KIMBERLY BAGTAS

ACCOUNTING
JOURNAL
DATE
ACCOUNT TITLE
2003
1-Dec Cash on Hand & in Banks
Mr E Ayot's Capital
3-Dec Land
Building
Cash on Hand & in Banks ( 300,000 + 200,000 )

FOLIO
101
301
108
109
101

4-Dec Buses ( 550,000/1.10 = Y x 3 buses )

Input VAT ( Y/ 0.10 )
Cash on Hand & in Banks [ ( 1,500,000 + 150,000 ) x 0.80 ]
Accounts Payable Trade ( 1,500,500 - 150,000 - 1,320,000 )

110
107
101
201

5-Dec Furniture & Fixtures ( 33,000 / 1.10 )

Machinery & Equipment ( 165,000 / 1.10 )
Input VAT ( 33,000 + 165,000 )
Cash on Hand & in Banks [ ( 300,000+ 150,000 ) x 1.10 ]

111
112
107
101

8-Dec Unused Office Supplies ( 2,200 / 1.10 )

Input VAT ( 2,000 x 0.10 )
Cash on Hand & in Banks ( 2,000 + 200 )

105
107
101

9-Dec Accounts Receivable Trade

Fares Earned ( 5,500 / 1.10 )
Output VAT ( 5,500 - 5,000 )

102
401
204

10-Dec Prepaid Insurance

Cash on Hand & in Banks

106
101

14-Dec Notes Receivable Trade

Fares Earned ( 22,000 / 1.10 )
Output VAT ( 22,000 - 20,000 )

103
401
204

15-Dec Cash on Hand & in Banks

Fares Earned ( 132,000 / 1.10 )
Output VAT ( 132,000 - 120,000 )

101
401
204

17-Dec Utilities Expenses ( 1,600 + 1,000 + 1,200 )

Cash on Hand & in Banks

509
101

DATE
2003

JOURNAL
ACCOUNT TITLE

FOLIO

19-Dec Accounts Receivable Trade

Fares Earned ( 16,500 / 1.10 )
Output VAT ( 16,500 - 15,000 )

102
401
204

20-Dec Oil & Gas Expenses ( 55,000 / 1.10 )

Input VAT ( 55,000 - 50,000 )
Cash on Hand & in Banks

502
107
101

28-Dec Repairs & Maintenance ( 7,700 / 1.10 )

Input VAT ( 7,700 - 7,000 )
Cash on Hand & in Banks

508
401
101

29-Dec Cash on Hand & in Banks

Uneared Fares ( 16,500 / 1.10 )
Output VAT ( 16,500 - 15,000 )

101
205
204

30-Dec Salaries & Wages ( 7 x 7, 000 x 20/30 )

Cash on Hand & in Banks
( Dec7 to Dec30 = 23 days, 1 day off per week , hence 20 days )
( 1 month = 30 days )
( Employees = 7 )

507
101

30-Dec Owner's Equilty

Cash on Hand & in Banks

301
101

DEBIT

3,000,000

Page 1
CREDIT

3,000,000

300,000
200,000
500,000
1,500,000
150,000
1,320,000
330,000
300,000
150,000
180,000
198,000
2,000
200
2,000
5500
5,000
500
30,000
30,000
22,000
20,000
2,000
132,000
120,000
12,000
3,800
3,800

DEBIT

Page 2
CREDIT

165,000
15,000
1,500
50,000
5,000
55,000
7,000
700
7,700
165,000
15,000
1,500
32,667
32,667

50,000
50,000