GENERAL JOURNAL

PAGE NUMBER GJ - 1
WITH EXPLANATIONS
Date Particular Ref
Sept. 1 Cash 101
Chua, Capital 301
Initial Investment

2 Purchases 501
Accounts Payable 201
ABC Co., 2/10,n/30

3 Supplies 120
Cash 101
Bought supplies

3 Equipment 150
Cash 101
Accounts Payable 201
Bought computer equipment

4 Accounts Receivable 105

Sales 401
Sale on account, 2/10, n/30, FOB,
Destination

5 Freight - out 506

Cash 101
Freight on Aug. 3 sale

7 Accounts Payable 201

Purchase Returns and Allowances 502
Received credit from ABC Co. for
merchandise returned
10 Accounts Payable 201
Purchase Discounts 503
Cash 101
Payment to ABC Co. on Aug. 2
transaction
Debit Credit
100,000.00
100,000.00

19,500.00
19,500.00

500.00
500.00

25,000.00
10,000.00
15,000.00

10,200.00
10,200.00

200.00
200.00

500.00
500.00
19,000.00
380.00
18,620.00
GENERAL JOURNAL
PAGE NUMBER GJ - 2
WITH EXPLANATIONS
Date Particular Ref
Sept. 13 Cash 101
Sales Discount 410
Accounts Receivable 105
Collected from Sept. 4 customer

14 Purchases 501
Cash 101
Bought merchandise on cash basis

15 Salaries 530
Cash 101
Salaries paid

15 Cash 101
Notes Payable 202
Signed promissory note with RCBC Bank

16 Cash 101
Purchase Returns and Allowances 502
Refund from supplier on Sept. 14
transaction

18 Purchases 501
Accounts Payable 201
Bought merchandise on account, 2/10,
n/30, FOB Shipping Point

20 Frieght In 504
Cash 101
Freight on Sept.. 18 purchase
23 Cash 101
Accounts Receivable 401
Sales
Sold merchandise
Debit Credit
9,996.00
204.00
10,200.00

10,200.00
10,200.00

3,000.00
3,000.00

25,000.00
25,000.00

500.00
500.00

14,200.00
14,200.00

500.00
500.00
15,000.00
5,000.00
20,000.00
GENERAL JOURNAL
PAGE NUMBER GJ - 3
WITH EXPLANATIONS
Date Particular Ref
Sept. 26 Purchases 501
Cash 101
Bought merchandise on cash basis

28 Chua, Drawings 302

Cash 101
Withdrawal for personal use

29 Sales Returns and Allowances 405

Cash 101

Refund to customer for defective goods

30 Accounts Receivables 105

Sales 401
Sales on account on terms n/30

30 Accounts Payable 201

Cash 101
Paid LTD Inc.

30 Advertising 505
Utilities 540
Rent Expense 510
Salaries 530
Cash 101
Month - end payment of expenses
Debit Credit
12,300.00
12,300.00

2,000.00
2,000.00

800.00
800.00

13,700.00
13,700.00

14,200.00
14,200.00

1,000.00
400.00
3,500.00
3,000.00
7,900.00
 Chua Enterprise
Statement of Performance
For the Period Ended September 30

Sales 43,900.00
Less: Sales Returns and Allowances 800.00
Sales Discounts 204.00 1,004.00
Net Sales 42,896.00
Less: Cost of Goods Sold 30,320.00
Gross Profit 12,576.00
Less: Operating Expenses
Advertising 1,000.00
Freight - out 200.00
Rent 3,500.00
Salaries 6,000.00
Utilities 400.00 11,100.00
Net Profit 1,476.00
 Chua Enterprise
Statement of Equity
For the Period Ended September 30

Chua, Capital, Beginning 0

Initial Investment 100,000.00
Drawings - 2,000.00
Net Profit 1,476.00
Chua, Capital September 30 99,476.00
 Chua Enterprise
Statement of Financial Position
Sep-30

Assets
Current Assets
Cash and Cash Equivalents 70,276.00
Receivables 18,700.00
Inventories 25,000.00
Prepaid Expenses 500.00
Total Current Assets 114,476.00

Non - current Assets

Property Plant and Equipment 25,000.00
Total Assets 139,476.00

Liabilities and Equity

Current Liabilities
Accounts Payable 15,000.00

Non - current Liabilities

Notes Payable 25,000.00
Total Liabilities 40,000.00
Owner's Capital 99,476.00
Total Liabilities and Equity 139,476.00