BULL KIT VULCANIZING SHOP

General Journal J1
Date Account Title and Explanation Ref. Debit Credit
January
1 Cash 1 ₱80,000.00
Higantes, Capital 61 ₱80,000.00
(Invested cash in the business)

4 Equipment 11 25,000.00
Accounts Payable-Max 52 25,000.00
(Purchase equipment on account)

7 Supplies 13 20,000.00
Cash 1 20,000.00
(Purchase supplies for cash)

9 Cash 1 18,000.00
Service Revenue 71 18,000.00
(Service rendered for cash)

12 Accounts Receivable-Summit 3 12,000.00

Service Revenue 71 12,000.00
(Billed customer for service rendered)

14 Accounts Payable-Max 52 10,000.00

Cash 1 10,000.00
(Partial payment of account)

15 Cash 1 5,000.00
Account Receivable-Summit 52 5,000.00
(Collection of payment)

18 Salaries Expense 82 5,000.00

Permits and licences 99 3,000.00
Utilities Expense 87 2,000.00
Cash 1 10,000.00
(Paid expenses for cash)

23 Cash 1 15,000.00
Unearned Service Revenue 401 15,000.00
(Collection of advance payment)

25 Rent expense 94 7,500.00

Cash 1 7,500.00
(Paid cash for rent expense)
27 Unearned Service Revenue 57 7,000.00
Service Revenue 71 7,000.00
(Service rendered from advance payment)

29 NO JOURNAL ENTRY

31 Higantes, Drawing 62 3,500.00

Cash 1 3,500.00
(Owner's withdrew for personal use)
 CASH 1 HIG
DEBIT CREDIT
DATE AMT DATE AMT DATE
1-Jan 80,000 7-Jan 20,000
9-Jan 18,000 14-Jan 10,000
15-Jan 5,000 18-Jan 10,000
23-Jan 15,000 25-Jan 7,500
31-Jan 3,500
118,000 51,000

BAL: ₱ 67,000.00 BAL:

EQUIPMENTS 11
DEBIT CREDIT
DATE AMT DATE AMT DATE
4-Jan 25,000 14-Jan

BAL: ₱ 25,000.00 BAL:

SUPPLIES 13
DEBIT CREDIT
DATE AMT DATE AMT DATE
7-Jan 20,000 ADJ. 8,000

BAL: ₱ 12,000.00 BAL:

ACCOUNT RECEIVABLE 13
 DEBIT CREDIT
DATE AMT DATE AMT DATE
12-Jan 12,000 15-Jan 5,000 18-Jan

BAL: ₱ 7,000.00 BAL:

PERMITS AND LICENSES 99

DEBIT CREDIT
DATE AMT DATE AMT DATE
18-Jan 3,000 18-Jan

BAL: ₱ 3,000.00 BAL:

UNEARNED SERVICE REVENUE 57

DEBIT CREDIT
DATE AMT DATE AMT DATE
27-Jan 7,000 23-Jan 15,000 25-Jan

BAL: ₱ 8,000.00 BAL:

HIGANTES,DRAWING 62 DOUBTF
DEBIT CREDIT
DATE AMT DATE AMT DATE
31-Jan 3,500 ADJ.
BAL: ₱ 3,500.00 BAL:

ALLOWANCE FOR DOUBTFUL ACCOUNTS 58 SUPPLI

DEBIT CREDIT
DATE AMT DATE AMT DATE
ADJ. 1,400 ADJ

BAL: ₱ 1,400.00 BAL:

DEPRECIATION EXPENSE 95 ACCUMULATED

DEBIT CREDIT
DATE AMT DATE AMT DATE
ADJ 500

BAL: ₱ 500.00 BAL:

 HIGANTES, CAPITAL 61
DEBIT CREDIT
AMT DATE AMT
1-Jan 80,000

₱ 80,000.00

ACCOUNTS PAYABLE 3
DEBIT CREDIT
AMT DATE AMT
10,000 4-Jan 25,000

15,000

SERVICE REVENUE 71
DEBIT CREDIT
AMT DATE AMT
9-Jan 18,000
12-Jan 12,000
27-Jan 7,000

₱ 37,000.00

SALARIES EXPENSE 82
DEBIT CREDIT
AMT DATE AMT
5,000

₱ 5,000.00

UTILITIES EXPENSE 87
DEBIT CREDIT
AMT DATE AMT
2,000

₱ 2,000.00

RENT EXPENSE 94
DEBIT CREDIT
AMT DATE AMT
7,500

₱ 7,500.00

DOUBTFUL ACCOUNTS 67
DEBIT CREDIT
AMT DATE AMT
1,400
 ₱ 1,400.00

SUPPLIES EXPENSE 88
DEBIT CREDIT
AMT DATE AMT
8,000

₱ 8,000.00

ACCUMULATED DEPRECIATION 100

DEBIT CREDIT
AMT DATE AMT
ADJ. 500

₱ 500.00
 BULL KIT VULCANIZING SHOP
Unadjusted Trial Balance
For the month ended Jan. 31, 2020

Account Titles Debit Credit

Cash P67,000
Accounts Receivable 7,000
Supplies 20,000
Equipment 25,000
Accounts Payable P15,000
Unearned Service Revenue 8,000
Higantes, Capital 80,000
Higantes, Drawing 3,500
Service Revenue 37,000
Salaries Expense 5,000
Permits and Licences 3,000
Utilities Expense 2,000
Rent Expense 7,500
Balance P140,000 P140,000

BULL KIT VULCANIZING SHOP

Adjusted Trial Balance
For the month ended Jan. 31, 2020

Account Titles Debit Credit

Cash P67,000
Accounts Receivable 7,000
Allowance for doubtful Accounts P1,400
Supplies 12,000
Equipment 25,000
Accumulated Depreciation - Equipment 500
Accounts Payable 15,000
Unearned Service Revenue 8,000
Higantes, Capital 80,000
Higantes, Drawing 3,500
Service Revenue 37,000
Salaries Expense 5,000
Permits and Licenses 3,000
Utilities Expense 2,000
Rent Expense 7,500
Doubtful Account Expense 1,400
Supplies Expense 8,000
Depreciation Expense 500
Balance P141,900 P141,900
 BULL KIT VULCANIZING SHOP
Statement of Financial Position
As of December 31, 2020

Assets
Cash P67,000
Accounts Receiavable 7,000
Allowance for doubtful accounts 1,400 5,600
Supplies 12,000
Equipment 25,000
Accumulated Depreciation - Equipment 500 24,500
Total Assets P109,100
Liabilities and Proprietorship
Liabilities
Accounts Payable P15,000
Unearned Service Revenue 8,000
Total Liabilities 23,000
Proprietorship
Higantes, End. Capital 86,100
Total Liabilities and Proprietorship P109,100

BULL KIT VULCANIZING SHOP

Statement of Financial Performance
For the month ended Jan. 31, 2020

Service Revenue 37,000

Less Expenses:
Salaries Expense 5,000
Permit and Licenses 3,000
Utilities Expense 2,000
Rent Expense 7,500
Doubtful Account 1,400
Supplies Expense 8,000
Depreciation Expense 500 27,400
Net Income P9,600

BULL KIT VULCANIZING SHOP

Statement of Owner's Equity
 For the month ended Jan. 31, 2020

Higantes, Beg. Capital 0

Add:
Initial Investment 80,000
Net Income 9,600
Total 89,600
Less: Higantes, Drawing 3,500

Higantes, End. Capital P86,100

 General Journal J2
Date Account Title and Explanation Ref. Debit Credit
January, 31 Adjusting Entry

1 Doubtful Accounts 67 ₱1,400.00

Allowance for Doubtful accounts 58 ₱1,400.00
(To record Doubtful accounts)

2 Supplies Expense 88 8000

Supplies 13 8000
(To record remaining Supplies)

3 Depreciation Expense 95 500

Accumulated depreciation-equipment 100 500
(To record monthly depreciation on equipment)