WORK SHEET 2
JOURNAL ENTRY
GJ1
DATE EXPLANATION CODE
DECEMBER
1 TO RECORD M.B. MANUEL CAPITAL 101
301
1.A TO RECORD PARCHES OF 2 SAWING MACHIN PART CASH
AND PART ON CCOUNT TO RUFINO MERCHANDISING
201
1.B PAID RENT OF SHOP GOOD FOR FOR 3 MONTHS
1.C TO RECORD PAYMENT OF INSURANCE POLICY GOOD
FOR 1 YEAR
3 TO RECORD PURCHASE OF SEWING TOOLS AND SUPPLIES
FROM VERGILIO TRADING ON ACCOUNT
201
5 RECEIVE CASH FROM CUSTOMER FOR A TERNO DELIVERED 101
501
7 TO RECORD BILLING OF FLOR VALDEZ FOR 2 PAIR OF
PANTS AND POLOBARONG
10 PURCHASE CLOTHING MATERIAL FROM DIVISORIA
MARKET
GJ2
DATE EXPLANATION CODE
13 RECEIVED CASH FROM VARIOUS CUSTOMER FOR BARONG 101
AND PANTS MADE AND DELIVERED
14 GAVE PARTIAL PAYMENT TO ROFINO MERCHANDISING 201
REMAINING BALANCE IS NOTE PAYABLE FOR 60 DAYS 203
WITH 6% INTERST
15 PAID SALARY OF SHOP HELPER
17 TO RECORD M.V. MANUEL DRAWING
18 TO RECORD VALDEZ PARTIAL PAYMENT FOR HIS ACCOUNT 101
20 RECEIVE CASH FROM VARIOUS CUSTOMER FOR PANTS 101
AND BARONG DELIVERED
22 TO RECORD SHOP HELPER'S WAGE
101
23 BILLED JULIUS ILAGAN FOR PANTS AND BARONG 102
DELIVERED
GJ3
DATE EXPLANATION CODE
27 PAID MONTHLY UTILITIES AND TELEPHONE BILL
101
GENERAL LEDGER
CASH
DATE
TYPE OF ACCOUNT DEBIT CREDIT 1
1
CASH 80,000 1
CAPITAL 80,000 1
5
SAWING MACHINE 60,000 10
CASH 15,000 13
ACCOUNT PAYABLE 45,000 14
15
PREPAD RENT 30,000 17
CASH 30,000 18
20
INSURANCE EXPENSE 5,700 22
CASH 5,700 27
SEWING TOOLS 5,900 CAPITAL
SEWING SUPPLIES 2,700 DATE
ACCOUNT PAYABLE 8,600 1
CASH 1,200 SEWING MACHINE
SEWING REVENUE 1,200 DATE
1
ACCOUNT RECEIVABBLE 5,000
SEWING REVENUE 5,000 INSURANCE EXPENSE
DATE
CLOTHING MATERIALS 15,000 1
CASH 15,000
SEWING SUPPLIES
DATE
3
TYPE OF ACCOUNT DEBIT CREDIT ACCOUNT PAYABLE
CASH 12,500 DATE
SEWING REVENUE 12,500 1
3
ACCOUNT PAYABLE 15,000 14
CASH 15,000 14
ACCOUNT PAYABLE 30,000 SEWING REVENUE
NOTE PAYABLE 30,000 DATE
5
SALARIES EXPENSE 2,500 7
CASH 2,500 13
20
WITHDRAWAL 5,000 23
CASH 5,000 30-Dec
CASH 2,000
ACCOUNT RECEIVABLE 2,000 ACCOUNT RECEIVABLE
DATE
CASH 14,750 7
SEWING REVENUE 14,740 18
23
WAGE EXPENSE 2,500
CASH 2,500 SEWING TOOLS
DATE
ACCOUNT RECEIVABLE 4,000 3
SEWING REVENUE 4,000
CLOTHING MATERIALS
DATE
10
NOTE PAYABLE
TYPE OF ACCOUNT DEBIT CREDIT DATE
UTILITY EXPENSE 1,500 14
TELEPHONE EXPENSE 2,500
CASH 4,000 WAGE EXPENSE
DATE
15
22
30-Dec
WITHDRAWAL
DATE
17
30-Dec
UTILITIESEXPENSE
DATE
27
30-Dec
TELEPHONE EXPENSE
DATE
27
31-Dec
PREPAID RENT
DATE
1
ENERAL LEDGER
EXPLANATION JR
TO POST M.B. MANUEL CAPITAL GJ1
TO POST PARCHES OF 2 SAWING MACHIN GJ1
PAID RENT OF SHOP GOOD FOR FOR 3 MONTHS GJ1
TO POST PAYMENT OF INSURANCE POLICY GOOD 1 YEAR GJ1
TO POST PURCHASE OF SEWING TOOLS AND SUPPLIES GJ1
PURCHASE CLOTHING MATERIAL FROM DIVISORIA GJ1
RECEIVED CASH FROM VARIOUS CUSTOMER GJ1
TO RECORD PARTIAL PAYMENT TO RUFINO GJ2
PAID WAGE OF SHOP HELPER GJ2
TO POST M.V. MANUEL DRAWING GJ2
TO POST VALDEZ PARTIAL PAYMENT FOR HIS ACCOUNT GJ2
RECEIVE CASH FROM VARIOUS CUSTOMER GJ2
TO POST SHOP HELPER'S WAGE G2
PAID MONTHLY UTILITIES AND TELEPHONE BILL GJ3
EXPLANATION JR
TO POST M.B. MANUEL CAPITAL GJ1
EWING MACHINE
EXPLANATION JR
TO POST PUCHASE OF2 SEWING MACHINE GJ1
NSURANCE EXPENSE
EXPLANATION JR
TO POST PREPAID INSURANCE WITH 1 YEAR COVERAGE GJ1
EWING SUPPLIES
EXPLANATION JR
GJ1
CCOUNT PAYABLE
EXPLANATION JR
TO POST PARCHES OF 2 SAWING MACHIN PART CASH PART ON ACCOUNT GJ1
TO PURCHASE OF SEWING TOOLS AND SUPPLIES GJ1
GAVE PARTIAL PAYMENT TO ROFINO MERCHANDISING GJ2
BALANCE TO RUFINO WAS ISSUED A NOTE PAYABLE
EWING REVENUE
EXPLANATION JR
RECEIVE CASH FROM CUSTOMER FOR A TERNO DELIVERED GJ1
GJ1
RECEIVED CASH FROM VARIOUS CUSTOMER GJ1
RECEIVE CASH FROM VARIOUS CUSTOMER GJ2
BILLED JULIUS ILAGAN FOR PANTS AND BARONG GJ2
TO CLOSE SEWING REVENUE USING INCOME SUMMARY CLOSING ENTRY
CCOUNT RECEIVABLE
EXPLANATION JR
TO POST BILLING OF FLOR VALDEZ GJ1
TO POST VALDEZ PARTIAL PAYMENT FOR HIS ACCOUNT GJ2
BILLED JULIUS ILAGAN FOR PANTS AND BARONG GJ2
EWING TOOLS
EXPLANATION JR
TO POSTPURCHASE OF SEWING TOOLS GJ1
LOTHING MATERIALS
EXPLANATION JR
PURCHASE CLOTHING MATERIAL FROM DIVISORIA GJ1
OTE PAYABLE
EXPLANATION JR
NOTE PAYABLE TO RUFINO MERCHANDISING GJ2
AGE EXPENSE
EXPLANATION JR
PAID SALARY OF SHOP HELPER GJ2
PAID SALARY OF SHOP HELPER GJ2
TO CLOSE WAGE EXPENSE USING INCOME SUMMARY GJR 3
ITHDRAWAL
EXPLANATION JR
TO POST M.V. MANUEL DRAWING GJ2
TO CLOSE DRAWING USING INCOME SUMMARY
TILITIESEXPENSE
EXPLANATION JR
TO POST PAYMENT FOR UTILITIES GJ3
TO CLOSE USING INCOME SUMMARY GJ3
ELEPHONE EXPENSE
EXPLANATION JR
TO POST PAYMENT FOR TELEPHONE BILL GJ2
TO CLOSE USING INCOME SUMMARY GJ3
REPAID RENT
EXPLANATION JR
TO PEST PAYMENT OF RENT FOR 3 MONTHS GJ1
MBM MENS WEAR SHOP
CODE: 101 UNADJUSTED TRIAL BALANCE
DEBIT CREDIT BAL (Dr) BAL (Cr) AS OF DECEMBER 31 , 2023
80,000 80,000
15,000 65,000
30,000 35,000 CASH
5,700 29,300 ACCOUNT RECEIVABLE
1,200 30,500 SEWING MACHINE
15,000 15,500 SEWING SUPPLIES
12,500 28,000 CLOTHING MATERIALS
15,000 13,000 SEWING TOOLS
2,500 10,500 PREPAID RENT
5,000 5,500
2,000 7,500 ACCOUNT PAYABLE
14,750 22,250 NOTE PAYABLE
2,500 19,750
4,000 15,750
110,450 94700 15,750 CAPITAL
CODE:301 WITHDRAWAL
DEBIT CREDIT BAL (Dr) BAL (Cr) SEWING REVENUE
80,000 80,000
CODE: INSURANCE EXPENSE
DEBIT CREDIT BAL (Dr) BAL (Cr) WAGE EXPENSE
60,000 60,000 UTILITIES EXPENSE
TELEPHONE EXPENSE
CODE:
DEBIT CREDIT BAL (Dr) BAL (Cr)
5,700 5,700
CODE: ADJUSTED
DEBIT CREDIT BAL (Dr) BAL (Cr) SEWING MACHINE- DEPRECIATION EX
2,700 2,700 ACCUMULATED DEPRECIATION
SEWING SUPPLIES EXPENSE
CODE: 201 SEWING SUPPLIES
DEBIT CREDIT BAL (Dr) BAL (Cr) BAD DEPT EXPENSE
45,000 45,000 BAD DEPT ALLOWANCE
8,600 53,600 CLOTHING MATERIAL EXPENSE
15,000 38,600 CLOTHING MATERIAL
30,000 8,600
CODE:
DEBIT CREDIT BAL (Dr) BAL (Cr)
1,200 1,200
5,000 6,200
12,500 18,700
14,740 33,440
4,000 37,440
37,440
CODE: 102
DEBIT CREDIT BAL (Dr) BAL (Cr)
5,000 5,000
2,000 3,000
4,000 7,000
CODE:
DEBIT CREDIT BAL (Dr) BAL (Cr)
5,900 5,900
CODE:
DEBIT CREDIT BAL (Dr) BAL (Cr)
15,000 15,000
CODE: 202
DEBIT CREDIT BAL (Dr) BAL (Cr)
30,000 30,000
CODE:
DEBIT CREDIT BAL (Dr) BAL (Cr)
2,500 2,500
2,500 5,000
2,500
CODE:
DEBIT CREDIT BAL (Dr) BAL (Cr)
5,000 5,000
5,000
CODE;
DEBIT CREDIT BAL (Dr) BAL (Cr)
1,500 1,500
1,500 0
CODE:
DEBIT CREDIT BAL (Dr) BAL (Cr)
2,500 2,500
2,500 0
CODE:
DEBIT CREDIT BAL (Dr) BAL (Cr)
30,000 30,000
WEAR SHOP
D TRIAL BALANCE ADJUSTING ENTRY MBM MENS WEAR SHOP
MBER 31 , 2023 ADJUSTED TRIAL BALANC
AS OF DECEMBER 31 , 20
DEBIT CREDIT DEBIT CREDIT DEBIT
15,750 15,750
ECEIVABLE 7,000 7,000
60,000 60,000
2,700 1,000 1,700
MATERIALS 15,000 8,000 7,000
5,900 5,900
30,000 30,000
8,600
30,000
80,000
5,000 5,000
37,450
EXPENSE 5,700 5,700
5,000 5,000
1,500 1,500
EXPENSE 2,500 2,500
156,050 156,050
CHINE- DEPRECIATION EXPENSE 1,000 1,000
ED DEPRECIATION 1,000
PPLIES EXPENSE 1,000 1,000
350 350
LLOWANCE 350
MATERIAL EXPENSE 8,000 8,000
MATERIAL
10,350 10,350 157,400
MBM MENS WEAR SHOP
ADJUSTED TRIAL BALANCE INCOME
AS OF DECEMBER 31 , 2023 STATEMENT BALANCE SHEET
CREDIT DEBIT
15,750
7,000
60,000
1,700
7,000
5,900
30,000
8,600 8,600
30,000 30,000
80,000 80,000
-5000
37,450 37,450 12,400
5,700
5,000
1,500
2,500
1,000
1,000
350
8,000
25,050
156050 NET INCOME 12,400 127,350
POST CLOSING
LANCE SHEET TRIAL BALANCE
CREDIT DEBIT CREDIT
15,750
6,650
60,000
1,700
7,000
5,900
30,000
8,600
38,600 30,000
88,400
88,400
350
127,350 127,000 127,000
MBM MENS WEAR SHOP
INCOME STATEMENT
AS OF DECEMBER 31 , 2023
INCOME
SEWING REVENUE
LESS OPERATING EXPENSES
INSURANCE EXPENSE
WAGE EXPENSE
UTILITIES EXPENSE
TELEPHONE EXPENSE
DEPRECIATION EXPENSE
SEWING SUPPLY EXPENSE
BAD DEPT EXPENSE
CLOTHING MATERIAL EXPENSE
NET INCOME
MBM MENS WEAR SHOP
INCOME STATEMENT
S OF DECEMBER 31 , 2023
DEBIT CREDIT
37,450
5,700
5,000
1,500
2,500
1,000
1,000
350
8,000
37,450
25,050 -25,050
12,400
MBM MENS WEAR SHOP
BALANCE SHEET
AS OF DECEMBER 31 , 2023
ACCOUNT TYPE
ASSETS
CASH
SEWING MACHINE
PREPAID SEWING SUPPLIES
ACCOUNT RECEIVABLE
SEWING TOOLS
PREPAID RENT
CLOTHING MATERIALS
TOTAL ASSETS
LIABILITIES
ACCOUNT PAYABLE
NOTE PAYABLE
BAD DEPT ALLOWANCE
TOTAL LIABILITIES
EQUITY
CAPITAL
DRAWING
NET INCOME
DEBIT CREDIT
15,750
60,000
1,700
7,000
5,900
30,000
7,000
127,350
8,600
30,000
350
38,950
80,000
-5,000
75,000
12,400
88,400
127,350 127,350
CLOSING BAlANCE
INCOME
SEWING REVENUE
LESS OPERATING EXPENSES
INSURANCE EXPENSE
WAGE EXPENSE
UTILITIES EXPENSE
TELEPHONE EXPENSE
DEPRECIATION EXPENSE
SEWING SUPPLY EXPENSE
BAD DEPT EXPENSE
CLOTHING MATERIAL EXPENSE
NET INCOME
DEBIT CREDIT
37,450
5,700
5,000
1,500
2,500
1,000
1,000
350
8,000
25,050 25,050
12,400
