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Problem 91112

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13 views

Problem 91112

Uploaded by

estebanjazeljoy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Problem 9

Journalize all the transaction using dual entry system.

On April 1, 2018, liza Maramag established the Maramag Clinic.


Transactions completed during the month of July follow:

a. Maramag deposited P600,000 in a bank account in the name of the business.


b. Paid office rent for the month, PII2,OOO.
c. Bought supplies for cash, P22,750.
d. Bought professional equipment on account from angel martin, P 142,000.
e. Bought office equipment from S. Lacorte Computers, P18,700, paying P8, 700 in cash and the
balance on account.
f. Performed professional services for cash, P32,800.
g. Paid accounts to S. Lacorte Computers, P5,000.
h. Received and paid the bill for utilities, P2,830.
i. Paid salaries of the part-time assistants, P 10,000.
j. Performed professional services for cash, P37,250.
k. Manalo withdrew cash for personal use, P 16,000.

Required:
Record the transactions for the month of July 2018 using a financial transaction
worksheet. Use the following accounts: Cash; Accounts Receivable; Professional
Equipment; Office Equipment; Accounts Payable; and Manalo, Capital. If the owner's
equity account is affected by a transaction, identify it as revenue, expense, investment
or withdrawal.
Problem 11
Journalize all the transaction using dual entry system.

Elizabeth Salvador, a graphic artist, opened a studio for her professional practice on
Aug. 1, 2018. Transactions completed during the month follow:

a. Salvador deposited P155,OOO in a bank account in the name of the business.


b. Bought office equipment on account from Mandaluyong Equipment Inc., P41,200.
c. Salvador invested personal photographic equipment, P62,600.
d. Paid rent for the month, P5,000.
e. Bought supplies for cash, P3,450.
f. Acquired insurance for two years, P8,200.
g. Received cash P29,850 for graphic services rendered.
h. Paid salaries of the part-time assistants, P5,000.
i. Received and paid the bill for telephone service, P 730.
j. Paid cash for minor repairs to graphics equipment, P860.
k. Performed graphic services for cash, P29,360.
l. Paid accounts to Mandaluyong Equipment Inc., P5,200.
m. Salvador withdrew cash for personal use, PIO,OOO.

Required:
Record the transactions for the month of August 2018 using a financial transaction
worksheet. Use the following accounts: Cash; Accounts Receivable; Prepaid Insurance;
Photo Equipment; Office Equipment; Accounts Payable; and Salvador, Capital.
If the
owner's equity account is affected by a transaction, identify it as revenue, expense,
investment or
Problem 12
Recording Transactions in a journalizing entry using perpetual inventory system

On Mar. 1, 2018, Froilan Labausa established catering Service. Transactions


completed during the month are as follows:

a. Labausa deposited P 165,000 in a bank account in the name of the business.


b. Bought a service vehicle from Elpidio Motors for P194,900, paying P25,OOO in cash and placing
the balance on account.
c. Bought catering equipment on account from Quirino Equipment, P28,500.
d. Paid rent for the month, P6,200.
e. Rendered catering services for cash for the first half of the month, P24,200.
f. Bought supplies for cash, P 1,800.
g. Bought insurance for the service vehicle for one year, P4,OOO.
h. Received and paid the utilities bill, P6,040.
i. Received a bill from Manila Gas for gas and oil used by the service vehicle for the month, P6,080.
j. Rendered catering services on account, P28,240.
k. Performed catering services for cash for the remainder of the month, P25,200.
l. Paid salaries of the part-time assistants, PII,200.
m. Labausa withdrew cash for personal use, P15,500.

Required:
Record the transactions for the month of March 2018 using a financial transaction
worksheet. Use the following accounts: Cash; Accounts Receivable; Prepaid Insurance;
Service Vehicle; Equipment; Accounts Payable; and Labausa, Capital. If the owner's
equity account is affected by a transaction, identify it as revenue, expense, investment
or withdrawal.

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