Scribd
Upload
3K views4 pages

Problems in Accounting

1. Record the January 2018 transactions in a general journal for the Leopoldo Medina Nursing Home. 2. Prepare a trial balance from the general journal listings. 3. Use the trial balance to make the financial statements, including an income statement and balance sheet, for the nursing home for January 2018.

Uploaded by

Raul Soriano Cabanting
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
3K views4 pages

Problems in Accounting

1. Record the January 2018 transactions in a general journal for the Leopoldo Medina Nursing Home. 2. Prepare a trial balance from the general journal listings. 3. Use the trial balance to make the financial statements, including an income statement and balance sheet, for the nursing home for January 2018.

Uploaded by

Raul Soriano Cabanting
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
You are on page 1/ 4

Problem # 1

In June 2009, Leo Paolo Perez, established the business, Perez Realty. Transactions completed during
the month follow:

June 2 – Deposited P 120,000 in a bank account for the business.


4 – Paid office rent for the month, P 7,000.
7 – Bought supplies consisting of stationary, folders and other office supplies for cash P 3,640.
8 – Bought office equipment consisting of personal computer, desktop calculator, shredder and a
check writer on account from Fair and Square Emporium, P 62,000.
10 – Received a bill from the Filipino times for advertising, P 3,820.
15 – Paid P 9,000 to Fair and Square Emporium as part payment on purchase of office equipment
recorded previously.
16 – Earned sales commissions, receiving cash P 31,600.
21 – Received and paid bill for utilities, P 1,480.
26 – Paid bill for advertising recorded previously, P 3,820.
29 – Paid car rental expenses used in tripping, 2,560.
30 – Perez withdrew cash for personal use, P 10,300.

Required:

Record the transactions for the month of June 2018 in a General Journal. Prepare trial balance and
financial statements. Use the following accounts: Cash; Accounts Receivable; Office supplies; Prepaid
Rent; Office Equipment; Accounts Payable; and Perez Capital. If the owner’s equity is affected by a
transaction, identify it as a revenue, expense, investment or withdrawal.
Problem # 2

Felipe Opiso started Opiso Industrial Spray Service on Apr. 1, 2018. During April, Opiso completed the
following transactions:

April 1 – Invested cash in the business, P60,000.


4 – Bought a service vehicle from Lacson Motors for P112,500, paying P22,500 in cash, with the
remainder due in thirty days.
7 – Bought spray equipment on account from Giron Company P 18,000.
11 – Paid rent for the month, P5,600.
12 – Paid cash for insurance on service vehicle for the year, P 5,760.
16 – Received cash for spray services done on a building, P21,750.
18 – Bought supplies for cash, P5,730.
20 – Billed customers on account for services performed, P4,440.
22 – Paid cash utilities, P960.
23 - Received a bill for gasoline used by the service vehicle during the month, P3,270.
26 – Receipts from cash customers, P16,420.
27 – Opiso withdrew cash for personal use P10,500.
30 – Paid salaries to employees, P 20,400.

Required:

Record the transactions for the month of April 2018 in a General Journal. Prepare trial balance and
financial statements. Use the following accounts: Cash; Accounts Receivable; Supplies; Prepaid Rent;
Prepaid Insurance; Spray Equipment; Service Vehicle; Accouns Payable; and Opiso, Capital. If the
owner’s equity is affected by a transaction, identify it as a revenue, expense, investment or withdrawal.
Problem # 3

Liwayway Ables, after receiving her degree in computer science, started her own business, Bicol
Technologies. She completed the following transactions during the month of May 2018.

May 2 – Deposited P 90,000 in the bank and contributed a systems library valued at P 39,000 to start the
business.
3 – Paid office rent for the month, 3,600.
9 – Acquired computer equipment for cash P70,000.
10 – Purchase computer supplies on credit, P 6,000.
11 – Received payment from a client for programming done, P 28,000.
12 – Billed a client on completion of a programming project, P7,100.
16 – Paid salaries, P 8,000.
23 – Received a partial payment from the client billed on May 12, P6,100.
27 – Withdrew P2,500 for personal expenses.
30 – Made a partial payment

Required:

Record the transactions for the month of May 2018 in a General Journal. Prepare trial balance and
financial statements. Use the following accounts: Cash; Accounts Receivable; Computer supplies;
Computer equipent; Systems Library; Accounts Payable; and Ables, Capital. If the owner’s equity is
affected by a transaction, identify it as a revenue, expense, investment or withdrawal.
Problem # 4

Presented below is the balance sheet for the Leopoldo Medina Nursing Home:

Leopoldo Medina Nursing Home


Statement of Financial Position
December 31, 2017

Assets

Cash P 16,000
Accounts Receivable 165,000
Supplies ` 21,000
Land 90,000
Nursing Home 350,000
Nursing Equipment 160,000
Total Assets P802,000
=======
Liabilities and Owner’s Equity
Liabilities
Notes Payable P 350,000
Accounts Payable 47,000
Total Liabilities P397,000

Owner’s Equity

Medina, Capital 405,000


Total Liabilities and Owner’s Equity ` P802,000
=======
During the month of January 2018, the following transactions took place:
Jan. 2 – Acquired supplies on account, P17,500.
6 – Collected P82,000 from patients for services provided in 2009.
10 – Acquired nursing equipment on account, P35,000.
11 – Billed patients P167,000 for nursing fees.
12 – Paid P31,000 on accounts payable.
17 – Paid nursing salaries, P24,000.
20 – Paid utilities expense, P 9,000.
25 – Medina withdrew P10,000 from the business.
27 – Received a bill from the Ryan Morales Ad Company for 12,500 for advertising expense
incurred during the month.
31 – Paid P15,000 of the notes payable.

Required:
Record the transactions for the month of January 2018 in the general journal. Make a trial balance and
financial statemens.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy