Grind Away Tools and Supply
The following are the transactions that occurred for the month of September 2019
September 1 Mr. Dela Cruz invested in the following
Cash - ₱ 800,000.00
Tools & Supplies - ₱ 85,000.00
Equipments - ₱ 80,000.00
2 Purchased store furnitures amounting to ₱ 15,000 from Ignite
Furniture Company
3 An amount of ₱36,000 was paid as advance rent for three months
5 Sold supplies to LGU and received ₱ 55,000 in cash
8 Mr. Dela Cruz hired another employee at the rate of ₱ 8,000 a
month
9 Purchased office supplies costing ₱ 14,600 on account from Syside
Ventures Incorporation
11 Sold supplies to Haimobolia Enterprise and received ₱ 28,500 in
cash
12 Paid business taxes and licenses to City Government of ₱ 7,500
13 Received an electricity bill of ₱2,470
14 Sold supplies on account to Mrs. Torres ₱56,000. Terms n/55
15 Paid employees salary costing ₱12,000
16 ₱6,000 was withdrawn by Mr. Dela Cruz for personal use
17 Received ₱8,000 as an advance payment from Ms. Eudora
19 Paid the accounts worth ₱14,600 for purchasing office supplies
20 Received the internet bill worth ₱2,500
21 Paid electric bill worth ₱2,470
22 Sold supplies to Mrs. Love worth ₱35,000 on cash
24 Received payment in cash from Mr. Torres from her account on
Sept. 14
25 Paid the internet bill worth ₱2,500
28 Sold supplies to its customers and received ₱15,000 in cash
30 Paid the employees half salary worth ₱12,000
Grind Away Tools and Supply
General Journal
DATE PARTICULARS DEBIT
CREDIT
September 1 Cash
Tools & Supplies
Equipment
Capital
To record initial investment
2 Furniture
Cash
To record purchased
equipments
3 Prepaid Rent
Cash
To record pre-payments
5 Cash
Sales
To record sold merchandise
8 NO ENTRY
9 Supplies
Accounts payable
To record purchase
supplies on account
11 Cash
Sales
To record sold merchandise
12 Taxes & License
Cash
To record payment for taxes
13 Utilities Expense
Utilities Payable
To record the received bill
14 Accounts Receivable
Sales
To record accounts
receivable
15 Salaries & Wages
Cash
To record salaries for
employment
16 Drawing
Cash
To record withdrawal
17 Cash
Unearned revenue
To record received
advance payment
19 Accounts Payable
Cash
To record payment
Trial balance
(For the month ended September 2019)
PARTICULARS DEBIT CREDIT
Cash 889 430
Supplies 99 600
Equipment 80 000
Furniture and fixtures 15000
Accounts receivable 0
Prepaid rent 36000
Accounts Payable 0
Utilities Payable 0
Internet Payable 0
Unearned Revenue 8000
Capital 965000
Drawing 6000
Sales 189500
Taxes and Licences 7500
Utilities Expense 2470
Salaries and Wages 24000
Internet expense 25000
1 162 500 1 162 500
Sept CASH DEBIT CREDIT DEBIT CREDIT
EXPENSE
1 Investment 800 000
2 Purchased furniture 15 000
3 Prepayment 36 000
5 Sold merchandise 55 000
11 Sold merchandise 28500
12 Payment for taxes 7500
15 Salaries and Wages 12 000
16 Withdrawal 6 000
17 Advance Payment 8 000
19 Payment 14 600
21 Payment in utilities 2470
22 Sold merchandise 35 000
24 Receivables 56 000
Payment for internet
25 25 000
connection
28 Sold merchandise 15 000
30 Salaries and wages 12 000 889430
CASH
1 Investment 85 000
Purchased supplies
9 14 600 99600
on account
EQUIPMENT
1 Investment 80 000 80 000
FURNITURES &
FIXTURES
2 Purchased 15 000 15 000
ACCOUNTS
RECEIVABLE
14 Received on account 56 000
24 Payment 56 000 0
PREPAID RENT
3 Prepayments 36 000 36 000
ACCOUNTS
PAYABLE
Purchase supplies
9 14 600
on account
Payment for
19 14 600 0
purchased supplies
UTILITIES
PAYABLE
13 Received bill 2 470
Payment for
21 2 470 0
electricity
INTERNET
PAYABLE
20 Internet bill 2 500
25 Internet bill 2 500 0
UNEARNED
REVENUE
Received advance
17 8 000 8 000
payment
CAPITAL
1 Investment 965 000 965 000
16 Drawing 6 000 6 000
INCOME
5 Sold merchandise 55 000
11 Sold merchandise 28 500
14 Accounts Receivable 56 000
22 Sold merchandise 35 000
28 Sold merchandise 15 000 189 500
EXPENSE
12 Taxes and Licences 7 500
13 Utilities Expense 2 470
20 Internet Expense 2 500 12 470
SALARIES AND
WAGES
Paid employees
15 12 000
salary
Paid employees
30 12 000 24 000
salary
Adjusting Journal Entry
DATE ACCOUNT TITLE DEBIT CREDIT
Sept. 30 Rent expense 12 000
Prepaid rent 12 000
To record payment for rent
Sept. 30 Unearned revenue 16 000
Service Income 16 000
To record delivered 20% of
supplies to Ms Education
Adjusted Trial Balance
PARTICULARS DEBIT CREDIT
Cash 889 430
Supplies 99 600
Equipment 80 000
F&F 15 000
AR 0
Prepaid Rent 24 000
AP 0
UP 0
IP 0
UR 6 400
Capital 965 000
Drawing 6 000
Sales 19 100
Taxes& Licences 7 500
Utilities expense 2 470
Salaries & Wages 24 000
Internet expense 2 500
Rent expense 12 000
Sept PARTICULARS DEBIT CREDIT
800 000
15 000
36 000
55 000
