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JOURNALIZING

Mr. M. Banco started a construction business on March 1st by investing P1.2 million in cash, equipment, and vehicles. Throughout March, the business purchased supplies, billed clients for work, paid expenses like salaries and rent, and made a partial payment on an equipment purchase. By month's end, the business had billed clients P420,000 for work and collected P120,000, with additional receivables outstanding.

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Arneld Santiago
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384 views2 pages

JOURNALIZING

Mr. M. Banco started a construction business on March 1st by investing P1.2 million in cash, equipment, and vehicles. Throughout March, the business purchased supplies, billed clients for work, paid expenses like salaries and rent, and made a partial payment on an equipment purchase. By month's end, the business had billed clients P420,000 for work and collected P120,000, with additional receivables outstanding.

Uploaded by

Arneld Santiago
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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JOURNALIZING

ARNELD A. SANTIAGO BSBA – OPERATIONS MANAGEMENT

March 1 – Mr. M. Banco started his construction business by investing cash of P300,000; old
construction equipment valued at P400,000; and used transportation equipment valued at P500.000.
2 – Paid registration fees with the government, P5,000.
3 – Purchased construction supplies from Megacon Ent., P50,000.
4 – Purchased office supplies for cash, P7,000.
5 – Received P20,000 for the renovation of Mr. Gil’s house.
6 – Billed Extra Corp. for the services rendered, P120,000 payable in 10 days.
12 – Purchased additional construction equipment from Hardiware Co., P150,000.
Terms: 20% down payment; balance payable in 15 days.
15 – Paid the salary of workers, P50,000
16 – Collected the account of Extra Corp. in full.
19 – Made partial payment to Megacon Ent.., P20,000.
27 – Settled the account with Hardiware Co. in full.
28 – Billed Excellent Corp. for renovation of its building, P200,000 payable in 30 days.
29 – Paid the electricity and water bill for the month, P8,500.
30 - Paid the salary of workers, P75,000
31 – Paid the monthly rental of P12,000.
GENERAL JOURNAL PAGE 1
DATE ACCOUNT TITLE DEBIT CREDIT
Mar 1 Cash 300,000
Construction Equipment 400,000
Transportation Equipment 500,000
M. Banao Capital 1,200,000
Initial investment of the owner

2 Registration Fees 5,000


Cash 5,000
Purchased construction supplies on cash.

3 Construction Supplies 50,000


(the mode of payment is not mention) 50,000
Purchased construction supplies.

4 Office Supplies 7,000


Cash 7,000
Paid office supplies in cash.

5 Cash 20,000
Service revenue 20,000
Rendered service in cash.

6 Accounts Receivable 120,000


Service Revenue 120,000
Service rendered. Terms: 10 days

12 Construction Equipment 150,000


Cash 30,000
Accounts Payable 120,000
Purchased additional constrution equipment
Terms: 20%DP , 15 days

15 Salaries Expense 50,000


Cash 50,000
Salaries for March (1-15)

16 Cash 120,000
Accounts receivable 120,000
In full of account.

19 Account Payable 20,000


Cash 20,000
Paid the account in partial.

27 Account Payable 120,000


Construction Equipment 120,000
Paid the account in full.

28 Account receivable 200,000


Service revenue 200,000
Rendered serice on account.
Terms: Payable in 30 days

29 Light and water 8,500


Cash 8,500
Electricity bill and water bill for March.

30 Salaries Expense 75,000


Cash 75,000
Salaries for March (16-30)

31 Rental Expense 12,000


Cash 12,000
Rent for March

2,157,500 2,157,500

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