Question: EXERCISES: Journalize the following transactions using a General Journal below: March 1 Mrs. Lanie Mercado invested P150,000 cash on her business Mercado All Around Services

EXERCISES:

  1. Journalize the following transactions using a General Journal below:
March 1 Mrs. Lanie Mercado invested P150,000 cash on her business "Mercado All Around Services"
3 Rendered Service to a client on account, P4,000.
4 Bought computer on account from Emcor, P40,000
10 Mrs. Mercado withdrew cash of P5,000.
12 Paid office rental for the month, P1,000.
15 Mrs. Mercado made a partial payment of her account at Emcor, P3,000.
16 Mrs. Mercado invested office table worth P10,000.
19 Mrs. Mercado has made partial collection of a client's account. P2,000.
20 Borrowed money from Metrobank and issued a note, P10,000
21 Mrs. Mercado made a partial payment of her account at Emcor, P2,000
22 Paid taxes and licenses and other assessments, P1,000.
25 Received cash for services rendered, P3,000
28 Bought office supplies at CS Trading on account, P5,000.
30 Made a partial payment of P1,000 to CS trading
30 Paid Metrobank for borrowed money.
Date Description Post Debit Credit
Ref .
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2
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4
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GENERAL JOURNAL

Account Title: CASH

Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
Account Title: ACCOUNTS RECEIVABLE
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title: OFFICE SUPPLIES
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title: OFFICE EQUIPMENT
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title: ACCOUNTS PAYABLE
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title: NOTE PAYABLE
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title: MERCADO, EQUITY
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title: MERCADO, DRAWING
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title: SERVICE INCOME
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title: RENT EXPENSE
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title: TAXES AND LICENSES EXPENSE
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title:
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title:
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

Account Title:
Date Description Post Debit Date Description Post Credit Balance
Ref . Ref .
1 1
2 2
3 3

A Proprietor Business
TRIAL BALANCE
For the period March 31, 2020
Account Titles Post Debit Credit
Ref .
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10
11
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13
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