GG MOTORSHOP

DATE

1-Oct Cash
Owner's Capital

2-Oct Equipment
Cash

5-Oct Rent Expense

Cash

6-Oct Supplies Expense

Accounts Payable

7-Oct Equipment
Cash
Accounts Payable

8-Oct Cash
Revenue

10-Oct Supplies Expense

Cash

13-Oct Accounts Receivable

Revenue
15-Oct Salaries Expense
Cash

18-Oct Accounts Payable

Cash

23-Oct Cash
Accounts Receivable

25-Oct Cash
Revenue

28-Oct Owner's Drawings

Cash

30-Oct Utilities Expense

Cash

31-Oct Telecommunication Expense

Cash

31-Oct Salaries Expense

Cash

31-Oct Prepaid Supplies

Supplies Expense
 EXPENSE METHOD

GENERAL JOURNAL PR DEBIT CREDIT

ACCOUNT TITLE & EXPLANATION

101 250,000.00
Owner's Capital 301 250,000.00
To record Owner's investment

111 30,000.00
101 30,000.00
To record purcahsed equipments

501 7,500.00
101 7,500.00
To record payment of rent

pplies Expense 502 18,500.00

Accounts Payable 201 18,500.00
To record purchased supplies

111 65,000.00
101 30,000.00
Accounts Payable 201 35,000.00
To record purchased equipment on credit with down payment
101 45,000.00
Revenue 401 45,000.00
To record revenue

pplies Expense 502 9,200.00

101 9,200.00
To record purchased supplies

counts Receivable 102 15,000.00

Revenue 401 15,000.00
To record revenue on credit
 aries Expense 503 12,000.00
101 12,000.00
To record payment of salaries

counts Payable 201 18,500.00

101 18,500.00
To record payment of accounts payable on 07-Oct

101 15,000.00
Accounts Receivable 102 15,000.00
To record collection from J. Lumban in 13-Oct

101 32,000.00
Revenue 401 32,000.00
To record revenue

wner's Drawings 302 16,000.00

101 16,000.00
To record Owner's withdrawal

lities Expense 504 7,500.00

101 7,500.00
To record payment of utilities

ecommunication Expense 505 3,200.00

101 3,200.00
To record payment of telephone bill

aries Expense 503 12,000.00

101 12,000.00
To record payment of salaries

epaid Supplies 103 5,100.00

Supplies Expense 502 5,100.00
To record supplies not used during the period
NO. CHART OF ACCOUNT
DEBIT
101 CASH ASSET C 196,100.00
102 ACCOUNTS RECEIVABLE ASSET C 0.00
103 PREPAID SUPPLIES ASSET C 5,100.00

111 EQUIPMENT ASSET NC 95,000.00

201 ACCOUNTS PAYABLE LIABILITIES C

301 OWNER'S CAPITAL EQUITY

302 OWNER'S DRAWINGS EQUITY 16,000.00

401 REVENUE
501 RENT EXPENSE 7,500.00
502 SUPPLIES EXPENSE 22,600.00
503 SALARIES EXPENSE 24,000.00
504 UTILITIES EXPENSE 7,500.00
505 TELECOMMUNICATION EXPENSE 3,200.00
BALANCE: 377,000

C CURRENT
NC NON CURRENT
CREDIT

GG MOTORSHOP

DATE
35,000.00

250,000.00 1-Oct Cash

Owner's Capital

92,000.00 2-Oct Equipment

Cash

5-Oct Rent Expense

Cash
377,000.00

6-Oct Supplies Expense

Accounts Payable

7-Oct Equipment
Cash
Accounts Payable

8-Oct Cash
Revenue

10-Oct Supplies Expense

Cash

13-Oct Accounts Receivable

Revenue
15-Oct Salaries Expense
Cash

18-Oct Accounts Payable

Cash

23-Oct Cash
Accounts Receivable

25-Oct Cash
Revenue

28-Oct Owner's Drawings

Cash

30-Oct Utilities Expense

Cash

31-Oct Telecommunication Expense

Cash

31-Oct Salaries Expense

Cash

31-Oct Prepaid Supplies

Supplies Expense
 EXPENSE METHOD

GENERAL JOURNAL PR DEBIT CREDIT

ACCOUNT TITLE & EXPLANATION

101 250,000.00
Owner's Capital 301 250,000.00
To record Owner's investment

111 30,000.00
101 30,000.00
To record purcahsed equipments

501 7,500.00
101 7,500.00
To record payment of rent

502 18,500.00
Accounts Payable 201 18,500.00
To record purchased supplies

111 65,000.00
101 30,000.00
Accounts Payable 201 35,000.00
To record purchased equipment on credit with down payment
101 45,000.00
401 45,000.00
To record revenue

502 9,200.00
101 9,200.00
To record purchased supplies

102 15,000.00
401 15,000.00
To record revenue on credit
 503 12,000.00
101 12,000.00
To record payment of salaries

201 18,500.00
101 18,500.00
To record payment of accounts payable on 07-Oct

101 15,000.00
Accounts Receivable 102 15,000.00
To record collection from J. Lumban in 13-Oct

101 32,000.00
401 32,000.00
To record revenue

302 16,000.00
101 16,000.00
To record Owner's withdrawal

504 7,500.00
101 7,500.00
To record payment of utilities

munication Expense 505 3,200.00

101 3,200.00
To record payment of telephone bill

503 12,000.00
101 12,000.00
To record payment of salaries

103 5,100.00
Supplies Expense 502 5,100.00
To record supplies not used during the period
GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: CASH

DATE EXPLANATION
1-Oct To record Owner's investment
2-Oct To record purcahsed equipments
5-Oct To record payment of rent
7-Oct To record purchased equipment on credit with down payment
8-Oct To record revenue
10-Oct To record purchased supplies
15-Oct To record payment of salaries
18-Oct To record payment of accounts payable on 07-Oct
23-Oct To record collection from J. Lumban in 13-Oct
25-Oct To record revenue
28-Oct To record Owner's withdrawal
30-Oct To record payment of utilities
31-Oct To record payment of telephone bill
31-Oct To record payment of salaries
BALANCE:

GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: OWNER'S CAPITAL

DATE EXPLANATION
1-Oct To record Owner's investment
BALANCE:

GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: RENT EXPENSE

DATE EXPLANATION
5-Oct To record payment of rent
BALANCE:
GENERAL LEDGER

ACCOUNT TITLE: SUPPLIES EXPENSE

GG MOTORSHOP
DATE EXPLANATION
6-Oct To record purchased supplies
10-Oct To record purchased supplies
31-Oct To record supplies not used during the period
BALANCE:

GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: ACCOUNTS PAYABLE

DATE EXPLANATION
6-Oct To record purchased supplies
7-Oct To record purchased equipments on credit
18-Oct To record payment of accounts payable on 07-Oct
BALANCE:

GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: REVENUE

DATE EXPLANATION
8-Oct To record revenue
13-Oct To record revenue on credit
25-Oct To record revenue
BALANCE:
 GG MOTORSHOP
GENERAL LEDGER

DEBIT CREDIT ACCOUNT TITLE: ACCOUNTS RECEIVABLE

250,000.00
30,000.00 DATE
7,500.00 13-Oct
30,000.00 23-Oct
45,000.00 BALANCE:
9,200.00
12,000.00
18,500.00 GG MOTORSHOP
15,000.00 GENERAL LEDGER
32,000.00
16,000.00 ACCOUNT TITLE: SALARIES EXPENSE
7,500.00
3,200.00 DATE
12,000.00 15-Oct
342,000.00 145,900.00 31-Oct
196,100.00 BALANCE:

GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: EQUIPMENT

DATE
DEBIT CREDIT 2-Oct
250,000.00 7-Oct
250,000.00 BALANCE:

GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: OWNER'S DRAWINGS

DEBIT CREDIT DATE

7,500.00 28-Oct
7,500.00 BALANCE:
 GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: TELECOMMUNICATION EXPENSE

DEBIT CREDIT
18,500.00 DATE
9,200.00 31-Oct
5,100.00 BALANCE:
27,700.00 5,100.00
22,600.00

GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: PREPAID SUPPLIES

DEBIT CREDIT DATE

18,500.00 31-Oct
35,000.00 BALANCE:
18,500.00
18,500.00 53,500.00
35,000.00 GG MOTORSHOP
GENERAL LEDGER

ACCOUNT TITLE: UTILITIES EXPENSE

DATE
30-Oct
BALANCE:
DEBIT CREDIT
45,000.00
15,000.00
32,000.00
92,000.00
TITLE: ACCOUNTS RECEIVABLE

EXPLANATION DEBIT CREDIT

To record revenue on credit 15,000.00
To record collection from J. Lumban in 13-Oct 15,000.00
0

TITLE: SALARIES EXPENSE

EXPLANATION DEBIT CREDIT

To record payment of salaries 12,000.00
To record payment of salaries 12,000.00
24,000.00

TITLE: EQUIPMENT

EXPLANATION DEBIT CREDIT

To record purcahsed equipments 30,000.00
To record purchased equipments on credit 65,000.00
95,000.00

TITLE: OWNER'S DRAWINGS

EXPLANATION DEBIT CREDIT

To record Owner's withdrawal 16,000.00
16,000.00
TITLE: TELECOMMUNICATION EXPENSE

EXPLANATION DEBIT CREDIT

To record payment of telephone bill 3,200.00
3,200.00

TITLE: PREPAID SUPPLIES

EXPLANATION DEBIT CREDIT

To record supplies not used during the period 5,100.00
5,100.00

TITLE: UTILITIES EXPENSE

EXPLANATION DEBIT CREDIT

To record payment of utilities 7,500.00
7,500.00
NO. CHART OF ACCOUNT
DEBIT CREDIT
101 CASH ASSET C 196,100.00
102 ACCOUNTS RECEIVABLE ASSET C 0.00
103 PREPAID SUPPLIES ASSET C 5,100.00

111 EQUIPMENT ASSET NC 95,000.00

201 ACCOUNTS PAYABLE LIABILITIES C 35,000.00

301 OWNER'S CAPITAL EQUITY 250,000.00

302 OWNER'S DRAWINGS EQUITY 16,000.00

401 REVENUE 92,000.00

501 RENT EXPENSE 7,500.00
502 SUPPLIES EXPENSE 22,600.00
503 SALARIES EXPENSE 24,000.00
504 UTILITIES EXPENSE 7,500.00
505 TELECOMMUNICATION EXPENSE 3,200.00
BALANCE: 377,000 377,000.00

C CURRENT
NC NON CURRENT
GG MOTORSHOP
FINANCIAL POSITION
as of October 31, 20XX

ASSETS

Current Assets
CASH 196,100.00
PREPAID SUPPLIES 5,100.00
201,200

Non Current Assets

EQUIPMENT 95,000.00
95,000.00

TOTAL ASSETS 296,200.00

LIABILITIES
Non Current Liabilities
ACCOUNTS PAYABLE 35,000.00
35,000.00

OWNER'S
EQUITY
OWNER'S CAPITAL 250,000.00
INCOME 27,200.00
OWNER'S DRAWINGS -16,000.00
261,200.00

TOTAL LIABILITIES AND EQUITY 296,200.00

COMPANY'S NAME
FINANCIAL PEFORMANCE
For the year ended October 31, 20XX

REVENUE 92,000.00
TOTAL INCOME 92,000.00

EXPENSE
RENT EXPENSE 7,500.00
SUPPLIES EXPENSE 22,600.00
SALARIES EXPENSE 24,000.00
UTILITIES EXPENSE 7,500.00
TELECOMMUNICATION EXPENSE 3,200.00
TOTAL EXPENSE 64,800.00

NET INCOME 27,200.00