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Acctg 1 - Prelim

Lino Bartolome opened a laundry shop and made various business transactions throughout March. He made an initial investment of 500,000 pesos, purchased equipment using a promissory note, and had various cash and credit sales. He also paid expenses such as insurance, taxes, salaries, rent, utilities and repairs. All transactions were recorded in the appropriate accounts according to the chart of accounts provided.

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Ralph Christer Maderazo
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1K views1 page

Acctg 1 - Prelim

Lino Bartolome opened a laundry shop and made various business transactions throughout March. He made an initial investment of 500,000 pesos, purchased equipment using a promissory note, and had various cash and credit sales. He also paid expenses such as insurance, taxes, salaries, rent, utilities and repairs. All transactions were recorded in the appropriate accounts according to the chart of accounts provided.

Uploaded by

Ralph Christer Maderazo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Instructions:

Journalize the following transactions on a yellow pad paper. STRICTLY NO ERASURES.

Lino Bartolome opened a laundry shop in Pagadian City. With the given chart of accounts,
record the following transactions:
ASSETS LIABILITIES OWNER’S INCOME EXPENSES
EQUITY
Cash in Bank Notes Payable L. Bartolome, Laundry Income Salaries Expense
Capital
Accounts Accounts L. Bartolome, Taxes and
Receivable Payable Drawing Licenses
Unused Laundry Accrued Laundry Utilities Expense
Supplies Income
Prepaid Repairs and
Insurance Maintenance
Laundry Rental Expense
Equipment
Delivery
Equipment

Transactions:

March 1- Opened an account with the BPI and made initial investment of P 500,000 under
savings account.
2- Bought laundry machine on account costing P 250,000 and issued a promissory
note.
5- Bought a second-hand multicab in cash for delivery purposes, P 85,000.
6- Bought laundry supplies on account, P 12,000.
7- Laundry income for the week. Cash- P 14,500,
Billings to various customers- P 10,300.
9- Paid P 5,000 for vehicle insurance.
11- Paid P 8,300 for taxes and licenses to the city government.
12- Partial Collection from customer account on March 7, P 2,300.
14- Laundry income for the week. Cash- P 30,000,
Billings to various customers- P 5,100.
16- Withdrew cash of P 5,000 for personal use.
18- Full Collection of customers’ accounts of March 7.
20- Partial collection of customers’ accounts on March 14, P 2,100.
21- Laundry income for the week. Cash- P 12,000,
Billings to various customers- P 15,000.
23- Received Cash for services yet to be rendered, P 3,000.
24- Full Collection of customers’ accounts of March 14.
25- 50% collection of customers’ accounts of March 21.
28- Laundry income for the week. Cash- P 15, 000,
Billings to various customers- P 25,000.
29- Full payment on the note issued on March 2 for the Laundry machine.
31- Paid the following expenses:
Salaries Expense- P 25,000
Rental Expense- 5,000
Utilities Expense- 10,000
Repairs and Maintenance 10,000

GOD BLESS!
RCAM2019

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