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    Far 0 Post Test Basic Acctg 1 of 2 Answer

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    Jenny Altazar
    Loida Cardenas established Cardenas Delivery Service in October 2018. During the month, various business transactions occurred including depositing personal savings, acquiring a vehicle, paying rent and expenses, billing and collecting from customers, paying salaries, and withdrawing cash. The transactions were recorded in journal entries and T-accounts were prepared for each account. A trial balance at the end of October showed total debits of P123,950 equal to total credits.

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    Far 0 Post Test Basic Acctg 1 of 2 Answer

    Uploaded by

    Jenny Altazar
    7K views9 pages
    Loida Cardenas established Cardenas Delivery Service in October 2018. During the month, various business transactions occurred including depositing personal savings, acquiring a vehicle, paying rent and expenses, billing and collecting from customers, paying salaries, and withdrawing cash. The transactions were recorded in journal entries and T-accounts were prepared for each account. A trial balance at the end of October showed total debits of P123,950 equal to total credits.

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    FAR 0 POST TEST BASIC ACCTG 1 OF 2 ANSWER

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    Loida Cardenas established Cardenas Delivery Service in October 2018. During the month, various business transactions occurred including depositing personal savings, acquiring a vehicle, paying rent and expenses, billing and collecting from customers, paying salaries, and withdrawing cash. The transactions were recorded in journal entries and T-accounts were prepared for each account. A trial balance at the end of October showed total debits of P123,950 equal to total credits.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    7K views9 pages

    Far 0 Post Test Basic Acctg 1 of 2 Answer

    Uploaded by

    Jenny Altazar
    Loida Cardenas established Cardenas Delivery Service in October 2018. During the month, various business transactions occurred including depositing personal savings, acquiring a vehicle, paying rent and expenses, billing and collecting from customers, paying salaries, and withdrawing cash. The transactions were recorded in journal entries and T-accounts were prepared for each account. A trial balance at the end of October showed total debits of P123,950 equal to total credits.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 9

    BASIC ACCOUNTING REVIEW

    RECORDING BUSINESS TRANSACTIONS

    POST TEST PROBLEM 1

    STEP 1 IDENTIFYING

    Loida Cardenas recently established her own business, which she called Cardenas Delivery Service.
    During the first month of business in October 2018, the following transactions were completed:

    Oct 1 Deposited P19,500 of personal savings in an account at the Tarlac Development


    Bank in the name of Cardenas Delivery Service.
    2 Acquired a second-hand service vehicle costing P63,000, paying P7,000 in cash,
    and financed the remaining balance by issuing a note payable.
    3 Paid rent for the month, P2,950.
    5 Acquired supplies on account P8,200.
    6 Paid for three months' insurance and recorded prepaid insurance in the amount
    of P4,500.
    9 Received P13,900 cash for delivery work done for the Pascua Corporation.
    10 Acquired additional supplies for cash, P2,050.
    11 Paid salaries, P3,900.
    12 Completed an assignment for Luisita Inc. and billed the entity P15,250.
    14 Paid P2,300 of the amount owed from the Oct. 5 transaction.
    16 Paid miscellaneous expenses, P1,700.
    17 Withdrew cash from the business, P6,150.
    20 Collected P9,500 on account from Luisita Inc.
    21 Paid salaries, P4,200.
    25 Paid utilities expense, P800.
    29 Billed the Cojuangco Corp. for delivery services rendered, P13,400.
    30 Received 50% payment from Luisita Inc. for services completed last Oct. 16.

    Required:

    1 Journalize the above transactions using the following account titles:

    Cash; Accounts Receivable; Supplies; Prepaid Insurance; Service Vehicle;


    Notes Payable; Accounts Payable;
    Cardenas, Capital; Cardenas, Withdrawals;
    Delivery Revenues;
    Salaries Expense; Rent Expense; Utilities Expense; and Miscellaneous Expense.

    2 Prepare the T-accounts for each of the following account titles.

    3 Prepare a trial balance.


    nas Delivery Service.
    were completed:

    the Tarlac Development

    paying P7,000 in cash,

    nsurance in the amount

    scua Corporation.

    entity P15,250.

    , P13,400.
    mpleted last Oct. 16.

    count titles:

    ; Service Vehicle;

    Miscellaneous Expense.
    STEP 2 JOURNALIZING

    1 CASH 19,500
    CAPITAL;CARDENAS 19,500
    2 SERVICE VEHICLE 63,000
    CASH 7,000
    NOTES PAYABLE 56,000
    3 RENT EXPENSE 2,950
    CASH 2,950
    5 SUPPLIES 8,200
    ACCOUNTS PAYABLE;CARDENAS 8,200
    6 PREPAID INSURANCE 4,500
    CASH 4,500
    9 CASH 13,900
    DELIVERY REVENUE 13,900
    10 SUPPLIES 2,050
    CASH 2,050
    11 SALARIES EXPENSE 3,900
    CASH 3,900
    12 ACCOUNTS RECEIVABLE 15,250
    DELIVERY REVENUE 15,250
    14 ACCOUNTS PAYABLE; CARDENAS 2,300
    CASH 2,300
    16 MISCELLANEOUS EXPENSE 1,700
    CASH 1,700
    17 WITHDRAWALS 6,150
    CASH 6,150
    20 CASH 9,500
    ACCOUNTS RECEIVABLE 9,500
    21 SALARIES EXPENSE 4,200
    CASH 4,200
    25 UTILITIES EXPENSE 800
    CASH 800
    29 ACCOUNTS RECEIVABLE 13,400
    DELIVERY REVENUE 13,400
    30 CASH 2,875
    ACCOUNTS RECEIVABLE 2,875
    STEP 3 POSTING

    CASH CAPITAL; CARDENAS


    19,500 7,000 19,500
    13,900 2,950
    9,500 4,500
    2,875 2,050
    3,900
    2,300
    1,700
    6,150
    4,200
    800

    NOTES PAYABLE RENT EXPENSE


    56000 2950

    ACCOUNTS PAYABLE; CARDENAS PREPAID INSURANCE


    2,300 8,200 4500

    SALARIES EXPENSE ACCOUNTS RECEIVABLE


    3900 15,250 9,500
    4200 13,400 2,875
    WITHDRAWAL UTILITIES EXPENSE
    6150 800
    DENAS SERVICE VEHICLE
    63,000

    NSE SUPPLIES
    8200
    2050

    RANCE DELIVERY REVENUE


    13900
    15,250
    13,400

    EIVABLE MISCELLANEOUS EXPENSE


    1700
    ENSE
    STEP 4 TRIAL BALANCE

    CARDENAS DELIVERY SERVICE


    TRIAL BALANCE
    FOR THE MONTH ENDING OCTOBER 31

    ACCOUNT TITLES DEBIT CREDIT


    CASH 10,225
    SERVICE VEHICLE 63,000
    SUPPLIES 10,250
    PREPAID INSURANCE 4,500
    ACCOUNTS RECEIVABLE 16,275
    NOTES PAYABLE 56,000
    ACCOUNTS PAYABLE 5,900
    CAPITAL 19,500
    WITHDRAWAL 6,150
    DELIVERY REVENUE 42,550
    RENT EXPENSE 2,950
    UTILITY EXPENSE 800
    SALARIES EXPENSE 8,100
    MISCELLANEOUS EXPENSE 1,700

    TOTALS 123,950 123,950

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