JOURNAL ENTRIES

DATE PARTICULARS PR
April 2 Accounts Payable
Cash
To record payment for Air Cool Company

2 Printing Materials and Supplies

Cash
To record printing materials and supplies in cash

3 Office Supplies
Cash
To record office supplies purchased in cash

7 Cash
Unearned Professional Fees
Professional Fees
To record received balance payment of Finest Gold Pawnshop

14 Cash
Internet and Other Fees
To record cash received

17 Percentage Tax Payable

Cash
To record remitted amount for Tax Payable

20 Accounts Receivable
Professional Fees
To record bill for Tiffany Clothing Corp.

27 Cash
Accounts receivable
To record collection from Tiffany Clothing Corp.

27 Cash
Unearned Professional Fees
To record advance payment from customer for 7 laptops

28 Cash
Internet and Other Fees
To record cash received for internet and other services

28 Expense- Communication, Light and Water

Cash
To record payment for telephone, electricity, and water bill

28 Drawing- G.G Gabriel

Cash
To record withdrawal of G.G gabriel for personal use

30 Direct Charges- Materials, Supplies and Facilities

Direct Charges- Rental
Cash
To record payment for internet and rent

30 Direct Charges- Wages, Salaries and Benefits

Direct Charges- Wages, Salaries and Benefits
SSS/Phealth/HDMF Premium Payable
Cash
To record salary and benefits paid for the month of april

30 Cash
Unearned Professional fees
To record advance 50% payment from GreenDollar
DEBIT CREDIT
₱22,000.00 Bayad na yung utang na 1 aircon noong March 2 binili na on account
₱22,000.00 Debit Accts Payable kasi nag decrease liability and credit cash kasi nabawasan asset/ cash

Bumili ng printing materials and supplies gamit cash

₱1,000.00 Pasok printing materials labas cash
₱1,000.00

1,000 Bumili ng office supplies gamit cash

1,000 Pasok Office Supplies labas cash

15,000 Nung march 31 nakatanggap yung business ng advance payment na 50% down payment
15,000 Ngayong april 7 nadeliver na natin yung service and natanggap na yung 15,000 na kulang
30,000 Kaya nag debit ng cash nakatanggap ka 15,000
Nagdebit Unearned Prof fee kasi nabawasan na yung liability kaya idedebit
Nagcredit ng Professional fees kasi na earned na natin pag nadadagan income need I cred
12,500
12,500 Nakatanggap ng cash debit cash credit internet and other fees kasi pag nadagdagan incom

1,500 Yung sa Quarterly Percentage Tax Return sa likod ng book nakalagay is 50,000
1,500 So 50,000 times sa 3% na tax rate= 1,500
So 1,500 yung tax na babayaran for the month of April
Debit Percantage tax payable kasi nabawasan na yung utang mo credit cash kasi nagbaya
20,000
20,000 So debit Accts R. kasi may utang sayo yung Tiffany Clothing Corp
Credit ng Professional Fees kasi ang lumabas is yung rendered na service

20,000 Debit cash natanggap na yung 20k from Tiffany Clothing

20,000 Credit Accts R. kasi nabawasan asset so need I credit

21,000 3k each for seven laptop=21,000 total

21,000 Debit Cash kasi nareceived yung bayad on same date
Credit Unearned Professional fees kasi dimo na aayos yung laptop pero bayad na sya

14,500 Debit cash kasi nakatanggap ng pera na 14,500

14,500 Credit internet and other fees kasi nag increase yung income kaya need I credit
6,120 Debit expense- communication light and water kasi pag nadagdagan expense need idebit
6,120 Credit cash kasi nagbayad ka gamit cash

15,000 Debit Drawing kasi nag increase yung drawing account need sya idebit
15,000 Credit cash kasi naglabas yung business ng pera

3,000 Debit ng Direct charges materials, supplies and facilities kasi nagincrease yung expense k
5,000 Debit ulit ng Rental na 5,000 kasi nag increase yung expense so need idebit
8,000 Credit cash na 8,000 kasi 3,000 sa internet + bayad sa renta na 5,000=8,000 na cash luma

12,116 Una na debit sa wages, salaries and benefits is yung kabuuan na pasahod sa month ng ap
1,144 2nd debit na wages salaries, is ito yung employer share sa benefits ng employee
1,830 Credit SSS/Phelth payable kasi ito yung total ng employer and employee share kaya naku
11,430 Pinag add yung 2 debit tapos mininus sa 1,830 na credit= 11,430 nalang cash na binayara

20,000 Debit cash kasi nag down daw si customer ng 50% ng 40,000 so 20,000 yung pumasok na
20,000 Credit unearned professional fees kasi nag increase yung liabilities so kailangan sya I cred
kasi nabawasan asset/ cash

nt na 50% down payment 15,000

na yung 15,000 na kulang

aya idedebit
adagan income need I credit

kasi pag nadagdagan income need credit

alagay is 50,000

mo credit cash kasi nagbayad kana

top pero bayad na sya

aya need I credit

dagan expense need idebit

agincrease yung expense kaya debit 3,000 for wifi

o need idebit
5,000=8,000 na cash lumaabs

a pasahod sa month ng april no deduction pa

efits ng employee
employee share kaya nakuha yung 1,830
30 nalang cash na binayaran ng entity

o 20,000 yung pumasok na pera sa entity

ties so kailangan sya I credit
GENERAL LEDGER

CASH
Date Particulars PR
20XX
April 1 Balance Forwarded, March
2 Payment to Air-Cool Company
2 Purchased Printing Materials and Supplies
3 Purchase Office Supplies
7 Received Professional Fees
14 Received for Internet and Other fees
17 Remitted cash to BIR for the month of march
27 Collection From Tiffany Clothing Corporation
27 Collection of Service Fees, cash in advance
28 Received Internet and Other Fees
28 Payment for Expense - Communication, Light and Water
28 Withdrawal of G.G. Gabriel
30 Payment for Internet and Rent Charges
30 Payment for Salaries and Benefits
30 Advance Payment, Green Dollar
Ending Balance

ACCTS RECEIVABLE
Date Particulars PR
20XX
April 20 Tiffany Clothing Corp
27 Payment collected from Tiffany Clothing

DEPOSIT FOR RENT

Date Particulars PR
20XX 1 Balance Forwarded, March
April ENDING BALANCE
PREPAID INSURANCE
Date Particulars PR
20XX 1 Balance Forwarded, March
April 30 Adjusting- Expired insurance for april
ENDING BALANCE

PRINTING MATERIALS AND SUPPLIES

Date Particulars PR
20XX 1 Balance Forwarded, March
April 2 Printing materials and supplies bought in cash
30 Adjusting- Printing Materials used/consumed
ENDING BALANCE

OFFICE SUPPLIES
Date Particulars PR
20XX 1 Balance Forwarded, March
April 3 Office Supplies- bought in cash
30 Adjusting- Office supplies used
ENDING BALANCE

COMPUTER EQUIPMENTS
Date Particulars PR
20XX 1 Balance Forwarded, March
April ENDING BALANCE
[Link]- COMPUTER EQUIPMENT
Date Particulars PR
20XX 1 Balance Forwarded, March
April 30 Adjusting- Depr of coputer equipment for April
ENDING BALANCE

FURNITURE AND FIXTURES

Date Particulars PR
20XX 1 Balance Forwarded, March
April ENDING BALANCE

ACCUM. DEP- FURNITURE & FIXTURES

Date Particulars PR
20XX 1 Balance Forwarded, March
April 30 Adjusting- Accum Dep for furniture and fixtures for April
ENDING BALANCE

ACCTS PAYABLE
Date Particulars PR
20XX 1 Balance Forwarded, March
April 2 Payment for AirCool Company- bayad na utang ng entity
ENDING BALANCE

SSS/PHEALTH/HDMF PREMIUM PAYABLE

Date Particulars PR
20XX 30 SSS/PHEALTH/HDMF PREMIUM PAYABLE
April ENDING BALANCE

PERCENTAGE TAX PAYABLE

Date Particulars PR
20XX 1 Balance Forwarded, March
April 30 Adjusting- Tax payable for April
ENDING BALANCE

UNEARNED PROF FEES

Date Particulars PR
20XX 1 Balance Forwarded, March
April 7 Collection from FinestGold Pawnshop-
27 Advance payment for 7 laptop to be repaired
30 Advance payment from Green Dollar
30 Adjusting- Service rendered- 4 laptops repaired- 12,000 earned
ENDING BALANCE

OWNER'S EQUITY- G.G GABRIEL

Date Particulars PR
20XX 1 Balance Forwarded, March
April 30 To close net income to Equity acc
30 To close drawing account to equity
ENDING BALANCE

DRAWING- G.G. GABRIEL

Date Particulars PR
20XX 28 Drawing of G.G Gabriel for personal use 15k
April 30 Closing Entry for Drawing

INCOME AND EXPENSE SUMMARY

Date Particulars PR
20XX 30 Closing Entry for Income Accounts
April 30 Closing Entry for Expense Account
30 To close net income to equity

PROFESSIONAL FEES
Date Particulars PR
20XX 7 Collection of balance from FinestGold Pawnshop
April 20 Rendered service to Tiffany Clothing Corp
30 Adjusting-Service rendered (repaired na yung 4 laptop=12,000)
30 Closing Entry- income account

INTERNET AND OTHER FEES

Date Particulars PR
20XX 14 Received cash for internet and other fees 12500
April 28 Received cash for internet and other fees 14500
30 Closing entry- income account

DIRECT CHARGES- SALARIES, WAGES AND BENEFITS

Date Particulars PR
20XX 30 Direct charges-salaries,wages & benefits- buong sahod no deduction
April 30 Direct charges- salaries, wages and benefits- employer share
30 Closing entry- expense account
DIRECT CHARGES-MATERIALS, SUPPLIES AND FACILITIES
Date Particulars PR
20XX 30 Payment for internet/wifi
April 30 Adjusting- Printing Materials used/consumed
30 Closing entry for expense account

DIRECT CHARGES-DEPRECIATION,COMPUTER EQUIPMENTS

Date Particulars PR
20XX 30 Adjusting- Depr of computer equipment for april
April 30 Closing entry for expense acc

DIRECT CHARGES-RENTAL
Date Particulars PR
20XX 30 Payment for rental
April 30 Closing Entry for expense acc

EXPENSE- COMMUNICATION, LIGHT AND WATER

Date Particulars PR
20XX 28 Paid telephone bill 6,120
April 30 Closing Entry for exp account
EXPENSE- DEPR. FURNITURE AND FIXTURES
Date Particulars PR
20XX 30 Depreciation for furniture and fixture for April
April 30 Closing Entry for exp account

EXPENSE- INSURANCE
Date Particulars PR
20XX 30 Adjusting- Insurance expired for April
April 30 Closing Entry for exp account

EXPENSE- OFFICE SUPPLIES

Date Particulars PR
20XX 30 Adjusting- Office supplies used
April 30 Closing Entry for exp account

EXPENSE- TAXES AND LICENSES

Date Particulars PR
20XX 30 Adjusting- Tax payable for april
April 30 Closing Entry for exp account
Balance
Debit Credit Debit Credit

₱77,300.00 ₱77,300.00
₱22,000.00 ₱55,300.00
₱1,000.00 ₱54,300.00
₱1,000.00 ₱53,300.00
₱15,000.00 ₱68,300.00
₱12,500.00 ₱80,800.00
₱1,500.00 ₱79,300.00
₱20,000.00 ₱99,300.00
₱21,000.00 ₱120,300.00
₱14,500.00 ₱134,800.00
₱6,120.00 ₱128,680.00
₱15,000.00 ₱113,680.00
₱8,000.00 ₱105,680.00
₱11,430.00 ₱94,250.00
₱20,000.00 ₱114,250.00
₱114,250.00

Balance
Debit Credit Debit Credit

₱20,000.00 ₱20,000.00
₱20,000.00 -

Balance
Debit Credit Debit Credit
₱50,000.00 50,000
₱50,000.00
Balance
Debit Credit Debit Credit
₱2,200.00 ₱2,200.00
₱200.00 ₱2,000.00
₱2,000.00

Balance
Debit Credit Debit Credit
₱1,000.00 ₱1,000.00
₱1,000.00 ₱2,000.00
₱1,500.00 ₱500.00
₱500.00

Balance
Debit Credit Debit Credit
₱500.00 ₱500.00
₱1,000.00 ₱1,500.00
₱750.00
₱750.00

Balance
Debit Credit Debit Credit
₱252,000.00 ₱252,000.00
₱252,000.00
Balance
Debit Credit Debit Credit
₱6,000.00 ₱6,000.00
₱6,000.00 ₱12,000.00
₱12,000.00

Balance
Debit Credit Debit Credit
₱42,000.00 ₱42,000.00
₱42,000.00

Balance
Debit Credit Debit Credit
₱500.00 ₱500.00
₱500.00 ₱1,000.00
₱1,000.00

Balance
Debit Credit Debit Credit
₱22,000.00 ₱22,000.00
₱22,000.00
-

Balance
Debit Credit Debit Credit
₱1,830.00 ₱1,830.00
₱1,830.00

Balance
Debit Credit Debit Credit
₱1,500.00 ₱1,500.00
₱2,670.00 ₱4,170.00
₱4,170.00

Balance
Debit Credit Debit Credit
₱15,000.00 ₱15,000.00
₱15,000.00 -
₱21,000.00 ₱21,000.00
₱20,000.00 ₱41,000.00
₱12,000.00 ₱29,000.00
₱29,000.00

Balance
Debit Credit Debit Credit
₱380,000.00 ₱380,000.00
₱50,000.00 ₱430,000.00
₱15,000.00 ₱415,000.00
₱415,000.00

Balance
Debit Credit Debit Credit
₱15,000.00 ₱15,000.00
₱15,000.00 -

Balance
Debit Credit Debit Credit
₱89,000.00 ₱89,000.00
₱39,000.00 ₱50,000.00
₱50,000.00 -

Balance
Debit Credit Debit Credit
₱30,000.00 ₱30,000.00
₱20,000.00 ₱50,000.00
₱12,000.00 ₱62,000.00
₱62,000.00 -

Balance
Debit Credit Debit Credit
₱12,500.00 ₱12,500.00
₱14,500.00 ₱27,000.00
₱27,000.00 -

Balance
Debit Credit Debit Credit
₱12,116.00 ₱12,116.00
₱1,144.00 ₱13,260.00
₱13,260.00 -
Balance
Debit Credit Debit Credit
₱3,000.00 ₱3,000.00
₱1,500.00 ₱4,500.00
₱4,500.00 -

Balance
Debit Credit Debit Credit
₱6,000.00 ₱6,000.00
₱6,000.00 -

Balance
Debit Credit Debit Credit
₱5,000.00 ₱5,000.00
₱5,000.00 -

Balance
Debit Credit Debit Credit
₱6,120.00 ₱6,120.00
₱6,120.00 -
Balance
Debit Credit Debit Credit
₱500.00 ₱500.00
₱500.00 -

Balance
Debit Credit Debit Credit
₱200.00 ₱200.00
₱200.00

Balance
Debit Credit Debit Credit
₱750.00 ₱750.00
₱750.00 -

Balance
Debit Credit Debit Credit
₱2,670.00 ₱2,670.00
₱2,670.00
Debit balance galing sa book
Binayaran na sa AirCool Company ng 22,000 na on account nung Mar 2
Bumili ng printing materials and supplies in cash ng 1,000
Bumili ng office supplies in cash ng 1,000
Natanggap na yung kulang pa na 15,000 kasi nung March 31 nabigay yung 15k ngayong April 7 binigay yung balance na 15k
Received cash 1,500 for internet and other fees
Nagbayad ng 1,500 cash for tax payable ng april
Received na yung 20,000 na utang ng Tiffany Clothing Corp sa entity
Nakatanggap ka ng 21,000 na bayad para sa gagawin na 7 laptops
Nakatanggap ng cash 14,500 for internet and other fees
Nagbayad gamit cash for Telephone-1,000 Electricity-4,800 Water bill- 320 total of 6120
Nag withdraw si G.G Gabriel ng 15k for personal use
Nagbayad in cash for Internet/Wifi na 3,000 and bayad sa rent 5,000 total of 8,000
Nagbayad for salary and benefits
Received advance payment 50% of 40k which is 20,000 from Green Dollar

Apr 20 nag sent ka ng bill mo for Tiffany Clothing 20k

Apr 27 nacollect na yung utang ng Tiffany na 20k

Balance forwarded form march 50,000

Balance forwarded from March 2200 kasi 2400 sya sa march naexpired yung 200 for month of march kaya 2200 nalang bala
Nung march 2400-200 na bawas for month of march so 2,200 nalang
So 2,200/11 months=200 yung insurance expired for month ng april- dinivide sya sa 11 months kasi nabawasan na ng 200 yu
Credit Prepaid Insurance kasi nag decrease yung asset

Balance from march 1,000

Purchased printing materials and supplies 1k in cash
500 na remaining on hand na materials and supplies bale 2,000-500=1.500 yung used na
Credit 1500 na materials and supplies used kasi nag decrease yung asset kaya credit side sya

Balance form march 500

Apr 3 purchased office supplies in cash 1,000
May onhand kang 750 na remaining ng office supplies so sa ledger may balance na 1500 so 1500-750=750 yung used na
Credit side yung 750 kasi nag decrease yung asset

Balance from march

Balance from march
252,000/3.5/12 months=6,000 amount depreciated credit kasi nag decrease yung asset or contra asset

Balance forwarded from march

42000/7 years/12 months=500 per month amount depreciated

Credit accum dep fur and fix kasi nag decrease contra asset account so credit side sya

Balance from Mar

Nagbayad na entity ng utang na 22k kay Aircool company- decrease na liabilities
Total ng employer and employee share for benefits payable

So sabi nga po icompute yung percentage tax liability for april and una pinag add ko muna yung prof fees na 62,000 plus Int
So 89,000 times 3% na tax rate= 2,670
credit tax payable kasi nag decrease yung liability ng entity

Earned na yung 15,000 and collected na yung balance na 15,000 total of 30,000
Utang pa yung 21,000 kasi dipa narerender yung service dipa naayos 7 laptop pero bayad na
Advance payment 20,000 received from Green Dollar
Earned na yung 12,000 kasi repaired na yung 4 laptop so nabawasan na yung liability kaya debit side yung 12,000

Balance forwarded
Close yung Net income sa Equity icredit 50,000
Close drawing to equity I debit 15,000
ending balance ng equity is 415,000
G.G Gabriel withdrew cash for personal use 15,000
Credit 15000 para ma close yung drawing account

Income less expense= Net income na 50,000

So equal yung Net Income sa Equity na 50,000 din

15k advance nung march 31- nagbayad ulit nung apr 7 ng 15k= total of 30,000 prof fee for installation and testing
Nag render ka ng service kay Tiffany Corp kaya may utang sayo yung tiff corp so increase income kaya naka credit 20k
Credit 12,000 kasi repaired na yung 4 laptop nag increase yung income kaya credit side
Closing entry idebit yung 62,000 para ma zero yung balance for prof fees

nakatanggap ng cash for internet and other fees so credit internet and other fees kasi nag increase yung income
nakatanggap ulit cash credit internet other fees kasi increase income
Closing income account I dedebit para mag zero balance

Basic pay no deduction

Total of employer share for sss,phealth and pag ibig =1144
Close expense account I credit para mag zero balance
May 500 na remaining na printing materials and supplies so sa ledger makikita na may balance na 2,000 pesos so 2,000-500
So sa 500 na natira 1500 yung nagamit
Debit Direct charges materials and supplies kasi nag increase yung expense
Close expense account I credit para mag zero balance

3.5 useful life/12 months=6,000 per month yung amount depreciated

Close expense account I credit para zero balance

Payment for rental 5,000 april

Close exp account I credit para mag zero balance

Nagbayad telephone bill nag increase expense kaya debit

Close expense acc I credit para mag zero balance
42000/7 years/12 months=500 per month amount depreciated
Debit expense dep fur and fix kasi nag increase yung expense and credit accum kasi nag decrease yung contra asset account
Close exp account I credit para mag zero balance

Nung march 2400-200 na bawas for month of march so 2,200 nalang

So 2,200/11 months=200 yung insurance expired for month ng april- dinivide sya sa 11 months kasi nabawasan na ng 200 yu
Debit Expense insurance kasi nag increase yung debit
Close exp account I credit para mag zero balance

Remaining 750 na office supplies bale sa ledger may 1500 na office supplies so 1500-750= 750 yung used na
Debit side yung 750 na office supplies used kasi nag increase yung expense
Close exp account I credit para mag zero balance

So sabi nga po icompute yung percentage tax liability for april and una pinag add ko muna yung prof fees na 62,000 plus Int
So 89,000 times 3% na tax rate= 2,670
So debit Expense taxes and licenses kasi nag increase yung expense
Close exp account I credit para mag zero balance
igay yung balance na 15k pa so total of 30,00 full payment na and earned na
rch kaya 2200 nalang balance na finorward

si nabawasan na ng 200 yung 2400 last month which is nung march

750=750 yung used na

rof fees na 62,000 plus Internet and other fees na 27,000 para malaman magkano yung income total of=89,000

ide yung 12,000

tion and testing
kaya naka credit 20k

e yung income
2,000 pesos so 2,000-500 na natira=1500
yung contra asset account

si nabawasan na ng 200 yung 2400 last month which is nung march

rof fees na 62,000 plus Internet and other fees na 27,000 para malaman magkano yung income total of=89,000
ADJUSTING ENTRIES

DATE PARTICULARS PR
April 30 Unearned Professional Fees
Professional Fees
To record the four computer repaired (3,000x4)

30 Direct Charges- Depreciation, Computer Equipment

Accumulated Depreciation- Computer Equipment
To record depreciation for the month

30 Expense- Depreciation, Furniture and Fixtures

Accumulated Depreciation- Furniture and Fixtures
To record depreciation for the month

30 Direct Charges- Materials, Supplies and Facilities

Printing Materials and Supplies
To record printing materials and supplies on hand

30 Expense- Office Supplies

Office Supplies
To record supplies on hand

30 Expense- Insurance
Prepaid Insurance
To record expired insurance for April

30 Expense- Taxes and Licenses

Percentage tax payable
To record percentage tax
DEBIT CREDIT
₱12,000.00 Apr 27 nagbigay 21k advance payment for repair ng 7 laptops
₱12,000.00 Ngayong april 30 narepair na yung 4 laptop so 3,000 each times 4 laptop= 12,000 so 12k n
Debit Unearned Prof fees kasi nabawasan yung liability narepair na yung 4 laptop and cre

₱6,000.00 252,000 binili yung computer equipment so 252,000/useful life na 3.5 years/12 months= 6
₱6,000.00
Debit Direct Charges- Depr Computer and Equip kasinag increase yung expense and credit

₱500.00 42,000 yung bili sa fur and fixtures so 42,000/useful life na 7 years/12 months= 500
₱500.00 So 500 pesos po yung amount depreciated per month sa fur and fix
Debit expense dep fur and fix kasi nag increase yung expense and credit accum kasi nag d

₱1,500.00 May 500 na remaining na printing materials and supplies so sa ledger makikita na may ba
₱1,500.00 So sa 500 na natira 1500 yung nagamit
Debit Direct charges materials and supplies kasi nag increase yung expense and credit prin

₱750.00 May 750 remaining daw ng office supplies so sa ledger makikita natin na may balance na 1
₱750.00 So 1500-750=750- so yung consumed na is 750 and yung remaining is 750 din
Debit Expense office supplies kasi nag increase yung expense and credit office supplies ka

₱200.00 Nung march 2400-200 na bawas for month of march so 2,200 nalang
₱200.00 So 2,200/11 months=200 yung insurance expired for month ng april- dinivide sya sa 11 mo
Debit Expense insurance kasi nag increase yung debit and credit ng Prepaid insurance kas

₱2,670.00 So sabi nga po icompute yung percentage tax liability for april and una pinag add ko muna
₱2,670.00 So 89,000 times 3% na tax rate= 2,670
So debit Expense taxes and licenses kasi nag increase yung expense and credit tax payable
times 4 laptop= 12,000 so 12k na yung na earned
repair na yung 4 laptop and credit professional fees kasi nag increase yung income

l life na 3.5 years/12 months= 6,000

crease yung expense and credit accumulated kasi contra asset sya so pag decrease asset need sya icredit

7 years/12 months= 500

nse and credit accum kasi nag decrease yung contra asset account

o sa ledger makikita na may balance na 2,000 pesos so 2,000-500 na natira=1500

se yung expense and credit printing materials kasi nag decrease yung asset

kikita natin na may balance na 1,500

emaining is 750 din
nse and credit office supplies kasi nag decrease yung asset ng entity

h ng april- dinivide sya sa 11 months kasi nabawasan na ng 200 yung 2400 last month which is nung march
credit ng Prepaid insurance kasi nag decrease yung asset ng entity

pril and una pinag add ko muna yung prof fees na 62,000 plus Internet and other fees na 27,000 para malaman magkano yung income t

expense and credit tax payable kasi nag decrease yung liability ng entity
aman magkano yung income total of=89,000
CLOSING ENTRIES

DATE PARTICULARS PR
April 30 Professional Fees
Internet and Other Fees
Income and Expense Summary
To close income accounts

30 Income and Expense Summary

Direct Charges- Salaries, Wages and Benefits
Direct Charges-Materials, Supplues and Facilities
Direct Charges- Depr. Computer Equipments
Direct Charges- Rental
Expense- Communication, Light and Water
Expense- Depreciation, Furniture and Fixtures
Expense- Insurance
Expense- Office Supplies
Expense- Taxes and Licenses
To close expense account

30 Income and Expense Summary

Owner's Equity- G.G Gabriel
To close Income and Expense Summary

30 Owner's Equity, G.G Gabriel

Drawing- G.G Gabriel
To close drawing account
DEBIT CREDIT
₱62,000.00 Debit income accounts and credit income and expense summary
₱27,000.00 Debit all income account sa ledger apara mag zero
₱89,000.00

₱39,000.00 Debit income and expense summary and credit yung mga expense account
₱13,260.00 Credit all expense account sa ledger para mag zero
₱4,500.00
₱6,000.00
₱5,000.00
₱6,120.00
₱500.00
₱200.00
₱750.00
₱2,670.00

₱50,000.00 Debit income and exp summary and credit Owners Equity
₱50,000.00 Credit Owners Equity sa ledger para mag zero balance

₱15,000.00 Debit Owners Equity and Credit Drawing to close drawing account
₱15,000.00
nse summary

g mga expense account

awing account
REVERSING ENTRIES

DATE PR DEBIT
May 1 Prepaid Insurance ₱200.00
Expense- Insurance

Note: Yung unearned professional fees na 12,000 hindi pwede ma reverse kasi Liability method yung ginamit

Kailangan ireverse Pwedeng ireverse depende- Accruals

Expense method- deferrals Accrued income- receivable account and income accou
Income method- deferrals Accrued expense- expense and payable account
CREDIT
Ireverse to so naka debit yung prepaid insurance para sa month ng May para marecord yung expired
₱200.00 Naka asset method sya sa adjusting tas dito naka expense method na

rse kasi Liability method yung ginamit

everse depende- Accruals

ome- receivable account and income account
pense- expense and payable account
para marecord yung expired portion sa prepaid insurance for next month