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Module 1 Journalizing

The document provides instructions for an accounting assignment and details 13 transactions completed by Victorino PhotoProfiles, a photography studio, during its first month of operations in July. It includes deposits of cash into the business bank account, purchases of photography equipment on account and with cash, payment of rent, supplies, insurance, salaries, bills, and drawings. The general journal records the debits and credits for each transaction along with a remarks column. A chart of accounts is also included to categorize balance sheet and income statement accounts.

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Dianne Cabillo
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837 views6 pages

Module 1 Journalizing

The document provides instructions for an accounting assignment and details 13 transactions completed by Victorino PhotoProfiles, a photography studio, during its first month of operations in July. It includes deposits of cash into the business bank account, purchases of photography equipment on account and with cash, payment of rent, supplies, insurance, salaries, bills, and drawings. The general journal records the debits and credits for each transaction along with a remarks column. A chart of accounts is also included to categorize balance sheet and income statement accounts.

Uploaded by

Dianne Cabillo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Name: Cabillo, Dianne S.

Date: 29/09/2021
Section/Year: BSMA 3-D Subject: IT LABORATORY

Instructions:

1. Complete details above, Name, Section/Year, Date, Subject


2. Review the "Accounting Transactions" tab
3. Create your own Chart of Accounts in the "Chart of Accounts" tab
4. Journalize the Accounting Transactions in the "Jounals" tab
Accounting Transactions

Ludivinia Victorino, a veteran photograher, opened a studio for her


professional practice on July 1. Transactions completed during the month
follow:

a. Deposited Php146,200.00 in a bank account in the name of the business,


Victorino PhotoProfiles.
b. Bought new photography equipmet on account from Canon Equipment,
Php71,210.00
c. Invested personal photography equipment into the business, Php51,620.00
d. Paid office rent for the month, Php5,500.00
e. Bought photography supplies for cash, Php7,960.00
f. Paid premium for insurance cover on photography equipment, P1,240.00
g. Received Php8,960.00 as professional fees for services rendered.
h. Paid salary of part-time assistant, Php6,000.00
i. Received and paid bill for telephone service, Php640.00.
j. Paid Canon Equipment part of the amount owed on the purchase of
photography equipment, P4,200.00
k. Received Php15,480.00 as professional fees for services rendered.
l. Paid for minor repairs to photography equipment, Php760.00
m. Victorino withdrew cash for personal use, P9,600.00
Victorino PhotoProfiles
General Journal

# Account Code Account Name Debit


a Cash 146,200.00

Victorino Capital
b Photography Equipment 71,210.00

Accounts Payable
c Photography Equipment 51,620.00

Victorino Capital
d Rent Expense 5,500.00

Cash
e Supplies 7,960.00

Cash
f Prepaid Insurance 1,240.00

Cash
g Cash 8,960.00

Professional Revenues
h Salaries Expense 6,000.00

Cash
i Telecommunications Expense 640.00

Cash
j Accounts Payable 4,200.00

Cash
k Cash 15,480.00

Professional Revenues
l Repair Expense 760.00

Cash
m Victorino Drawings 9,600.00

Cash
o PhotoProfiles
eral Journal

Credit Remarks

146,200.00

71,210.00

51,620.00

5,500.00

7,960.00

1,240.00

8,960.00

6,000.00

640.00

4,200.00

15,480.00

760.00

9,600.00
Victorino PhotoProfiles
Chart of Accounts

Account Code Account Name Account Code Account Name


Balance Sheet Income Statement
Account Name
e Statement

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