General Journal

Page 1
Date Accounts and Explanation Debit Credit
Sept. 1 Cash ₱80,000
A. Reyes, Capital ₱80,000
To record A. Reyes investment
1

12

15

17

23
 General Journal

Page 2
Date Accounts and Explanation Debit Credit
25
NO ENTRY

26 Salaries Expense 3,600

Cash 3,600
To record payment of employee salary
27 Accounts Payable 340
Cash 340
To record payment of accounts payable
28 A. Reyes, Drawings 2,000
Cash 2,000
To record owner's withdrawal
29 Unexpired Insurance 2,700
Cash 2,700
To record purchase of insurance
30 Utilities Expense 270
Accounts Payable 270
To record utilities expense
30 Cash 8,450
Rental Fees Earned 8,450
To record rental fees earned
 AR Rentals
Unadjusted Trial Balance
September 30, 20X1
Account Title Debit Credit
Cash ₱14,220
Accounts Receivable 1,090
Prepaid Rent 9,000
Unexpired Insurance 2,700
Office Supplies 1,630
Rental Equipment 180,000
Notes Payable ₱110,000
Accounts Payable 1,900
Unearned Rental Fees 10,000
A. Reyes, Capital 80,000
A. Reyes, Drawings 2,000
Rental Fees Earned 16,550
Salaries Expense 7,200
Maintenance Expense 340
Utilities Expense 270
218,450 218,450
 General Journal
( Adjusting Journal Entries)

Date Accounts and Explanation Debit Credit

a. Rent Expense ₱3,000
Prepaid Rent ₱3,000
To adjust prepaid rent
b. Interest Expense 825
Interest Payable 825
To record accrued interest
c. Depreciation Expense 1,500
Accumulated Depreciation: 1,500
Rental Equipment
To record three months advance rent
d. Office Supplies Expense 530
Office Supplies 530
To adjust office supplies
e. Unearned Rental Fees 4,840
Rental Fees Earned 4,840
To record rental fees earned
f. Accounts Receivable 500
Rental Fees Earned 500
To record rental fees earned
g. Salaries Expense 900
Salaries Payable 900
To record salaries payable
 AR Rentals
Adjusted Trial Balance
September 30, 20X1
Account Title Debit Credit
Cash ₱14,220
Accounts Receivable 1,590
Prepaid Rent 6,000
Unexpired Insurance 2,700
Office Supplies 1,100
Rental Equipment 180,000
Accumulated Depreciation: Rental Equipment ₱1,500
Notes Payable 110,000
Accounts Payable 1,900
Interest Payable 825
Salaries Payable 900
Unearned Rental Fees 5,160
A. Reyes, Capital 80,000
A. Reyes, Drawings 2,000
Rental Fees Earned 21,890
Salaries Expense 8,100
Maintenance Expense 340
Utilities Expense 270
Rent Expense 3,000
Office Supplies Expense 530
Depreciation Expense 1,500
Interest Expense 825
222,175 222,175
 AR Rentals
Accounting Work Sheet
For the month ended September 30, 20X1
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Description DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
Cash ₱14,220 ₱14,220 ₱14,220
Accounts Receivable 1,090 500.00 1,590 1,590
Prepaid Rent 9,000 3,000.00 6,000 6,000
Unexpired Insurance 2,700 2,700 2,700
Office Supplies 1,630 ₱530.00 1,100 1,100
Rental Equipment 180,000 180,000 180,000
Accumulated Depreciation: 1,500.00 ₱1,500 ₱1,500
Rental Equipment
Notes Payable ₱110,000 110,000 110,000
Accounts Payable 1,900 1,900 1,900
Interest Payable 825.00 825 825
Salaries Payable 900.00 900 900
Unearned Rental Fees 10,000 4,840.00 5,160 5,160
A. Reyes, Capital 80,000 80,000 80,000
A. Reyes, Drawings 2,000 2,000 2,000
Rental Fees Earned 16,550 5,340.00 21,890 21890
Salaries Expense 7,200 900.00 8,100 8,100
Maintenance Expense 340 340 340
Utilities Expense 270 270 270
Rent Expense 3,000.00 3,000 3,000
Office Supplies Expense 530.00 530 530
Depreciation Expense 1,500.00 1,500 1,500
Interest Expense 825.00 825 825
Totals ₱218,450.00 ₱218,450.00 12,095.00 12,095.00 222,175.00 222,175.00 ₱14,565.00 ₱21,890.00 ₱207,610.00 ₱200,285.00
Net Income ₱7,325.00 ₱7,325.00
Totals 21,890 21,890.00 207,610 207,610