College of Business and Accountancy

ACCTG 311 – Computerized Bookkeeping

Name: Jheilson S. Dingcong Date: 29/06/2021

Course & Year: BSBA 3 OM Class Schedule: 6:30 PM - 9:30 PM M-F

INSTRUCTIONS:
(1) Prepare the following for the transactions/problem below:
a. Journal entry
b. T-account
c. Income Statement
d. Balance Sheet
(2) Use proper accounting titles.
(3) When saving this file, use file name: Seat Work 02_<Last Name>
(4) Deadline: Refer to LMS schedule

PROBLEM:

Company Name: JM Photography

General Service Based
Sole Proprietor
2018
Oct 1 Deposited P450,000 in a bank account in the name of the business.
3 Paid two month’s rent deposit and one-month advance, P40,500.
5 Transferred to the business personal photography equipment valued at P129,000.
7 Ordered additional photography equipment, P75,000.
8 Purchased office equipment for cash, P54,000.
10 Received and paid for the photography equipment ordered on Oct 7, P75,000.
12 Purchased photography supplies on credit, P21,000.
13 Received cash for previously unbilled portraits, P110,400.
17 Billed customers for portraits, P220,500.
19 Paid fifty percent of the supplies purchased on Oct 12, P10,500.
25 Paid the electricity bill for Oct., P3,600.
26 Paid the telephone bill for Oct., P2,100.
28 Received payments from the customers billed on Oct. 17, P7,500.
29 Paid salaries to personnel, P12,000.
30 Received an advance payment from a customer, P1,500.
31 Withdrew P16,000 from the business for a personal emergency.

A. Journal Entry
2018 Particulars Debit Credit
Oct 1 Cash 450,000

JM Photography, Capital 450,000

3 Prepaid Rent 40,500

Cash 40,500

5 Photography Equipment 129,000

JM Photography, Capital 129,000

8 Office Equipment 54,000

Cash 54,000

10 Photography Equipment 75,000

Cash 75,000

Received and paid for photography equipment ordered

on Oct 7

12 Photography Supplies 21,000

Accounts Payable 21,000

13 Cash 110,400

Service Revenue 110,400

17 Accounts Receivable 220,500

Service Revenue 220,500

#
 19 Accounts Payable 10,500

Cash 10,500

25 Utility Expense 3,600

Cash 3,600

26 Utility Expense 2,100

Cash 2,100

28 Cash 7,500

Accounts Receivable 7,500

29 Salaries Expense 12,000

Cash 12,000

30 Cash 1,500

Unearned Income 1,500

31 JM Photography, Withdrawal 16,000

Cash 16,000

B. T-account
CASH JM Photography, Capital
Oct. 1 450,000 40,500 Oct.3 450,000 Oct.1
Oct.13 110,400 54,000 Oct.8 129,000 Oct.5

Oct.28 7,500 75,000 Oct.10 Bal. 579,000

Oct.30 1,500 10,500 Oct.19

3,600 Oct.25
2,100 Oct.26
12,000 Oct.29
16,000 Oct 31

Bal. 355,700

Prepaid Rent Photography Equipment

Oct.3 40,500 Oct. 5 129,000

Bal. 40,500 Oct. 10 75,000

Bal. 204,000

Office Equipment Photography Supplies

Oct. 8 54,000 Oct. 12 21,000

Bal. 54,000 Bal. 21,000

Accounts Payable Service Revenue

Oct.19 10,500 21,000 Oct 12. 110,400 Oct.13

Bal. 10,500 220,500 Oct.17

Bal. 330,900

Utility Expense Accounts Receivable

Oct. 25 3,600 Oct. 17 220,500 7,500 Oct.28

Oct. 26 2,100 Bal. 213,000

Bal. 5,700
 Salaries Expense Unearned Income

Oct. 29 12,000 1,500 Oct.30

Bal. 12,000 Bal. 1,500

JM Photography, Withdrawal

Oct. 31 16,000
Bal. 16,000

JM Photography
Trial Balance
31-Oct-18
Page No. Account Titles Debit Credit
1 Cash 355,700
2 Accounts Receivable 213,000
3 Prepaid Rent 40,500
4 Photography Equipment 204,000
5 Office Equipment 54,000
6 Photography Supplies 21,000
7 JM Photography, Capital 579,000
8 JM Photography, Withdrawal 16,000
9 Accounts Payable 10,500
10 Service Revenue 330,900
11 Unearned Income 1,500
12 Utility Expense 5,700
13 Salaries Expense 12,000

921,900 921,900

C. Income Statement
INCOME STATEMENT
 For the Month Ending Oct 31, 2018
Service Revenue: 330,900
Gross Profit 330,900

Operating Expenses
Utility Expense 5,700
Salary Expense 12,000
Total Expenses 17,700

PROFIT 313,200
D. Balance Sheet
JM Photography
Balance Sheet
As of 31 October 2018
ASSETS
Current Assets:
Cash 355,700
Accounts Receivable 213,000
Photography Supplies 21,000
Prepaid Rent 40,500
Total Current Assets 630,200

Non-Current Assets:
Equipment:
Photography Equipment 204,000
Office Equipment 54,000
Total Equipment: 258,000

Total Assets 888,200

Liabilities and Owner's Equity

Liability
Current Liability:
Accounts Payable 10,500
Unearned Income 1,500

Total Current Liability 12,000

Owner's Equity
JM Photography, Capital 876,200

Total Liabilities and Owner's Equity 888,200