GENERAL JOURNAL

DATE PARTICULARS
2016
Jan 1 Cash
Computer Equipment
Lok, Capital

2 Accounts Receivable
Consultancy Service Revenue

3 Trasportation Equipment
Accounts Payable

7 Cash
Consultancy Service Revenue

15 Accounts Receivable
Consultancy Service Revenue
16 Accounts Payable
Cash

20 Utilities Expense
Utilities Payable

26 Utilities Expense
Cash
 GENERAL JOURNAL
PARTICULARS P/R

omputer Equipment
Lok, Capital
To record deposited and investment of cash
and computer equipment.

ccounts Receivable
Consultancy Service Revenue
To record consultancy services rendered
on account. - Magnolia Corp.

rasportation Equipment
Accounts Payable
To record bought transporation eqpt on
account. - Mitsubishi

Consultancy Service Revenue

To record consultancy services rendered
for cash. - Various Clients.

ccounts Receivable
Consultancy Service Revenue
 To record consultancy services rendered
on account. - Codak Co.

ccounts Payable
Cash
To record full payment to Mitsubishi motors.

Utilities Expense
Utilities Payable
To record received water bill.

Utilities Expense
Cash
To record payment for electricity bill.
 DEBIT CREDIT

880,000.00
67,000.00
947,000.00

75,000.00
75,000.00

700,000.00
700,000.00

190,000.00
190,000.00

32,000.00
32,000.00
700,000.00
700,000.00

980.00
980.00
3,520.00

2,540.00
2,540.00
clues/hin
 Acctng Equation: A = L + E
clues/hint Account

1
Deposited Cash
invested Capital
computer Computer Equipment

2on account AR
services rendered Cosultancy Service Revenue

3On Account AP
Transportation EquTransportation Equipment

7Services rendered Consultancy Service Revenue

cash Cash

15on account AR
services rendered Consultancy Service Revenue

16Paid Cash
in full AP

20received Utilities Payable

water bill Utilities Expense
26Paid Cash
Electricity Utilities Expense

A
Decrease
2540

1
Utilities Payable
Cash
Classification Effect Normal Balance Entry

Asset Increase Debit Cash

Equity Increase Credit Computer Equipment
Asset Increase Debit Lok, Capital

Asset Increase Debit Accounts Receivable

Income Increase Credit Cosultancy Service

Liability Increase Credit Trasportation Equipment

Asset Increase Debit Accounts Payable

Income Increase Credit Cash

Asset Increase Debit Cosultancy Service

Asset Increase Debit Accounts Receivable

Income Increase Credit Consultancy Servic

Asset Decrease Credit Accounts Payable

Liability Decrease Debit Cash

Liability Increase Credit Utilities Expense

Expense Increase Debit Utilities Payable
Asset Decrease Credit Utilities Expense
Expense Increase Debit Cash

L E R +
E -
2540D -
uter Equipment
Lok, Capital

nts Receivable
Cosultancy Service Revenue

ortation Equipment
Accounts Payable

Cosultancy Service Revenue

nts Receivable
Consultancy Service Revenue

nts Payable

es Expense
Utilities Payable
es Expense
 Mr. Lok Company
Unadjusted Trial Balance
January 31, 2016

Account Titles Debit

Cash 367,460.00
Accounts Receivable 107,000.00
Computer Equipment 67,000.00
Transportation Equipment 700,000.00
Accounts Payable
Utilities Payable
Lok, Capital
Consultancy Service Revenue
Utilities Expense 3,520.00
TOTALS 1,244,980.00
 A CA,NCA Cash
ce L CL, NCL Computer Equipment
E Lok, Capital
I
Credit E Accounts Receivable
Cosultancy Serv

Trasportation Equipm
Accounts Payab
-
980.00 Cash
947,000.00 Cosultancy Serv
297,000.00
Accounts Receivable
1,244,980.00 Consultancy Se

Accounts Payable
Cash

Utilities Expense
Utilities Payable

Utilities Expense
Cash
uter Equipment
Lok, Capital

eivable
Cosultancy Service Revenue

ortation Equipment
Accounts Payable

Cosultancy Service Revenue

nts Receivable
Consultancy Service Revenue

nts Payable

es Expense
Utilities Payable

es Expense
 Mr. Lok Company
Statement of Comprehensive Income
For the month ended January 31, 2016

Revenue From:
Consultancy Service Revenue ₱ 297,000.00

Less: Operating Expense

Utilities Expense 3,520.00
Net Income (Loss) ₱ 293,480.00
CA
NCA
CL
NCL
E
I
E
 Mr. Lok Company
Statement of Changes in Owner's Equity
For the month ended January 31, 2016

Lok, Capital, January 1, 2016

Add: Investment ₱ 947,000.00
Net Income 293,480.00
Total
Less: Withdrawal
Lok, Capital, January 31, 2016
 CA
's Equity NCA
1, 2016 CL
NCL
₱ - E
I
1,240,480.00 E
₱ 1,240,480.00
-
₱ 1,240,480.00
 Mr. Lok Company
Statement of Financial Position
January 31, 2016
ASSETS
Current Assets:
Cash ₱ 367,460.00
Accounts Receivable 107,000.00
Total Current Assets
Non-Current Assets:
Computer Equipment ₱ 67,000.00
Transportation Equipment 700,000.00
Total Non-Current Assets
TOTAL ASSETS

LIABILITY AND EQUITY

Current Liability:
Utilities Payable
Equity:
Lok, Capital
TOTAL LIABILITY AND EQUITY
 CA
tion NCA
CL
NCL
E
I
E
₱ 474,460.00

767,000.00
₱ 1,241,460.00

₱ 980.00

1,240,480.00
₱ 1,241,460.00
 Mr. Lok Company
Statement of Cash Flows
For the month ended January 31, 2016

Cash flows from Operating Activities:

Cash received from cash customer ₱ 190,000.00
Cash paid to suppliers (700,000.00)
Cash paid to utilities expense (2,540.00)
Net Cash provided by OA
Cash flows from Financing Activities:
Cash investment by the owner
Increase/(Decrease)
Add: Cash Balance, Jan. 1, 2016
Cash Balance, Jan. 31, 2016
 Operating Activities
CA
2016 CL
I
E
Investing Activities
NCA

-₱ 512,540.00
Financing Activities
880,000.00 NCL
₱ 367,460.00 E
-
₱ 367,460.00
367,460.00
CA
NCA
CL
NCL
E
I
E