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    Zabala Auto Supply General Journal

    Uploaded by

    David Bermudez
    Zabala Auto Supply made various transactions throughout January 2021 related to operating their auto supplies business. They began operations with an initial investment of $1,500,000 from the owner. They purchased inventory, furniture, a delivery van and supplies. Revenues were generated from cash sales to customers as well as credit sales with accounts receivable. Expenses were paid for rent, salaries, insurance, utilities and supplies. Accounts payable were established for credit purchases and paid down over the month.

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    Zabala Auto Supply General Journal

    Uploaded by

    David Bermudez
    527 views3 pages
    Zabala Auto Supply made various transactions throughout January 2021 related to operating their auto supplies business. They began operations with an initial investment of $1,500,000 from the owner. They purchased inventory, furniture, a delivery van and supplies. Revenues were generated from cash sales to customers as well as credit sales with accounts receivable. Expenses were paid for rent, salaries, insurance, utilities and supplies. Accounts payable were established for credit purchases and paid down over the month.

    Original Description:

    A Closer Look on Fundamentals of Accounting De Jesus, Marasigan, Salvador

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    Zabala Auto Supply made various transactions throughout January 2021 related to operating their auto supplies business. They began operations with an initial investment of $1,500,000 from the owner. They purchased inventory, furniture, a delivery van and supplies. Revenues were generated from cash sales to customers as well as credit sales with accounts receivable. Expenses were paid for rent, salaries, insurance, utilities and supplies. Accounts payable were established for credit purchases and paid down over the month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    527 views3 pages

    Zabala Auto Supply General Journal

    Uploaded by

    David Bermudez
    Zabala Auto Supply made various transactions throughout January 2021 related to operating their auto supplies business. They began operations with an initial investment of $1,500,000 from the owner. They purchased inventory, furniture, a delivery van and supplies. Revenues were generated from cash sales to customers as well as credit sales with accounts receivable. Expenses were paid for rent, salaries, insurance, utilities and supplies. Accounts payable were established for credit purchases and paid down over the month.

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    Zabala Auto Supply

    General Journal
    For the month ended January 31, 2021
    Date Account Title and Explanation Dr Cr
    Jan. 1 Cash 1,500,000
    Zabala, Capital 1,500,000
    Owner’s initial investment to the business.
    1 Rent Expense 60,000
    Cash 60,000
    Signed a lease of contract about lease office
    space and paid in cash 6 months’ rent in
    advance using expense method.
    2 Purchases 400,000
    Cash 400,000
    Purchased auto supplies in cash.
    2 Furniture and Fixtures 100,000
    Accounts Payable 100,000
    Purchased furniture and fixtures on account.
    2 No Entry
    Hired storekeeper and driver for a monthly
    salary of P12,000 each.
    3 Office Supplies 3,000
    Cash 3,000
    Purchased office supplies in cash using asset
    method.
    3 Van 300,000
    Cash 300,000
    Acquisition of delivery van.
    3 Gas and Oil Expense 2,000
    Cash 2,000
    Payment for the gas and oil expense.
    5 Cash 50,000
    Sales 50,000
    Sold goods for cash.
    6 Accounts Receivable 100,000
    Sales 100,000
    Billed Customer ABC on account with
    credit terms 2/10, n/30
    7 Cash 200,000
    Sales 200,000
    Sold goods for cash.
    9 Accounts Payable 100,000
    Cash 100,000
    Paid the furniture and fixture from Jan. 2 in
    cash.
    10 Purchases 500,000
    Accounts Payable 500,000
    Acquisition of auto supplies with credit
    terms 2/10, n/30.
    11 Cash 200,000
    Sales 200,000
    Sold goods for cash.
    14 Gas and Oil Expense 2,000
    Cash 2,000
    Paid gas and oil expense for cash.
    15 Cash 98,000
    Sales Discount 2,000
    Accounts Receivable 100,000
    Collected the receivable from
    15 Salaries Expense 12,000
    Cash 12,000
    Paid the monthly salaries of employees.
    16 Insurance Expense 12,000
    Cash 12,000
    Paid insurance for one period covering
    January 1 to December 31 using expense
    method.
    18 Utilities Expense 4,000
    Utilities Payable 4,000
    Received billing from Baguio Electric
    Cooperatives.
    20 Accounts Payable 500,000
    Cash 490,000
    Purchase Discount 10,000
    Payment for the goods purchased on credit
    on January 10.
    21 Cash 10,000
    Sales 10,000
    Sold goods for cash.
    22 Utilities Payable 4,000
    Cash 4,000
    Paid the Baguio Electric Cooperative.
    25 Accounts Receivable 10,000
    Sales 10,000
    Sold goods on account with credit terms
    n/30.
    28 Purchases 50,000
    Cash 50,000
    Purchased auto supplies for cash.
    30 Salaries Expense 10,000
    Cash 10,000
    Paid the salary of the employee.
    30 Zabala, Drawing 20,000
    Cash 20,000
    Owner’s drawings.

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