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    Comp 2 Activity 5

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    Jhon Lester Magarso
    The document provides a chart of accounts and journal entries for Happy Tour and Travel Company. It lists account titles for assets, liabilities, equity, income and expenses. Journal entries record initial investments and loans, purchases of vehicles and equipment, expenses paid, services provided and cash collected. A trial balance at the end lists account balances.

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    © All Rights Reserved
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    Comp 2 Activity 5

    Uploaded by

    Jhon Lester Magarso
    22 views13 pages
    The document provides a chart of accounts and journal entries for Happy Tour and Travel Company. It lists account titles for assets, liabilities, equity, income and expenses. Journal entries record initial investments and loans, purchases of vehicles and equipment, expenses paid, services provided and cash collected. A trial balance at the end lists account balances.

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    © © All Rights Reserved

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    The document provides a chart of accounts and journal entries for Happy Tour and Travel Company. It lists account titles for assets, liabilities, equity, income and expenses. Journal entries record initial investments and loans, purchases of vehicles and equipment, expenses paid, services provided and cash collected. A trial balance at the end lists account balances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    22 views13 pages

    Comp 2 Activity 5

    Uploaded by

    Jhon Lester Magarso
    The document provides a chart of accounts and journal entries for Happy Tour and Travel Company. It lists account titles for assets, liabilities, equity, income and expenses. Journal entries record initial investments and loans, purchases of vehicles and equipment, expenses paid, services provided and cash collected. A trial balance at the end lists account balances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 13

    Happy Tour and Travel Company

    Chart of Accounts

    Account Titles

    101 Cash
    102 Accounts Receivable
    102.1 Allowance for Bad Debts
    103 Notes Receivable
    104 Office Supplies
    201 Cars
    201.1 Accumulated Depreciation - Cars
    202 Equipment
    202.1 Accumulated Depreciation - Equipment
    203 Furniture and Fixtures
    203.1 Accumulated Depreciation - Furniture and Fixtures
    301 Accounts Payable
    302 Loans Payable
    303 Utilities Payable
    401 Notes Payable
    402 Mortgage Payable
    501 Sorio, Capital
    502 Sorio, Drawings
    601 Service Income
    701 Gas and Oil Expense
    702 Rent Expense
    703 Repairs Expense
    704 Salaries Expense
    705 Supplies Expense
    706 Utilities Expense
    HAPPY TOUR AND TRAVEL COMPANY
    JOURNAL ENTRIES

    GENERAL JOURNAL

    DATE
    ACCOUNT TITLE REF DEBIT CREDIT
    2020
    May 1 Cash 101 ₱ 50,000.00
    Cars 202 750,000.00
    Sorio, Capital 501 ₱ 800,000.00
    Mr. Sorio made an investment.

    3 Cash 101 100,000.00


    Loans Payable 302 100,000.00
    Borrowed from Citibank.

    7 Furniture and Fixtures 203 45,000.00


    Cash 101 45,000.00
    Bought furnitures & fixtures on cash.

    18 Equipment 202 55,000.00


    Accounts Payable 301 55,000.00
    Bought an equipment on account.

    20 Sorio, Drawings 502 5,000.00


    Cash 101 5,000.00
    Made a cash withdrawal.

    21 Accounts Payable 301 55,000.00


    Cash 101 55,000.00
    Paid the account due.

    22 Cash 101 15,000.00


    Service Income 601 15,000.00
    Received a cash from tourist.

    24 Gas and Oil Expense 701 500.00


    Repairs Expense 703 1,000.00
    Cash 101 1,500.00
    Paid expenses on cash.

    25 Accounts Receivable 102 16,000.00


    Service Income 601 16,000.00
    Rendered services on account

    27 Utilities Expense 706 500.00


    Cash 101 500.00
    Paid utilities expenses.

    28 Accounts Receivable 102 20,000.00


    Service Income 601 20,000.00
    Rendered services on account.

    30 Cash 101 8,000.00


    Accounts Receivable 102 8,000.00
    Collected the on account balances.

    31 Rent Expense 702 10,000.00


    Salaries Expense 704 9,000.00
    Cash 101 19,000.00
    Paid the expenses on cash.
    HAPPY TOUR AND TRAVEL COMPANY
    As of May 2020

    Date
    Account Title Ref Debit
    2020
    May 1 Cash 101 ₱ 50,000.00
    Cars 202 750,000.00
    Sorio, Capital 501
    Mr. Sorio made an investment.

    3 Cash 101 100,000.00


    Loans Payable 302
    Borrowed from Citibank.

    7 Furniture and Fixtures 203 45,000.00


    Cash 101
    Bought furnitures & fixtures on cash.

    18 Equipment 202 55,000.00


    Accounts Payable 301
    Bought an equipment on account.

    20 Sorio, Drawings 502 5,000.00


    Cash 101
    Made a cash withdrawal.

    21 Accounts Payable 301 55,000.00


    Cash 101
    Paid the account due.

    22 Cash 101 15,000.00


    Service Income 601
    Received a cash from tourist.

    24 Gas and Oil Expense 701 500.00


    Repairs Expense 703 1,000.00
    Cash 101
    Paid expenses on cash.

    25 Accounts Receivable 102 16,000.00


    Service Income 601
    Rendered services on account

    27 Utilities Expense 706 500.00


    Cash 101
    Paid utilities expenses.

    28 Accounts Receivable 102 20,000.00


    Service Income 601
    Rendered services on account.

    30 Cash 101 8,000.00


    Accounts Receivable 102
    Collected the on account balances.

    31 Rent Expense 702 10,000.00


    Salaries Expense 704 9,000.00
    Cash 101
    Paid the expenses on cash.
    Credit

    ₱ 800,000.00

    100,000.00

    45,000.00

    55,000.00

    5,000.00

    55,000.00

    15,000.00

    1,500.00

    16,000.00
    500.00

    20,000.00

    8,000.00

    19,000.00
    CASH 101
    May-01 ₱ 50,000 May-07 ₱ 45,000
    3 100,000 18 5,000
    21 15,000 20 55,000
    30 8,000 22 1,500
    TOTAL ₱ 173,000 25 500
    ₱ 126,000 31 19,000
    ₱ 47,000 TOTAL ₱ 126,000

    ACCOUNTS RECEIVABLE 102


    May-24 ₱ 16,000 May-30 ₱ 8,000
    27 20,000
    TOTAL ₱ 36,000
    ₱ 8,000
    ₱ 28,000

    CARS 201
    May-01 ₱ 750,000

    EQUIPMENT 202
    May-10 ₱ 55,000

    FURNITURE & FIXTURES 203


    May-09 ₱ 45,000

    ACCOUNTS PAYABLE 301


    May-10 ₱ 55,000 May-20 ₱ 55,000
    ₱ 55,000
    ₱0.00

    LOANS PAYABLE 302


    May-03 ₱ 100,000

    SORIO, CAPITAL 501


    May-01 ₱ 800,000
    SORIO, DARWINGS 502
    May-18 ₱ 5,000

    SERVICE INCOME 601


    May-21 ₱ 15,000
    24 16,000
    27 20,000
    TOTAL ₱ 51,000

    GAS AND OIL EXPENSES 701


    May-22 ₱ 500

    RENT EXPENSES 702


    May-31 ₱ 10,000

    REPAIRS EXPENSES 703


    May-22 ₱ 1,000

    SALARIES EXPENSES 704


    May-31 ₱ 9,000

    UTILITIES EXPENSES 706


    May-25 ₱ 500

    Happy Tour and Travel Company


    TRIAL BALANCE

    ACCOUNT TITLES DEBIT CREDIT


    Cash 47,000
    Accounts Receivables 28,000
    Cars 750,000
    Equipment 55,000
    Furniture & Fixtures 45,000
    Loans Payable 100,000
    Sorio, Capital 800,000
    Sorio, Capital 5,000
    Service Income 51,000
    Gas and Oil Expense 500
    Rent Expense 10,000
    Repairs Expense 1,000
    Salaries Expense 9,000
    Utilities Expense 500
    951,000 951,000
    Happy Tour and Travel Company
    BALANCE SHEET

    ASSETS
    Current Assets
    Cash ₱ 47,000
    Accounts Receivables 28,000 ₱ 75,000

    Noncurrent Assets
    Cars 750,000
    Equipment 55,000
    Furniture & Fixtures 45,000 850,000
    TOTAL ASSETS ₱ 925,000

    TOTA LIABILITIES & OWNER'S EQUITY


    Liabilities
    Loans Payable ₱ 100,000
    Owner's Equity
    Sorio, Capital - May 31 825,000
    TOTAL LIABILITIES & OWNER'S EQUITY ₱ 925,000
    Journal Entries

    DATE DEBIT CREDIT

    2021
    May.1 Cash P 50,000
    Cars 750,000
    Sorio, Capital P 800,000

    3 Cash 100,000
    Loans Payable 100,000

    9 Furniture and Fixtures 45,000


    Cash 45,000

    10 Equipment 55,000
    Accounts Payable 55,000

    18 Sorio, Drawings 5,000


    Cash 5,000

    20 Accounts Payable 55,000


    Cash 55,000

    21 Cash 15,000
    Service Income 15,000

    22 Gas and Oil Expense 500


    Repairs Expense 1,000
    Cah 1,500

    24 Accounts Receivable 16,000


    Service Income 16,000

    25 Utilities Expense 500


    Cash 500

    27 Accounts Receivable 20,000


    Service Income 20,000

    30 Cash 8,000
    Accounts Receivable 8,000

    31 Salaries Expense 9,000


    Rent Expense 10,000
    Cash 19,000

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