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Ais Product Groupings - Problem

AIS answer key

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30 views3 pages

Ais Product Groupings - Problem

AIS answer key

Uploaded by

rainniellem
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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1. Start-up Integrated Accounting 8e.

2. Go to File and click New.


3. Enter your name in the User Name text box and click OK.
4. Save the file to your disk and folder with the file name (your name Business Solutions).
5. Go to set up and fill out the Company Info.
6. Go to Accounts and create a Chart of Accounts. For Capital and Drawing Account, enter your
name.
7. Create Vendor and Customer based on the given problem.
8. Go to Journal and post the following transactions:

Jhonny a Mechanic who works for an automotive company, decided to resign and open his own
Auto Repair Shop named Jhonny’s Garage in Mandaluyong City. Below are his initial capitals his starting
service business:

Cash P350,000
Automotive Equipment P250,000
Shop Furniture P40,000

Transactions during the month of August are as follows:

Aug 1 Paid three-month rent amounting to P45,000.


1 Paid advertisement poster amounting to P6,000.
1 Paid business tax to the municipal city of Mandaluyong amounting to P15,000.
2 Purchased shop’s supplies amounting for cash amounting to P10,000.
3 Paid P5,000 for repairs of rented premises of the shop.
3 Paid a cleaner amounting to P3,000 for cleaning the premises and the shop.
4 Received P5,000 from customer (Baki) for automotive check-up and repair
services.
4 (Jack) omitted his car for window tint.
5 Cash collection for the day for the shop’s services rendered P11,000.
6 Purchased automotive supplies amounting to P8,000 on account.
6 Another client (Retsu) omitted his car for check-up and repairs.
7 Received P 12,000 from customers for automotive services rendered.
8 Received payment from (Jack) for services rendered amounting to P12,000.

9 Billed (Retsu) P 10,000 for services rendered.


10 Paid miscellaneous services for electrical repair amounting to P1,000.
11 Rendered services on account amounting to P7,000.
12 Cash collection for the day amounts to P5,500 for services rendered.
13 Paid shop’s maintenance amounting to P5,000.
14 Cash collection for the day amounts to P6,000 for service rendered.
15 Paid salaries of 4 helpers amounting to P22,000.
16 Jhonny withdrew P15,000 for personal use.
17 Cash collection for the day amounts to P8,500 for services rendered.
18 Received internet and telephone bill amounting to P3,000.
19 Rendered services on account amounting to P8,500. (Joe)
20 Paid suppliers for laundry supplies purchased on August 6.
21 Purchased additional automotive equipment amounting to P50,000.
22 Cash collection for the day amounts to P7,500 for services rendered.
23 Cash collection from customers (Joe) for services rendered last August 19.
24 Paid equipment maintenance amounting to P6,000.
25 Received and paid electric bill amounting to P5,500.
26 Cash collection for the day amounts to P7,500 for services rendered.
27 Paid internet and telephone bill.
28 Purchased automotive supplies on account amounting to P5,000.
29 Withdrew P15,000 for personal use.
29 Received payment from (Retsu).
30 Paid salary of employees including overtime P 24,000.
30 Charged customers (Kaoru) for tire services and oil and filter change amounting to
P 18,000 to be received next month.
30 Gasoline cost for the month amounts to P4,000.
31 Paid P1,000 to business association for annual membership dues.
31 Paid additional expenses for office maintenance amounting to P2,000.

Display the following: (UNADJUSTED)


9. Display the Chart of Accounts.
10. Display the General Journal Report.
11. Display the Trial Balance
12. Record Expired rent for the month and office supplies on hand amounts to P4,000.
Display the following after adjustments:
(1) General Journal after adjustments, (2) Trial Balance, (3) Income Statement, (4) Balance Sheet

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