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    General Journal Ref Date Account Titles & Explanation Debit Credit

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    G02 BANDELARIA Christell
    The document is a general journal for Lacson in May 2020. It records various financial transactions including an initial investment of ₱180,000 cash and ₱72,000 for medical equipment (a,b). Other entries record the purchase of office furniture, utilities, rent and salaries expenses paid in cash, as well as revenues received from services and a withdrawal of ₱11,500 cash for personal use (c-o). The trial balance at the end of May shows total debits of ₱278,540 equal to total credits.

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    General Journal Ref Date Account Titles & Explanation Debit Credit

    Uploaded by

    G02 BANDELARIA Christell
    176 views5 pages
    The document is a general journal for Lacson in May 2020. It records various financial transactions including an initial investment of ₱180,000 cash and ₱72,000 for medical equipment (a,b). Other entries record the purchase of office furniture, utilities, rent and salaries expenses paid in cash, as well as revenues received from services and a withdrawal of ₱11,500 cash for personal use (c-o). The trial balance at the end of May shows total debits of ₱278,540 equal to total credits.

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    acct

    Original Title

    PROBLEM-3

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    The document is a general journal for Lacson in May 2020. It records various financial transactions including an initial investment of ₱180,000 cash and ₱72,000 for medical equipment (a,b). Other entries record the purchase of office furniture, utilities, rent and salaries expenses paid in cash, as well as revenues received from services and a withdrawal of ₱11,500 cash for personal use (c-o). The trial balance at the end of May shows total debits of ₱278,540 equal to total credits.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    176 views5 pages

    General Journal Ref Date Account Titles & Explanation Debit Credit

    Uploaded by

    G02 BANDELARIA Christell
    The document is a general journal for Lacson in May 2020. It records various financial transactions including an initial investment of ₱180,000 cash and ₱72,000 for medical equipment (a,b). Other entries record the purchase of office furniture, utilities, rent and salaries expenses paid in cash, as well as revenues received from services and a withdrawal of ₱11,500 cash for personal use (c-o). The trial balance at the end of May shows total debits of ₱278,540 equal to total credits.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    General Journal Page:1

    Ref
    Date Account Titles & Explanation Debit Credit
    2020 May
    a Cash 100 ₱ 180,000.00
    Lacson, Capital 300 ₱ 180,000.00
    Initial Investment

    b Medical Equipment 130 ₱ 72,000.00


    Lacson, Capital 300 ₱ 72,000.00
    Invested in the firm of equipment

    c Office Furniture 120 ₱ 3,260.00


    Accounts Payable 200 ₱ 3,260.00
    Bought office furniture on account

    d Office Furniture 120 ₱ 4,620.00


    Cash 100 ₱ 4,620.00
    Paid office furniture on cash

    e Medical Equipment 130 ₱ 15,400.00


    Cash 100 ₱ 7,400.00
    Accounts Payable 200 ₱ 8,000.00
    Bought office furniture on cash

    f Utilities Expense 510 ₱ 990.00


    Cash 100 ₱ 990.00
    Received & paid utilities expense on cash

    g Accounts Receivable 110 ₱ 16,120.00


    Service Revenues 400 ₱ 16,120.00
    Billed for service revenues

    h Miscellaneous Expense 100 ₱ 1,800.00


    Cash 530 ₱ 1,800.00
    Paid miscellaneous expense on cash

    i Utilities Expense 510 ₱ 910.00


    Cash 100 ₱ 910.00
    Received & paid utilities expense on cash

    j Cash 100 ₱ 9,600.00


    Accounts Receivable 110 ₱ 9,600.00
    Received cash from billed in transaction
    k Accounts Payable 200 ₱ 3,260.00
    Cash 100 ₱ 3,260.00
    Paid office furniture in account

    l Rent Expense 500 ₱ 5,000.00


    Cash 100 ₱ 5,000.00
    Paid rent on cash

    m Cash 100 ₱ 2,420.00


    Service Revenues 400 ₱ 2,420.00
    Received cash from patients

    n Salaries Expense 520 ₱ 8,520.00


    Cash 100 ₱ 8,520.00
    Paid salaries expense on cash

    o Lacson, Withdrawals 310 ₱ 11,500.00


    Cash 100 ₱ 11,500.00
    Withdrew for personal use
    T ACCOUNTS
    Cash Accounts Receivable
    DR. CR. DR. CR.
    a 180,000 4,620 d g 16,120 9,600 j
    j 9,600 7,400 e 6,520
    m 2,420 990 f
    1,800 h
    910 i
    3,260 k
    5,000 l
    8,520 n
    11,500 0
    192,020 44,000
    148,020

    Medical Equipment Accounts Payable


    DR. CR. DR. CR.
    b 72,000 k 3,260 3,260 c
    e 15,400 8,000 e
    87,400 3,260 11,260
    8,000

    Lacson, Withdrawals Service Revenues


    DR. CR. DR. CR.
    o 11,500 16,120 g
    2,420 m
    18,540

    Utilies Expense Salaries Expense


    DR. CR. DR. CR.
    f 990 n 8,520
    i 910
    1900
    Office Furniture
    DR. CR.
    c 3,260
    d 4,620
    7,880

    Lacson, Capital
    DR. CR.
    180,000 a
    72,000 b
    252,000

    Rent Expense
    DR. CR.
    l 5,000

    Miscellaneous Expense
    DR. CR.
    h 1,800
    LACSON
    TRIAL BALANCE
    2020 MAY

    Account Title Debit Credit


    Cash 148,020
    Accounts Receivable 6,520
    Office Furniture 7,880
    Medical Equipment 87,400
    Accounts Payable 8,000
    Lacson, Capital 252,000
    Lacson, Withdrawals 11,500
    Service Revenues 18,540
    Rent Expense 5,000
    Utilities Expense 1,900
    Salaries Expense 8,520
    Miscellaneous Expense 1,800

    TOTAL: 278,540 278,540

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