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    General Journal Date Account Titles and Explanation Ref Debit Credit

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    Callisto Regulus
    1) The owner invested cash, building, and delivery van totaling $251.2 million into the business on April 1. 2) Throughout April, the owner purchased and sold inventories, collected receivables, paid expenses and suppliers, withdrew funds, and recorded various transactions. 3) On April 30, the owner paid $52,500 in utilities, salaries, and transportation expenses in cash.

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    General Journal Date Account Titles and Explanation Ref Debit Credit

    Uploaded by

    Callisto Regulus
    26 views5 pages
    1) The owner invested cash, building, and delivery van totaling $251.2 million into the business on April 1. 2) Throughout April, the owner purchased and sold inventories, collected receivables, paid expenses and suppliers, withdrew funds, and recorded various transactions. 3) On April 30, the owner paid $52,500 in utilities, salaries, and transportation expenses in cash.

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    Accounting

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    1) The owner invested cash, building, and delivery van totaling $251.2 million into the business on April 1. 2) Throughout April, the owner purchased and sold inventories, collected receivables, paid expenses and suppliers, withdrew funds, and recorded various transactions. 3) On April 30, the owner paid $52,500 in utilities, salaries, and transportation expenses in cash.

    Copyright:

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

    General Journal Date Account Titles and Explanation Ref Debit Credit

    Uploaded by

    Callisto Regulus
    1) The owner invested cash, building, and delivery van totaling $251.2 million into the business on April 1. 2) Throughout April, the owner purchased and sold inventories, collected receivables, paid expenses and suppliers, withdrew funds, and recorded various transactions. 3) On April 30, the owner paid $52,500 in utilities, salaries, and transportation expenses in cash.

    Copyright:

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

    GENERAL JOURNAL

    Date Account Titles and Explanation Ref Debit Credit


    2020
    April 1 Cash 101 2,500,000
    Building 104 750,000
    Delivery Van 105 450,000
    Dinggo, Capital 301 251,200,000
    To record owner’s investment of
    cash, building and delivery van

    April 2 Inventory 103 500,000


    Cash 101 500,000
    To record owner’s purchase
    of inventories using cash

    April 5 Accounts receivable 102 25,000


    Cash 101 100,000
    Sales 401 125,000
    To record owner’s sale of
    inventories on account and on
    cash

    April 10 Inventory 103 75,000


    Accounts payable 201 75,000
    To record owner’s purchase of
    inventories on account

    Accounts payable 201 10,000


    Purchase returns/ allowances 10,000
    To record returns of defective
    supplies

    April 15 Cash 101 18,000


    Accounts receivable 102 18,000
    To record collection of account
    receivable

    April 21 Accounts Payable 201 45,000


    Cash 101 45,000
    To record owner’s payment to
    the suppliers

    April 24 Dinggo, drawings 302 8, 000


    Cash 101 8,000
    To record owner’s withdrawal
    for personal use

    April 30 Utility Expense 501 5,500


    Salaries Expense 502 45,000
    Transportation Expense 503 2,000
    Cash 101 52,500
    To record owner’s payment of
    utilities expense, salaries
    expense and transportation
    expense

    CHART OF ACCOUNTS

    Number Description Account Type Statement

    101 Cash Assets Balance Sheet


    102 Accounts receivable Assets Balance Sheet
    103 Inventories Assets Balance Sheet
    104 Building Assets Balance Sheet
    105 Equipment Assets Balance Sheet
    201 Accounts payable Liabilities Balance Sheet
    301 Dinggo, Capital Owner’s Equity Balance Sheet
    302 Dinggo, Drawing Owner’s Equity Balance Sheet
    501 Utilities Expense Expenses Income Statement
    502 Salaries Expense Expenses Income Statement
    503 Transportation Expense Expenses Income Statement
    GENERAL LEDGER
    NO. 101

    CASH
    Date Explanation PR Debit Credit Balance
    2020
    April 1 Beginning Cash J1 2,500,000 2,500,000
    Investment
    April 2 Purchase of Inventories J1 500,000 2,000,000
    April 5 Sales of Inventories J1 100,000 2,100,000
    April 15 Collection of J1 18, 000 2,118,000
    Receivables
    April 21 Payment to supplier J1 45,000 2,073,000
    April 24 Dinggo, drawings J2 8,000 2,065,000
    April 30 Payment of expenses J2 57,500 2,007,500
    BALANCE 2,007,500

    NO. 102

    ACCOUNTS RECEIVABLE
    Date Explanation PR Debit Credit Balance
    2020
    April 5 Customer’s account J1 25,000 25,000
    receivable
    April 15 Collection of J1 18,000 7,000
    Receivables
    BALANCE 7,000

    NO.103

    INVENTORY
    Date Explanation PR Debit Credit Balance
    2020
    April 2 Purchase of owner’s J1 500,000 500,000
    Inventories on cash
    April 10 Sale of owner’s J1 75,000 575,000
    inventories on account
    BALANCE 575,000
    NO. 201

    ACCOUNTS PAYABLE
    Date Explanation PR Debit Credit Balance
    2020
    April 10 Purchase of owner’s J1 75,000 75,000
    Inventories on account
    April 10 Returns of Defective J1 10,000 65,000
    Supplies
    April 21 Payment to suppliers J1 45,000 20,000
    BALANCE 20,000

    NO. 301

    DINGGO, CAPITAL
    Date Explanation PR Debit Credit Balance
    2020
    April 1 Investment of Cash, J1 251,200,000 251,200,000
    Building and Delivery Ban
    BALANCE 251,200,000

    NO. 302

    DINGGO, DRAWINGS
    Date Explanation PR Debit Credit Balance
    2020
    April 24 Withdrawal of owner J1 8,000 8,000
    for personal use
    BALANCE 8,000

    NO. 401

    SALES
    Date Explanation PR Debit Credit Balance
    2020
    April 5 Sales of Inventories on J1 125,000 125,000
    account and on cash
    BALANCE 125,000
    NO. 501

    UTILITY EXPENSE
    Date Explanation PR Debit Credit Balance
    2020
    April 30 Payment of utilities expense J2 5,500 5,500
    BALANCE 5,500

    NO. 502

    SALARIES EXPENSE
    Date Explanation PR Debit Credit Balance
    2020
    April 30 Payment of salaries expense J2 45,000 45,000
    BALANCE 45,000

    NO. 503

    TRANSPORTATION EXPENSE
    Date Explanation PR Debit Credit Balance
    2020
    April 30 Payment of transportation expense J2 2,000 2,000
    BALANCE 2,000

    NO. 520

    COST OF GOODS SOLD


    Date Explanation PR Debit Credit Balance
    2020
    April 5 Sales of inventories to J1 125,000 125,000
    customer
    April 10 Returns of Purchase J1 10,000 135,000
    BALANCE 135,000

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