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    Baliwag Polytechnic College Elective: Fundamentals of Abm 1 Mr. Jomar V. Villena, Cpa

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    Jomar Villena
    Cris Consulting Service engaged in various business transactions during its first month of operations in March 2017. These included investing cash to start the business, purchasing office supplies on account, paying cash for a future office building, receiving cash from customers for services performed, collecting cash from a customer account, and paying salary and rent expenses. Journal entries were made and T-accounts were used to record the transactions and prepare a trial balance.

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    Baliwag Polytechnic College Elective: Fundamentals of Abm 1 Mr. Jomar V. Villena, Cpa

    Uploaded by

    Jomar Villena
    192 views1 page
    Cris Consulting Service engaged in various business transactions during its first month of operations in March 2017. These included investing cash to start the business, purchasing office supplies on account, paying cash for a future office building, receiving cash from customers for services performed, collecting cash from a customer account, and paying salary and rent expenses. Journal entries were made and T-accounts were used to record the transactions and prepare a trial balance.

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    Written Work 4

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    Cris Consulting Service engaged in various business transactions during its first month of operations in March 2017. These included investing cash to start the business, purchasing office supplies on account, paying cash for a future office building, receiving cash from customers for services performed, collecting cash from a customer account, and paying salary and rent expenses. Journal entries were made and T-accounts were used to record the transactions and prepare a trial balance.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    192 views1 page

    Baliwag Polytechnic College Elective: Fundamentals of Abm 1 Mr. Jomar V. Villena, Cpa

    Uploaded by

    Jomar Villena
    Cris Consulting Service engaged in various business transactions during its first month of operations in March 2017. These included investing cash to start the business, purchasing office supplies on account, paying cash for a future office building, receiving cash from customers for services performed, collecting cash from a customer account, and paying salary and rent expenses. Journal entries were made and T-accounts were used to record the transactions and prepare a trial balance.

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    © All Rights Reserved
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    BALIWAG POLYTECHNIC COLLEGE

    ELECTIVE: FUNDAMENTALS OF ABM 1


    MR. JOMAR V. VILLENA, CPA

    WRITTEN WORK 3
    Cris Consulting Service engaged in the following transactions during March 2017, its first year of
    operations.

    March 1 Cris invested 59,000 of cash to start the business.


    2 He purchased office supplies 2000 on account.
    3 He paid 40,000 cash for building to use as a future office.
    4 He performed services for customers and received cash 20,000.
    9 He performed services for customers on account 16,000.
    12 He paid the supplies on March 2 transaction.
    23 He collected and received 10,000 cash from a customer on account.
    31 He paid the following expenses: Salary 1,200 and Rent 500.
    31 The owner withdrew 1,000 for personal use.

    Required:
    1. Journalize the following transactions used the following account:
    Cash, Accounts Receivable, Office Supplies, Building, Accounts Payable, Cris Capital, Cris Drawings,
    Service Revenue, Salary Expense and Rent Expense.
    2. After journalizing the transactions, post the entries to the ledger (T-account).
    3. Prepare the trial balance.

    WRITTEN WORK 4

    DATE ACCOUNT DEBIT CREDIT


    Aug 2 Cash 60,000
    Ben Capital 60,000

    5 Cash 150,000
    Note Payable 150,000

    9 Supplies 2,700
    Accounts Payable 2,700

    11 Prepaid Rent 12,000


    Cash 12,000

    14 Accounts Receivable 26,3000


    Service Income 26,300

    22 Cash 14,000
    Accounts Receivable 14,000

    25 Advertising Expense 3,500


    Cash 3,500

    27 Accounts Payable 2,700


    Cash 2,700

    31 Utilities Expense 2,200


    Cash 2,200

    Requirement:
    1. Explain the business transaction.
    2. Post it to the ledger
    3. Prepare the trial balance

    Page 1 of 1

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