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Zalameda Transaction

F. Zalameda CPA had various account balances as of July 1 including cash, transportation equipment, office equipment, furniture and fixtures, and professional library. Throughout July, transactions included payments for rent, parking, fees, purchases of office equipment, sales of assets, billing and receiving payment for services, and paying expenses like utilities, supplies, and salaries. The transactions need to be recorded in a two-column journal and posted to the ledger accounts.

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Leslie Ongrea
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80 views1 page

Zalameda Transaction

F. Zalameda CPA had various account balances as of July 1 including cash, transportation equipment, office equipment, furniture and fixtures, and professional library. Throughout July, transactions included payments for rent, parking, fees, purchases of office equipment, sales of assets, billing and receiving payment for services, and paying expenses like utilities, supplies, and salaries. The transactions need to be recorded in a two-column journal and posted to the ledger accounts.

Uploaded by

Leslie Ongrea
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 DOCX, PDF, TXT or read online on Scribd
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Supplementary Problem F.

Zalameda CPA
As of July 1, the books of F. Zalameda had the following balances:
Cash ---------------------------------------------------------------------P12,300
Transportation Equipment---------------------------------------------250,000
Office Equipment -------------------------------------------------------- 8,800
Office Furniture and Fixture ------------------------------------------- 15,600
Professional Library ----------------------------------------------------- 54,500
Zalameda, Capital --------------------------------------------------------341,200
For the month of July, the following transaction transpired:
July 2 Paid P1,500 for rent of the office for May.
4 Paid 300 for parking space for the car
6 Paid the city government for business registration fees and mayor’s permit P250.
8 Bought a new office table from Rex Furniture costing P910 on account payable in 30 days.
10 Sold an old office typewriter for P1,050 cash.
12 Sent a bill to Paramount trading amounting to P4,000 for accounting services rendered.
14 Receive a bill from PLDT for P510 for telephone services, to be paid later.
16 Paid P460 to a nearby Petron Service Station for oils and gasoline used on transportation vehicle
(use Maintenance & Repair).
18 Paid P808 for a new book in accounting.
20 Received P8,600 cash for accounting services rendered to various clients.
22 Paid P402 for electricity and water bill.
24 Paid P110 for office supplies and other petty expenses (use miscellaneous Expense).
26 Withdrew P1,000 cash for personal use of Mr. Zalameda.
28 Paid P650 for a new Casio desk calculator for office use.
31 Paid salary of employees P2,200.

Note: The beginning balances on July 1 are just account balances of a previous accounting period and need not
be journalized in the two-column journal. However, before posting the current transactions, the beginning balances
must be posted to their respective accounts in the ledger. On the first line on the balance side of each account
enter the following: July 1 in the Date column; the word “Balance” in the Particulars column; a check mark in the
Post Ref. column; and the amount in the money column. The check mark indicates no posting is necessary.
Required: 1. CYCLE of accounting

Chart of Accounts
Acct.No.
Cash-------------------------------------------------- 11
Accounts Receivable----------------------------- 12
Transportation Equipment--------------------- 13
Office Equipment--------------------------------- 14
Office Furniture & Fixtures--------------------- 15
Professional Library------------------------------ 16
Accounts Payable--------------------------------- 21
Zalameda, Capital--------------------------------- 31
Zalameda, Drawing------------------------------- 32
Income from Fees--------------------------------- 41
Salary Expense------------------------------------- 51
Rent Expense--------------------------------------- 52
Maintenance--------------------------------------- 53
Telephone & Telegram-------------------------- 54
Light & Water Expense-------------------------- 55
Taxes & Licenses---------------------------------- 56
Miscellaneous-------------------------------------- 57

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