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Journalizing Example

The document shows a basic accounting equation with assets equal to liabilities plus owner's equity, listing cash, repair supplies, and furniture as assets equal to accounts payable as liabilities. It also provides explanations of debits and credits to indicate increases and decreases in different accounts. Finally, it presents a chart of accounts for a laundry services business identifying balance sheet and income statement accounts.

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IL Mare
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72 views5 pages

Journalizing Example

The document shows a basic accounting equation with assets equal to liabilities plus owner's equity, listing cash, repair supplies, and furniture as assets equal to accounts payable as liabilities. It also provides explanations of debits and credits to indicate increases and decreases in different accounts. Finally, it presents a chart of accounts for a laundry services business identifying balance sheet and income statement accounts.

Uploaded by

IL Mare
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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ASSETS = LIABILITIES

Cash + Repair Supplies + Furniture = Accounts Payable +


(1) 100,000 =
(3) 25,000 = 25,000
(5) -6,000 6,000 =
(12) = -25,000
(15) -2,000 =
(20) -25,000 =
98,000 = 98,000

You debit to show: You credit to show:


1. Increase in assets 1. Decrease in assets
2. Decrease in liabilities 2. Increase in liabilities
3. Decrease in owner's equity 3. Increase in owner's equity
- Owner's withdrawal - Initial investment
- Expense - Additional investment
- Revenue / income
LIABILITIES + OWNER'S EQUITY
Notes Payable + Dela Cruz, Capital
100,000

25,000
-2,000
-25,000
98,000

owner's equity

al investment
GENERAL JOURNAL Page 1
Date Accounts Debits Credits
May 5 Office Equipment (A) 180,000
Cash (A) 180,000
Purchased office equipment for
cash
DAVAO LAUNDRY SERVICES
Chart of Accounts

Balance Sheet Accounts Income Statement Accounts

Account Account
Account Title
No. No.
Assets Revenue
111 Cash in Bank 441
112 Accounts Recivable
112-A Estimated Uncollectible Accounts Expenses
113 Laundry Supplies Inventory 551
114 Laundry Equipment 552
114-A Accumulates Depreciation 553
554
Liabilities 555
221 Notes Payable 556
222 Accounts Payable 557
558
Owner's Equity
331 S. Santos, Capital
332 S. Santos, Drawing
333 Income & Expense Summary
me Statement Accounts

Account Title

Revenue
Laundry Income

Expenses
Uncollectible Accounts
Depreciation Expense
Salaries Expense
Rent Expense
Utilities Expense
Taxed and Licenses
Advertising Expense
Interest Expense

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