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Accounting Cycle Journal Entries With Chart of Accounts

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74 views2 pages

Accounting Cycle Journal Entries With Chart of Accounts

Uploaded by

ayehsa353
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Sir Win – Accounting Lectures

 Jokes  Tagalog
 Stories
 Life Lessons  Legit Professor

Accounting Cycle: Journal Entries w/ Chart of


Accounts
Jan Marini won a concession to rent out bicycles in the Burnham Park during summer.
During the month of May, Jan Marini completed the following transactions for her
bicycle rental business:

May 2 Began business by placing P120,000 in a business


checking account.

3 Purchased supplies on account for P1,500.

4 Purchased ten bicycles for P25,000, paying


P12,000 down and agreed to pay the balance in
thirty days.

5 Paid P29,000 in cash for a furnished container to


store the bicycles and use for other operations.

6 Received P4,700 in cash for rentals during the first


week of operation.

8 Paid P4,000 in cash for shipping and installation


costs to place the container at the park entrance.

9 Hired a part-time assistant to help on weekends.

10 Paid a maintenance person P750 to clean the


grounds.

Accounting Cycle: Journal Entries w/ Chart of Accounts


---------------------------------------------------------------------------------------------------------
13 Received P5,000 in cash for rentals during the
second week of operation.

16 Paid the assistant P480 for a weekend’s work.

17 Paid for the supplies purchased on May 3.

18 Paid a P550 repair bill on bicycles.

20 Received P5,500 in cash for rentals during the


third week of operation.
Sir Win – Accounting Lectures
 Jokes  Tagalog
 Stories
 Life Lessons  Legit Professor
22 Paid the assistant P480 for a weekend’s work.

23 Billed an entity P1,100 for bicycle rentals for


employees’ outing.

25 Paid the P3,000 fee for May to the Park


Administration for the right to the bicycle
concession.

27 Received P4,100 in cash for rentals during the


week.

29 Paid the assistant P480 for a weekend’s work.

30 Transferred P5,000 to personal checking account.

Jan Marini Bike Concession


Chart of Accounts
------------------------------------------ -------------------------------------------
Statement of Financial Comprehensive Income
Position Accounts Statement Accounts
------------------------------------------ -------------------------------------------
Assets Income
101 Cash 401 Rental Revenues
102 Accounts Receivable
103 Supplies Expenses
104 Container 501 Wages Expense
105 Bicycles 502 Maintenance Expense
503 Repair Expense
Liabilities 504 Concession Fee Expense
201 Accounts Payable
202 Notes Payable

Owner’s Equity
301 Marini, Capital
302 Marini, Drawings

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