Guia Mae V.

Estellena Grade XII ABM C

General Journal page 1

Date Account Titles and Explanation P.R. Debit Credit

2017
June 1 Cash 110 832,000.00
Makulangan, Capital 310 832,000.00
June 2 Sailboats 170 208,000.00
Fan System 160 85,000.00
Pool Structure 150 1,444,000.00
Land 140 400,000.00
Cash 110 644,000.00
Mortgage Payable 240 1,493,000.00
June 3 Advertising Expense 520 148,00.00
Cash 110 148,000.00
June 3 Prepaid Insurance 130 10,800.00
Cash 110 10,800.00
June 3 Sailboats 170 62,500.00
Cash 110 32,000.00
Accounts Payable 210 30,500.00
June 3 Cash 110 3,500.00
Concession Revenues 420 3,500.00
June 3 Advertising Expense 520 3,680.00
Accounts Payable 210 3,680.00
June 3 Boat Rental Expense 510 6,320.00
Cash 110 6,320.00
June 5 Miscellaneous Expense 591 924.40
Cash 110 924.40
June 8 Cash 110 26,325.00
Boat Rental Revenues 410 26,325.00
 General Journal page 2
Date Account Titles and Explanation P.R. Debit Credit
June 9 Fan System 160 8,360.00
Accounts Payable 210 8,360.00
June 15 Salaries Expense 530 42,000.00
Cash 110 42,000.00
June 16 Accounts Payable 210 3,680.00
Cash 110 3,680.00
June 16 Makulangan, Withdrawals 320 10,520.00
Cash 110 10,520.00
June 16 Sailboats 170 8,540.00
Accounts Payable 210 8,540.00
June 16 Cash 110 30,430.00
Boat Rental Revenues 410 30,430.00
June 19 Miscellaneous Expense 591 426.40
Cash 110 426.40
June 20 Accounts Payable 210 4,800.00
Cash 110 4,800.00
June 22 Cash 110 50,820.00
Boat Rental Revenues 410 50,820.00
June 23 Accounts Payable 210 4,520.00
Sailboats 170 4,520.00
June 24 Utilities Expense 550 840.00
Cash 110 840.00
June 29 Salaries Expense 530 46,520.00
Cash 110 46,520.00
June 30 Accounts Payable 210 4,180.00
Cash 110 4,180.00
June 30 Utilities Expense 550 14,200.00
Cash 110 14,200.00
 General Journal page 3
Date Account Titles and Explanation P.R. Debit Credit
June 30 Mortgage Payable 240 6,800.00
Interest Expense 590 12,000.00
Cash 110 18,800.00
June 30 Utilities Expense 550 4,320.00
Cash 110 4,320.00
June 30 Sailboats 170 48,520.00
Cash 110 4,520.00
Accounts Payable 210 44,000.00
June 30 Makulangan, Withdrawals 320 11,560.00
Cash 110 11,560.00
June 30 Cash 110 46,320.00
Boat Rental Revenues 410 46,320.00
June 30 Accounts Receivable 120 1,820.00
Concession Revenues 420 1,820.00
 Adjusting Entries
Account Titles and Explanation P.R. Debit Credit
a. Insurance Expense 540 900.00
Prepaid Insurance 130 900.00
b. Depreciation Expense-Fan System 570 1,360.00
Accumulated Depreciation-Fan System 165 1,360.00
c. Depreciation Expense-Pool Structure 560 6,000.00
Accumulated Depreciation-Pool Structure 155 6,000.00
d. Depreciation Expense-Sailboats 580 8,040.00
Accumulated Depreciation-Sailboats 175 8,040.00
e. Salaries Expense 530 6,960.00
Salaries Payable 220 6,960.00
 General Ledger

Account: Cash Account No. 110

Date Explanation J.R. Debit Credit Balance
2017
June 1 J-1 832,000.00 832,000.00
June 2 J-1 644,000.00 188,000.00
June 3 J-1 14,800.00 173,200.00
June 3 J-1 10,800.00 162,400.00
June 3 J-1 32,000.00 130,400.00
June 3 J-1 3,500.00 133,900.00
June 3 J-1 6,320.00 127,580.00
June 5 J-1 924.40 126,655.60
June 8 J-1 26,325.00 152,980.60
June 15 J-2 42,000.00 110,980.60
June 16 J-2 3,680.00 107,300.60
June 16 J-2 10,520.00 96,780.60
June 16 J-2 30,430.00 127,210.60
June 19 J-2 426.40 126,784.20
June 20 J-2 4,800.00 121,984.20
June 22 J-2 50,820.00 172,804.20
June 24 J-2 840.00 171,964.20
June 29 J-2 46,520.00 125,444.20
June 30 J-2 4,180.00 121,264.20
June 30 J-2 14,200.00 107,064.20
June 30 J-3 18,800.00 88,264.20
June 30 J-3 4,320.00 83,944.20
June 30 J-3 4,520.00 79,424.20
June 30 J-3 11,560.00 67,864.20
June 30 J-3 46,320.00 114,184.20
Account: Accounts Receivable Account No. 120
Date Explanation J.R. Debit Credit Balance
2017
June 30 J-3 1,820.00 1,820.00

Account: Prepaid Insurance Account No. 130

Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 10,800.00 10,800.00

Account: Land Account No. 140

Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 400,000.00 400,000.00

Account: Pool Structure Account No. 150

Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 1,444,000.00 1,444,000.00

Account: Fan System Account No. 160

Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 85,000.00 85,000.00
June 9 J-1 8,360.00 93,360.00
Account: Sailboats Account No. 170
Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 208,000.00 208,000.00
June 3 J-1 62,500.00 270,500.00
June 16 J-2 8,540.00 279,040.00
June 23 J-2 4,520.00 274,520.00
June 30 J-3 48,520.00 323,040.00

Account: Accounts Payable Account No. 210

Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 30,500.00 30,500.00
June 3 J-1 3,680.00 34,180.00
June 9 J-2 8,360.00 42,540.00
June 16 J-2 3,680.00 38,860.00
June 16 J-2 8,540.00 47,400.00
June 20 J-2 4,800.00 42,600.00
June 23 J-2 4,520.00 38,080.00
June 30 J-2 4,180.00 33,900.00
June 30 J-3 44,000.00 77,900.00

Account: Mortgage Payable Account No. 240

Date Explanation J.R. Debit Credit Balance
2017
June 2 J-1 1,493,000.00 1,493,000.00
June 30 J-3 6,800.00 1,486,200.00
Account: Makulangan, Capital Account No. 310
Date Explanation J.R. Debit Credit Balance
2017
June 1 J-1 832,000.00 832,000.00

Account: Makulangan, Withdrawals Account No. 240

Date Explanation J.R. Debit Credit Balance
2017
June 16 J-2 10,520.00 10,520.00
June 30 J-3 11,560.00 22,080.00

Account: Boat Rental Revenues Account No. 410

Date Explanation J.R. Debit Credit Balance
2017
June 8 J-1 26,325.00 26,325.00
June 16 J-2 30,430.00 56,755.00
June 22 J-2 50,820.00 107,575.00
June 30 J-3 46,320.00 153,895.00

Account: Concession Revenues Account No. 420

Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 3,500.00 3,500.00
June 30 J-2 1,820.00 5,320.00

Account: Boat Rental Expense Account No. 510

Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 6,320.00 6,320.00
Account: Advertising Expense Account No. 520
Date Explanation J.R. Debit Credit Balance
2017
June 3 J-1 14,800.00 14,800.00
June 3 J-1 3,680.00 18,480.00

Account: Salaries Expense Account No. 530

Date Explanation J.R. Debit Credit Balance
2017
June 15 J-2 42,000.00 42,000.00
June 29 J-2 46,520.00 88,520.00

Account: Utilities Expense Account No. 550

Date Explanation J.R. Debit Credit Balance
2017
June 24 J-2 840.00 840.00
June 30 J-2 14,200.00 15,040.00
June 30 J-3 4,320.00 19,360.00

Account: Interest Expense Account No. 590

Date Explanation J.R. Debit Credit Balance
2017
June 30 J-3 12,000.00 12,000.00

Account: Miscellaneous Expense Account No. 591

Date Explanation J.R. Debit Credit Balance
2017
June 5 J-1 924.40 924.40
June 19 J-2 426.40 1,350.00
 Metro Sails
Income Statement
For the Month Ended June 30, 2017

Revenues
Boat Rental Revenues 153,895.00
Concession Revenues 5,320.00
Total 159,215.00
Expenses
Boat Rental Expense 6,320.00
Advertising Expense 18,480.00
Salaries Expense 95,480.00
Insurance Expense 900.00
Utilities Expense 19,360.00
Depreciation Expense-Pool Structure 6,000.00
Depreciation Expense-Fan System 1,360.00
Depreciation Expense-Sailboats 8,040.00
Interest Expense 12,000.00
Miscellaneous Expense 1,350.80
Total 169,290.80
Loss 10,075.80
 Metro Sails
Balance Sheet
June 30, 2017

Assets
Current Assets
Cash 114,184.20
Accounts Receivable 1,820.00
Prepaid Insurance 9,900.00
Total Current Assets 125,904.20
Property and Equipment (Net)
Land 400,000.00
Pool Structure 1,444,000.00
Less: Accumulated Depreciation-Pool Structure 6,000.00 1,438,000.00
Fan System 93,360.00
Less: Accumulated Depreciation-Pool Structure 1,360.00 92,000.00
Sailboats 323,040.00
Less: Accumulated Depreciation-Sailboats 8,040.00 315,000.00 2,245,000.00
Total Assets 2,370,904.20
Liabilities
Current Liabilities
Accounts Payable 77,900.00
Salaries Payable 6,960.00
Total Current Liabilities 84,860.00
Non-current Liabilities
Mortgage Payable 1,486,200.00
Total Current Liabilities 1,571,060.00
Owners Equity
Makulangan, Capital, 6/30/2017 799,844.20
Total Liabilities and Owners Equity 2,370,904.20
 Metro Sails
Statement of Changes in Equity
For the Month Ended June 30, 2017

Makulangan, Owners Equity, 6/1/2017 832,000.00

Less: Loss 10,075.80
Total 821,924.20
Less: Withdrawals 22,080.00
Makulangan, Owners Equity, 6/30/2017 799,844.20
 Closing Entries
Date Account Titles and Explanation P.R. Debit Credit
June 30 Boat Rental Revenues 410 153,895.00
Concession Revenues 420 5,320.00
Income Summary 330 159,185.00
June 30 Income Summary 330 169,290.80
Boat Rental Expense 510 6,320.00
Advertising Expense 520 18,480.00
Salaries Expense 530 95,480.00
Insurance Expense 540 900.00
Utilities Expense 550 19,360.00
Depreciation Expense-Pool Structure 560 6,000.00
Depreciation Expense-Fan System 570 1,360.00
Depreciation Expense-Sailboats 580 8,040.00
Interest Expense 590 12,000.00
Miscellaneous Expense 591 1,350.80
June 30 Makulangan, Capital 310 10,075.80
Income Summary 330 10,075.80
June 30 Makulangan, Capital 310 22,080.00
Makulangan, Withdrawals 320 22,080.00
 Metro Sails
Post-Closing Trial Balance
June 30, 2017

Cash 114,184.20
Accounts Receivable 1,820.00
Prepaid Insurance 9,900.00
Land 400,000.00
Pool Structure 1,444,000.00
Accumulated Depreciation-Pool Structure 6,000.00
Fan System 93,360.00
Accumulated Depreciation-Fan System 1,360.00
Sailboats 323,040.00
Accumulated Depreciation-Sailboats 8,040.00
Accounts Payable 77,900.00
Salaries Payable 6,960.00
Mortgage Payable 1,486,200.00
Makulangan, Capital 799,844.20
2,386,304.20 2,386,304.20
 PERFORMANCE TASK
In
Fundamentals of Accounting, Business,
and Management 2

July 24, 2017

PRACTICE SET

Guia Mae V. Estellena

Grade 12 ABM C