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    R-Gem Louise G. Manzon 11-CEO: Chart of Accounts

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    Gem Manzon
    Martin Dental Clinic maintains a chart of accounts to track financial transactions from July 2019. The chart includes asset, liability, equity, income and expense accounts. Transactions are recorded through July and include purchases of equipment, supplies, and a machine. Income is generated from dental services and expenses include rent, salary, supplies and utilities. A trial balance at month end shows total debits equal total credits, with the largest assets being cash, equipment and accounts receivable.

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    R-Gem Louise G. Manzon 11-CEO: Chart of Accounts

    Uploaded by

    Gem Manzon
    153 views4 pages
    Martin Dental Clinic maintains a chart of accounts to track financial transactions from July 2019. The chart includes asset, liability, equity, income and expense accounts. Transactions are recorded through July and include purchases of equipment, supplies, and a machine. Income is generated from dental services and expenses include rent, salary, supplies and utilities. A trial balance at month end shows total debits equal total credits, with the largest assets being cash, equipment and accounts receivable.

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    Accounting

    Original Title

    Accounting Activity 3-6

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    Martin Dental Clinic maintains a chart of accounts to track financial transactions from July 2019. The chart includes asset, liability, equity, income and expense accounts. Transactions are recorded through July and include purchases of equipment, supplies, and a machine. Income is generated from dental services and expenses include rent, salary, supplies and utilities. A trial balance at month end shows total debits equal total credits, with the largest assets being cash, equipment and accounts receivable.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    153 views4 pages

    R-Gem Louise G. Manzon 11-CEO: Chart of Accounts

    Uploaded by

    Gem Manzon
    Martin Dental Clinic maintains a chart of accounts to track financial transactions from July 2019. The chart includes asset, liability, equity, income and expense accounts. Transactions are recorded through July and include purchases of equipment, supplies, and a machine. Income is generated from dental services and expenses include rent, salary, supplies and utilities. A trial balance at month end shows total debits equal total credits, with the largest assets being cash, equipment and accounts receivable.

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    R-Gem Louise G.

    Manzon 11-CEO
    Chart of Accounts

    Assets 100 Owner’s Equity 300


    Cash 101 Martin’s Capital 301
    Cash in bank 102 Personal 302
    Equipment 103
    Machine 104 Income 400
    Supplies 105 Service income 410
    Account Receivable 106 Discount 415

    Liabilities 200 Expense 500


    Account Payable 201 Rent expense 510
    Salary expense 520
    Water Expense 525
    Martin Dental Clinic
    Date Account Titles/ PR Debit Credit
    July 2019
    1 Cash 101 P100 000
    Equipment 103 P10 000
    Martin’s Capital 301 P110 000
    Initial Investment
    2 Cash in bank 102 P20 000
    Cash 101 P20 000
    Deposit in Bank
    3 Machine 104 P20 000
    Cash 101 P20 000
    Purchase of machine
    5 Supplies 105 P1 000
    Cash 101 P1 000
    Purchase of supplies
    7 Rent expense 510 P3 000
    Cash 101 P3 000
    Paid Rent expenses
    12 Cash 101 P9 500
    Discount 415 P500
    Service income 410 P10 000
    Cash receipts
    14 Supplies 105 P8 000
    A/P – Dy 201 P8 000
    Purchase of supplies on account
    15 Salary 520 P5 000
    Cash 101 P5 000
    Payment for salary
    19 Martin’s withdrawal 302 P2 000
    Cash 101 P2 000
    Owner’s personal withdraw
    20 Water expense 525 P800
    Cash 101 P800
    Paid water expense
    22 A/R – Mary 106 P6 000
    Service income 410 P6 000
    Cash receipts
    26 Supplies 105 P500
    Cash 101 P500
    Purchase supplies
    28 Cash 101 P3 000
    Service income 410 P3 000
    Service rendered
    29 Cash 101 P6 000
    A/R – Mary 106 P6 000
    Cash receipts in accounts

    POSTING
    Cash Account #101
    Date Explanation F Debit Credit Balance
    1 Initial Investment GJ-1 P100 000 P100 000
    2 Deposit in Bank GJ-1 P20 000 P80 00
    3 Purchase of machine GJ-1 P20 000 P60 000
    5 Purchase of supplies GJ-1 P1 000 P59 000
    7 Paid Rent expenses GJ-1 P3 000 P56 000
    12 Cash receipts GJ-1 P9 500 P65 500
    15 Payment for salary GJ-2 P5 000 P60 500
    19 Owner’s personal withdraw GJ-2 P2 000 P58 500
    20 Paid water expense GJ-2 P800 P57 700
    26 Purchase supplies GJ-2 P500 P57 200
    28 Service rendered GJ-2 P3 000 P60 200
    29 Cash receipts in accounts GJ-2 P6 000 P66 200
    Cash in bank Account #102
    Date Explanation F Debit Credit Balance
    2 Deposit in Bank GJ-1 P20 000 P20 000
    Equipment Account #103
    Date Explanation F Debit Credit Balance
    1 Initial Investment GJ-1 P10 000 P10 000
    Machine Account #104
    Date Explanation F Debit Credit Balance
    3 Purchase of machine GJ-1 P20 000 P20 000
    Supplies Account #1O5
    Date Explanation F Debit Credit Balance
    5 Purchase of supplies GJ-1 P1 000 P1 000
    14 Purchase of supplies on account GJ-2 P8 000 P9 000
    26 Purchase supplies GJ-2 P500 P9 500
    Account receivable Account #106
    Date Explanation F Debit Credit Balance
    22 Balance of Mary GJ-2 P 6 000 P 6 000
    29 Collected GJ-2 P 6 000 0
    Account Payable Account #201
    Date Explanation F Debit Credit Balance
    14 Purchase of supplies on account GJ-2 P8 000 (P8 000)
    Martin’s Capital Account #301
    Date Explanation F Debit Credit Balance
    1 Initial Investment GJ-1 P110 000 (P110 000)
    Personal Account #302
    Date Explanation F Debit Credit Balance
    19 Martin’s withdrawal GJ-2 P2 000 P2 000
    Service income Account #410
    Date Explanation F Debit Credit Balance
    12 Service income GJ-1 P10 000 (P10 000)
    26 Service income GJ-2 P6 000 (P16 000)
    28 Service income GJ-2 P3 000 (P19 000)
    Discount Account #415
    Date Explanation F Debit Credit Balance
    12 Discount GJ-1 P500 P500
    Rent expense Account #510
    Date Explanation F Debit Credit Balance
    7 Paid Rent expenses GJ-1 P3 000 P3 000
    Salary expense Account #520
    Date Explanation F Debit Credit Balance
    15 Payment for salary GJ-2 P5 000 P5 000
    Water Expense Account #525
    Date Explanation F Debit Credit Balance
    20 Paid water expense GJ-2 P800 P800

    Trial Balance
    Dental Clinic business
    Cash P66 200
    Cash in bank P20 000
    Equipment P10 000
    Machine P20 000
    Supplies P9 500
    Account payable P8 000
    Martin’s Capital P110 000
    Personal P2 000
    Service income P19 000
    Discount P500
    Rent expense P3 000
    Salary expense P5 000
    Water Expense P800
    Total P137 000 P137 000

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