JOURNAL ENTRIES LEDGERS ACCOUNTS

Jul Cash
1 Cash P 200,000.00 Date Debit Credit Balance
Huerto, Capital 200,000.00
to record investment of Huerto Jul 1 200,000.00 - 200,000.00
Jul 2 - 30,000.00 170,000.00
2 Furnitures & fixtures P 30,000.00 Jul 12 500,000.00 - 670,000.00
Cash 30,000.00 Jul 15 - 60,000.00 610,000.00
to record purchase of furnitures & fixtures in cash Jul 20 20,000.00 - 630,000.00
Jul 21 - 15,000.00 615,000.00
8 Office equipment P 15,000.00 Jul 22 - 2,000.00 613,000.00
Accounts payable 15,000.00 Jul 24 100,000.00 - 713,000.00
to record purchase of office equipment on account Jul 30 - 77,500.00 635,500.00

12 Cash P 500,000.00 Accounts receivable

Notes payable 500,000.00 Date Debit Credit Balance
to record loans from Prudential bank
Jul 24 50,000.00 - 50,000.00
15 Salaries & wages P 60,000.00
Cash 60,000.00 Furnitures & fixtures
to record payment of salaries & wages Date Debit Credit Balance

18 Advertising expense P 3,000.00 Jul 2 30,000.00 - 30,000.00

Accounts payable 3,000.00
to record advertising expense Office equipment
Date Debit Credit Balance
20 Cash P 20,000.00
Service income 20,000.00 Jul 8 15,000.00 - 15,000.00
to record rendered service in cash
Accounts payable
21 Accounts payable P 15,000.00
Date Debit Credit Balance
Cash 15,000.00
to record the payment to Avesco account
Jul 8 - 15,000.00 15,000.00
Jul 18 - 3,000.00 18,000.00
22 Huerto, Drawings P 2,000.00
Jul 21 15,000.00 - 3,000.00
Cash 2,000.00
to record cash withdrawal of Huerto
Notes payable
Date Debit Credit Balance
24 Cash P 100,000.00
Accounts receivable 50,000.00
Jul 12 - 500,000.00 500,000.00
Service income 150,000.00
to record partial collection of accounts for rendered service
Huerto, Drawings
Date Debit Credit Balance
30 Utilities expense P 17,500.00
Salaries & wages 60,000.00
Jul 22 2,000.00 - 2,000.00
Cash 77,500.00
to record payment of utility and salaries expense
Huerto, Capital
Date Debit Credit Balance
Arrow Maintenance Services
Trial Balance Jul 1 - 200,000.00 200,000.00
July 31, 2018
Service income
Date Debit Credit Balance
Account title Debit Credit
Cash P 635,500.00 Jul 20 - 20,000.00 20,000.00
Jul 24 - 150,000.00 170,000.00
Accounts receivable 50,000.00
Furnitures & fixtures 30,000.00 Advertising expense
Office equipment 15,000.00 Date Debit Credit Balance
Accounts payable P 3,000.00
Notes payable 500,000.00 Jul 18 3,000.00 - 3,000.00
Huerto, Capital 200,000.00
Huerto, Drawings 2,000.00 Salaries & wages
Date Debit Credit Balance
Service income 170,000.00
Salaries & wages 120,000.00 Jul 15 60,000.00 - 60,000.00
Utilities expense 17,500.00 Jul 30 60,000.00 - 120,000.00
Advertising expense 3,000.00
TOTAL P 873,000.00 P 873,000.00 Utilities expense
Date Debit Credit Balance

Jul 30 17,500.00 - 17,500.00