NAGUN, PATRICIA FAITH A.
FABM 2
GRADE 12 - ABM - COELHO MR. JOEMEL MARK MAMUGAY
JOURNALIZING AND POSTING
(PERFORMANCE TASK
1. JGF Company provide consulting services. The company’s business transactions
in January, the first month of operations, are described below.
Analyze the following business transactions of JGF company. Record the transactions
in the journal by following the rules of debits and credits.
Use the following account titles: Cash, Accounts Receivable, Office Supplies,
Furniture and Fixtures, Equipment, Accounts Payable, Notes
Payable, JGF, Capital, JGF, Drawing, Professional Fees, Salaries Expense, Rent
Expense, Utilities Expense, and Organization Expense.
Date Account Titles and Explanation Ref Debit Credit
2014
January
1 Cash 101 250,000
JGF, Capital 300 250,000
Owner’s investment of cash in the business
January
3 Organization Expense 625 10,000
Cash 101 10,000
Paid business permit
January
5 Office Supplies 131 7,500
Accounts Payable 201 7,500
Purchased supplies on account
January
10 Equipment 150 35,000
Cash 101 5,000
Notes Payable 212 30,000
Purchased equipment on cash and account
January
11 Furniture and Fixtures 145 25,000
Accounts Payable 201 25,000
Purchased furniture and fixtures on account
January
12 Cash 101 35,000
Professional Fees 406 35,000
Rendered services on cash
January
15 Accounts Receivable 111 25,000
Professional Fees 406 25,000
Billed customers on account for services performed
January
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30 Cash 101 15,000
Accounts Receivable 111 15,000
Collected cash from customer’s accounts receivable
January
31 Salaries Expense 611 20,000
Rent Expense 615 10,000
Utilities Expense 621 4,000
Cash 101 34,000
Paid expenses through cash
January
31 JGF, Drawing 301 5,000
Cash 101 5,000
Owner’s withdrawal of cash from the business for his
personal use
2. Post the journal entries to the ledger accounts. Use the following account codes –
Cash (101), Accounts Receivable (111), Office Supplies (131), Furniture and
Fixtures(145), Equipment (150), Accounts Payable (201), Notes Payable (212), JGF,
Capital (300), JGF, Drawing (301), Professional Fees (406), Salaries Expense (611),
Rent Expense (615), Utilities Expense (621), and Organization Expense (625). Add
table if necessary.
CASH NO. 101
Date Explanation Ref Debit Credit Balance
2014
Jan 1 Owner’s investment of cash in the business J1 250,000 250,000
3 Paid business permit J1 10,000 240,000
10 Purchased equipment on cash and account J1 5,000 235,000
12 Rendered services on cash J1 35,000 270,000
30 Collected cash from customer’s accounts J1 15,000 285,000
receivable
31 Paid expenses through cash J1 34,000 251,000
31 Owner’s withdrawal of cash from the J1 5,000 246,000
business for his personal use
Balance 246,000
ACCOUNTS RECEIVABLE NO. 111
Date Explanation Ref Debit Credit Balance
2014
Jan 15 Billed customers on account for services J1 25,000 25,000
performed
30 Collected cash from customer’s accounts J1 15,000 10,000
receivable
Balance 10,000
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OFFICE SUPPLIES NO. 131
Date Explanation Ref Debit Credit Balance
2014
Jan 5 Purchased supplies on account J1 7,500 7,500
Balance 7,500
FURNITURE AND FIXTURES NO. 145
Date Explanation Ref Debit Credit Balance
2014
Jan 11 Purchased furniture and fixtures on J1 25,000 25,000
account
Balance 25,000
EQUIPMENT NO. 150
Date Explanation Ref Debit Credit Balance
2014
Jan 10 Purchased equipment on cash and account J1 35,000 35,000
Balance 35,000
ACCOUNTS PAYABLE NO. 201
Date Explanation Ref Debit Credit Balance
2014
Jan 5 Purchased supplies on account J1 7,500 7,500
11 Purchased furniture and fixtures on J1 25,000 32,500
account
Balance 32,500
NOTES PAYABLE NO. 212
Date Explanation Ref Debit Credit Balance
2014
Jan 10 Purchased equipment on cash and account J1 30,000 30,000
Balance 30,000
JGF, CAPITAL NO. 300
Date Explanation Ref Debit Credit Balance
2014
Jan 1 Owner’s investment of cash in the business J1 250,000 250,000
Balance 250,000
JGF, DRAWING NO. 301
Date Explanation Ref Debit Credit Balance
2014
Jan 31 Owner’s withdrawal of cash from the J1 5,000 5,000
business for his personal use
Balance 5,000
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PROFESSIONAL FEES NO. 406
Date Explanation Ref Debit Credit Balance
2014
Jan 12 Rendered services on cash J1 35,000 35,000
15 Billed customers on account for services J1 25,000 60,000
performed
Balance 60,000
Salaries Expense NO. 611
Date Explanation Ref Debit Credit Balance
2014
Jan 31 Paid expenses through cash J1 20,000 20,000
Balance 20,000
Rent Expense NO. 615
Date Explanation Ref Debit Credit Balance
2014
Jan 31 Paid expenses through cash J1 10,000 10,000
Balance 10,000
Utilities Expense NO. 621
Date Explanation Ref Debit Credit Balance
2014
Jan 31 Paid expenses through cash J1 4,000 4,000
Balance 4,000
Organization Expense NO. 625
Date Explanation Ref Debit Credit Balance
2014
Jan 3 Paid business permit J1 10,000 10,000
Balance 10,000
3. Prepare the trial balance.
Account Account Name Debit Balances Credit
Code Balances
101 Cash 246,000
111 Accounts Receivable 10,000
131 Office Supplies 7,500
145 Furniture and Fixtures 25,000
150 Equipment 35,000
201 Accounts Payable 32,500
212 Notes Payable 30,000
300 JGF, Capital 250,000
301 JGF, Drawing 5,000
406 Professional Fees 60,000
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611 Salaries Expense 20,000
615 Rent Expense 10,000
621 Utilities Expense 4,000
625 Organization Expense 10,000
Total Php 372,500 Php 372,500
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