Guia Mae V. Estellena
Grade XII – XII – ABM – ABM – C C General Journal
Date
page 1
Account Titles and Explanation
P.R.
Debit
Cash
110
₱ 832,000.00
Credit
2017 June 1
Makulangan, Capital June 2
June 3
June 3
June 3
170
₱ 208,000.00
Fan System
160
₱
Pool Structure
150
₱ 1,444,000.00
Land
140
₱ 400,000.00
110
₱ 644,000.00
Mortgage Payable
240
₱ 1,493,000.00
Advertising Expense
Prepaid Insurance
170
Cash Accounts Payable
Advertising Expense
Boat Rental Expense
Miscellaneous Expense Cash
June 8
130
Sailboats
Cash
Cash Boat Rental Revenues
₱
148,00.00
110
110
Cash June 5
520
Cash
Accounts Payable June 3
85,000.00
Cash
Concession Revenues June 3
₱ 832,000.00
Sailboats
Cash June 3
310
₱ 148,000.00 ₱
10,800.00 ₱
10,800.00
110
₱
32,000.00
210
₱
30,500.00
₱
3,500.00
₱
3,680.00
₱
6,320.00
₱
924.40
₱
26,325.00
110
₱
₱
62,500.00
3,500.00
420 520
₱
3,680.00
210 510
₱
6,320.00
110 591
₱
924.40
110 110 410
₱
26,325.00
General Journal Date June 9
Account Titles and Explanation Fan System Accounts Payable
June 15
Salaries Expense Cash
June 16
Accounts Payable Cash
June 16
June 16
Makulangan, Withdrawals
Miscellaneous Expense
Accounts Payable Cash
June 22
Cash Boat Rental Revenues
June 23
June 24
110
Cash
₱
₱
₱
591
₱
₱
₱
₱
₱
₱
110
₱
10,520.00
₱
8,540.00
₱
30,430.00
₱
426.40
₱
4,800.00
₱
50,820.00
₱
4,520.00
₱
840.00
₱
46,520.00
₱
4,180.00
₱
14,200.00
50,820.00
4,520.00
840.00
46,520.00
4,180.00
110 550
₱
4,800.00
110 210
3,680.00
426.40
110 530
₱
30,430.00
410 ₱
42,000.00
8,540.00
110 110
₱
10,520.00
110 210
8,360.00
3,680.00
410
550
Utilities Expense
₱
₱ 42,000.00
210
Utilities Expense
Cash June 30
320
170
Accounts Payable
₱
Credit
8,360.00
110
Sailboats
Cash June 30
210
210
Salaries Expense
₱
110
Accounts Payable
Cash June 29
530
170
Cash
Debit
210
Sailboats
Cash June 20
160
110
Boat Rental Revenues June 19
P.R.
Cash
Accounts Payable June 16
page 2
14,200.00
General Journal Date June 30
Account Titles and Explanation
June 30
June 30
₱
6,800.00
Interest Expense
590
₱
12,000.00
Utilities Expense
110 550
₱
Credit
₱
18,800.00
₱
4,320.00
4,320.00
Cash
110
Sailboats
170
Cash
110
₱
4,520.00
Accounts Payable
210
₱
44,000.00
Makulangan, Withdrawals
320
₱
11,560.00
₱
46,320.00
₱
1,820.00
Cash Boat Rental Revenues
June 30
Debit
240
Cash June 30
P.R.
Mortgage Payable
Cash June 30
page 3
Accounts Receivable Concession Revenues
₱
₱
48,520.00
11,560.00
110 110
₱
46,320.00
410 120 420
₱
1,820.00
Adjusting Entries Account Titles and Explanation a.
Insurance Expense Prepaid Insurance
b. Depreciation Expense-Fan System Accumulated Depreciation-Fan System c.
Depreciation Expense-Pool Structure Accumulated Depreciation-Pool Structure
d. Depreciation Expense-Sailboats Accumulated Depreciation-Sailboats e.
Salaries Expense Salaries Payable
P.R. 540
Debit ₱
900.00
130 570
₱
₱
₱
220
₱
₱
1,360.00
₱
6,000.00
₱
8,040.00
₱
6,960.00
8,040.00
175 530
900.00
6,000.00
155 580
₱ 1,360.00
165 560
Credit
6,960.00
General Ledger Account: Cash Date
Account No. 110 Explanation
J.R.
Debit
Credit
Balance
June 1
J-1
₱ 832,000.00
June 2
J-1
₱ 644,000.00
₱ 188,000.00
June 3
J-1
₱
14,800.00
₱ 173,200.00
June 3
J-1
₱
10,800.00
₱ 162,400.00
June 3
J-1
₱
32,000.00
₱ 130,400.00
June 3
J-1
June 3
J-1
₱
6,320.00
₱ 127,580.00
June 5
J-1
₱
924.40
₱ 126,655.60
June 8
J-1
June 15
J-2
₱
42,000.00
₱ 110,980.60
June 16
J-2
₱
3,680.00
₱ 107,300.60
June 16
J-2
₱
10,520.00
June 16
J-2
June 19
J-2
₱
426.40
₱ 126,784.20
June 20
J-2
₱
4,800.00
₱ 121,984.20
June 22
J-2
June 24
J-2
₱
840.00
₱ 171,964.20
June 29
J-2
₱
46,520.00
₱ 125,444.20
June 30
J-2
₱
4,180.00
₱ 121,264.20
June 30
J-2
₱
14,200.00
₱ 107,064.20
June 30
J-3
₱
18,800.00
₱
88,264.20
June 30
J-3
₱
4,320.00
₱
83,944.20
June 30
J-3
₱
4,520.00
₱
79,424.20
June 30
J-3
₱
11,560.00
₱
67,864.20
June 30
J-3
2017
₱
₱
₱
₱
₱
₱ 832,000.00
3,500.00
₱ 133,900.00
26,325.00
₱ 152,980.60
30,430.00
96,780.60
₱ 127,210.60
50,820.00
46,320.00
₱
₱ 172,804.20
₱ 114,184.20
Account: Accounts Receivable Date
Explanation
Account No. 120 J.R.
Debit
Credit
Balance
2017 June 30
J-3
₱
1,820.00
₱
Account: Prepaid Insurance Date
Explanation
1,820.00
Account No. 130 J.R.
Debit
Credit
Balance
2017 June 3
J-1
₱
10,800.00
₱
Account: Land Date
10,800.00
Account No. 140 Explanation
J.R.
Debit
J-1
₱ 400,000.00
Credit
Balance
2017 June 2
₱ 400,000.00
Account: Pool Structure Date
Explanation
Account No. 150 J.R.
Debit
J-1
₱ 1,444,000.00
Credit
Balance
2017 June 2
₱ 1,444,000.00
Account: Fan System Date
Explanation
Account No. 160 J.R.
Debit
Credit
Balance
2017 June 2
J-1
₱
85,000.00
₱
85,000.00
June 9
J-1
₱
8,360.00
₱
93,360.00
Account: Sailboats Date
Explanation
Account No. 170 J.R.
Debit
Credit
Balance
June 2
J-1
₱ 208,000.00
₱ 208,000.00
June 3
J-1
₱
62,500.00
₱ 270,500.00
June 16
J-2
₱
8,540.00
₱ 279,040.00
June 23
J-2
June 30
J-3
2017
₱ ₱
4,520.00
48,520.00
₱ 323,040.00
Account: Accounts Payable Date
Explanation
₱ 274,520.00
Account No. 210 J.R.
Debit
Credit
Balance
2017 June 3
J-1
₱
30,500.00
₱
30,500.00
June 3
J-1
₱
3,680.00
₱
34,180.00
June 9
J-2
₱
8,360.00
₱
42,540.00
June 16
J-2
₱
38,860.00
June 16
J-2
₱
47,400.00
June 20
J-2
₱
4,800.00
₱
42,600.00
June 23
J-2
₱
4,520.00
₱
38,080.00
June 30
J-2
₱
4,180.00
₱
33,900.00
June 30
J-3
₱
77,900.00
₱
3,680.00 ₱
₱
8,540.00
44,000.00
Account: Mortgage Payable Date
Explanation
Account No. 240 J.R.
Debit
Credit
Balance
₱ 1,493,000.00
₱ 1,493,000.00
2017 June 2
J-1
June 30
J-3
₱
6,800.00
₱ 1,486,200.00
Account: Makulangan, Capital Date
Explanation
Account No. 310 J.R.
Debit
Credit
Balance
₱ 832,000.00
₱ 832,000.00
2017 June 1
J-1
Account: Makulangan, Withdrawals Date
Explanation
Account No. 240
J.R.
Debit
Credit
Balance
2017 June 16
J-2
₱
10,520.00
₱
10,520.00
June 30
J-3
₱
11,560.00
₱
22,080.00
Account: Boat Rental Revenues Date
Explanation
Account No. 410 J.R.
Debit
Credit
Balance
2017 June 8
J-1
₱
26,325.00
₱
26,325.00
June 16
J-2
₱30,430.00
₱
56,755.00
June 22
J-2
₱
50,820.00
₱ 107,575.00
June 30
J-3
₱
46,320.00
₱ 153,895.00
Account: Concession Revenues Date
Explanation
Account No. 420 J.R.
Debit
Credit
Balance
2017 June 3
J-1
₱
3,500.00
₱
3,500.00
June 30
J-2
₱
1,820.00
₱
5,320.00
Account: Boat Rental Expense Date
Explanation
Account No. 510 J.R.
Debit
Credit
Balance
2017 June 3
J-1
₱
6,320.00
₱
6,320.00
Account: Advertising Expense Date
Explanation
Account No. 520 J.R.
Debit
Credit
Balance
2017 June 3
J-1
₱
14,800.00
₱
14,800.00
June 3
J-1
₱
3,680.00
₱
18,480.00
Account: Salaries Expense Date
Explanation
Account No. 530 J.R.
Debit
Credit
Balance
2017 June 15
J-2
₱
42,000.00
₱
42,000.00
June 29
J-2
₱
46,520.00
₱
88,520.00
Account: Utilities Expense Date
Explanation
Account No. 550 J.R.
Debit
Credit
Balance
2017 June 24
J-2
₱
840.00
₱
840.00
June 30
J-2
₱
14,200.00
₱
15,040.00
June 30
J-3
₱
4,320.00
₱
19,360.00
Account: Interest Expense Date
Explanation
Account No. 590 J.R.
Debit
Credit
Balance
2017 June 30
J-3
₱
12,000.00
₱
Account: Miscellaneous Expense Date
Explanation
12,000.00
Account No. 591 J.R.
Debit
Credit
Balance
2017 June 5
J-1
₱
924.40
₱
924.40
June 19
J-2
₱
426.40
₱
1,350.00
Metro Sails Income Statement For the Month Ended June 30, 2017
Revenues
Boat Rental Revenues
₱
Concession Revenues
153,895.00 5,320.00
Total
₱
159,215.00
Expenses
Boat Rental Expense
₱
6,320.00
Advertising Expense
18,480.00
Salaries Expense
95,480.00
Insurance Expense Utilities Expense
900.00 19,360.00
Depreciation Expense-Pool Structure
6,000.00
Depreciation Expense-Fan System
1,360.00
Depreciation Expense-Sailboats
8,040.00
Interest Expense Miscellaneous Expense
12,000.00 1,350.80
Total Loss
169,290.80 ₱
10,075.80
Metro Sails Balance Sheet June 30, 2017
Assets Current Assets
Cash
₱ 114,184.20 Accounts Receivable
1,820.00
Prepaid Insurance
9,900.00
Total Current Assets
₱ 125,904.20
Property and Equipment (Net)
Land
₱400,000.00
Pool Structure
₱ 1,444,000.00
Less: Accumulated Depreciation-Pool Structure Fan System
6,000.00 ₱
Less: Accumulated Depreciation-Pool Structure Sailboats
1,438,000.00
93,360.00 1,360.00
92,000.00
₱ 323,040.00
Less: Accumulated Depreciation-Sailboats
8,040.00
315,000.00 2,245,000.00 ₱ 2,370,904.20
Total Assets Liabilities Current Liabilities
Accounts Payable
₱
Salaries Payable
77,900.00 6,960.00
Total Current Liabilities Non-current Liabilities
₱
Mortgage Payable
₱ 1,486,200.00
Total Current Liabilities
84,860.00
₱ 1,571,060.00 Owner’s Equity
Makulangan, Capital, 6/30/2017
₱ 799,844.20
Total Liabilities and Owner’s Equity
₱ 2,370,904.20
Metro Sails Statement of Changes in Equity For the Month Ended June 30, 2017
Makulangan, Owner’s Equity, 6/1/2017
₱
Less: Loss Total Less: Withdrawals Makulangan, Owner’s Equity, 6/30/2017
832,000.00 10,075.80
₱
821,924.20 22,080.00
₱ 799,844.20
Closing Entries Date June 30
June 30
June 30
Account Titles and Explanation
P.R.
Debit
Boat Rental Revenues
410
₱ 153,895.00
Concession Revenues
420
₱
Income Summary
330
Income Summary
5,320.00 ₱ 159,185.00
₱ 169,290.80
Boat Rental Expense
510
₱
6,320.00
Advertising Expense
520
₱
18,480.00
Salaries Expense
530
₱
95,480.00
Insurance Expense
540
₱
900.00
Utilities Expense
550
₱
19,360.00
Depreciation Expense-Pool Structure
560
₱
6,000.00
Depreciation Expense-Fan System
570
₱
1,360.00
Depreciation Expense-Sailboats
580
₱
8,040.00
Interest Expense
590
₱
12,000.00
Miscellaneous Expense
591
₱
1,350.80
₱
10,075.80
₱
22,080.00
Makulangan, Capital Income Summary
June 30
330
Credit
Makulangan, Capital Makulangan, Withdrawals
310
₱
10,075.80
330 310 320
₱
22,080.00
Metro Sails Post-Closing Trial Balance June 30, 2017
Cash
₱
114,184.20
Accounts Receivable
1,820.00
Prepaid Insurance
9,900.00
Land Pool Structure
400,000.00 1,444,000.00
Accumulated Depreciation-Pool Structure Fan System
₱ 6,000.00 93,360.00
Accumulated Depreciation-Fan System Sailboats
1,360.00 323,040.00
Accumulated Depreciation-Sailboats
8,040.00
Accounts Payable
77,900.00
Salaries Payable
6,960.00
Mortgage Payable
1,486,200.00
Makulangan, Capital
799,844.20 ₱ 2,386,304.20
₱ 2,386,304.20
PERFORMANCE TASK In Fundamentals of Accounting, Business, and Management 2
July 24, 2017
PRACTICE SET Guia Mae V. Estellena Grade 12 – ABM – C
