Trial Balance

1. ACCT 11
Module Title: Journalizing, Posting and
Preparation of Trial Balance
Developer: Mrs. Sarah Joy D. Martin
Materials: Eugene A. Ruano, CPA

2. SPECIFIC LEARNING
1 Understand the chart of accounts
2 Analyze the transaction using rules of debit and credit
3
Journalize the different kinds of business
transactions of a Single Proprietorship
4 Use appropriate account titles
5 List account titles and know how to journalize

3. 1 Chart of Accounts.
2 Illustration
3 Asset Titles
4 Liability Titles.
5 Proprietorship Titles
6 Income Titles
7 Expense Titles
8 Accounting Period and Accounting Cycle
9 Journalizing
10
Illustration
11
Procedures in Journalizing
12
Journal Entries Illustration

4. ACCT 11
TRIAL BALANCE

5. CHART OF ACCOUNT
E. Mortiz, lawyer
100 Assets 400 Income
111 Cash 411 Professional fees Income
112 Accounts Receivable-United Bank 500 Expenses
113 Library 511 Insurance Expense
114 Office Equipment 512 Salaries
115 Office Supplies 513 Interest Expense
200 Liabilities 514 Utilities
211 Notes Payable
212 Accounts Payable-Office Supply Trading
300 Owner's Equity
311 E. Mortiz, Capital
313 E. Mortiz, Personal

6. TRANSACTIONS
March 1- Began the practice of law by investing P3,000 in cash and a law library having a fair value of
P5,000.
March 2- Purchased P4,200 of office equipment, paying P1,200 down and giving a promissory note for
the balance.
March 3- Purchased P250 office supplies and P150 office equipment from Office Supply Trading on
credit
March 6- Completed legal work for R. Moore and collected P2 200 in full payment.
March 10 - Paid insurance premiums P550.
March 15 - Completed legal work for United Bank on credit and billed it P1,200 the work done.
March 15- Paid the secretary's salary, P600.
March 18 - Paid Office Supply Trading for the items purchased on the third of the month.
March 25- Received a check from United Bank as full payment of its account.
March 28- E. Mortiz withdrew P800 from the business for his personal use.
March 30- Paid the secretary's salary, P600.
March 31-Paid P60 interest expenses and P1,000 installment due on the note payable.

7. 1. Write the heading of the trial balance. The heading
of the trial balance includes the following:
a. The name of the business or the owner
b. Title of the list or trial balance
c. Date of the trial balance
Prepare an adjusted trial balance

8. 2. Provide a column for the accounts and two money columns-
a debit and a credit.
Prepare an adjusted trial balance
3. The accounts should be written in just one column
arranged in the following sequence:
a. Assets
b. Liabilities
c. Capital
d. Income
e. Expenses
ALC(E)IE

9. 4. Write the amounts opposite the corresponding accounts
under the debit money column if the account is a debit balance
and under the credit money column if the account is a credit
balance.
Prepare an adjusted trial balance
5. Foot the money columns. Double rule the totals.

10. LEDGER ILLUSTRATION
Consists of 4 columns
Name of Business Owner
Title
Date
REF Account Title Php
REF Account Title Php

11. E. Mortiz, lawyer
Trial Balance
March 31, 2019
REF ACCOUNT TITLE DEBIT CREDIT

12. E. Mortiz, lawyer
Trial Balance
March 31, 2019
REF ACCOUNT TITLE DEBIT CREDIT
111 Cash 940
112 Accounts Receivable-United Bank 0
113 Library 5000
114 Office Equipment 4350
115 Office Supplies 250
211 Notes Payable 2000
212 Accounts Payable-Office Supply Trading 0
311 E. Mortiz, Capital 8000
313 E. Mortiz, Personal 800
411 Professional fees Income 3400
511 Insurance Expense 550
512 Salaries 1200
513 Interest Expense 60
514 Utilities 250
TOTAL 13,400 13,400

13. END OF PRESENTATION