The document contains details of transactions recorded in the general journal of a business owned by Mr. Mabait. It describes transactions such as Mr. Mabait's initial investment, the purchase of kitchen appliances, the first day of sales operations, and the purchase of a motorcycle with part payment in cash and part on account. It also provides examples of simple and compound journal entries to record these transactions, and explains the use of special journals like the cash receipts, cash disbursements, sales and purchase journals.

1. VIRTUAL CLASS in ELECTIVE 1
(BOOKKEEPING)
October 20, 2021
2:00 PM
Link for the Attendance:
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2. VIRTUAL CLASS in ELECTIVE 1
(BOOKKEEPING)
October 20, 2021
2:00 PM

3. VIRTUAL CLASS in
ELECTIVE 1 (BOOKKEEPING)
•Prayer
•Attendance
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4. VIRTUAL CLASS in
ELECTIVE 1 (BOOKKEEPING)
•Review
Week 1 - Introduction to Accounting
Users of Accounting Information
Week 2 - Accounting Concepts and Principles
Week 3 - The Accounting Equation
Week 4 - Types of Major Accounts

5. VIRTUAL CLASS in
ELECTIVE 1 (BOOKKEEPING)
PRE-TEST
https://quizizz.com/admin/
presentation/616d04928ef8d
e001db5d8ad/start

7. The types of major accounts:
Assets
Liabilities
Owner’s Equity
Income
Expense

9. The device used to
record changes in
accounting
equation is called
the ACCOUNT.

10. “ACCOUNTING is the process
of IDENTIFYING,
RECORDING, and
COMMUNICATING economic
events of an organization to
interested users.” (Weygandt et. Al.)

14. Companies initially record
transactions and events in
chronological order (the
order in which they occur).
Thus, the journal is
referred to as the book of
original entry.

15. There are two types
of journals, the
general journal and
the special journal.

16. GENERAL JOURNAL
The general journal is the most
basic journal. Typically, a
general journal has spaces for
dates, account titles and
explanations, references, and
two amount columns.

17. The journal makes several significant
contributions to the recording
process:
• It discloses in one place the
complete effects of a transaction.
• It provides a chronological record of
transactions.
• It helps to prevent or locate errors
because the debit and credit amounts
for each entry can be easily compared.

18. Shown below is an example of a general journal

20. Journalizing process
Entering transaction
data in the journal is
known as
journalizing.

21. A complete entry consists of:
• The date of the transaction which is entered
in the Date column.
The debit account title
(that is, the account to be debited) which is
entered first at the extreme left margin of the
column headed “Account Titles and
Explanation,” and the amount of the debit is
recorded in the Debit column.

22. September 1, 2015 Mr. Ben
Mabait invested
PHP500,000 in a restaurant
business by opening an
account with SuperBank.

23. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit

24. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
September 1, 2015 Mr. Ben
Mabait invested PHP500,000 in a
restaurant business by opening
an account with SuperBank.

25. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/2015
September 1, 2015 Mr. Ben
Mabait invested PHP500,000 in a
restaurant business by opening
an account with SuperBank.

26. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/2015 Cash
September 1, 2015 Mr. Ben
Mabait invested PHP500,000 in a
restaurant business by opening
an account with SuperBank.

27. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/2015 Cash P 5000,000.00
September 1, 2015 Mr. Ben
Mabait invested PHP500,000 in a
restaurant business by opening
an account with SuperBank.

28. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/2015 Cash P 5000,000.00
B. Mabait Capital
Initial Investment of Mr.
Mabait
September 1, 2015 Mr. Ben
Mabait invested PHP500,000 in a
restaurant business by opening
an account with SuperBank.

29. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/2015 Cash P 5000,000.00
B. Mabait Capital P 500,000.00
Initial Investment of Mr.
Mabait
September 1, 2015 Mr. Ben
Mabait invested PHP500,000 in a
restaurant business by opening
an account with SuperBank.

30. September 5, 2015
purchased kitchen
appliances for his
business amounting to
PHP100,000 by issuing a
check.

31. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/20
15
Cash P 5000,000.00
B. Mabait Capital P 500,000.00
Initial Investment of Mr.
Mabait
05
September 5, 2015 purchased kitchen
appliances for his business amounting to
PHP100,000 by issuing a check.

32. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/20
15
Cash P 5000,000.00
B. Mabait Capital P 500,000.00
Initial Investment of Mr.
Mabait
05 Kitchen Appliances
September 5, 2015 purchased kitchen
appliances for his business amounting to
PHP100,000 by issuing a check.

33. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/20
15
Cash P 5000,000.00
B. Mabait Capital P 500,000.00
Initial Investment of Mr.
Mabait
05 Kitchen Appliances 100,000.00
September 5, 2015 purchased kitchen
appliances for his business amounting to
PHP100,000 by issuing a check.

34. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/20
15
Cash P 5000,000.00
B. Mabait Capital P 500,000.00
Initial Investment of Mr.
Mabait
05 Kitchen Appliances 100,000.00
Cash
September 5, 2015 purchased kitchen
appliances for his business amounting to
PHP100,000 by issuing a check.

35. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/20
15
Cash P 5000,000.00
B. Mabait Capital P 500,000.00
Initial Investment of Mr.
Mabait
05 Kitchen Appliances 100,000.00
Cash 100,000.00
September 5, 2015 purchased kitchen
appliances for his business amounting to
PHP100,000 by issuing a check.

36. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/20
15
Cash P 5000,000.00
B. Mabait Capital P 500,000.00
Initial Investment of Mr.
Mabait
05 Kitchen Appliances 100,000.00
Cash 100,000.00
Paid kitchen appliances
September 5, 2015 purchased kitchen
appliances for his business amounting to
PHP100,000 by issuing a check.

37. September 6, 2015
started his operations a
made a sales for that
day amounting to
PHP20,000.

38. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/20
15
Cash P 5000,000.00
B. Mabait Capital P 500,000.00
Initial Investment of Mr.
Mabait
05 Kitchen Appliances 100,000.00
Cash 100,000.00
Paid kitchen appliances
September 6, 2015 started his operations
a made a sales for that day amounting to
PHP20,000.

39. September 6, 2015 started his
operations a made a sales for that day
amounting to PHP20,000.

40. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/01/20
15
Cash P 5000,000.00
B. Mabait Capital P 500,000.00
Initial Investment of Mr.
Mabait
05 Kitchen Appliances 100,000.00
Cash 100,000.00
Paid kitchen appliances
06 Cash 20,000.00
Sales 20,000.00
Payment of sales for the day

41. Some entries involve only two accounts,
one debit and one credit. An entry like
these is considered a simple entry.
Some transactions, however, require more
than two accounts in journalizing. An
entry that requires three or more
accounts is a compound entry. All of the
transactions in the earlier examples are
simple entries.

42. An example of a compound entry is
the following:
On September 7, 2015, Mr. Mabait
purchased a motorcycle costing
PHP80,000. He pays PHP30,000 cash
and agrees to pay the remaining
PHP50,000 on account (to be paid
later).

43. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/07/20
15
Transportation Equipment P 80,000.00
September 7, 2015, Mr. Mabait purchased a
motorcycle costing PHP80,000. He pays
PHP30,000 cash and agrees to pay the
remaining PHP50,000 on account (to be paid
later).

44. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/07/20
15
Transportation Equipment P 80,000.00
Cash P 30,000.00
September 7, 2015, Mr. Mabait purchased a
motorcycle costing PHP80,000. He pays
PHP30,000 cash and agrees to pay the
remaining PHP50,000 on account (to be paid
later).

45. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/07/20
15
Transportation Equipment P 80,000.00
Cash P 30,000.00
Accounts Payable 50,000.00
September 7, 2015, Mr. Mabait purchased a
motorcycle costing PHP80,000. He pays
PHP30,000 cash and agrees to pay the
remaining PHP50,000 on account (to be paid
later).

46. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
09/07/20
15
Transportation Equipment P 80,000.00
Cash P 30,000.00
Accounts Payable 50,000.00
Purchase of motorcycle with
balance on account
September 7, 2015, Mr. Mabait purchased a
motorcycle costing PHP80,000. He pays
PHP30,000 cash and agrees to pay the
remaining PHP50,000 on account (to be paid
later).

47. SPECIAL JOURNALS
Some businesses encounter
voluminous quantities of similar
and recurring transactions which
may create congestion if these
transactions are recorded
repeatedly in a single day or a
month in the general journal.

48. The following are the commonly used special
journals:
• Cash Receipts Journal – used to record all
cash that has been received
• Cash Disbursements Journal – used to record
all transactions involving cash payments
• Sales Journal (Sales on Account Journal) –
used to record all sales on credit (on account)
• Purchase Journal (Purchase on Account
Journal) – used to record all purchases of
inventory on credit (or on account

54. April 1 R.
Gastardo
invested
P39,000.0

55. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
April 01 Cash P 39,000.00
R. Gastardo Capital P 39,000.00
Initial Investment
April 1 R. Gastardo invested
P39,000.0

56. April 2 Purchased
computer
equipment for
P10,000.00

57. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
April 01 Cash P 39,000.00
R. Gastardo Capital P 39,000.00
Initial Investment
02 Equipment 10,000.00
Cash 10,000.00
Payment for Computer on cash
April 2 Purchased computer equipment for
P10,000.00

58. April 2 Purchased
merchandise on
account to Lucille
amounting to
P15,900.00, terms
2/10, n/30.

59. GENERAL JOURNAL
Date Account Title and Explanation Ref Debit Credit
April 01 Cash P 39,000.00
R. Gastardo Capital P 39,000.00
Initial Investment
02 Equipment 10,000.00
Cash 10,000.00
Payment for Computer on cash
02 Purchases 15,000.00
Accounts Payable 15,000.00
Purchased merchandise on
acct. 2/10, n/30
April 2 Purchased merchandise on account to Lucille
amounting to P15,900.00, terms 2/10, n/30.

60. Now, let’s have this!
Identify what special journal that is applicable for
the following transactions.
1. Collected PHP10,000 from a customer in
payment of his account.
2. Bought 100 pieces of mugs to be sold in
the store amounting to PHP1,500 on
account.
3. Sold five pieces of mugs to X, PHP320
cash.
4. Sold two pieces of mugs to Y, PHP112
cash
5. Purchased office supplies for cash,
PHP500.

61. Now, let’s have this!
Identify what special journal that is applicable for
the following transactions.
1. Collected PHP10,000 from a
customer in payment of his account.
2. Bought 100 pieces of mugs to be sold
in the store amounting to PHP1,500
on account.
3. Sold five pieces of mugs to X, PHP320
cash.
4. Sold two pieces of mugs to Y, PHP112
cash
5. Purchased office supplies for cash,
PHP500.
1. Cash Receipts Journal

62. Now, let’s have this!
Identify what special journal that is applicable for
the following transactions.
1. Collected PHP10,000 from a
customer in payment of his account.
2. Bought 100 pieces of mugs to be sold
in the store amounting to PHP1,500
on account.
3. Sold five pieces of mugs to X, PHP320
cash.
4. Sold two pieces of mugs to Y, PHP112
cash
5. Purchased office supplies for cash,
PHP500.
1. Cash Receipts Journal
2. Purchase Journal

63. Now, let’s have this!
Identify what special journal that is applicable for
the following transactions.
1. Collected PHP10,000 from a
customer in payment of his account.
2. Bought 100 pieces of mugs to be sold
in the store amounting to PHP1,500
on account.
3. Sold five pieces of mugs to X, PHP320
cash.
4. Sold two pieces of mugs to Y, PHP112
cash
5. Purchased office supplies for cash,
PHP500.
1. Cash Receipts Journal
2. Purchase Journal
3. Cash Receipts Journal or Sales
Journal (SJ), is applicable only to “ on
account” transactions.

64. Now, let’s have this!
Identify what special journal that is applicable for
the following transactions.
1. Collected PHP10,000 from a
customer in payment of his account.
2. Bought 100 pieces of mugs to be sold
in the store amounting to PHP1,500
on account.
3. Sold five pieces of mugs to X, PHP320
cash.
4. Sold two pieces of mugs to Y, PHP112
cash
5. Purchased office supplies for cash,
PHP500.
1. Cash Receipts Journal
2. Purchase Journal
3. Cash Receipts Journal or Sales
Journal (SJ), is applicable only to “ on
account” transactions.
4. Cash Receipt Journal

65. Now, let’s have this!
Identify what special journal that is applicable for
the following transactions.
1. Collected PHP10,000 from a
customer in payment of his account.
2. Bought 100 pieces of mugs to be sold
in the store amounting to PHP1,500
on account.
3. Sold five pieces of mugs to X, PHP320
cash.
4. Sold two pieces of mugs to Y, PHP112
cash
5. Purchased office supplies for cash,
PHP500.
1. Cash Receipts Journal
2. Purchase Journal
3. Cash Receipts Journal or Sales
Journal (SJ), is applicable only to “ on
account” transactions.
4. Cash Receipt Journal
5. Cash Disbursement Journal or
Purchase Journal (PJ). Is applicable
only to “on account” transactions.

66. VIRTUAL QUIZ
Link:
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uVEjxtA12h6ykGznYmo6MPg0BlY2BIxu4ucu8ijc2bg/
viewform
https://youtu.be/KAHKP313P2I

67. ANSWER:
1. Supplies
2. Cash
3. Sales
4. Accounts Receivable
5. Accounts Payable
6. Cash Disbursements Journal
7. Cash Disbursements Journal
8. Sales journal
9. Sales Journal
10. Purchase Journal

68. Summary:
What you have
learned for
today’s lesson?