Posting & trial bal

DATE PARTICULARS PR DEBIT CREDIT
Jan 1 Cash 101 250000
Martinez, Capital 301 250000

GENERAL LEDGER

CASH 101
Date Particulars PR Debit Date Particulars PR Credit

GENERAL LEDGER

MARTINEZ, CAPITAL 301

GENERAL JOURNAL PAGE 1
Jan 1 Cash 101 250000

GENERAL LEDGER

CASH 101
Jan 1 GJ1 250000

GENERAL LEDGER


Jan 1 Cash 101 250000

GENERAL LEDGER

CASH 101
Jan 1 GJ1 250000

GENERAL LEDGER

Jan 1 GJ1 250000

GENERAL JOURNAL PAGE 1
Jan 1 Cash 101 250000

GENERAL LEDGER

CASH 101
Jan 1 GJ1 250000

GENERAL LEDGER

Jan 1 GJ1 250000

Assuming that after the
occurrence of several
transactions, the ledger accounts
appeared as follows...

CASH 101
DATE PARTICULARS PR DEBIT DATE PARTICULARS PR CREDIT
Jan 1 GJ1 12,000 Jan 13 GJ2 1,000
14 GJ2 11,500 15 GJ2 2,000
23,500 3,000

Balance 20,500

ACCOUNTS RECEIVABLE 102
Jan 1 GJ1 20,000 Jan 14 GJ2 11,500
9 GJ1 18,700
38,700 11,500

Balance 27,200

OFFICE SUPPLIES 103
Jan 1 GJ1 5,000

5,000 -

Balance 5,000

OFFICE EQUIPMENT 150
Jan 1 GJ1 3,500
16 GJ2 5,000
8,500 -

Balance 8,500

ACCOUNTS PAYABLE 201
Jan 1 GJ1 15,000
7 GJ1 20,350
16 GJ2 5,500
- 40,850

Balance 40,850

INCOME TAX PAYABLE 207
Jan 1 GJ1 2,200

- 2,200

Balance 2,200

Jan 1 GJ1 25,500

- 25,500

Balance 25,500

SERVICE REVENUE 400
Jan 9 GJ1 17,000

- 17,000

Balance 17,000

SALARIES & WAGES EXPENSE 500
Jan 15 GJ2 2,500

2,500 -

Balance 2,500

UTILITIES EXPENSE 500
Jan 15 GJ2 1,000

1,000 -

Balance 1,000

REPAIRS & MAINTENANCE EXPENSE 500
Jan 7 GJ1 1,850
16 GJ2 500
2,350 -

Balance 2,350

ADVERTISING EXPENSE 500
Jan 7 GJ1 18,500

18,500 -

Balance 18,500

After posting the transactions, the balances of
the ledger accounts must be determined. The
balances will be used in preparing a trial
balance.

The following procedures and guidelines must
be remembered in determining the account
balances.

CASH 101
Jan 1 GJ1 12,000 Jan 13 GJ2 1,000
14 GJ2 11,500 15 GJ2 2,000
23,500 3,000

Balance 20,500

Add the debits and write the sum in
superscript.

CASH 101
Jan 1 GJ1 12,000 Jan 13 GJ2 1,000
14 GJ2 11,500 15 GJ2 2,000
23,500 3,000

Balance 20,500

Add the credits and write the sum in
superscript.

CASH 101
Jan 1 GJ1 12,000 Jan 13 GJ2 1,000
14 GJ2 11,500 15 GJ2 2,000
23,500 3,000

Balance 20,500

Then determine if the account has a debit balance or
credit balance. In this case, because the total debits
is more than the total credits, the Cash account has
a debit balance. Double rule the balance.

All ledger balances must be determined. The
ledger balances of each account will be as
follows:

CASH 101
Jan 1 GJ1 12,000 Jan 13 GJ2 1,000
14 GJ2 11,500 15 GJ2 2,000
23,500 3,000

Balance 20,500

Jan 1 GJ1 20,000 Jan 14 GJ2 11,500
9 GJ1 18,700
38,700 11,500

Balance 27,200

There is no need to write the total credit (or
OFFICE SUPPLIES of an account if there is only one
debit) 103
Jan 1
credit (or debit).
GJ1 5,000

There is also no need to write the total of
5,000 -

Balance 5,000
debits (or credits) in superscript if there is
no credit (or debit).
Jan 1 GJ1 3,500
16 GJ2 5,000
8,500 -

Balance 8,500

After determining the account balances, a trial
balance will be prepared.

CASH 101
Jan 1 GJ1 12,000 Jan 13 GJ2 1,000
14 GJ2 11,500 15 GJ2 2,000
23,500 3,000

Balance 20,500

SAMPLE SERVICING COMPANY
TRIAL BALANCE
AS OF JANUARY 15, 2011
DEBIT CREDIT
CASH 20500
OFFICE SUPPLIES
The totalCash has a debit balance it is 5000
Because debits must equal the total
credits.in the debit column of the 40850
Double rule the totals. trial
placed PAYABLE
ACCOUNTS

balance.TAX PAYABLE with credit balances
INCOME
Accounts
MARTINEZ, CAPITAL
2200
25500
must be REVENUE on the credit column of
SERVICE placed 17000 the
trial balance. EXPENSE
SALARIES & WAGES 2500
TOTAL 85550 85550

A little bit of caution...

The equality of total debits and total credits in
the trial balance does not guarantee the
absence of errors.

The financial statements can now be prepared
using the amounts in the trial balance.

TRIAL BALANCE
DEBIT CREDIT SAMPLE SERVICING COMPANY
CASH 20500 STATEMENT OF RECOGNIZED INCOME AND EXPENSES
ACCOUNTS RECEIVABLE 27200 For the period ended January 15, 2011
OFFICE SUPPLIES 5000
OFFICE EQUIPMENT 8500 Service Revenue 17,000
ACCOUNTS PAYABLE 40850 Salaries & Wages Expense (2,500)
INCOME TAX PAYABLE 2200 Utilities Expense (1,000)
MARTINEZ, CAPITAL 25500 Repairs & Maintenance Expense (2,350)
SERVICE REVENUE 17000 Advertising Expense (18,500)
SALARIES & WAGES EXPENSE 2500 Net income (Loss) (7,350)
TOTAL 85550 85550

TRIAL BALANCE
STATEMENT OF FINANCIAL POSITION
DEBIT CREDIT
As of Jan. 15, 2011
CASH 20500 Current Assets:
ACCOUNTS RECEIVABLE 27200 The Capital account balance is
Cash 20,500
OFFICE SUPPLIES 5000 computed as follows: Receivable
Accounts 27,200
OFFICE EQUIPMENT 8500 Office Supplies 5,000
ACCOUNTS PAYABLE 40850
INCOME TAX PAYABLE 2200 Beginning capital P 25,500
Non-Current Asset:
MARTINEZ, CAPITAL 25500 Office(Equipment 8,500
Net Loss 7,350)
SERVICE REVENUE 17000 TOTAL ASSETS 61,200
SALARIES & WAGES EXPENSE 2500 Ending capital P 18,150
Current Liabilities:
Accounts Payable 40,850
Income Tax Payable 2,200
TOTAL 85550 85550

Owner's Equity:
Martinez, Capital 18,150
TOTAL LIABILITIES & EQUITY 61200

Posting & trial bal

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Posting & trial bal