000
ACCOUNTS RECEIVABLE 28,000
SUPPLIES 67,000
TOTAL CURRENT ASSETS 244,000
NON-CURRENT ASSETS
VIDEO TAPES 235,000
TOTAL ASSETS P 479,000
LIABILITIES
CURRENT LIABILIYTIES
ACCOUNTS PAYABLE P 217,000
OWNER'S EQUITY
ROA CAPITAL 262,000
TOTAL LIABILITIES & OWBER'S EQUITY P 479,000

ACTIVITY2 Oro Video

Uploaded by

Copyright:

Available Formats

ACTIVITY2 Oro Video

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

ACTIVITY2 Oro Video

Uploaded by

Copyright:

Available Formats

ORO VIDEO

ACCOUNT NUMBER ACCOUNT TITLE

CURRENT JOURNAL ENTRIES

1 Supplies 102 67,000

4 Video Tapes 103 235,000

5 Accounts Payable 200 85,000

8 Cash 100 78,000

11 Accounts Receivable 101 105,000

16 Salaries Expense 500 65,000

17 Cash 100 77,000

CURRENT JOURNAL ENTRIES

24 Rent expense 501 41,500

30 Utilities Expense 502 17,500

Account 100 CASH

Account 101 ACCOUNTS RECEIVABLE

Account 102 SUPPLIES

Account 103 VIDEO TAPES

Account 200 ACCOUNTS PAYABLE

Account 301 ROA DRAWINGS

Account 400 RENTAL REVENUE

Account 500 SALARIES EXPENSE

Account 501 RENT EXPENSE

Account 502 UTILITIES EXPENSE

ACCOUNT TITLES DEBIT CREDIT

RENTAL REVENUE P 183,000

Beginning, Roa Capital, December 1, 2004 P 250,000

You might also like