GENERAL JOURNAL

PAGE 1
DATE PARTICULAR REF
July 1 Cash 101
Jessie Halverson, Capital 301
Initial Investment

4 Rent Expense 530

Cash 101
Rent for July

10 Truck 150
Cash 101
Accounts Payable 201
Purchase of truck

13 Equipment 130
Accounts Payable 201
Purchase of equipment

14 Office Supplies 115

Cash 101
Purchase office supplies

15 Prepaid Insurance 120

Cash 101
annual insurance for
property and casualty
 DEBIT CREDIT
1,800,000.00
1,800,000.00

17,500.00
17,500.00

800,000.00
400,000.00
400,000.00

70,000.00
70,000.00

1,200.00
1,200.00

27,000.00
27,000.00
GENERAL JOURNAL
PAGE 2

DATE PARTICULAR REF

July 15 Cash 101
Fees Earned 400
payment for completed job

21 Accounts Payable 201

Cash 101

Partial payment

24 Accounts Receivables 105

Fees Earned

rendered service on account

26 Repairs and Maintenance 540

Accounts Payable 201
Truck repair

27 Utilities Expense 505

Cash 101
payment of utilities

Miscellaneous Expense 550

Cash 101

payment of miscellaneous
 DEBIT CREDIT
105,000.00
105,000.00

25,000.00
25,000.00

146,000.00
146,000.00

8,000.00
8,000.00

9,000.00
9,000.00

3,000.00
3,000.00
GENERAL JOURNAL
PAGE 3

DATE PARTICULAR REF

July 29 Cash 101
Accounts Receivables 105
Payment from customer

30 Salaries Expense 510

Cash 101
Salaries of employees

31 Jessie Halverson, Drawings 302

Cash 101
Withdrawal for personal
use

Depreciation Expense 520

Accumulated Depreciation -
Truck 155

Depreciation for the month

Depreciation Expense 520

Accumulated Depreciation - Eq 135

Depreciation for the month

Supplies Expense 510

Office Supplies 115
Office supplies expense
for the month
31 Fees Earned 400
Income and Expense Summary 303
To close income account

Income and Expense Summary

Utilities Expense
Supplies Expense
Salaries Expense
Depreciation Expense
Rent Expense
Repairs and Maintenance
Miscellaneous Expense
To close expenses

Income and Expense Summary

Jessie Halverson, Capital
To close net income to capital

Jessie Halverson, Capital

Jessie Halverson, Drawings
To close drawings
DEBIT CREDIT
36,000.00
36,000.00

24,000.00
24,000.00

20,000.00
20,000.00

3,333.33

3,333.33

583.33
583.33

750.00
750.00
251,000.00
251,000.00

66,166.66
9,000.00
750.00
24,000.00
3,916.66
17,500.00
8,000.00
3,000.00

184,833.34
184,833.34

20,000.00
20,000.00
Account Name: Cash
Date Item Ref Debit
July 1 GJ-1 1,800,000.00
15 GJ-2 105,000.00
29 GJ-3 36,000.00

1,941,000.00
(526,700.00)
1,414,300.00

Account Name: Accounts Receivables

Date Item Ref Debit
July 24 GJ-2 146,000.00
(36,000.00)
110,000.00

Account Name: Office Supplies

Date Item Ref Debit
July 14 GJ-1 1,200.00
(750.00)
450.00

Account Name: Prepaid Insurance

Date Item Ref Debit
July 15 GJ-1 27,000.00

Account Name: Equipment

Date Item Ref Debit
July 13 GJ-1 70,000.00

Account Name: Accumulated Dep. - Equipm

Date Item Ref Debit

Account Name: Truck

Date Item Ref Debit
July 10 GJ-1 800,000.00

Account Name: Accumulated Dep. - Truck

Date Item Ref Debit

Account Name: Accounts Payable

Date Item Ref Debit
July 21 GJ-2 25,000.00
Account Name: Jessie Halverson, Capital
Date Item Ref Debit
July 31 Closing GJ-3 20,000.00

Account Name: Jessie Halverson, Drawings

Date Item Ref Debit
July 31 GJ-3 20,000.00
(20,000.00)
-

Account Name: Income and Expense Summ

Date Item Ref Debit
July 31 Closing GJ-3 66,166.66
Closing GJ-3 184,833.34
251,000.00

Account Name: Fees Earned

Date Item Ref Debit
July 31 Closing GJ-3 251,000.00
Account Name: Utilities Expense
Date Item Ref Debit
July 27 GJ-2 9,000.00
(9,000.00)
-

Account Name: Supplies Expense

Date Item Ref Debit
July 31 Adjusting GJ-3 750.00

Account Name: Salaries Expense

Date Item Ref Debit
July 30 GJ-3 24,000.00
(24,000.00)
0

Account Name: Depreciation Expense

Date Item Ref Debit
July 31 Adjusting GJ-3 3,333.33
GJ-3 583.33
3,916.66
(3,916.66)
-

Account Name: Rent Expense

Date Item Ref Debit
July 4 GJ-1 17,500.00
Account Name: Repairs and Maintenance
Date Item Ref Debit
July 26 GJ-2 8,000.00
(8,000.00)
-

Account Name: Miscellaneous Expense

Date Item Ref Debit
July 27 GJ-2 3,000.00
(3,000.00)
-
Account No.: 101
Date Item Ref Credit
July 4 GJ-1 17,500.00
10 GJ-1 400,000.00
14 GJ-1 1,200.00
15 GJ-1 27,000.00
21 GJ-2 25,000.00
27 GJ-2 9,000.00
27 GJ-2 3,000.00
30 GJ-3 24,000.00
30 GJ-3 20,000.00
526,700.00

Account No.: 105

Date Item Ref Credit
July 29 GJ-3 36,000.00

Account No.: 115

Date Item Ref Credit
July 31 Adjusting GJ-3 750.00

Account No.: 120

Date Item Ref Credit
Account No.: 130
Date Item Ref Credit

Account No.: 135

Date Item Ref Credit
July 31 Adjusting GJ-1 583.33

Account No.: 150

Date Item Ref Credit

Account No.:
Date Item Ref Credit
July 31 Adjusting GJ-3 3,333.33

Account No.: 201

Date Item Ref Credit
July 10 GJ-1 400,000.00
13 GJ-1 70,000.00
26 GJ-2 8,000.00
478,000.00
(25,000.00)
 453,000.00

Account No.: 301

Date Item Ref Credit
July 1 GJ-1 1,800,000.00
31 Closing GJ-3 184,833.34
1,984,833.34
(20,000.00)
1,964,833.34

Account No.: 301

Date Item Ref Credit
July 31 GJ-3 20,000.00

Account No.: 301

Date Item Ref Credit
July 31 Closing GJ-3 251,000.00

251,000.00
(251,000.00)
-

Account No.:
Date Item Ref Credit
July 15 GJ-2 105,000.00
24 GJ-2 146,000.00

251,000.00
 (251,000.00)
-

Account No.: 505

Date Item Ref Credit
July 31 Closing GJ-3 9,000.00

Account No.: 510

Date Item Ref Credit

Account No.: 515

Date Item Ref Credit
July 31 Closing GJ-3 24,000.00

Account No.:
Date Item Ref Credit
July 31 Closing GJ-3 3,916.66

Account No.:
Date Item Ref Credit
July 31 Closing GJ-3 17,500.00
Account No.:
Date Item Ref Credit
July 31 Closing GJ-3 8,000.00

Account No.:
Date Item Ref Credit
July 31 Closing GJ-3 3,000.00
 Trial Balance Adjustments
Account Title Debit Credit Debit Credit
Cash 1,414,300.00
Accounts Receivables 110,000.00
Office Supplies 1,200.00 b) 750
Prepaid Insurance 27,000.00
Equipment 70,000.00
Truck 800,000.00
Accounts Payable 453,000.00
Jessie Halverson, Capital 1,800,000.00
Jessie Halverson, Drawings 20,000.00
Fees Earned 251,000.00
Utilities Expense 9,000.00
Salaries Expense 24,000.00
Rent Expense 17,500.00
Repairs and Maintenance 8,000.00
Miscellaneous Expense 3,000.00
Total 2,504,000.00 2,504,000.00
Depreciation Expense a) 3,916.66
Accumulated Depreciation - Equipment a) 583.33
Accumulated Depreciation - Truck a) 3,333.33
Supplies Expense b) 750
4,666.66 4,666.66
Net Income
 Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
1,414,300.00 1,414,300.00
110,000.00 110,000.00
450.00 450.00
27,000.00 27,000.00
70,000.00 70,000.00
800,000.00 800,000.00
453,000.00 453,000.00
1,800,000.00 1,800,000.00
20,000.00 20,000.00
251,000.00 251,000.00
9,000.00 9,000.00
24,000.00 24,000.00
17,500.00 17,500.00
8,000.00 8,000.00
3,000.00 3,000.00

3,916.66 3,916.66
583.33 583.33
3333.33 3333.33
750 750
2,507,916.66 2,507,916.66 66,166.66 251,000.00 2,441,750.00 2,256,916.66
184,833.34 184,833.34
251,000.00 251,000.00 2,441,750.00 2,441,750.00

-
 Photogenic Designs
Income Statement
For the Period Ended July 31, 2021

Fees Earned ₱251,000.00

Less: Expenses
Utilities Expense ₱9,000.00
Supplies Expense 750.00
Salaries Expense 24,000.00
Depreciation Expense 3,916.66
Rent Expense 17,500.00
Repairs and Maintenance 8,000.00
Miscellaneous Expense 3,000.00
Total Expenses 66,166.66
Net Income ₱184,833.34
 Photogenic Designs
Statement of Changes in Equity
For the Period Ended July 31, 2021

Capital, Beginning -
Initital Investment 1,800,000.00
Less: Drawings (20,000.00)
Net Profit 184,833.34
Capital, Ending 1,964,833.34
 Photogenic Designs
Balance Sheet
July 31, 2021

Assets
Current Assets
Cash ₱1,414,300.00
Accounts Receivable 110,000.00
Office Supplies 450.00
Prepaid Insurance 27,000.00
Total Current Assets 1,551,750.00
Non - current Assets
Equipment 70,000.00
Accumulated Depreciation - Equipment - 583.33
Truck 800,000.00
Accumulated Depreciation - Truck - 3,333.33
Total Non - current Assets 866,083.34
Total Assets ₱2,417,833.34

Total Liabilities and Owner's Equity

Liabilities
Current Liabilities
Accounts Payable 453,000.00
Non - Current Liabilities 0
Total Liabilities 453,000.00
Owner's Equity 1,964,833.34
Total Liabilities and Owner's Equity ₱ 2,417,833.34
 Photogenic Designs
Cash Flow Statement
For the Period Ended July 31, 2021

Cash Flow from Operating Activities

Cash Received from
Income
Receivables Collection
Refund from Purchases
Payment for
Office Supplies
Accounts Payable
Salaries Expense
Utilities Expense
Rent Expense
Miscellaneous Expense
Advance Payment of Insurance
Net Cash Flow from Operating Activities
Cash Flow from Investing Activities
Purchase of truck
Sale of Equipment
Net Cash Flow from Investing Activities
Cash Flow From Financing Activities
Initial Investment
Drawings
Net Cash Flow From Financing Activities
Increase in Cash and Cash Equivalents
Add Cash and Cash Equivalents, Beg.
Cash and Cash Equivalents, July 31
ns
ent
y 31, 2021

₱105,000.00
36,000.00
-

(1,200.00)
(25,000.00)
(24,000.00)
(9,000.00)
(17,500.00)
(3,000.00)
(27,000.00)
34,300.00

(400,000.00)

(400,000.00)

1,800,000.00
(20,000.00)
1,780,000.00
1,414,300.00
-
₱1,414,300.00
 Photogenic Designs
Post - Closing Trial Balance
July 31, 2021

Account
Account Name Debit
No.
101 Cash ₱1,414,300.00
105 Accounts Receivables ₱110,000.00
110 Office Supplies 450.00
120 Prepaid Insurance 27,000.00
130 Equipment 70,000.00
135 Accumulated Deprecation - Equipment
150 Truck 800,000.00
155 Accumulated Deprecation - Truck
201 Accounts Payable
301 Jessie Halverson, Capital
₱2,421,750.00
 Credit

583.33

3,333.33
₱453,000.00
1,964,833.34
₱2,421,750.00