MODULE VII: Posting to Ledger and Preparation of Trial Balance
Application
Complete the table below. Compute the balance of the account. Ensure that the balance is placed on the appropriate column (Dr or Cr).
Account: ACCOUNTS RECEIVABLE Account No. 102
Balance Date Explanation J.R. Debit Credit Debit Credit 2018 Sales of merchandise on GJ- 20,000.0 July 7 account. 1 0 GJ- 10,000.0 July 12 Partial collection of receivable. 1 0 Sales of merchandise on GJ- 25,000.0 July 16 account. 1 0 GJ- 25,000.0 July 26 Collection of receivable. 2 0
What is the balance of the Accounts Receivable account?
Feedback
I: JOURNALIZING & POSTING
The following were the transactions of Baxter Entity during the period:
Date Transactions
Jan. 8 Services worth ₱150,000 were rendered for cash.
Jan. 9 Services worth ₱200,000 were rendered on account.
Jan. 10 Cash amounting to ₱25,000 was disbursed for advertising expense.
Jan. 11 Accounts receivable of ₱180,000 was collected.
Jan. 12 The owner made a temporary withdrawal of ₱10,000 cash from the business.
Requirements: a. Provide the journal entries. b. Post the journal entries to the ledger then determine the ending balances of the accounts. Use T-accounts for this purpose. Arrange your T-accounts in this order: Assets, Liabilities, Equity, Income and Expenses.
II: UNADJUSTED TRIAL BALANCE
The ledger accounts of ANA Salon have the following balances on December 31, 2020:
Account titles Balances
Accounts payable 480,000
Accounts receivable 210,000 Accumulated depreciation - Bldg. 1,250,000 Accumulated depreciation - Equipt. 1,800,000 Advertising expense 70,000 Allowance for bad debts 30,000 Bad debt expense 20,000 Building 5,000,000 Cash 770,000 Depreciation expense 200,000 Equipment 3,600,000 Land 2,000,000 Miscellaneous expense 4,000 Notes receivable 420,000 Owner’s drawings 80,000 Owner’s equity 4,200,000 Prepaid supplies 40,000 Salaries expense 1,140,000 Salaries payable 120,000 Service Revenue 6,000,000 Supplies expense 60,000 Taxes and licenses 120,000 Transportation and travel expense 140,000 Utilities expense 46,000 Utilities payable 40,000
Requirement: Prepare the unadjusted trial balance. Be sure to provide a proper heading for the report and arrange the accounts in the correct sequence.
