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Journal Entries and Trial Balance Guide

Cris Consulting Service engaged in various business transactions during its first month of operations in March 2017. These included investing cash to start the business, purchasing office supplies on account, paying cash for a future office building, receiving cash from customers for services performed, collecting cash from a customer account, and paying salary and rent expenses. Journal entries were made and T-accounts were used to record the transactions and prepare a trial balance.

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Jomar Villena
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296 views1 page

Journal Entries and Trial Balance Guide

Cris Consulting Service engaged in various business transactions during its first month of operations in March 2017. These included investing cash to start the business, purchasing office supplies on account, paying cash for a future office building, receiving cash from customers for services performed, collecting cash from a customer account, and paying salary and rent expenses. Journal entries were made and T-accounts were used to record the transactions and prepare a trial balance.

Uploaded by

Jomar Villena
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

BALIWAG POLYTECHNIC COLLEGE

ELECTIVE: FUNDAMENTALS OF ABM 1


MR. JOMAR V. VILLENA, CPA

WRITTEN WORK 3
Cris Consulting Service engaged in the following transactions during March 2017, its first year of
operations.

March 1 Cris invested 59,000 of cash to start the business.


2 He purchased office supplies 2000 on account.
3 He paid 40,000 cash for building to use as a future office.
4 He performed services for customers and received cash 20,000.
9 He performed services for customers on account 16,000.
12 He paid the supplies on March 2 transaction.
23 He collected and received 10,000 cash from a customer on account.
31 He paid the following expenses: Salary 1,200 and Rent 500.
31 The owner withdrew 1,000 for personal use.

Required:
1. Journalize the following transactions used the following account:
Cash, Accounts Receivable, Office Supplies, Building, Accounts Payable, Cris Capital, Cris Drawings,
Service Revenue, Salary Expense and Rent Expense.
2. After journalizing the transactions, post the entries to the ledger (T-account).
3. Prepare the trial balance.

WRITTEN WORK 4

DATE ACCOUNT DEBIT CREDIT


Aug 2 Cash 60,000
Ben Capital 60,000

5 Cash 150,000
Note Payable 150,000

9 Supplies 2,700
Accounts Payable 2,700

11 Prepaid Rent 12,000


Cash 12,000

14 Accounts Receivable 26,3000


Service Income 26,300

22 Cash 14,000
Accounts Receivable 14,000

25 Advertising Expense 3,500


Cash 3,500

27 Accounts Payable 2,700


Cash 2,700

31 Utilities Expense 2,200


Cash 2,200

Requirement:
1. Explain the business transaction.
2. Post it to the ledger
3. Prepare the trial balance

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