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Mr. Edgar Esparaguera is a professional accou ntant. He ventured in a milling business to serve the needs
the rural areas of Dipolog City. With a given chart of accounts, record in a two-column General Journal the
for the first month of operation on April 2014.

Dipolog Rice Mill

Chart of Accounts

Page Account Particulars Page Account Particulars

No. No. No. No.
Assets Owner's Equ
1 101 Cash
Cash in Bank 10 301 E. Esparaguera,
2 102 Petty
Petty Cash Fund 11 302 E. Esparaguera,
3 103 Accounts Receivable
4 104 Advances
Advances to Employees Income
5 105 Diesoline Inventory 12 401 Milling Income
6 106 Satake
Satake Rice Mill 13 401-A Other Income
7 107 Furniture and Fixtures
Expenses
Liabilities 14 501 Salaries and Wage
8 201 Accounts Payable 15 502 Taxes and License
9 202 Unearned
Unearned Milling Income 16 503 Repairs and Maint
17 504 Light and Water

Transactions for the Month:

April 1 - Mr. Edgar Esparaguera invests cash of P100,000. He deposited the P99,000 in Land Bank
P1,000 as petty cash fund to pay for small expenses. He also invests a Satake Rice Mill wh
installation cost worth P950,000 and Furniture amounting to P80,000 for a total inv
P1,130,000.
3 - Purchased diesoline worth P15,000 account from Caltex Philippines.
5 - Paid licenses and business permits to the city government,
government, P2,800.
7 - Salary advance of an
an employee
employee deductible from payroll,
payroll, P3,000.
8 - Paid minor repairs, P500.
P500. This was taken from the Petty Cash Fund.
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14 - Received with
cash for milling Scribd
services, P9,000.
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18 - Withdrew P8,000 cash for personal use. 
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20 - Rendered milling services
services to Zamboanga Traders on account, P18,000.
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23 - Paid in full the account with Caltex Philippines, P15,000.
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Dipolog Rice Mill
 Sheet Music Journal Entry

20A Particulars Folio Debit Credit

April 1 Cash in Bank JV - 1 99,000
Petty Cash Fund JV - 2 1,000
Satake Rice Mill JV - 6 950,000
Furniture and Fixtures JV - 7 80,000
E. Esparaguera, Capital JV - 10 1,130,000
Investment of E. Esparaguera.

3 Diesoline Inventory JV - 5 15,000

Accounts Payable JV - 8 15,000
Purchased on Account.

5 Taxes and Licenses JV - 15 2,800

Cash in Bank JV - 1 2,800
Paid Taxes and Licenses to the
City Government.

7 Advances to Employees JV - 4 3,000

Cash in Bank JV - 1 3,000
Cash Advance for Employees.
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8 Repairs and Maintenance JV - 16 500
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Petty Cash Fund JV - 2 500
Paid Minor Repairs from
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Petty Cash Fund.

14 Cash in Bank JV - 1 9,000

Milling Income JV - 12 9,000
Received Cash for Milling Services.

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18 E. Esparaguera, Scribd Read
JV - 11
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28 Cash in Bank JV - 1 7,000

 Sheet Music Unearned Milling Income JV - 9 7,000
Received Cash last still no services
has been rendered.

29 Light and Water JV - 17 8,000

Cash in Bank JV - 1 8,000
Paid the Light and Water.

30 Salaries and Wages JV - 14 15,000

Advances to Employees JV - 4 3,000
Cash in Bank JV - 1 12,000
Paid the Payroll less the cash
advance.

Accounts Receivable JV - 3 25,000

Milling Income JV - 12 25,000
Billed customer for milling services
rendered.

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Dipolog Rice Mill
 Sheet Music General Ledger

ASSETS
 Acc

CASH IN BANK
20A Particular F Debit 20A Particular F
April 1 Investment JE - 1 P 99,000 April 5 Taxes and Licenses JE - 1
14 Received Cash JE - 1 P 9,000 7 Advances to Employees JE - 1
27 Partial Collection JE - 2 P 10,000 18 Withdrawal JE - 2
28 Received Cash JE - 2 P 7,000 23 Paid account in full JE - 2
29 Light and Water JE - 2
30 Cash Advance JE - 2
P 76,200 P 125,000

 Acc

PETTY CASH FUND

20A Particular F Debit 20A Particular F
April 1 Investment JE - 1 P 1,000 April 8 Paid Minor Repairs JE - 1
P 500 P 1,000

 Acc

ACCOUNT
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20A Particular F Debit 20A Particular F
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April 20 Rendered Services JE - 1 P 18,000 April 29 Light and Water JE - 1
30 Milling Services JE - 2 P 25,000
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P 33,000 P 43,000

 Acc

ADVANCES TO EMPLOYEES
20A Particular F Debit 20A Particular F
April 7 Cash Advance JE - 1 P 3,000 April 30 Payroll JE - 2

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20A Particular F Debit 20A Particular F
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 Acc

 Sheet Music FURNITURE AND FIXTURES

20A Particular F Debit 20A Particular F
April 1 Investment JE - 1 P 80,000
P 80,000

LIABILITIES
 Acco

ACCOUNTS PAYABLE
20A Particular F Debit 20A Particular F
April 23 Paid Account in Full JE - 2 P 15,000 April 3 Purchased on Account JE - 1
P 15,000

 Acco

UNEARNED MILLING INCOME

20A Particular F Debit 20A Particular F
April 28 Received Cash JE - 2

OWNER'S EQUITY
 Acco

E. ESPARAGUERA, CAPITAL
20A Particular F You're
Debit Reading a Preview
20A Particular F
April
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with a free Investment JE - 1

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 Acco

E. ESPARAGUERA, DRAWING
20A Particular F Debit 20A Particular F
April 18 Withdrawal JE - 2 P 8,000
P 8,000

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20A Particular F Debit 20A Particular F
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EXPENSES
 Sheet Music  Acco

SALARIES AND WAGES

20A Particular F Debit 20A Particular
April 30 Paid Payroll to Employees JE - 1 P 15,000
P 15,000

 Acco

TAXES AND LICENSES

20A Particular F Debit 20A Particular
April 5 Taxes and Licenses JE - 1 P 2,800
P 2,800

 Acco

REPAIRS AND MAINTENANCE

20A Particular F Debit 20A Particular
April 8 Paid Minor Repairs JE - 1 P 500
P 500

 Acco

LIGHT AND WATER

20A Particular F Debit 20A Particular
April 29 Light and Water JE - 2 P 8,000
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Dipolog Rice Mill
 Sheet Music Trial Balance
April 20A

Debit Credit
Account Titles Folio
Balance Balance
Cash in Bank 1 76,200
Petty Cash Fund 2 500
Accounts Receivable 3 33,000
Diesoline Inventory 5 15,000
Satake Rice Mill 6 950,000
Furniture and Fixtures 7 80,000
Unearned Milling Income 9 7,000
E. Esparaguera, Capital 10 1,130,000
E. Esparaguera, Drawing 11 8,000
Milling Income 12 52,000
Salaries and Wages 14 15,000
Taxes and Licenses 15 2,800
Repairs and Maintenance 16 500
Light and Water 17 8,000 ___________
TOTAL 1,189,000 1,189,000

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