Promix Consultancy

JOURNALIZING

Date Description Debit

April 1 Cash 70,000
Accounts Receivable
to record 40% collected on the accounts as of march 31

2 Rent Expense 10,000

Cash
to record payment of rent

3 Transportation equipment 700,000

Cash
Notes Payable
payment of purchased car terms: 20% down balance
2 year 7 note

3 Unused Office supplies 18,000

Accounts Payable
payment of office supplies terms: 10% volume discount
3/15, n/30

4 Accounts Receivable 50,000

Service revenue
rendered consulting service for Magnalite Inc.

4 Fuel and Oil expense 2,500

Cash
to record payment for gas expense

5 Accounts Payable 3,000

Unused Office Supplies
to record the returned damage office supplies

6 Accounts payable 73,000

Cash
paid in full account

7 SSS contribution payable 5,800

SSS contirbution expense 8,500
PHIC contribution payable 2,000
PHIC contribution expense 3,000
 HDMF contribution payable 700
HDMF contribution expense 700
Cash
remitted the following social contribution

8 Notes Receivable 150,000

Service Revenue
to record 30-day, 7% note received from Extracon Inc.

9 Cash 60,600
Notes Receivable
Interest Revenue
note collected from the trial balance march 31

10 Accounts Payable 5,000

Cash
to record partial payment

10 Withholding tax payable 18,700

Cash
remitted the tax withheld to the BIR

11 representation and entertainment 7,000

Cash
to record bills paid for lunch meeting with a client

12 Cash 105,000
Accounts Receivable
collected remaining accounts as of march 31

13 Cash 30,000
Accounts Receivable 90,000
Service Revenue
to record rendered service terms: 25% down payment
5/15, n/30

14 Cash 50,000
Accounts Receivable
collection of the account of Magnelite Inc.

15 Salaries and Wages 130,000

SSS contribution payable
PHIC contribution payable
 HDMF contribution payable
Cash
to record salary expense less the social contribution

16 Accounts Receivable 100,000

Service revenue
service rendered to Crest Corp.

18 Accounts Payable 10,000

Unused office supplies
Cash
payment to daisy stationeries in full

20 Tax and license 18,600

Cash
paid 3% tax based on the revenue, march 31

21 Transportation and Travel 1,800

Cash
to record transportation fares of the messenger

23 J. Mateo Drawings 4,000

Unused office supplies
office supplies took for personal use

25 Notes payable 90,000

interest expense 900
cash
settlement of the note from march 31 with 8% interest

26 Unused office supplies 30,000

Accounts payable
bought office supplies on account terms: n/15

27 Accounst Receivable 200,000

Service Revenue
to record rendered services to transcom Corm terms: n/15

28 Cash 85,500
service revenue (Service discount) 4,500
Accounts Receivable
 TGA Co. settled the accounts in full

29 Cash 50,000
Accounts Receivable
to record 50% partial payment from Crest Corp.

30 Light and Water 11,500

Cash
to record utilities expense

30 Salaries and Wages 170,000

withholding tax payable
Cash
to record payment of salaries of the staff with withholding tax

2,370,300
 GENERAL LEDGER POSTING

ACCOUNT TITLE: CASH

Credit DATE EXPLANATION

2020
70,000 APRIL 1 Beginning Balance
1 to record 40% collected on the accounts as of march 31
2 to record payment of rent
3 payment of purchased car terms: 20% down balance
10,000 4 to record payment for gas expense
6 paid in full accuont
7 remitted the following social contribution
9 note collected from the trial balance march 31
140,000 10 to record partial payment
560,000 10 remmited the tax to withheld to the BIR
11 to record bills paid for lunch meeting with a new client
12 collected remaining accounts as of march 31
13 to record rendered service terms: 25% down payment
14 collection of the account of Magnelite Inc.
18,000 15 to record salary expense less social contribution
18 payment to daisy stationeries in full
20 paid 3% tax based on the revenue on march 31
21 to record transporation fares of the messenger
25 settlement of the note from march 31 with 8% interest
50,000 28 TGA Co. settled the accounts in full
29 to record 50% partial payment from Crest Corp.
30 to record utilities expense
30 to record payment of salaries of the staff with withholding tax
2,500 Ending balance

ACCOUNT TITLE: ACCOUNTS RECEIVABLE

3,000
DATE EXPLANATION
2020
APRIL 1 beginning balance
73,000 1 to record 40% collected on the accounts as of march 31
4 rendered consulting service for Magnelite Inc.
12 collected remaining accounts as of march 31
13 to record rendered service terms: 25% down payment
14 collection of the account of Magnelite Inc.
16 service rendered to Crest Corp.
27 to record rendered services to transcom Corm terms: n/15
 28 TGA Co, Settles accounts in full
29 to record 50% partial payment
20,700 Ending Balance

ACCOUNT TITLE: NOTES RECEIVABLE

150,000
DATE EXPLANATION
APRIL 1 Beginning balance
8 to record 30-day, 7% note received from Extracon Inc.
60,000 9 note collected from the trial balance march 21
600 Ending Balance

ACCOUNT TITLE: UNUSED OFFICE SUPPLIES

5,000 DATE EXPLANATION
APRIL 1 beginning balance
3 payment of office supplies terms: 10% volume discount
5 to record returned damage office supplies
18,700 18 payment to daisy stationeries in full
23 office supplies took for personal use
26 bought office supplies on account terms: n/15
Ending Balance
7,000

ACCOUNT TITLE: transportation equipment

DATE EXPLANATION
105,000 APRIL 3 payment of purchased car terms: 20% down balance 2 year 7 not
Ending Balance

ACCOUNT TITLE: OFFICE EQUIPMENT

120,000 DATE EXPLANATION
2020
March 31 beginning balance
ending balance

50,000
ACCOUNT TITLE: OFFICE FURNITURE AND FIXTURES
DATE EXPLANATION
2020
5,800 March 31 beginning balance
2,000 ending balance
 700
121,500
ACCOUNT TITLE: ACCOUNTS PAYABLE
DATE EXPLANATION
2020
100,000 MARCH 31 beginning balance
April 3 payment of purchased car terms: 20% down balance
5 to record returned damage office supplies
6 paid in full account
10 to record partial payment
450 18 payment to daisy stationeries in full
9,550 26 bought office supplies on account terms: n/15
Ending Balance

18,600 ACCOUNT TITLE: NOTES PAYABLE

DATE EXPLANATION
2020
March 31 beginning balance
1,800 April 3 payment of office supplies terms: 10% volume discount
25 settlement of the notes from march 31 with 8% interest
Ending Balance

ACCOUNT TITLE: WITHHOLDING TAX PAYABLE

4,000 DATE EXPLANATION
2020
March 31 beginning balance
April 10 remitted the tax withheld to the BIR
30 to record payment of salaries of the staff with withholding tax
90,900 Ending balance

ACCOUNT TITLE: SSS CONTRIBUTION PAYABLE

30,000 DATE EXPLANATION
2020
March 31 beginning balance
April 7 remitted the following social contribution
200,000 15 to record salary expense less social contribution
Ending Balance

ACCOUNT TITLE: PHIC CONTRIBUTION PAYABLE

90,000 DATE EXPLANATION
 2020
March 31 beginning balance
April 7 remitted the following social contribution
50,000 15 to record salary expense less social contribution
Ending Balance

11,500 ACCOUNT TITLE: HDMF CONTRIBUTION PAYABLE

DATE EXPLANATION
2020
March 31 beginning balance
20,000 April 7 remitted the following social contribution
150,000 15 to record salary expense less social contribution
Ending Balance

2,370,300
ACCOUNT TITLE: J, CAPITAL
DATE EXPLANATION
March 31 beginning balance
Ending Balance

ACCOUNT TITLE: J, DRAWING

DATE EXPLANATION
March 31 beginning balance
April 23 office supplies took for personal use
Ending Balance

ACCOUNT TITLE: SERVICE REVENUE

DATE EXPLANATION
March 31 beginning balance
April 4 rendered consulting service for Magnalite Inc.
8 to record 30-day, 7% note received from Extracon Inc.
13 to record rendered service terms: 25% down payment
16 service rendered to Crest Corp.
27 to record rendered services to transcom Corm terms: n/15
28 TGA Co, settled in full accounts
Ending Balance

ACCOUNT TITLE: INTEREST REVENUE

DATE EXPLANATION
2020
April 9 note collected from the trial balance march 31
Ending Balance

ACCOUNT TITLE: SALARIES AND WAGES

DATE EXPLANATION
2020
March 31 beginning balance
April 15 to record salaryexpense less social contribution
30 to record payment of salaries of the staff with withholding tax
Ending Balance

ACCOUNT TITLE: INSURANCE EXPENSE

DATE EXPLANATION
2020
March 31 beginning balance
ending balance

ACCOUNT TITLE: MISCELLANEOUS EXPENSE

DATE EXPLANATION
2020
March 31 beginning balance
Ending Balance

ACCOUNT TITLE: COMMUNICATION EXPENSE

DATE EXPLANATION
2020
March 31 beginning balance
Ending Balance

ACCOUNT TITLE: TRANSPORTATION AND TRAVEL

DATE EXPLANATION
2020
March 31 beginning balance
April 21 paid the transportation fares of the messenger
Ending Balance

ACCOUNT TITLE: REPAIRS AND MAINTENANCE

DATE EXPLANATION
 2020
March 31 beginning balance
Ending Balance

ACCOUNT TITLE: REPRESENTATION AND ENTERTAINMENT

DATE EXPLAINATION
March 31 beginning balance
April 11 to record bills paid for lunch meeting with a client
Ending balance

ACCOUNT TITLE: TAXES AND LICENSE

DATE EXPLANATION
March 31 beginning Balance
April 20 paid 3% tax based on the revenue, march 31
Ending Balance

ACCOUNT TITLE: LIGHT AND WATER

DATE EXPLANATION
March 31 beginning Balance
April 20 paid 3% tax based on the revenue, march 31
Ending Balance

ACCOUNT TITLE: RENT EXPENSE

DATE EXPLANATION
April 2 to record payment of rent
Ending Balance

ACCOUNT TITLE: FUEL AND OIL

DATE EXPLANATION
March 31 beginning Balance
April 4 to record payment for gas expense
Ending Balance

ACCOUNT TITLE: INTEREST EXPENSE

DATE EXPLANATION
April 25 settlement of the note from march 31 with 8% interest
Ending Balance

ACCOUNT TITLE: SSS Contribution Expense

DATE EXPLANATION
April 7 remitted the following social contribution
Ending balance

ACCOUNT TITLE: PHIC Contribution Expense

DATE EXPLANTION
April 7 remitted the following social contribution
Ending Balance

ACCOUNT TITLE: HDMF contribution Expense

DATE EXPLANATION
April 7 remitted the following social contribution
Ending Balance
 DEBIT CREDIT RUNNING BALANCE

246,000 Cash
70,000 316,000 Accpunts Receivable
10,000 306,000 Notes Receivable
140,000 166,000 Unused office supplies
2,500 163,500 Transportation equipment
73,000 90,500 Office Equipment
20,700 69,800 Office Furniture and Fixture
60,600 130,400 Accounts Payable
5,000 125,400 Notes Payable
18,700 106,700 Withholding Tax Payable
7,000 99,700 SSS contribution Payable
105,000 204,700 PHIC contribution Payable
30,000 234,700 HDMF contribution Payable
50,000 284,700 J, Capital
121,500 163,200 J, Drawing
9,550 153,650 Service Revenue
18,600 135,050 Interest Revenue
1,800 133,250 Salaries and Wages
90,900 42,350 Insurance Expense
85,500 127,850 Miscellaneous Expense
50,000 177,850 Communication Expense
11,500 166,350 Transportation and Travel
withholding tax 150,000 16,350 Repair and Maintenance
16,350 Representation and entertainment
Tax and License
Light and Water
Rent Expense
Fuel and Oil
DEBIT CREDIT RUNNING BALANCE Interest Expense
SSS contribution Expense
175,000 PHIC contribution Expense
70,000 105,000 HDMF contribution Expense
50,000 155,000
105,000 50,000
90,000 140,000
50,000 90,000
100,000 190,000
terms: n/15 200,000 390,000
 90,000 300,000
50,000 250,000
250,000

DEBIT CREDIT RUNNING BALANCE

60,000
150,000 210,000
60,000 150,000
150,000

DEBIT CREDIT RUNNING BALANCE

14,600
18,000 32,600
3,000 29,600
450 29,150
4,000 25,150
30,000 55,150
55,150

DEBIT CREDIT RUNNING BALANCE

alance 2 year 7 not 700,000
700,000

DEBIT CREDIT RUNNING BALANCE

180,000
180,000

DEBIT CREDIT RUNNING BALANCE

95,000
95,000
 DEBIT CREDIT RUNNING BALANCE

73,000
18,000 91,000
3,000 88,000
73,000 15,000
5,000 10,000
10,000 0
30,000 30,000
30,000

DEBIT CREDIT RUNNING BALANCE

90,000
560,000 650,000
90,000 560,000
560,000

DEBIT CREDIT RUNNING BALANCE

18,700
18,700 0
withholding tax 20,000 20,000
20,000

DEBIT CREDIT RUNNING BALANCE

5,800
5,800 0
5,800 5,800
5,800

DEBIT CREDIT RUNNING BALANCE

 2,000
2,000 0
2,000 2,000
2,000

DEBIT CREDIT RUNNING BALANCE

700
700 0
700 700
700

DEBIT CREDIT RUNNING BALANCE

300,000
300,000

DEBIT CREDIT RUNNING BALANCE

20,000
4,000
24,000

DEBIT CREDIT RUNNING BALANCE

620,000
50,000 670,000
150,000 820,000
120,000 940,000
100,000 1,040,000
terms: n/15 200,000 1,240,000
4,500 1,235,500
1,235,500

DEBIT CREDIT RUNNING BALANCE

 600
600

DEBIT CREDIT RUNNING BALANCE

265,200
130,000 395,200
withholding tax 170,000 565,200
565,200

DEBIT CREDIT RUNNING BALANCE

12,000 12,000
12,000

DEBIT CREDIT RUNNING BALANCE

2,300 2,300
2,300

DEBIT CREDIT RUNNING BALANCE

7,900 7,900
7,900

DEBIT CREDIT RUNNING BALANCE

2,800
1,800 4,600
4,600

DEBIT CREDIT RUNNING BALANCE

 5,100 5,100
5,100

DEBIT CREDIT RUNNING BALANCE

4,200
7,000 11,200
11,200

DEBIT CREDIT RUNNING BALANCE

7,000
18,600 25,600
25,600

DEBIT CREDIT RUNNING BALANCE

8,500
11,500 20,000
20,000

DEBIT CREDIT RUNNING BALANCE

10,000 10,000
10,000

DEBIT CREDIT RUNNING BALANCE

4,600
2,500 7,100
7,100

DEBIT CREDIT RUNNING BALANCE

900 900
900

DEBIT CREDIT RUNNING BALANCE

 8,500 8,500
8,500

DEBIT CREDIT RUNNING BALANCE

3,000 3,000
3,000

DEBIT CREDIT RUNNING BALANCE

700 700
700
 PROMIX CONSULTANCY
TRIAL BALANCE
As of April 30, 2020

DEBIT CREDIT
16,350
250,000
150,000
55,150
700,000
180,000
95,000
30,000
560,000
20,000
5,800
2,000
700
300,000
24,000
1,235,500
600
565,200
12,000
2,300
7,900
4,600
5,100
d entertainment 11,200
25,600
20,000
10,000
7,100
900
8,500
3,000
700
2,154,600 2,154,600