Professional Documents
Culture Documents
Perpetual Journal Entries
Perpetual Journal Entries
Perpetual Journal Entries
April 1 Cash 1 0 0
C. Yamabe, Capital
Debit Credit
0 0
1 0 0 0 0
GENERAL JOURNAL
PAGE NUMBER GJ - 1
WITH EXPLANATIONS
Date Particular
June 1 Cash
M. Drews, Capital
Initial Investment
2 Equipment
Cash
Bought equipment
2 Merchandise Inventory
Accounts Payable
ABC Co., 2/10, n/30
3 Supplies
Cash
Bought supplies
4 Acounts Receivable
Sales
Sale on account, 2/10, n/30, FOB, Destination
5 Freight - out
Cash
Freight on June 4 sale
6 Accounts Payable
Merchandise Inventory
Received credit from ABC Co. for merchandise
returned
11 Accounts Payable
Merchandise Inventory
Cash
Payment to ABC Co. on June 2 transaction
Ref Debit Credit
101 50,000.00
301 50,000.00
150 15,000.00
101 15,000.00
115 20,000.00
201 20,000.00
120 500.00
101 500.00
105 5,000.00
401 5,000.00
501 4,000.00
115 4,000.00
506 200.00
101 200.00
201 500.00
115 500.00
202 19,500.00
115 390.00
101 19,110.00
EVENT PARTICIPANTS
14 Merchandise Inventory
Cash
Bought on merchandise on cash basis
15 Salaries
Cash
Salaries paid
16 Cash
Notes Payable
Promissory Note signed with DBP
17 Cash
Merchandise Inventory
Refund from supplier on June 14 transaction
18 Merchandise Inventory
Accounts Payable
Bought merchandise on account, 2/10, n/30,
FOB Shipping Point
20 Merchandise Inventory
Cash
Freight on June 18 purchase
23 Cash
Sales
Cash sales
115 4,000.00
101 4,000.00
530 1,500.00
101 1,500.00
101 20,000.00
202 20,000.00
101 500.00
115 500.00
115 5,000.00
201 5,000.00
115 500.00
101 500.00
101 3,000.00
401 3,000.00
501 2,500.00
115 2,500.00
GENERAL JOURNAL
PAGE NUMBER GJ - 3
WITH EXPLANATIONS
Date Particular Ref
June 26 Merchandise Inventory 115
Cash 101
Bought merchandise on cash basis
30 Advertising 503
Utilities 540
Rent Expense 510
Salaries 530
Cash 101
Month - end payment of expenses
Debit Credit
5,000.00
5,000.00
2,500.00
2,500.00
1,000.00
1,000.00
300.00
300.00
12,500.00
12,500.00
10,000.00
10,000.00
1,000.00
500.00
1,000.00
2,000.00
4,500.00
Account 101 Cash
Date Item Post Debit Credit
June 1 GJ - 1 50,000.00
2 GJ - 1 15,000.00
3 GJ - 1 500.00
5 GJ - 1 200.00
11 GJ - 1 19,110.00
13 GJ - 2 4,900.00
14 GJ - 2 4,000.00
15 GJ - 2 1,500.00
16 GJ - 2 20,000.00
17 GJ - 2 500.00
20 GJ - 2 500.00
23 GJ - 2 3,000.00
26 GJ - 3 5,000.00
27 GJ - 3 2,500.00
28 GJ - 3 1,000.00
29 GJ - 3 300.00
30 GJ - 3 4,500.00
ounts Receivables
Balance
Debit Credit
5,000.00
-
12,500.00
chandise Inventory
Balance
Debit Credit
20,000.00
16,000.00
15,500.00
15,110.00
19,110.00
18,610.00
23,610.00
24,110.00
21,610.00
26,610.00
16,610.00
Supplies
Balance
Debit Credit
500.00
Equipment
Balance
Debit Credit
15,000.00
ccounts Payable
Balance
Debit Credit
20,000.00
19,500.00
-
5,000.00
2,500.00
Notes Payable
Balance
Debit Credit
20,000.00
. Drews, Capital
Balance
Debit Credit
50,000.00
Drews, Drawing
Balance
Debit Credit
1,000.00
Sales
Balance
Debit Credit
5,000.00
8,000.00
20,500.00
Sales Discounts
Balance
Debit Credit
100.00
st of Goods Sold
Balance
Debit Credit
4,000.00
6,500.00
16,500.00
Advertising
Balance
Debit Credit
1,000.00
Freight - out
Balance
Debit Credit
200.00
Rent Expense
Balance
Debit Credit
1,000.00
Salaries
Balance
Debit Credit
1,500.00
3,500.00
Utilities
Balance
Debit Credit
500.00
Lovely Breeze Co.
Trial Balance
June 30, 2018
Account Titles DR CR
101 Cash 24,290.00
105 Accounts Receivables 12,500.00
115 Merchandise Inventory 16,610.00
120 Supplies 500.00
150 Equipment 15,000.00
201 Accounts Payable 2,500.00
202 Notes Payable 20,000.00
301 Drews, Capital 50,000.00
302 Drews, Drawings 1,000.00
401 Sales 20,500.00
405 Sales Return and Allowances 300.00
410 Sales Discount 100.00
501 Cost of Goods Sold 16,500.00
503 Advertising 1,000.00
506 Freight - Out 200.00
510 Rent Expense 1,000.00
530 Salaries 3,500.00
540 Utilities 500.00
Total 93,000.00 93,000.00
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Lovely Breeze Co.
Statement of Performance
For the Period Ended June 30, 2018
M. Drews, Capital -
Initital Investment 50,000.00
Drawings - 1,000.00
Net Profit/Loss - 2,600.00
M. Drews, Capital June 30 46,400.00
Lovely Breeze Co.
Statement of Financial Position Note:
June 30, 2018 Total Assets should be
Assets
Current Assets
Cash and Cash Equivalents 24,290.00
Receivables 12,500.00
Inventories 16,610.00
Prepaid Expenses 500.00
Total Current Assets 53,900.00