Exercise for Making a Trial Balance

Q: Juan de la Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial
statement. During July, the owner completed these transactions (PHP = Philippine Peso, currency of Philippines):
July 1. Owner invested Php 500,000 cash along with computer equipment that had a market value of php. 120,000
two years ago but was now worth Php. 100,000 only.
July 2. Paid Php. 15,000 cash for the rent of office space for the month.
July 4. Purchased Php. 12,000 of additional equipment on credit (due within 30 days).
July 8. Completed a work for a client and immediately collected the Php. 32,000 cash.
July 10. Completed work for a client and sent a bill for Php. 27,000 to be paid within 30 days.
July 12. Purchased additional equipment for Php. 8,000 in cash.
July 15. Paid an assistant Php. 6,200 cash as wages for 15 days.
July 18. Collected Php. 15,000 on the amount owed by the client.
July 25. Paid Php. 12,000 cash to settle the liability on the equipment purchased.
July 28. Owner withdrew Php. 500 cash for personal use.
July 30. Completed work for another client who paid only Php. 40,000 for 50% of the system design.
July 31. Paid salary of assistant Php. 700.
July 31. Received PLDT bill, Php. 1,800 and Meralco bill Php. 3,800.
Required:
Prepare the journal entries, T accounts and trial balance for this business.
Source:
http://www.accounting-basics-for-students.com/taccounts-journal-entry-and-trial-balance-question.html

Exercise on Identifying Debit/Credit

 Answer Sheets

Journal entries for the above transactions:

July 1 Dr Cash 500,000 Received cash from debtor.

Dr Computer Eqpt 100,000
Cr Capital 600,000 25 Dr Creditors 12,000
Owner started business with cash and computer Eqpt. Cr Cash 12,000
Creditors of Eqpt purchased, settled.
2 Dr Rent Exp 15,000
Cr Cash 15,000 28 Dr Drawings 500
Paid rent of office for the month of July. Cr Cash 500
Owner withdrew cash for personal use.
4 Dr Equipment 12,000
Cr Creditors 12,000 30 Dr Cash 40,000
Equipment purchased for business use. Dr. Debtors 40,000
Cr Services rendered (income) 80,000
8 Dr Cash 32,000 50% amount received by a client on a/o work
Cr Services rendered (income) 32,000 completed.
Services rendered for a client.
31 Dr Salaries & Wages 700
10 Dr Debtors 27,000 Cr Cash 700
Cr Services rendered (income) 27,000 Paid salary to the assistant.
Services rendered for a client.
31 Dr Utilities Exp (PLDT) 1,800
12 Dr Equipment 8,000 Dr Utilities Exp (Meralco) 3,800
Cr Cash 8,000 Cr Creditors 5,600
Additional equipment purchased. PLDT and Meralco have been assumed to be the utility
companies.
15 Dr Salaries & Wages 6,200
Cr Cash 6,200
Paid wages to assistant for 15 days.

18 Dr Cash 15,000
Cr Debtors 15,000
T-ACCOUNTS:
TRIAL BALANCE: