Accounting Online Activity No. 02
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nilo biaAccounting Online Activity No. 02
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nilo biaSAINT JOSEPH COLLEGE, MAASIN, LEYTE
Maasin City, Southern Leyte
6600 Philippines
Online Activity No. 02
(Fundamentals of Accounting)
HM BR 1 – 101 & 102
Name: ____________________________ Course & Year: _________ Date: ____________________ Score: ______________
The following transactions of L.C. Laundry Shop, were completed during March 2019:
March 1 Lauro Cruz opened a laundry business called the "L.C. Laundry Shop" with capital
compose of
Cash………………………………………………………………. P 20,000.00
Laundry Supplies ………………………………………………. 4,000.00
Laundry Equipment……………………………………………. 80,000.00
Paid business tax to the City Treasurer, P1,600.00.
Purchased a delivery truck from the Northern Motors for P120,000.00 on credit.
Paid rent of the building for the month, P2,000.00.
March 6 Received P6,000.00 cash for laundry delivered to various customers.
Sent charge bill, P4,000.00, for laundry delivered on credit to the Manila Hotel.
March 10 Bought laundry supplies on credit from Laundry Supply Store, P3,000.00.
March 15 Sent charge bills for laundry delivered on credit to
D & E Coffee Shop………………………………………………….. P 4,000.00
Filipinas Hotel………………………………………………………… 5,000.00
Paid two weeks' salary of the truck driver……………….......... 1,500.00
March 20 Received cash as collections on credit from
Manila Hotel…………………………………………………………. P 2,000.00
D & E Coffee Shop………………………………………………….. 1,600.00
Filipinas Hotel………………………………………………………… 2,800.00
March 25 Received P4,400.00 cash for laundry delivered to various customers.
Paid P1,800.00 to Laundry Supply Store in partial payment of the debt owing to it.
Lauro Cruz withdrew P1,000.00 cash for his personal use.
March 27 Paid P1,400.00 to repairman for repair service on the laundry equipment.
March 31 Paid in cash the following:
Truck driver’s two weeks' salary…………………………………… P 1,500.00
Laundry employees' salaries………………………………………. 4,500.00
Water and electric bill……………………………………………… 1,700.00
Delivered laundry to the following:
Cash customers……………………………………………………… P 2,600.00
Manila Hotel (on credit)……………………………………………. 1,900.00
Filipinas Hotel (on credit)…………………………………………… 2,400.00
An actual count showed that the laundry supplies invested and bought,
only P2,000.00 worth of supplies unused, while the P5,000.00 worth
of supplies were used during the month.
CHART OF ACCOUNTS
Assets:
10 Cash
11 Manila Hotel
12 D & E Coffee Shop
13 Filipinas Hotel
14 Laundry Supplies
20 Laundry Equipment
21 Delivery Truck
Liabilities:
30 Laundry Supply Store
31 Northern Motors
Capital:
40 Lauro Cruz, Capital
41 Lauro Cruz, Drawings
Requirements:
1. Journalize the transactions using the General Journal Sheets.
2. Post journal entries to the General Ledger.
3. Prepare a Trial Balance.