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XYZ Repair Shop
Mr. Co - Owner
Feb. 2011
General Journal
Page: 1
2010 Explanation F Debit Credit
Feb. 1 Cash
Mr. Co, Capital
Initial Investment.
GL-1 P 10,000
P 10,000
XYZ Repair Shop
Mr. Co – Owner
Feb. 2011
General Ledger
CASH
Page: 1
2010 Explanation F Amount 2010 ExplanationAmoun
t
Feb
.
1 Initial Investment GJ-
1
P 10,000
EU
Being systematic is
sure success.
Carefulness is next
to exactness
EQ
When is an entry
good and when is it
not?
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Durable Electrical
Mr. Co – Owner
February 2011
TRIAL BALANCE
Cash P 9, 350
Receivable – A Trading P 1, 200
Furniture P 3, 000
Payable – X P 3, 000
Co, Capital P 10, 000
Repairs Income P 4, 000
Rent Expense P 2, 000
Salary Expense P 600
Supplies Expense P 500
Telephone Expense P 200
Utilities Expense P 150
TOTAL: P 17, 000 P 17, 000
XYZ Repair Shop
Mr. Co - Owner
Feb. 2011
General Journal
Page: 1
2010 Explanation F Debit Credit
Feb. 1 Cash
Mr. Co, Capital
Initial Investment.
GL-1 P 10,000
P 10,000
XYZ Repair Shop
Mr. Co – Owner
Feb. 2011
General Ledger
CASH
Page: 1
2010 Explanation F Amount 2010 ExplanationAmoun
t
Feb
.
1 Initial Investment GJ-
1
P 10,000
TRIAL BALANCE
Defined as a list of accounts with open balances
(not zero balance) taken from the general ledger
as of a given date.
WORK SHEET
Is a working paper used to analyze,
summarize and segregate information into the
financial statements. It is a convenient devise in
the primary preparation of the financial
statements.
Particulars
Cash
Receivable – A Trading
Furniture
Payable – X
Co, Capital
Repairs Income
Rent Expense
Salary Expense
Supplies Expense
Telephone Expense
Utilities Expense
Net Income added to
Capital
Durable Electrical
Mr. Co – Owner
Work Sheet
February 28, 19BTrial Balance
Dr. Cr.
P 9,350
1,200
3,000
2,000
600
500
200
150
P 3,000
10,000
4,000
P 17,000 P17,000
Income Statement
Dr. Cr.
P 2,000
600
500
200
150
P 4,000
P 3,450
550
P 4,000
P 4,000 P 4,000
Balance Sheet
Dr. Cr.
P 9,350
1,200
3,000
P 3,000
10,000
550
P 13,550 P13,550
EU
Being systematic is
sure success.
Carefulness is next
to exactness
EQ
When is an entry
good and when is it
not?
The accounting Period:
Calendar Year- a period of twelve months ending
December 31.
Fiscal Year- a period of twelve months ending at a time
other than December 31.
What do you call the report submitted to the owner of thebusiness at the end of the accounting period.= FinancialStatements:
1. – a statement showing what the business owns, owes & whatthe owner is worth of.
2. Income Statement – this is a statement showing the detail ofrevenue and expenses of operation for a given period.
good luck! Happy Vacation. . .
