Ref debit credit 28 june 25 accounts payable 200000

REF. DEBIT CREDIT
28 June 25 Accounts Payable 2,000.00
29 Cash 2,000.00
30
To record the full payment of account to
Ku Enterprises
12. On June 27, 2018, Alpha Laundry Systems paid electric bill for the month
amounting to P1,000.00 in cash. The payment is charged to Utility expense
account.
Journal Entry:
GENERAL JOURNAL PAGE 1
DATE P A R T I C U L A R S
POST.
REF.
DEBIT CREDIT
31
June 27 Utilities expense 1,000.00
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CO_Q2_Entrepreneurship SHS
Module 10

32 Cash 1,000.00
33
To record the payment Electricity for the
month
13. On June 30, 2018, Alpha Laundry Systems paid a month’s transportation
expense amounting to P1,300.00.
Journal Entry:
GENERAL JOURNAL PAGE 1
DATE P A R T I C U L A R S
POST.
REF. DEBIT CREDIT
34 June 30 Transportation expense 1,300.00
35 Cash 1,300.00
36
To record the payment of transportation
for the month.
14. On June 30, 2018, Alpha Laundry Systems paid P5,000 cash for salary of laundry
operator.
Journal Entry:
GENERAL JOURNAL PAGE 1
DATE P A R T I C U L A R S
POST.
REF. DEBIT CREDIT
37 June 30 Salaries and Wages 5,000.00
38 Cash 5,000.00
39
To record the payment Laundry operator’s
salary.
15. On June 30, 2018, Alpha Laundry Systems paid P7,500 cash for the month’s rent
for laundry space.
Journal Entry:
GENERAL JOURNAL PAGE 1
DATE P A R T I C U L A R S
POST.
REF. DEBIT CREDIT
40 June 30 Rent expense 7,500.00
41 Cash 7,500.00
42
To record the payment of rent for Laundry
space.
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CO_Q2_Entrepreneurship SHS
Module 10

The total debit and credit columns of the general journal should always be
equal. Otherwise, the general journal balances will affect overall accuracy of the
entire financial report. The error should be properly corrected before the next step in
the recording process takes place.
Directions: In this activity, you are supposed to do the posting of general journal
entries to the general ledger using the T-Accounts technique. The
following are suggested activities before posting journal entries to
TAccounts:
1. Group account titles according to the Five Major Accounts.
2. Determine the normal balance of each account title by referring to
the normal balance matrix.
3. Record transactions in sequential order or apply the “First-entry,
First- record” system.
4. After all journal entries are recorded, compute the debit and credit
totals of all accounts. Compute for the running balance.
Example: 1) Cash account (normal balance is debit):
Total Cash-Debit P270,000.00
Less: Total Cash-Credit 187,550.00
Outstanding Cash Balance P 82,450.00
=========
2) Laundry Income/revenue (normal balance is credit):
Total Accounts Payable-Credit P 2,000 .00
Less: total Accounts Payable-Debit 2,000.00
Outstanding Accounts Payable Balance P 0
=========
After performing the T-Accounts, outstanding balances of each account under
Assets, Liabilities, Capital, Revenue/Income and Expenses can now be determined.
Given below are T–Accounts for all ledger accounts group according to the five major
accounts.
ASSETS
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CO_Q2_Entrepreneurship SHS
Module 10
Bookkeeping Practice Set 2: Posting journal entries to the General Ledger using
T - accounts.