APPLICATION Time Frame: 1hr.

ASYNCHRONOUS

ASSESMENT
ACCT 11 -4

A. Direction: Using the general journal for (30 points) , General Ledger (20
points) and Trial balance (15 points) form provided for, journalize, post
and prepare the trial balance for the following transactions:

L. Lapid has just begun the operation of a cleaning and pressing business.
During January 2019 he completed the following transactions:

January1- L. Lapid invested P50,000 cash and cleaning equipment P50,000 to

start the business.
2- Paid the rent for the cleaning plant building, P9,500.
4- Purchased P22,000 cleaning equipment, giving P10,000 cash and a
promissory note on the balance.
6- Purchased cleaning supplies P1,200 from M. Marquez Supplies Co.
on credit.
8- Delivered cleaned clothes to customers and collected cash in full
payment, P12,000.
10- Delivered cleaned linen to Orchids Motel on credit, P14,500.
13- Paid the account due to M. Marquez Supplies Co.
14- Received payment from Orchids Motel.
15- Paid the wages of the employees, P15,000

L. Lapid Cleaning and Pressing Services

Chart of Accounts

Assets
011 Cash
012 Accounts Receivable
013 Cleaning Supplies

Liabilities
111 Accounts Payable
112 Notes Payable

Equity
211 Lapid, Capital

Income
311 Service Income

Expenses
411 Rent Expense
412 Wages Expense

General Journal
This study source was downloaded by 100000854321776 from CourseHero.com on 10-19-2022 01:16:09 GMT -05:00

https://www.coursehero.com/file/90218420/ACCT4-FABM2-Activity-24docx/
 Date Particulars L/F Debit Credit
Jan-01 Cash 011 P50,000
Cleaning Supplies 013 P50,000
Lapid, Capital 211 P100,000
To record: owner's Investment

Jan-02 Rent Expense 411 P9,500

Cash 011 P9,500
To record: payment for rent

Jan-04 Cleaning Supplies 013 P22,000

Cash 011 P10,000
Notes Payable 112 P12,000
To record: purchased cleaning equipment, P10,000 in cash and a promissory
note on the balance

Jan-06 Cleaning Supplies 013 P1,200

Accounts Payable 111 P1,200
To record: Purchased cleaning supplies from M. Marquez Supplies Co. on credit

Jan-08 Cash 011 P12,000

Service Income 311 P12,000
To record: Delivered cleaned clothes and collected cash

Jan-10 Accounts Receivable 012 P14,500

Service Income 311 P14,500
To record: delivered cleaned linen to Orchids Motel on credit

Jan-13 Accounts Payable 111 P1,200

Cash 011 P1,200
To record: paid account due to M. Marques Supplies Co.

Jan-14 Cash 011 P14,500

Accounts receivable 012 P14,500
To record: received payment from Orchids Motel

Jan-15 Wages Expense 412 P15,000

Cash 011 P15,000
To record: Paid wages to employees

General Ledger

This study source was downloaded by 100000854321776 from CourseHero.com on 10-19-2022 01:16:09 GMT -05:00

https://www.coursehero.com/file/90218420/ACCT4-FABM2-Activity-24docx/
 Account Cash Account no: 011
:
Date Particular Ref. Debit Credit Balance
1-Jan Investment
50,000.00 50,000.00
2-Jan Payment for rent 9,500.00
40,500.00
4-Jan Purchased cleaning equipment
10,000.00 30,500.00
8-Jan Service Income
12,000.00 42,500.00
13-Jan Accounts Payable 1,200.00
41,300.00
14-Jan Accounts Receivable
14,500.00 55,800.00
15-Jan Wages Expense
15,000.00 40,800.00

Account Accounts Receivable Account no: 012

:
Date Particular Ref. Debit Credit Balance
Delivered cleaned linen on credit 14,500.0 14,500.0
10-Jan 0 0
Received payment from Orchids 14,500.0
14-Jan Motel 0 0

Account Cleaning Supplies Account no: 013

:
Date Particular Ref. Debit Credit Balance
Investment 50,000.0
1-Jan 50,000 0
purchased cleaning equipment 72,000.0
4-Jan 22,000 0
Purchased cleaning supplies 73,200.0
6-Jan 1,200 0

Account Accounts Payable Account no: 111

:
Date Particular Ref. Debit Credit Balance
6-Jan Purchased cleaning supplies 1,200.00 1,200.00
13-Jan Paid account 1,200 0

Account Notes Payable Account no: 11

:
Date Particular Ref. Debit Credit Balance
12,000.0 12,000.0
4-Jan Purchased cleaning equipment 0 0

Account Lapid, Capital Account no: 211

:
Date Particular Ref. Debit Credit Balance
01-Jan Investment 100,000.00 100,000.00

Account Service Income Account no: 311

:
Date Particular Ref. Debit Credit Balance
08-Jan Delivered cleaned clothes 12,000.00 12,000.00

This study source was downloaded by 100000854321776 from CourseHero.com on 10-19-2022 01:16:09 GMT -05:00

https://www.coursehero.com/file/90218420/ACCT4-FABM2-Activity-24docx/
 10-Jan Delivered cleaned linen 14,500.00 26.500.00

Account Rent Expense Account no: 411

:
Date Particular Ref. Debit Credit Balance
02-Jan Paid rent 9,500.00 9,500.00

Account Wages Expense Account no: 412

:
Date Particular Ref. Debit Credit Balance
15-Jan Paid wages to employees 15,000.00 15,000.00

This study source was downloaded by 100000854321776 from CourseHero.com on 10-19-2022 01:16:09 GMT -05:00

https://www.coursehero.com/file/90218420/ACCT4-FABM2-Activity-24docx/

Powered by TCPDF (www.tcpdf.org)