FIRST YEAR OF OPERATIONS

JOURNAL ENTRIES

Cash 35,000,000
Christian, Capital 5,000,000
Kim, Capital 5,000,000
Francis, Capital 5,000,000
Dorothy, Capital 5,000,000
Hazel, Capital 5,000,000
Pauline, Capital 5,000,000
Dianne, Capital 5,000,000

Land 7,500,000
Cash 7,500,000

Building 20,000,000
Cash 20,000,000

Equipment 47,650
Cash 47,650

Depreciation Expense 506540

Accumulated Depreciation 506540

Utilities Expense 36,000

Cash 36000

Taxes and Licenses 76,500

Cash 76,500

Payroll Tax Expense 22,080

SSS Payable 15,600
Philhealth Payable 2,640
HDMF Payable 3,840

Salaries Expense 192,000

SSS Payable 7,680
Philhealth Payable 2,640
HDMF Payable 3,840
Cash 177,840

SSS Payable 23,280

Philhealth Payable 5,280
HDMF Payable 7,680
Cash 36,240

Prepaid Supplies 2715

Cash 2715

supplies expense 2715

prepaid supplies 2715

Cash ₱ 2,736,000.00
Rent Income ₱ 2,736,000.00

Cash 456,000
Refundable Security Deposit 456,000
 NOTES

Note 3 - Cash
Amount
Cash on Hand
Cash in Bank

Note XX - Equipment
Amount
Exhaust Fan 900
Fire Extinguisher 12,000
Fire Alarm 2,250

Emergency Light 6,500

CCTV Cam Set 6,000
Desktop Set 20,000
47650

Utilities

Taxes and Licenses

Sec Registration 115,000
Mayor's Permit 5,000
BIR Registration and Certificate 500
DTI Registration 500
VAT Registration 500

Depreciation Expense
Supplies
Amount
Lights 1,500
Bond Paper 90
Pencil 50
Ballpen 160
Paper Clip 60
File Folder 140
Stapler 120
Staple Wire 180
Adhesive Tape 20
Tape Dispenser 35
Correction Tape 40
Puncher 70
Official Receipt 150
Paper Fastener 100
2715
 T-ACCOUNTS

Cash Land Bu8iding

Dr Cr Dr Cr Dr Cr
35,000,000 7,500,000 7,500,000 20,000,000
### 20,000,000
456,000 47,650
36,000
76,500
177,840
2715

Equipment SSS Payable Philhealth Payable

Dr Cr Dr Cr Dr Cr
47,650 23,280 15,600 5,280 2,640
7,680 2,640

HDMF Payable
Dr Cr
EXPENSES 7,680 3,840
Depreciation 3,840
Utilities 36,000
Taxes and Licenses 121,500
Payroll Tax Expense 22,080
Salaries Expense 192,000
Supplies Expense 2715

Rent Income
Dr Cr
₱ 2,736,000.00
 Accumulated Depreciation
Dr Cr

Refundable Security Deposit

Dr Cr
456,000