General Journal GJ1

Date Account Debit Credit

Sept
1 Cash P500,000
Merchandise Inventory 320,000
Armstrong, Capital P820,000
To record Investment of Armstrong to the business

1 Prepaid Rent 35,000

Cash 35,000
To record advance rental payment for september

3 Furniture and Fixtures 70,000

Equipment 90,000
Cash 80,000
Accounts Payable 80,000
To record furniture and equipment 50% on account

6 Purchases 220,000
Accounts payable 220,000
To record purchases of merchandise on account

8 Freight-in 5,500
Cash 5,500
To record freight-in payment

9 Accounts Payable 8,000

Purchase Returns and Allowances 8,000
To record return of purchases

10 Accounts Payable 100,000

Cash 100,000
To record partial payemt for purchases made on Sept. 6

12 Purchases 140,000
Cash 40,000
Notes Payable 100,000
To record purchase of inventory on account with note

14 Accounts Receivable 250,000

Sales 250,000
To record revenue earned on account

15 Cash 165,000
Sales 165,000
To record revenues earned in cash

16 Sales Returns and Allowances 11,200

Cash 11,200
 To record cash returns from revenue earned on Sept. 15

17 Sales Returns and Allowances 12,000

Accounts Receivable 12,000
To record on-credit returns from revenue earned on Sept. 14

18 Salaries Expense 54,000

Withholding Taxes Payable 2,600
SSS Premiums Payable 1,080
Philhealth Premiums Payable 540
Pag-Ibig Premiums Payable 100
Cash 49,680
To record payment of salaries

21 Accounts Payable 112,000

Purchase Discount 1,120
Cash 110,880
To record full payment for purchases that was made on Sept. 6

24 Cash 233,240
Sales Discount 4,760
Accounts Receivable 238,000
To record sales collected on Sept 14

25 Purchases 100,000
Cash 50,000
Accounts Payable 50,000
To record purchases of merchandise 50% on account

26 Freight-in 7,000
Cash 7,000
To record payment of freight-in for purchases on Sept. 25

27 Note Payable 100,000

Interest Expense 10,000
Cash 110,000
To record payment for Inventory bought on Sept. 12

29 Accounts Receivable 57,500

Sales 57,500
To record revenue earned on account

30 Sales Returns and Allowances 5,500

Accounts Receivable 5,500
To record returns on sales from revenues earned on Sept. 29
 Cash Acct. No. 1
Date Particulars Ref. No. Debit Date
Sep. 1 Investment GJ1 P 500,000 Sep. 1
Sep. 15 Cash sales GJ1 165,000 Sep. 3
Sep. 24 Glamour Cinema paid GJ1 233,240 Sep. 8
Sep. 10
Sep. 12
Sep. 10
Sep. 16
Sep. 18
Sep. 21
Sep. 25
Sep. 26
Sep. 27
Total Debit 898,240
Sep. 30 Debit Balance 210.002.33

Accounts Receivable Acct No. 102

Date Particulars Ref. No. Debit Date
Sep. 14 Sold to Glamour on account GJ1 P 250,000 Sep. 17
Sep. 29 Sold good on account GJ1 57,500 Sep. 24
Sep. 30
Total Debit 307,500
Sep. 30 Debit Balance 52,000

Equipment Acct No. 201

Date Particulars Ref. No. Debit Date
Sep. 3 Purchase Equipment GJ1 P 90,000

Total Debit 90,000

Sep. 30 Debit Balance 90,000

Furnitures and Fixtures Acct No. 202

Date Particulars Ref. No. Debit Date
Sep. 3 Purchase furniture GJ1 P 70,000

Total Debit 70,000

Sep. 30 Debit Balance 70,000

Prepaid Rent Acct No. 105

Date Particulars Ref. No. Debit Date
Sep. 1 Advance Payment GJ1 P 35,000
 Total Debit 35,000
Sep. 30 Debit Balance 35,000

Accounts Payable Acct No. 301

Date Particulars Ref. No. Debit Date
Sep. 9 Return of merchandise GJ1 P 8,000 Sep.3
Sep. 10 Paid Matibay GJ1 100,000 Sep. 6
Sep. 21 Paid Matibay 1/15 GJ1 112,000 Sep. 25
Total Debit 220,000
Sep. 30

Notes Payable Acct No. 302

Date Particulars Ref. No. Debit Date
Sep. 27 Paid Atlantis GJ1 P 100,000 Sep. 12

Total Debit 100,000

Sep-30

Armstrong, Capital Acct No. 501

Date Particulars Ref. No. Debit Date
Sep. 1

Total Debit 0
Sep. 30

Sales Acct No. 603

Date Particulars Ref. No. Debit Date
Sep. 14
Sep. 15
Sep. 29
Total Debit 0
Sep. 30

Purchases Acct No. 107

Date Particulars Ref. No. Debit Date
Sep.6 Purchase merchandise GJ1 P 220,000
Sep. 12 Bought inventory GJ1 140,000
Sep. 25 Purchase merchandise GJ1 100,000
Total Debit 460,000
Sep. 30 Debit Balance 460,000

Sales Return and Allowances Acct No. 604

 Date Particulars Ref. No. Debit Date
Sep. 16 Cash refund for returns GJ1 P 11,200
Sep. 17 Merchandise returns on credit GJ1 12,000
Sep. 30 Received goods Save n'Save GJ1 5,500
Total Debit 28,700
Sep. 30 Debit Balance 28,700

Purchases Return and Allowances Acct No. 108

Date Particulars Ref. No. Debit Date
Sep. 9

Total Debit 0
Sep. 30

Freight In Acct No. 711

Date Particulars Ref. No. Debit Date
Sep. 8 Payment of freight GJ1 P 5,500
Sep. 26 Paid freight GJ1 7,000
Total Debit 12,500
Sep. 30 Debit Balance 12,500

Merchandise Inventory Acct No. 106

Date Particulars Ref. No. Debit Date
Sep. 1 Investment GJ1 P 320,000

Total Debit 320,000

Sep. 30 Debit Balance 320,000

Withholding Taxes Payable Acct No. 303

Date Particulars Ref. No. Debit Date
Sep. 18

Total Debit 0
Sep. 30

SSS Premiums Payable Acct No. 304

Date Particulars Ref. No. Debit Date
Sep. 18

Total Debit 0
Sep. 30

PhilHealth Premiums Payable Acct No. 30

Date Particulars Ref. No. Debit Date
Sep. 18
 Total Debit 0
Sep. 30

Pag-ibig Premiums Payable Acct No. 307

Date Particulars Ref. No. Debit Date
Sep. 18

Total Debit 0
Sep. 30

Salaries Expense Acct No. 701

Date Particulars Ref. No. Debit Date
Sep. 18 Paid salaries GJ1 P 54,000

Total Debit 54,000

Sep. 30 Debit Balance 54,000

Interest Expense Acct No. 710

Date Particulars Ref. No. Debit Date
Sep. 27 Paid Atlantis GJ1 P 416.67

Total Debit 416.67

Sep. 30 Debit Balance 416.67

Purchase Discount Acct No. 109

Date Particulars Ref. No. Debit Date
Sep. 21

Total Debit 0
Sep. 30

Salees Discount Acct No. 605

Date Particulars Ref. No. Debit Date
Sep. 24 Glamour Cinema paid GJ1 P 4,760

Total Debit 4,760

Sep. 30 Debit Balance 4,760
 Cash Acct. No. 101
Particulars Ref. No. Credit
Advance Payment GJ1 P 35,000
Down payment GJ1 80,000
Payment Freight GJ1 5,500
Paid Matibay GJ1 100,000
Inventory and down payment GJ1 40,000
Paid Matibay GJ1 100,000
Cash refund GJ1 11,200
Paid salaries GJ1 49,240
Paid Matibay 1/15 GJ1 109,880
Purchase merchandise down payment GJ1 50,000
Paid freight in GJ1 7,000
Paid Atlantis GJ1 100,417
Total Credit 688,237.67

Accounts Receivable Acct No. 102

Particulars Ref. No. Credit
Merchandise return on credit GJ1 P 12,000
Glamour Cinema paid GJ1 238,000
Received goods Save n'save GJ1 5,500
Total Credit 255,500

Equipment Acct No. 201

Particulars Ref. No. Credit

Total Credit 0

Furnitures and Fixtures Acct No. 202

Particulars Ref. No. Credit

Total Credit 0

epaid Rent Acct No. 105

Particulars Ref. No. Credit
 Total Credit 0

Accounts Payable Acct No. 301

Particulars Ref. No. Credit
Balance on account GJ1 P 80,000
Credit merchandise GJ1 220,000
Purchande merchandise on account GJ1 50,000
Total Credit 350,000
Credit Balance 130,000

Notes Payable Acct No. 302

Particulars Ref. No. Credit
Credit inventory GJ1 P 100,000

Total Credit 100,000

Credit Balance 0

Armstrong, Capital Acct No. 501

Particulars Ref. No. Credit
Investment GJ1 P 820,000

Total Credit 820,000

Credit Balance 820,000

Sales Acct No. 603

Particulars Ref. No. Credit
Sold to Glamour Cinema GJ1 P 250,000
Cash Sales GJ1 165,000
Sold goods on account GJ1 57,500
Total Credit 472,500
Credit Balance 472,500

Purchases Acct No. 107

Particulars Ref. No. Credit

Total Credit 0

rn and Allowances Acct No. 604

 Particulars Ref. No. Credit

Total Credit 0

turn and Allowances Acct No. 108

Particulars Ref. No. Credit
Return of merchandise GJ1 P 8,000

Total Credit 8,000

Credit Balance 8,000

Freight In Acct No. 711

Particulars Ref. No. Credit

Total Credit 0

rchandise Inventory Acct No. 106

Particulars Ref. No. Credit

Total credit 0

holding Taxes Payable Acct No. 303

Particulars Ref. No. Credit
Withholding tax GJ1 P 2,600

Total Credit 2,600

Credit Balance 2,600

Premiums Payable Acct No. 304

Particulars Ref. No. Credit
Salary Deductions GJ1 P 1,080

Total Credit 0
Credit Balance 1,080

alth Premiums Payable Acct No. 306

Particulars Ref. No. Credit
Salary Deductions GJ1 P 540
 Total Credit 540
Credit Balance 540

big Premiums Payable Acct No. 307

Particulars Ref. No. Credit
Salary Deductions GJ1 P 540

Total Credit 540

Credit Balance 540

alaries Expense Acct No. 701

Particulars Ref. No. Credit

Total Credit 0

nterest Expense Acct No. 710

Particulars Ref. No. Credit

Total Credit 0

urchase Discount Acct No. 109

Particulars Ref. No. Credit
Paid Matibay 1/15 GJ1 P 2,120

Total Credit 2,120

Credit Balance 2,120

Salees Discount Acct No. 605

Particulars Ref. No. Credit

Total Credit 0
 Red Carpet Enterprises
Unadjusted Trial Balance
Sep-30
Account No. Account Name Debit Credit
101 Cash P 210.002.33
102 Accounts Receivable 52,000
105 Prepaid Rent 35,000
106 Merchandise Inventory 320,000
107 Purchases 460,000
108 Purchases Returns and Allowances 8,000
109 Purchasse Discount 2,120
201 Furniture and Fixtures 70,000
202 Equipment 90,000
301 Accounts Payable P 130000
302 Notes Payable 0
303 Withholding Taxes Payable 2,600
304 SSS Premiums Payable 1,080
306 PhilHealth Premiums Payable 540
307 Pag-ibig Premiums Payable 540
501 Armstrong, Capital 820,000
603 Sales 472,500
604 Sales returns and allowances 28,700
605 Sales Discount 4,760
701 Salaries Expense 54,000
710 Interest Expense 416.67
711 Freight In 12,500
1,324,879 1,437,380
 Chart of Accounts
Ref No. Account Name
101 Cash
102 Accounts Receivable
103 Notes Receivable
104 Office Supplies
105 Prepaid Rent
106 Merchandise Inventory
107 Purchases
108 Purchase Returns and Allowances
109 Purchase Discount
201 Furniture and Fixtures
202 Equipment
301 Accounts Payable
302 Notes Payable
303 Withholding Taxes Payable
304 SSS Premiums Payable
305 EC Premiums Payable
306 Philhealth Premiums Payable
307 HDMF Premiums Payable
501 Armstrong, Capital
502 Withdrawals
601 Professional Revenue
602 Interest Income
603 Sales
604 Sales Returns and Allowances
605 Sales Discount
701 Salaries Expense
702 SSS Premiums Expense
703 EC Premiums Expense
704 Philhealth Premiums Expense
705 HDMF Premiums Expense
706 Taxes and Licenses Expense
707 Utilities Expense
708 Telecommunications Expense
709 Supplies Expense
710 Interest Expense
711 Freight In