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Santos
General Journal
December 31, 2011
Amounts in Philippines Pesos
Mr. Santos
General Ledger Account
December 31, 2016
Amounts in Philippines Pesos
GENERAL LEDGER
Account Name: CASH
Account Number: 101
Date Explanation Ref Debit Credit Balance
1/1/11 Beg. Balance
12/01/11 See GJ #1 GJ1 250,000 250,000
12/05/11 See GJ #3 GJ3 50,000 200,00
12/10/11 See GJ #4 GJ4 20,000 180,00
12/12/11 See GJ #5 GJ5 100,000 280,000
12/24/11 See GJ #6 GJ6 5,000 285,000
12/27/11 See GJ #8 GJ8 100,000 185,000
12/27/11 See GJ #9 GJ9 5,000 180,000
12/29/11 See GJ #10 GJ10 20,000 160,000
12/29/11 See GJ #11 GJ11 4,000 164,000
12/29/11 See GJ #13 GJ13 25,000 139,000
12/30/11 See GJ #14 GJ14 50,000 189,000
GENERAL LEDGER
Account Name: ACCOUNTSRECEIVABLE
Account Number: 102
Date Explanation Ref Debit Credit Balance
1/1/11 Beg. Balance
12/20/11 See GJ #7 GJ7 4,000 4,000
12/24/11 See GJ #11 GJ11 4,000 -
GENERAL LEDGER
Account Name: COMPUTER SUPPLIES (UNUSED)
Account Number: 103
Date Explanation Ref Debit Credit Balance
1/1/11 Beg. Balance
12/05/11 See GJ #3 GJ3 50,000 50,000
12/29/11 See GJ #12 GJ12 5,000 -47,000
GENERAL LEDGER
Account Name: COMPUTER EQUIPMENT
Account Number: 104
Date Explanation Ref Debit Credit Balance
1/1/11 Beg. Balance
12/04/11 See GJ #2 GJ2 100,000 100,000
GENERAL LEDGER
Account Name: ACCOUNTS PAYABLE
Account Number: 201
Date Explanation Ref Debit Credit Balance
1/1/11 Beg. Balance
12/04/11 See GJ #2 GJ2 100,000 (100,000)
12/27/11 See GJ #8 GJ8 100,000 -
GENERAL LEDGER
Account Name: LOANS PAYABLE
Account Number: 202
Date Explanation Ref Debit Credit Balance
1/1/11 Beg. Balance
12/12/11 See GJ #5 GJ5 100,000 (100,000)
GENERAL LEDGER
Account Name: M.SANTOS CAPITAL
Account Number: 301
Date Explanation Ref Debit Credit Balance
1/1/11 Beg. Balance
12/01/11 See GJ #1 GJ1 250,000 (250,000)
12/30/11 See GJ14 GJ14 50,000 (50,000)
GENERAL LEDGER
Account Name: M.SANTOS DRAWING
Account Number: 302
Date Explanation Ref Debit Credit Balance
1/1/11 Beg. Balance
12/29/11 See GJ #13 GJ13 25,000 25,000
GENERAL LEDGER
Account Name: INTERNET SERVICE INCOME
Account Number: 401
Date Explanation Ref Debit Credit Balance
12/24/11 See GJ #6 GJ6 5,000 (5,000)
GENERAL LEDGER
Account Name: PRINTING SERVICE INCOME
Account Number: 402
Date Explanation Ref Debit Credit Balance
12/24/11 See GJ #7 GJ7 4,000 (4,000)
GENERAL LEDGER
Account Name: WAGES AND SALARIES
Account Number: 501
Date Explanation Ref Debit Credit Balance
12/29/11 See GJ #10 GJ10 20,000 20,000
GENERAL LEDGER
Account Name: RENTAL EXPENSE
Account Number: 502
Date Explanation Ref Debit Credit Balance
12/27/11 See GJ #9 GJ9 5,000 5,000
GENERAL LEDGER
Account Name: COMPUTER SUPPLIES EXPENSE
Account Number: 503
Date Explanation Ref Debit Credit Balance
12/29/11 See GJ #12 GJ12 3,000 3,000
GENERAL LEDGER
Account Name: TAXES ND LICENSES
Account Number: 504
Date Explanation Ref Debit Credit Balance
12/10/11 See GJ #4 GJ14 20,000 20,000
Transaction #1:
M. Santos, invests P250,000 to start an internet café business.
Transaction #3
Santos buys computer supplies for cash worth P50,000.
Transaction #4
Santos pay his taxes and licenses amounting to P20,000.
Journal entry #4
Taxes and licenses P20,000
Cash P20,000
To record payment of taxes and licenses
Transaction #5
Santos obtain a bank loan for business use and receives P100,000.
Journal entry #5
Cash P100,000
Loans payable P100,000
To record bank loan received amounted to P100,000
Transaction #6
Customers pay cash for internet rental amounted to P5,000.
Journal entry #6
Cash P5,000
Internet service income P5,000
To record internet rental income received on cash
Transaction #7
Customers render printing services on account amounted to P4,000.
Journal entry #7
Accounts receivable P4,000
Printing service income P4,000
To record printing services income on customers account
Transaction #8
Santos paid in full the computer equipment he purchased on account (see transaction #2).
Journal entry #8
Accounts payable P100,000
Cash P100,000
To record full payment of computer equipment purchased on account
Transaction #9
Santos paid his monthly rental for the internet café shop space.
Journal entry #9
Rental expense P5,000
Cash P5,000
To record monthly rental expense paid
Transaction #10
Santos pays salaries and wages of his staff and employees, P20,000
Note: Journal entry #10 will become different when there are withholding taxes, SSS,
PHIC, HDMF and other employees benefits or deductions involved.
Transaction #11
Santos collects its accounts receivables amounted to P4,000 from customers (see
transaction #7).
Transaction #13
Santos withdraws P25,000 cash for personal use.
Transaction #14
Santos invested additional cash capital amounting P50,000.