Question

1. Journalize the following transactions. Use two-column worksheet. Establish your worksheet in Microsoft Word by inserting Tables. Formatted Tables will be given extra points. Example, Using the same table, 2. Prepare a Trial Balance 3. Prepare the Statement of Financial Position E. Flores is a painting contractor. During the month of April of the current year, he completed the following transactions: April 2 Invested in the business painting equipment valued at P52,300 and placed P271,000 in a business checking account. 2 Acquired a service vehicle costing P280,000. Paid P50,000 cash and signed a note for the balance. 3 Purchased painting supplies on account for P13,200. 4 Completed a painting job and billed the customer, P14,800. 7 Received a P12,500 cash for painting an apartment room. 10 Purchased painting supplies for P7,600 cash. 11 Received a P14,800 check from the customer billed on April 5. 12 Paid P4,000 for an insurance policy for a one-year coverage. 13 Billed a customer P16,200 for a painting job. 14 Paid the assistant P9,500 for twenty-five hours' work. 15 Paid P1,400 for a tune-up of the service vehicle. 13 Paid for the painting supplies purchased on April 4. 20 Purchased a new ladder for P6,000 and painting supplies for P2,900 on account. 22 Received a telephone bill for P700, due next month. 20 Received P16,200 in cash from the customer billed on April 13. 21 Transferred P30,000 to a personal checking account. 22 Received P13,600 in cash for painting a two-room apartment. 27 Paid P72,000 on the note signed for the service vehicle. 29 Paid the assistant P8,700 for thirty hours' work.

If you missed it. April 22 (Received a telephone bill for 700, due next month) I think you should include it in Journal entries or not. Thankyouuu , If im wrong kindly explain it.

Answer 1

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Dr Date April, 2 Particular Equipment A/C Bank A/C To Capital Cr 52300 271000 323300 April, 2 280000 Vehicle A/C To Bank To Note Payble 50000 230000 13200 April, 3 Supplies A/C To Bank A/C 13200 April, 4 14800 Account recievable A/C To Revenue A/C 14800 April, 7 12500 Bank A/C To Revenue 12500 7600 April, 10 Supplies A/C To Bank A/C 7600 14800 April, 11 Bank A/C To Account recievable A/C 14800 4000 April, 12 Insurance premium A/C To Bank A/C 4000 3666.67 April, 12 Prepaid Insurance A/C To Insurance premium A/C 3666.67 16200 April, 13 Account recievable A/C To Revenue A/C 16200 9500 April, 14 Wages A/C To Bank A/C 9500 1400 April, 15 Vehicle Maintenance Expenses Al To Bank A/C 1400 April, 20.. Ladder A/C Supplies A/C To Bank A/C 6000 29001 8900 16200 April, 20 Bank A/C To Account recievable A/C 16200 30000 April, 21 Drawing A/C To Bank A/C 30000 13600 April, 22 Bank A/C Revenue A/C 13600 April, 23 72000 Note Payble A/C To Bank A/C 72000 8700 April, 23 wages A/C To Bank A/C 8700 Total 850366.67 850366.7

Amount 57100 P&L A/C DR Amount CR Wages 18200 Revenue Supplies 23700 Insurance Premium 333.33 Vehicle Maintenance Expenses 1400 Profit 13466.67 57100 57100

Trial Balance Dr Cr 52300 306766.67 122800.00 280000 Particular Equipment Capital Bank Vehicle A/C Note Payble Account recievable Prepaid Insurance Ladder A/C Total 158000 0 3666.67 6000 464766.67 464766.67

Telephone Expences is not recorded because it will due in the next month.If is paid in advance in this month than advance must be recorded for this month.