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    T Accounts Trial Balance

    Uploaded by

    Camille Pasion
    The trial balance lists account balances from the general ledger to ensure total debits equal total credits. It shows cash with a balance of P75,000, accounts receivable with P18,000, medical equipment with P22,000, and various expense and income accounts. Total debits and credits are both P300,000, indicating the trial balance is in balance.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    T Accounts Trial Balance

    Uploaded by

    Camille Pasion
    2K views7 pages
    The trial balance lists account balances from the general ledger to ensure total debits equal total credits. It shows cash with a balance of P75,000, accounts receivable with P18,000, medical equipment with P22,000, and various expense and income accounts. Total debits and credits are both P300,000, indicating the trial balance is in balance.

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    The trial balance lists account balances from the general ledger to ensure total debits equal total credits. It shows cash with a balance of P75,000, accounts receivable with P18,000, medical equipment with P22,000, and various expense and income accounts. Total debits and credits are both P300,000, indicating the trial balance is in balance.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    2K views7 pages

    T Accounts Trial Balance

    Uploaded by

    Camille Pasion
    The trial balance lists account balances from the general ledger to ensure total debits equal total credits. It shows cash with a balance of P75,000, accounts receivable with P18,000, medical equipment with P22,000, and various expense and income accounts. Total debits and credits are both P300,000, indicating the trial balance is in balance.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    At a glance
    Powered by AI
    The document provides trial balance information for Dy's Forwarding & Delivery Services for October 31, 2020 across multiple pages. It also includes journal entries and a trial balance for Dr. Pim Paul Derma Clinic for February 2020.

    A trial balance is a schedule that lists all ledger accounts and their debit and credit balances to prove the equality of debits and credits for the period. Its purpose is to check that the total debits equal the total credits, but it does not check the accuracy of individual account balances.

    The steps in preparing a trial balance are: 1) List all account titles in proper order 2) Get the balance of each ledger account and write under debit or credit column 3) Add the debit and credit columns 4) Check if debit and credit totals are equal

    Cash Accounts Receivable

    10/1 200,000 10/5 15,000 10/24 6,000


    10/14 100,000 10/7 65,000 6,000
    10/28 8,000 10/15 6,000
    10/18 13,000
    10/21 8,500
    308,000 107,500
    200,500

    Notes Receivable Unused Supplies


    10/19 8,000 10/28 8,000 10/12 1,800
    1,800

    Furniture & Fixtures Office Equipment


    10/3 20,000 10/9 7,000 10/7 65,000
    13,000 65,000

    Vehicles Accounts Payable


    10/10 360,000 10/9 7,000 10/3 20,000
    360,000 10/18 13,000 10/12 1,800
    20,000 21,800
    1,800

    Loans Payable Dy, Capital


    10/14 100,000 10/1 200,000
    100,000 10/10 360,000

    560,000

    Dy, Drawing Utilities Expense


    10/5 15,000 10/21 8,500
    15,000 8,500
    Salaries Expense Service Income
    10/15 6,000 10/19 8,000
    6,000 10/24 6,000
    14,000
    Dy's Forwarding & Delivery Services
    Trial Balance
    October 31, 2020

    Cash P 200,500
    Accounts Receivable 6,000
    Unused Supplies 1,800
    Furniture & Fixtures 13,000
    Office Equipment 65,000
    Vehicles 360,000
    Accounts Payable P 1,800
    Loans Payable 100,000
    Dy, Capital 560,000
    Dy, Drawing 15,000
    Service Income 14,000
    Utilities Expense 8,500
    Salaries Expense 6,000
    P 675,800 P 675,800
    THE TRIAL BALANCE

    The trial balance is the schedule of all balances to prove the equality of the debit and credit.
    It is a listing of all account titles with their respective debit or credit balances taken from the ledger.
    However, it does not check of vouch the accuracy of the report.

    The following are the steps in the preparation of the Trial Balance:

    1) In their proper numerical order, make a listing of all account titles


    2) Get the account balance of each ledger account and write them under corresponding debit or credit
    column
    3) Foot or add the debit and credit columns of the Trial Balance
    4) Check whether the debit totals and credit totals are equal. They must be equal; otherwise, there is
    error in your trial balance

    Possible errors in Trial Balance

    1) Transposition - occurs when order of two numbers are reversed


    Example: 48 was erroneously written as 84
    234 was erroneously written as 432
    2) Transplacement or Slide - occurs when a decimal point has been moved or misplaced
    Example: 100 was erroneously written as 10
    67.89 was erroneously written as 678.9

    **Note - In both cases, the discrepancy between the two columns of the trial balance is divisible by 9
    Exercise

    Journalize the following transactions of Dr. Pim Paul Derma Clinic for the month of February.
    Then, post the transactions to the T-Accounts and prepare the Trial Balance

    2020

    Feb 1 Dr. Paul borrowed P42,000 from her father, issuing a promissory note.
    She invested this money in the business
    2 Facial services rendered to Ms. Kapal Muks on account P18,000
    5 Paid taxes and licenses, P2,500
    6 Medical services for cash from walk-in customers, P8,000
    9 Borrowed P200,000 from Mr. Ga Lee Sin, signing a non-interest bearing note
    11 Bought medical equipment on credit from A store, P22,000
    14 Dr. Paul made a personal withdrawal of P5,000
    18 Paid utilities, P3,200
    19 Collected account from Ms. Kapal Muks in full
    20 Sold to Skin Peel for cash the medical equipment bought from A Store, P22,000
    22 Full settlement of account with A Store
    28 Dr. Paul invested a computer worth P75,000 with 20% unpaid balance to be
    assumed by the business
    Date Particular Debit (DR) Credit (CR)

    Feb

    1 Cash 42,000
    Dr. Paul, Capital 42,000
    To record Dr. Paul's initial investment
    2 Accounts Receivable 18,000
    Service Income 18,000
    To record services rendered on account
    5 Taxes and Lincense Expense 2,500
    Cash 2,500
    Paid taxes and license
    6 Cash 8,000
    Service Income 8,000
    To
    9 Cash 200,000
    Note payable 200,000
    Barrowed money from Mr. Ga Lee Sin
    11 Medical Equipment 22,000
    Account payable 22,000

    14 Paul, Drawing 5,000


    Cash 5,000

    18 Utilities Expense 3,200


    Cash 3,200

    19 Cash 18,000
    Accounts payable 18,000

    20 22,000
    22,000

    22 22,000
    22,000

    28
    Credit (CR)

    42,000

    18,000

    2,500

    8,000

    200,000

    22,000

    5,000

    3,200

    18,000

    22,000

    22,000

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