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Exercise No. 1 Accounting

The document records various business transactions throughout April for a painting business. It includes purchases of equipment, supplies, and a vehicle using cash and financing. It also records revenues from painting jobs, payments received from customers, wages paid to an assistant, and various business expenses. All transactions are to be recorded in a general journal using accounts for assets, liabilities, equity, revenues and expenses.

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Kristine Joy Ebrado
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2K views2 pages

Exercise No. 1 Accounting

The document records various business transactions throughout April for a painting business. It includes purchases of equipment, supplies, and a vehicle using cash and financing. It also records revenues from painting jobs, payments received from customers, wages paid to an assistant, and various business expenses. All transactions are to be recorded in a general journal using accounts for assets, liabilities, equity, revenues and expenses.

Uploaded by

Kristine Joy Ebrado
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 PDF, TXT or read online on Scribd
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April 2 Invested in the business painting equipment valued at P12,300 and placed

P71,000 in a business checking account

Ans: dr painiting equipment cr capital, dr cash credit capital

3 Acquired a service vehicle costing P80,000. Paid P50,000 cash and signed a

note for the balance

Ans: Dr service vehicle 80

Cr Cash 50

Cr Np. 30

4 Purchase painting supplies on account for P3,200

m
er as
Ans: Dr painting supplies, cr A

co
eH w
5 Completed a painting job and billed the customer P4,800

o.
rs e
Dr Accounts Receivable, Cr Painting revenue
ou urc
7 Received P1,500 cash for painting an apartment room

Dr Cash, Cr painting revenue


o
aC s

10 Purchase painting supplies for P1,600 cash.


vi y re

Dr paintings supplies, cr cash

11 Received a P4,800 check from the customer billed on April 5


ed d
ar stu

12 Paid P4,000 for an insurance policy for a one-year coverage.


is
Th

13 Billed a customer P6,200 for a painting job.


sh

14 Paid the assistant P1,500 for twenty-five hours work

15 Paid P400 for a tune-up of the service vehicle.

This study source was downloaded by 100000830134483 from CourseHero.com on 09-08-2021 08:08:24 GMT -05:00

https://www.coursehero.com/file/74993211/Exercise-no-1-Accountingdocx/
18 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 P600, due next month.

23 Received P3,300 in cash from the customer billed on April 13.

24 Transferred P3,000 to a personal checking account

25 Received P3,600 in cash for painting a two-room apartment

27 Paid P2,000 on the note signed for the service vehicle

29 Paid the assistant P1,800 for thirty hours’ work

m
er as
REQUIREMENT:

co
eH w
Record the transactions in general journal using the following account titles are : Cash,

o.
rs e
Accounts Receivable, Painting Supplies, Prepaid Insurance, Painting Equipment, Service
ou urc
Vehicle, Notes Payable, Accounts Payable, Virtudazo Capital, Virtudazo Withdrawals, Painting

Revenues, Wages Expense, Utilities Expense, Maintenance Expense


o
aC s
vi y re
ed d
ar stu
is
Th
sh

This study source was downloaded by 100000830134483 from CourseHero.com on 09-08-2021 08:08:24 GMT -05:00

https://www.coursehero.com/file/74993211/Exercise-no-1-Accountingdocx/
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