Posting & trial bal

PARTICULARS PR DEBIT CREDITJan 1 Cash 101 250000

Martinez, Capital 301 250000

Particulars PR Debit Particulars PR CreditDate

GENERAL LEDGER

DateCASH 101

GENERAL LEDGER

DateMARTINEZ, CAPITAL 301

GENERAL JOURNAL PAGE 1DATE

Particulars PR Debit Particulars PR CreditJan 1 GJ1 250000Date

GENERAL LEDGER

DateCASH 101

GENERAL LEDGER

DateCASH 101

Particulars PR Debit Particulars PR CreditJan 1 GJ1 250000

GENERAL LEDGER

DateCASH 101

GENERAL LEDGER

DateCASH 101

GENERAL LEDGER

Assuming that after the occurrence of several

transactions, the ledger accounts appeared as follows...

PARTICULARS PR DEBIT PARTICULARS PR CREDITJan 1 GJ1 12,000 Jan 13 GJ2 1,000

14 GJ2 11,500 15 GJ2 2,000 23,500 3,000

Balance 20,500

9 GJ1 18,700 38,700 11,500

Balance 27,200

PARTICULARS PR DEBIT PARTICULARS PR CREDITJan 1 GJ1 5,000

5,000 -

Balance 5,000

16 GJ2 5,000 8,500 -

Balance 8,500

CASH 101DATE DATE

ACCOUNTS RECEIVABLE 102

OFFICE EQUIPMENT 150DATE DATE

DATE DATE

OFFICE SUPPLIES 103DATE DATE

7 GJ1 20,350 16 GJ2 5,500

- 40,850

Balance 40,850

- 2,200

Balance 2,200

- 25,500

Balance 25,500

- 17,000

Balance 17,000

ACCOUNTS PAYABLE 201DATE DATE

INCOME TAX PAYABLE 207

SERVICE REVENUE 400DATE DATE

DATE DATE

MARTINEZ, CAPITAL 300DATE DATE

2,500 -

Balance 2,500

1,000 -

Balance 1,000

16 GJ2 500 2,350 -

Balance 2,350

DATE DATE

REPAIRS & MAINTENANCE EXPENSE 500DATE DATE

SALARIES & WAGES EXPENSE 500DATE DATE

UTILITIES EXPENSE 500

18,500 -

Balance 18,500

ADVERTISING EXPENSE 500DATE DATE

After posting the transactions, the balances of the ledger accounts must be determined. The balances will be used in preparing a trial balance.

The following procedures and guidelines must be remembered in determining the account balances.

14 GJ2 11,500 15 GJ2 2,000 23,500 3,000

Balance 20,500

CASH 101DATE DATE

Add the debits and write the sum in superscript.

14 GJ2 11,500 15 GJ2 2,000 23,500 3,000

Balance 20,500

CASH 101DATE DATE

Add the credits and write the sum in superscript.

14 GJ2 11,500 15 GJ2 2,000 23,500 3,000

Balance 20,500

CASH 101DATE DATE

Then determine if the account has a debit balance or credit balance. In this case, because the total debits is more than the total credits, the Cash account has a debit balance. Double rule the balance.

All ledger balances must be determined. The ledger balances of

each account will be as follows:

14 GJ2 11,500 15 GJ2 2,000 23,500 3,000

Balance 20,500

9 GJ1 18,700 38,700 11,500

Balance 27,200

5,000 -

Balance 5,000

16 GJ2 5,000 8,500 -

Balance 8,500

OFFICE EQUIPMENT 150DATE DATE

DATE DATE

OFFICE SUPPLIES 103DATE DATE

CASH 101DATE DATE

ACCOUNTS RECEIVABLE 102

There is no need to write the total credit (or debit) of an account if there is only one credit (or debit).

There is also no need to write the total of debits (or credits) in superscript if there is no credit (or debit).

7 GJ1 20,350 16 GJ2 5,500

- 40,850

Balance 40,850

- 2,200

Balance 2,200

- 25,500

Balance 25,500

- 17,000

Balance 17,000

SERVICE REVENUE 400DATE DATE

DATE DATE

MARTINEZ, CAPITAL 300DATE DATE

ACCOUNTS PAYABLE 201DATE DATE

INCOME TAX PAYABLE 207

2,500 -

Balance 2,500

1,000 -

Balance 1,000

16 GJ2 500 2,350 -

Balance 2,350

SALARIES & WAGES EXPENSE 500DATE DATE

UTILITIES EXPENSE 500DATE DATE

REPAIRS & MAINTENANCE EXPENSE 500DATE DATE

18,500 -

Balance 18,500

ADVERTISING EXPENSE 500DATE DATE

After determining the account balances, a trial balance will be prepared.

14 GJ2 11,500 15 GJ2 2,000 23,500 3,000

Balance 20,500

CASH 101DATE DATE

DEBIT CREDITCASH 20500ACCOUNTS RECEIVABLE 27200OFFICE SUPPLIES 5000OFFICE EQUIPMENT 8500ACCOUNTS PAYABLE 40850INCOME TAX PAYABLE 2200MARTINEZ, CAPITAL 25500SERVICE REVENUE 17000SALARIES & WAGES EXPENSE 2500UTILITIES EXPENSE 1000REPAIRS & MAINTENANCE EXPENSE 2350ADVERTISING EXPENSE 18500TOTAL 85550 85550

SAMPLE SERVICING COMPANYTRIAL BALANCE

AS OF JANUARY 15, 2011

Because Cash has a debit balance it is placed in the debit column of the trial balance. Accounts with credit balances must be placed on the credit column of the trial balance.

The total debits must equal the total credits. Double rule the totals.

A little bit of caution...

The equality of total debits and total credits in the trial balance does not guarantee the absence of errors.

The financial statements can now be prepared using the amounts in the trial balance.

Service Revenue 17,000 Salaries & Wages Expense (2,500) Utilities Expense (1,000) Repairs & Maintenance Expense (2,350) Advertising Expense (18,500) Net income (Loss) (7,350)

SAMPLE SERVICING COMPANYSTATEMENT OF RECOGNIZED INCOME AND EXPENSES

For the period ended January 15, 2011

Current Assets:Cash 20,500 Accounts Receivable 27,200 Offi ce Supplies 5,000

Non-Current Asset:Offi ce Equipment 8,500

TOTAL ASSETS 61,200

Current Liabilities:Accounts Payable 40,850 Income Tax Payable 2,200

Owner's Equity:Martinez, Capital 18,150

TOTAL LIABILITIES & EQUITY 61200

SAMPLE SERVICING COMPANYSTATEMENT OF FINANCIAL POSITION

As of Jan. 15, 2011

The Capital account balance is computed as follows:

Beginning capital P 25,500Net Loss ( 7,350)Ending capital P 18,150

Posting & trial bal

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