Tim's Design
Journal
April 31, 2022
DATE PARTICULARS REF. DEBIT
APRIL
5 Cash 101 ₱ 200,000.00
Timoty, Capital 301
To record investment of Timothy.
6 Rent Expense 503 ₱ 8,000.00
Cash 101
To record the payment for rent.
7 Equipment 106 ₱ 55,000.00
Accounts Payable 201
To record purchased of office equipment on account.
8 Truck 108 ₱ 180,000.00
Cash 101
Loans Payable 202
To record purchased of truck and taking bank loan
for the remaining.
10 Supplies 103 ₱ 11,315.00
Cash 101
To record purchased of supplies on cash
12 Cash 101 ₱ 57,500.00
Service Fees Revenue 401
To record service rendered to customer
20 Supplies 103 ₱ 15,000.00
Accounts Payable 201
To record purchased of supplies on account.
23 Accounts Receivable 102 ₱ 14,950.00
Service Fees Revenue 401
To record service rendered to Mr. Ferrer on account.
24 Prepaid Insurance 104 ₱ 4,500.00
Repairs Expense 504
To record paid invoice for repairs on truck.
25 Utilities Expense 505 ₱ 1,750.00
Cash 101
To record payment for utilities.
25 NO ENTRY
26 Loans Payable 202 ₱ 20,000.00
Cash 101
To record payment for bank loan.
27 Cash 101 ₱ 10,000.00
Accounts Receivable 102
To record cash colleted from Mr. Ferrer
28 Salaries Expense 501 ₱ 5,000.00
Cash 101
To record paid salary of worker.
29 Accounts Payable 509 ₱ 5,000.00
Cash 101
To record partial payment of our account to Delta.
30 Timothy, Drawing 302 ₱ 3,500.00
Cash 101
To record cash withdrew for personal use.
CREDIT
₱ 200,000.00
₱ 8,000.00
₱ 55,000.00
₱ 80,000.00
₱ 100,000.00
₱ 11,315.00
₱ 57,500.00
₱ 15,000.00
₱ 14,950.00
₱ 4,500.00
₱ 1,750.00
₱ 20,000.00
₱ 10,000.00
₱ 5,000.00
₱ 5,000.00
₱ 3,500.00
CASH (REF. - 101)
DATE PARTICULARS DEBIT CREDIT
APRIL
5 Initial Investment ₱ 200,000.00
6 Rent Expense ₱ 8,000.00
8 Truck ₱ 80,000.00
10 Supplies ₱ 11,315.00
12 Received cash from customer ₱ 57,500.00
25 Utilities Expense ₱ 1,750.00
26 Loans Payable ₱ 20,000.00
27 Received cash from customer ₱ 10,000.00
28 Salaries Expense ₱ 5,000.00
29 Paid Delta ₱ 5,000.00
30 Drawings ₱ 3,500.00
₱ 267,500.00 ₱ 134,565.00
TOTAL: ₱ 132,935.00
ACCOUNTS RECEIVABLE (REF. - 102)
DATE PARTICULARS DEBIT CREDIT
23 Rendered service to Mr. Ferrer ₱ 14,950.00
27 Received cash from Mr. Ferrer ₱ 10,000.00
TOTAL: ₱ 4,950.00
SUPPLIES (REF. - 103)
DATE PARTICULARS DEBIT CREDIT
10 Purchased of supplies material ₱ 11,315.00
20 Purchased of supplies on account ₱ 15,000.00
TOTAL: ₱ 26,315.00
PREPAID INSURANCE (REF. - 104)
DATE PARTICULARS DEBIT CREDIT
24 Paid invoice for repairs on truck ₱ 4,500.00
TOTAL: ₱ 4,500.00
EQUIPMENT (REF. 106)
DATE PARTICULARS DEBIT CREDIT
7 Purchased of office equipment ₱ 55,000.00
TOTAL: ₱ 55,000.00
TRUCK (REF. - 108)
DATE PARTICULARS DEBIT CREDIT
8 Taking bank loan for the remainder of truck ₱ 180,000.00
TOTAL: ₱ 180,000.00
ACCOUNTS PAYABLE (REF. 201)
DATE PARTICULARS DEBIT CREDIT
7 Purchased of office equipment on account ₱ 55,000.00
20 Purchased of office supplies on account ₱ 15,000.00
29 Paid Delta a portion of the amount ₱ 5,000.00
₱ 5,000.00 ₱ 70,000.00
TOTAL: ₱ 65,000.00
LOANS PAYABLE (REF. - 202)
DATE PARTICULARS DEBIT CREDIT
8 Taking bank loan for the remainder of truck ₱ 100,000.00
26 Paid bank loan ₱ 20,000.00
₱ 20,000.00 ₱ 100,000.00
TOTAL: ₱ 80,000.00
TIMOTHY, CAPITAL (REF. - 301)
DATE PARTICULARS DEBIT CREDIT
5 Investment of Timothy ₱ 200,000.00
TOTAL: ₱ 200,000.00
TIMOTHY, DRAWING (REF. - 302)
DATE PARTICULARS DEBIT CREDIT
6 Withdrew for personal use ₱ 3,500.00
TOTAL: ₱ 3,500.00
SERVICE FEES REVENUE (REF. - 401)
DATE PARTICULARS DEBIT CREDIT
12 Service rendered to customer ₱ 57,500.00
23 Service rendered to Mr. Ferrer ₱ 14,950.00
TOTAL: ₱ 72,450.00
SALARIES EXPENSE (REF. - 501)
DATE PARTICULARS DEBIT CREDIT
28 Paid salary of the worker ₱ 5,000.00
TOTAL: ₱ 5,000.00
RENT EXPENSE (REF. - 503)
DATE PARTICULARS DEBIT CREDIT
6 Paid rent for the month ₱ 8,000.00
TOTAL: ₱ 8,000.00
REPAIRS EXPENSE (REF. - 504)
DATE PARTICULARS DEBIT CREDIT
24 Repairs on truck ₱ 4,500.00
TOTAL: ₱ 4,500.00
UTILITIES EXPENSE (REF. - 505)
DATE PARTICULARS DEBIT CREDIT
25 Payment for utilities ₱ 1,750.00
TOTAL: ₱ 1,750.00
Tim's Design
Trial Balance
April 31, 2022
Cash ₱ 132,935.00
Accounts Receivable ₱ 4,950.00
Supplies ₱ 26,315.00
Prepaid Insurance ₱ 4,500.00
Equipment ₱ 55,000.00
Truck ₱ 180,000.00
Timothy, Drawing ₱ 3,500.00
Salaries Expense ₱ 5,000.00
Rent Expense ₱ 8,000.00
Utilities Expense ₱ 1,750.00
Accounts Payable ₱ 65,000.00
Loans Payable ₱ 80,000.00
Timothy, Capital ₱ 200,000.00
Service Fees Revenue ₱ 72,450.00
Repairs Expense ₱ 4,500.00
₱ 421,950.00 ₱ 421,950.00
