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    Accounting Problems and Exercises2 Case 3

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    Mario Agoncillo
    Fernando Real Estate Agency recorded various transactions during May including investing cash, purchasing assets on credit and cash, earning commissions, paying expenses, withdrawing cash, and paying salaries. Journal entries were made and posted to accounts in the general ledger. A trial balance with 6 columns was prepared.

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    Accounting Problems and Exercises2 Case 3

    Uploaded by

    Mario Agoncillo
    2K views1 page
    Fernando Real Estate Agency recorded various transactions during May including investing cash, purchasing assets on credit and cash, earning commissions, paying expenses, withdrawing cash, and paying salaries. Journal entries were made and posted to accounts in the general ledger. A trial balance with 6 columns was prepared.

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    Sample Accounting Exercises

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    Fernando Real Estate Agency recorded various transactions during May including investing cash, purchasing assets on credit and cash, earning commissions, paying expenses, withdrawing cash, and paying salaries. Journal entries were made and posted to accounts in the general ledger. A trial balance with 6 columns was prepared.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2K views1 page

    Accounting Problems and Exercises2 Case 3

    Uploaded by

    Mario Agoncillo
    Fernando Real Estate Agency recorded various transactions during May including investing cash, purchasing assets on credit and cash, earning commissions, paying expenses, withdrawing cash, and paying salaries. Journal entries were made and posted to accounts in the general ledger. A trial balance with 6 columns was prepared.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    CASE 3

    Journalize the following transactions using the general journal provided for, then post to the general ledger.

    D. Fernando began a real estate agency called, “Fernando Real Estate Agency” and during May of the current
    year, he completed the following transactions:
    May 1 – Began his business by investing P125,000 cash.
    2 – Purchased a small building and office equipment from L. Guillen consisting of office equipment,
    P35,000; building, P150,000 and land P100,000. Gave P25,000 cash and signed a mortgage contract agreement to pay
    the balance over a period of one year.
    5 – Purchased an automobile, P200,000 on credit from V. Vargas.
    8 – Earned and collected a P36,000 commission from sale of a house.
    9 – Purchased P1,300 of office supplies and P5,000 additional office equipment from G. Diaz on credit.
    15 – Paid the salary of the office clerk, P3,500.
    16 – Completed property management services for R. Arevalo on credit and billed him for the services
    performed, P15,000.
    18 – Paid G. Diaz P2,000 as partial payment of the account due to him.
    20 – Received the payment from A. Arevalo for services rendered to him.
    22 – Purchased P1,000 office supplies from D. Bonnevie on credit.
    23 – Earned and collected P26,000 commission from the sale of the property.
    26 – Paid the newspaper advertising that had appeared, P4,500.
    28 – Paid the telephone bill, P750.
    30 – Withdrew P8,000 for personal use.
    30 – Paid the salary of the office clerk, P3,500.

    Prepare the following:


    1. General Journal Entries
    2. General Ledger Entries
    3. Trial Balance – 6 Column

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