ADAMSON UNIVERSITY

COLLEGE OF BUSINESS ADMINISTRATION

ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE

For each of the businesses shown below, you are required to:

1. Post the amounts found in the journal entries to their respective accounts
2. Extract the balance of each account
3. Prepare the Trial Balance

Tricia Echevaria, a CPA, put up an accounting firm on December 1, 2019. The following
transactions were completed during the month:
Dec 01 Ms. Echevaria invested P200,000 as initial capital for her accounting firm.
Dec 01 Cash 200,000
Tricia, Capital 200,000

Dec 01 Paid office rent for the month, P16,400.

Dec 01 Rent Expense 16,400
Cash 16,400

Dec 01 Bought office supplies for cash, P15,500.

Dec 01 Supplies Expense 15,500
Cash 15,500

Dec 01 Bought computer from Mabuhay Equipment Corporation P80,000, paying 50%
down and the balance payable in 90 days.
Dec 01 Office Equipment 80,000
Cash 40,000
Accounts Payable 40,000

OR
Dec 01 Office Equipment 40,000
Cash 40,000

Office Equipment 40,000

Accounts Payable 40,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Dec 02 Office tables and chairs were purchased for cash P12,500.
Dec 02 Furniture & Fixture 12,500
Cash 12,500

Dec 03 Received cash from a client for accounting services rendered P5,000.
Dec 03 Cash 5,000
Professional Fees 5,000

Dec 03 Paid Meralco P4,000.

Dec 03 Utilities Expense 4,000
Cash 4,000

Dec 04 Billed several clients for services rendered P38,000.

Dec 04 Accounts Receivable 38,000
Professional Fees 38,000

Dec 08 Obtained a loan from Metrobank P200,000 in preparation for expansion.

Dec 08 Cash 200,000
Notes Payable 200,000

Dec 10 Received a 60-day note from a client for services rendered P12,000.
Dec 10 Notes Receivable 12,000
Professional Fees 12,000

Dec 15 Paid salaries of employees P16,500.

Dec 15 Salaries Expense 16,500
Cash 16,500

Dec 15 Ms. Echevaria withdrew P10,000 cash for her personal use.
Dec 15 Tricia, Drawing 10,000
Cash 10,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Dec 18 Bought on account divan for the office from Lemon Trading P15,000.
Dec 18 Furniture & Fixture 15,000
Accounts Payable 15,000

Dec 20 Issued a promissory note to Court Trading for a copying machine worth P32,000.
Dec 20 Office Equipment 32,000
Notes Payable 32,000

Dec 31 Paid municipal license P3,000.

Dec 31 Taxes & Licenses 3,000
Cash 3,000

Dec 31 Paid the salaries of employees P16,500.

Dec 31 Salaries Expense 16,500
Cash 16,500

Dec 31 Partially paid Lemon Trading, P4,000.

Dec 31 Accounts Payable 4,000
Cash 4,000

Dec 31 Partial collection of the accounts of clients P12,800 (refer to Dec 04).
Dec 31 Cash 12,800
Accounts Receivable 12,800
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Tricia Echevaria
Trial Balance
For the month ended Dec 31

Account Title DR CR
Cash 279,400
Notes Receivable 12,000
Accounts Receivable 25,200
Office Equipment 112,000
Furniture & Fixture 27,500
Accounts Payable 51,000
Notes Payable 232,000
Tricia, Capital 200,000
Tricia, Drawing 10,000
Professional Fees 55,000
Salaries & Wages 33,000
Rent Expense 16,400
Supplies Expense 15,500
Utilities Expense 4,000
Taxes & Licenses 3,000
-------------- --------------
Total 538,000 538,000
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 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Spencer Arboleda put up an auto repair shop under the business name Excellent Automotive
Repair Shop. The following transactions transpired during December:
Dec 01 The owner invested cash of P250,000 and tools costing P50,000.
Dec 01 Cash 250,000
Spencer, Capital 250,000

Tools 50,000
Spencer, Capital 50,000

OR
Dec 01 Cash 250,000
Tools 50,000
Spencer, Capital 300,000

Dec 01 Paid the December rent, P12,000.

Dec 01 Rent Expense 12,000
Cash 12,000

Dec 01 Bought repair supplies for cash, P6,000.

Dec 01 Repair Supplies Expense 6,000
Cash 6,000

Dec 01 Bought tables and chairs, P16,000.

Dec 01 Furniture & Fixture 16,000
Cash 16,000

Dec 01 Paid advertising, P5,000.

Dec 01 Advertising Expense 5,000
Cash 5,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Dec 01 Paid insurance premium, P6,000.
Dec 01 Insurance Expense 6,000
Cash 6,000

Dec 01 Bought repair equipment on credit, P29,300.

Dec 01 Repair Equipment 29,300
Accounts Payable 29,300

Dec 06 Cash received for repair services, P48,900.

Dec 06 Cash 48,900
Repair Services Fees 48,900

Dec 07 Issued a note to AB Co. for cabinet purchased, P10,000.

Dec 07 Furniture & Fixture 10,000
Notes Payable 10,000

Dec 07 Received a note from a Paul Pineda for services rendered P12,000.
Dec 07 Notes Receivable 12,000
Repair Services Fees 12,000

Dec 08 Billed Marlon Reyes for repair service rendered, P36,500 .

Dec 08 Accounts Receivable 36,500
Repair Services Fees 36,500

Dec 10 Bought office supplies on credit, P3,100.

Dec 10 Office Supplies Expense 3,100
Accounts Payable 3,100

Dec 10 Borrowed money from the bank for business expansion, P300,000 payable in 3
years.
Dec 10 Cash 300,000
Notes Payable 300,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Dec 11 The owner withdrew P12,000 for his personal use.
Dec 11 Spencer, Drawing 12,000
Cash 12,000

Dec 13 Paid Meralco P2,500 for electricity bill.

Dec 13 Utilities Expense 2,500
Cash 2,500

Dec 15 Paid the wages of the workers P16,000.

Dec 15 Salaries & Wages 16,000
Cash 16,000

Dec 18 The owner brought home tools for his personal use, P2,000.
Dec 18 Spencer, Drawing 2,000
Tools 2,000

Dec 19 Marlon Reyes paid his account in full.

Dec 19 Cash 36,500
Accounts Receivable 36,500

Dec 20 Repair service rendered on account to Roger Cortez, P28,400.

Dec 20 Accounts Receivable 28,400
Repair Services Fees 28,400

Dec 21 Bought computer on account, P21,600.

Dec 21 Office Equipment 21,600
Accounts Payable 21,600

Dec 23 Received partial payment from Roger Cortez, P8,400.

Dec 23 Cash 8,400
Accounts Receivable 8,400
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Dec 24 Cash received from various customers, P22,500.
Dec 24 Cash 22,500
Repair Services Fees 22,500

Dec 26 Repair service rendered on account to Sandy Cruz, P12,600.

Dec 26 Accounts Receivable 12,600
Repair Services Fees 12,600

Dec 27 Spencer collected in full the note from Paul Pineda.

Dec 27 Cash 12,000
Notes Receivable 12,000

Dec 27 Municipal licenses paid, P4,800

Dec 27 Taxes & Licenses 4,800
Cash 4,800

Dec 31 Spencer collected 50% of the account of Sandy Cruz.

Dec 31 Cash 6,300
Accounts Receivable 6,300
Dec 31 Paid the wages of workers P16,000..
Dec 31 Salaries & Wages 16,000
Cash 16,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Excellent Automotive Repair Shop
Trial Balance
For the month ended Dec 31

Account Title DR CR
Cash 588,300
Accounts Receivable 26,300
Repair Equipment 29,300
Office Equipment 21,600
Furniture & Fixture 26,000
Tools 48,000
Accounts Payable 54,000
Notes Payable 310,000
Spencer, Capital 300,000
Spencer, Drawing 14,000
Repair Service Fee 160,900
Salaries & Wages 32,000
Rent Expense 12,000
Repairs Supplies Expense 6,000
Insurance Expense 6,000
Advertising Expense 5,000
Taxes & Licenses 4,800
Office Supplies Expense 3,100
Utilities Expense 2,500
-------------- --------------
824,900 824,900
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 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Angela Mercado, a business graduate student who was working as an employee in
Think Digital Corporation, decided to become an entrepreneur, and put up an internet
shop. The following transactions were completed for the month of March, 2019:
Mar 01 Angela started an internet shop called Playnet.com by investing her
savings of PhP50,000, and the proceeds from the sale of her car of
PhP300,000.
Mar 01 Cash 350,000
Angela, Capital 350,000

OR
Mar 01 Cash 50,000
Angela, Capital 50,000

Cash 300,000
Angela, Capital 300,000

Mar 05 Angela hired two (2) workers to assist her in the shop.
Mar 05 No journal entry needed

Mar 10 Two-month Rent Deposit was paid in Cash, PhP10,000.

Mar 10 Rent Deposit 10,000
Cash 10,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Mar 15 Paid PhP15,000 for building materials to fix the shop, PhP8,000 for
Furniture, and PhP45,000 for two (2) air conditioning units.
Mar 15 Leasehold Improvement 15,000
Cash 15,000

Furniture & Fixture 8,000

Cash 8,000

Office Equipment 45,000

Cash 45,000

OR
Mar 15 Leasehold Improvement 15,000
Furniture & Fixture 8,000
Office Equipment 45,000
Cash 68,000

Mar 20 Purchased supplies for Cash, PhP1,500.

Mar 20 Supplies Expense 1,500
Cash 1,500

Mar 25 The shop was ready for the installation of the computer units. Angela
purchased twelve (12) units of desktop computer from Plug and Play
Enterprises. She paid 50% in Cash, PhP125,000, and issued a note for the
balance payable in twenty four (24) equal monthly installments starting
April 20, 2019.
Mar 25 Office Equipment 250,000
Cash 125,000
Notes Payable 125,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
OR
Mar 25 Office Equipment 125,000
Cash 125,000

Office Equipment 125,000

Notes Payable 125,000

Apr 02 Registered the business name with the Department of Trade and Industry
and paid PhP300.
Apr 02 Taxes & Licenses 300
Cash 300

Apr 05 Manila City Hall issued a business permit for PhP2,815.

Apr 05 Taxes & Licenses 2,815
Cash 2,815

Apr 08 The business was registered with the Bureau of Internal Revenue for
PhP500.
Apr 08 Taxes & Licenses 500
Cash 500

Apr 12 Paid PLDT for the business line and internet fee, PhP5,750.
Apr 08 Communication Expenses 5,750
Cash 5,750

Apr 18 Cash withdrawal for personal use by the owner, PhP1,500.

Apr 18 Angela, Drawing 1,500
Cash 1,500
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Apr 20 Paid the bill for electricity used, PhP800.
Apr 20 Utilities Expense 800
Cash 800

Apr 25 Rent was paid for PhP5,000.

Apr 25 Rent Expense 5,000
Cash 5,000

Apr 30 Summary of monitoring sheets showed a total of PhP18,500 collected from

players for Internet, On-Line, and LAN games.
Apr 30 Cash 18,500
Computer Rental Fees 18,500

Apr 30 Salaries of workers paid amounted to PhP10,000.

Apr 30 Salaries & Wages 10,000
Cash 10,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Playnet.com
Trial Balance
For the period ended April 30

Account Title DR CR
Cash 137,335
Office Equipment 295,000
Furniture & Fixture 8,000
Leasehold Improvement 15,000
Rent Deposit 10,000
Notes Payable 125,000
Angela, Capital 350,000
Angela, Drawing 1,500
Computer Rental Fees 18,500
Salaries & Wages 10,000
Communication Expense 5,750
Rent Expense 5,000
Taxes & Licenses 3,615
Supplies Expense 1,500
Utilities Expense 800
-------------- --------------
493,500 493,500
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 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Dr. Becky Moro, a cosmetic surgeon, signed a contract of lease and opened Scientific
Allure Clinic specializing in slimming, facial and skin treatments in Robinson’s Place
Manila. The following are the selected transactions for April, 2018:

Apr 01 Vicky invested P150,000 cash and P1,500,000 medical equipment in the
clinic.
Apr 01 Cash 150,000
Becky, Capital 150,000

Medical Equipment 1,500,000

Becky, Capital 1,500,000

OR
Apr 01 Cash 150,000
Medical Equipment 1,500,000
Becky, Capital 1,650,000

Apr 02 Bought furniture & fixture on account, costing P100,000 from Furniture
World.
Apr 02 Furniture & Fixture 100,000
Accounts Payable 100,000

Apr 05 Bought for cash, medical supplies worth P125,000.

Apr 05 Medical Supplies Expense 125,000
Cash 125,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Apr 07 A summary of botox treatments rendered showed: Cash patients, P215,000;
On Account patients, P95,000.
Apr 07 Cash 215,000
Treatment Fees Revenues 215,000

Accounts Receivable 95,000

Treatment Fees Revenues 95,000

OR
Apr 07 Cash 215,000
Accounts Receivable 95,000
Treatment Fees Revenues 310,000

Apr 10 Vicky invested additional cash of P175,000, and bought additional medical
equipment with it.
Apr 10 Cash 175,000
Becky, Capital 175,000

Medical Equipment 175,000

Cash 175,000

OR
Apr 10 Medical Equipment 175,000
Becky, Capital 175,000

Apr 15 Paid the salaries of the assistant doctor, nurse, and secretary, P20,000.
Apr 15 Salaries & Wages 20,000
Cash 20,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Apr 17 Becky collected 50% from the account botox treatment patients.
Apr 17 Cash 47,500
Accounts Receivable 47,500

Apr 20 A summary of facial treatments rendered showed: Cash patients, P80,000;

On Account patients, P45,000, of which P15,000 were collected.
Apr 20 Cash 80,000
Treatment Fees Revenues 80,000

Accounts Receivable 45,000

Treatment Fees Revenues 45,000

Cash 15,000
Accounts Receivable 15,000

OR
Apr 20 Cash 95,000
Accounts Receivable 30,000
Treatment Fees Revenues 125,000

Apr 24 Paid Furniture World P50,000.

Apr 24 Accounts Payable 50,000
Cash 50,000

Apr 25 Collected balance owed by the botox-treated customers.

Apr 25 Cash 47,500
Accounts Receivable 47,500
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Apr 27 Becky withdrew P5,000 for personal use.
Apr 27 Becky, Drawing 5,000
Cash 5,000

Apr 28 Rendered liposuction to a patient who gave a 30-day note for P50,000 and
paid the balance in cash P100,000.
Apr 28 Notes Receivable 50,000
Treatment Fees Revenues 50,000

Cash 100,000
Treatment Fees Revenues 100,000

OR
Apr 28 Notes Receivable 50,000
Cash 100,000
Treatment Fees Revenues 150,000

Apr 29 Paid for rent P20,000 which included the use of power and water, P5,000.
Apr 29 Rent Expense 15,000
Cash 15,000

Utilities Expense 5,000

Cash 5,000

OR
Apr 29 Rent Expense 15,000
Utilities Expense 5,000
Cash 20,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Apr 30 Paid PLDT, P3,500 and salaries, P20,000.
Apr 30 Communication Expense 3,500
Salaries & Wages 20,000
Cash 23,500

OR
Apr 30 Communication Expense 3,500
Cash 3,500

Salaries & Wages 20,000

Cash 20,000
 ADAMSON UNIVERSITY
COLLEGE OF BUSINESS ADMINISTRATION
ACCOUNTANCY DEPARTMENT
ANSWERS - TRIAL BALANCE
Scientific Allure Clinic
Trial Balance
For the month ended April 30

Account Title DR CR
Cash 411,500
Notes Receivable 50,000
Accounts Receivable 30,000
Medical Equipment 1,675,000
Furniture & Fixture 100,000
Accounts Payable 50,000
Becky, Capital 1,825,000
Becky, Drawing 5,000
Treatment Fees Revenues 585,000
Medical Supplies Expense 125,000
Salaries & Wages 40,000
Rent Expense 15,000
Utilities Expense 5,000
Communication Expense 3,500
-------------- --------------
2,460,000 2,460,000
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