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Sample Problem Part 1 Journal
Entry
Accounting (Colegio de la Purisima
Concepcion)
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Sample Problem Jose Masipag, a local CPA, started his firm Masipag Accounting Services in January of 2020 and completed the following transactions:
Janua ry 1 Jose Masipag made an initial investment of P 25,000.
2 Paid the rent for the month of January, P 4,000.
2 Paid fire insurance for the month of January P 300. 3 Received from George Jimenez P 750 for services rendered. 3 Borrowed P 5,000 from a bank giving a 60-day note. 4 Paid membership dues to PICPA, P 500. 5 Tomas Buena paid P 950 for services rendered to him. 5 Bought for cash, a new desk and table for the office, P 5,500. 6 Paid business license fee to the city, P 1,000. 8 Received a check from Ben Hardin for services rendered, P 850. 9 Billed Susan Salgado P 5,000 for services rendered. 10 Jose Masipag withdrew P 2,500 for personal use. 11 Paid P 600 for the gasoline used in the business. 11 Received P 650 from Wilfred Arietta for services rendered. 14 Paid the secretary's salary for January 1-15, P 2,500. 15 Purchased a computer and printer giving a note for P 30,000. 16 Bought office supplies from Golden Bell Co. on account P 600. 17 Billed Samauel Donate P 5,200 for services rendered. 18 Collected P 3,000 from Susan Salgado to apply on her account. 19 Received cash from Fortune Company P 4,750 for services rendered. 21 Paid Golden Bell Co. for the office supplies purchased. 22 Jose Masipag made additional investment of P 10,000. 23 Received partial payment of P 2,500 from Samuel Donate. 24 Paid the note issued on January 15. 25 Received P 7,000 from Bell Company for services rendered. 28 Paid for January light and water bill, P 1,200. 29 Paid the secretary's salary for January 16 - 31, P 2,500. 30 Paid Shell Service Station P 1,200 for gas and oil. 31 Paid PLDT Co. for telephone bills, P 800.
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The chart of accounts is listed below:
Account No. 110 Cash 120 Accounts Receivable 130 Office Supplies 140 Office Equipment 150 Office Furniture 210 Notes Payable 220 Accounts Payable 310 Masipag, Capital 320 Masipag, Drawing 410 Fees Earned 510 Communication Expense 520 Gas and Oil Expense 530 Insurance Expense 540 Light and Water Expense 550 Rent Expense 560 Salary Expense 570 Taxes and Licenses Expense
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JOURNAL ENTRY
Masipag Accounting Services Journal Entries January 2020
Date Account Titles and Explanation P.R. Debit Credit
Cas 1 Jan h 25,000.00 J. Masipag Capital 25,000.00 #
2 Rent Expense 4,000.00
Cash 4,000.00 #
2 Insurance Expense 300.00
Cash 300.00 #
Cas 3 h 750.00 Fees Earned 750.00 #
Cas 3 h 5,000.00 Notes Payable 5,000.00 #
4 Taxes and Licenses 500.00
Cash 500.00 #
Cas 5 h 950.00 Fees Earned 950.00 # 5 Office Furniture 5,500.00 Cash 5,500.00 6 #
Taxes and Licenses 1,000.00
8 Cash 1,000.00 #
Cas 9 h 850.00 Fees Earned 850.00 # 10 Accounts Receivable 5,000.00 Fees Earned 5,000.00 11 #
J. Masipag Drawings 2,500.00
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11 Cash 2,500.00 #
14 Gas and Oil Expense 600.00
Cash 600.00 # 15 Cas h 650.00 Fees Earned 650.00 16 #
Salary Expense 2,500.00
17 Cash 2,500.00 #
18 Office Equipment 30,000.00
Notes Payable 30,000.00 #
19 Office Supplies 600.00
Accounts Payable 600.00 #
21 Accounts Receivable 5,200.00
Fees Earned 5,200.00 #
Cas 22 h 3,000.00 Accounts Receivable 3,000.00 #
Cas 23 h 4,750.00 Fees Earned 4,750.00 #
24 Accounts Payable 600.00
Cash 600.00 #
Cas 25 h 10,000.00 J. Masipag Capital 10,000.00 #
Cas 28 h 2,500.00 Accounts Receivable 2,500.00 #
29 Notes Payable 30,000.00
Cash 30,000.00
Cas 30 h 7,000.00
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Fees Earned 7,000.00 #
31 Light and Water Expense 1,200.00
Cash 1,200.00 #
Salary Expense 2,500.00
Cash 2,500.00 # Gas and Oil Expense 1,200.00 Cash 1,200.00 # Communication Expense 800.00 Cash 800.00 #
