NUMBER ANSWER NUMBER ANSWER NUMBER ANSWER
1 T 11 T 21 F
2 T 12 T 22 T
3 F 13 T 23 T
4 F 14 T 24 T
5 F 15 T
6 T 16 T
7 F 17 T
8 T 18 T
9 T 19 T
10 F 20 T
NUMBER ANSWER
1 B
2 A
3 C
4 C
5 C
6 D
7 B
General Journal
Date Particulars PR
20xx
Dec 1 Cash 101
Equity, Genoviva Abuan 301
To record initial investment
1 Expense - Taxes and Licenses 504
Cash 101
To record business permit and licenses
2 Photography Equipments 104
Cash 101
Accounts Payable 201
To record photography equipments
2 Photography Supplies 103
Accounts Payable 201
To record photography supplies
3 Office Equipments 105
Cash 101
To record office equipments
15 Cash 101
Service Income 401
To record professional service
15 Direct Charges - Salaries, Wages, and Benefits 501
Cash 101
To record wages to employees
17 Accounts Payable 201
Cash 101
To record payment to NickonCamera
18 Accounts Payable 201
Cash 101
To record payment to PhotoShop
Date Particulars PR
20xx
Dec 21 Expense - Communication, Light, and Water 503
Cash 101
To record telephone bill
24 Drawing, Genoviva Abuan 302
Cash 101
To record withdrawal for personal use
27 Accounts Receivable 201
Service Income 401
To record performed service receivable
27 Photography Supplies 103
Equity, Genoviva Abuan 301
To record photography suppplies bought using Abuan's own credit card
28 Cash 101
Accounts Receivable 102
To record payment received from clients
30 Cash 101
Service Income 401
To record professional service
30 Direct Charges - Salaries, Wages, and Benefits 501
Cash 101
To record wages to employees
30 Direct Charges - Rental 502
Cash 101
To record rent for the month
30 Expense - Communication, Light, and Water 503
Cash 101
To record electricity bill P3,500.00; water P500.00
Ledger
CASH
Journal # 1
Debit Credit Date Particulars
20xx
175,000.00 Dec 1 Initial Investment
175,000.00 1 Business Permit and Licenses
2 Photography Equipments
3 Office Equipments
3,500.00 15 Professional Service
3,500.00 15 Wages to Employees
17 Payment to NickonCamera
18 Payment to PhotoShop
70,000.00 21 Telephone Bill
35,000.00 24 Withdrawal for Personal Use
35,000.00 28 Payment Received from Clients
30 Professional Service
30 Wages to Employees
15,000.00 30 Office Rent for the Month
15,000.00 30 Elecricity Bill P3,500.00; Water P500.00
ACCOUNTS RECEIVABLE
22,000.00
22,000.00 Date Particulars
20xx
Dec 27 Service Performed
30,000.00 28 Payment Received from Clients
30,000.00
PHOTOGRAPHY SUPPLIES
10,000.00 Date Particulars
10,000.00 20xx
Dec 2 Photography Supplies
27 Photography Supplies from Abuan's Own Credit Card
35,000.00
35,000.00 PHOTOGRAPHY EQUIPMENTS
Date Particulars
15,000.00 20xx
15,000.00 Dec 2 Photography Equipments
Journal # 2 OFFICE EQUIPMENTS
Debit Credit
Date Particulars
1,000.00 20xx
1,000.00 Dec 3 Office Equipments
ACCOUNTS PAYABLE
5,000.00
5,000.00 Date Particulars
20xx
Dec 2 Photography Equipments from NickonCamera
10,000.00 2 Photography Supplies from PhotoShop
10,000.00 17 Payment to NickonCamera
18 Payment to PhotoShop
10,000.00 EQUITY, GENOVIVA ABUAN
10,000.00
Date Particulars
20xx
8,000.00 Dec 1 Initial Investment
8,000.00 27 Photography Supplies
DRAWING, GENOVIVA ABUAN
25,000.00
25,000.00 Date Particulars
20xx
Dec 24 Withdrawal for Personal Use
10,000.00
10,000.00 SERVICE INCOME
Date Particulars
10,000.00 20xx
10,000.00 Dec 15 Professional Service
27 Service Performed
30 Professional Service
4,000.00
4,000.00 DIRECT CHARGES - SALARIES, WAGES, AND BENEFITS
458,500.00 458,500.00 Date Particulars
20xx
Dec 15 Wages to Employees
30 Wages to Employees
DIRECT CHARGES - RENTAL
Date Particulars
20xx
Dec 30 Office Rent for the Month
EXPENSE - COMMUNICATION, LIGHT, AND WATER
Date Particulars
20xx
Dec 21 Telephone Bill
30 Elecricity Bill P3,500.00; Water P500.00
EXPENSE - TAXES AND LICENSES
Date Particulars
20xx
Dec 1 Business Permit and Licenses
Trial Balance
ASH Acc # 101.00
Balance
PR Debit Credit Debit Credit
J1 175,000.00 175,000.00
J1 3,500.00 171,500.00 Account No.
J1 35,000.00 136,500.00 101 Cash
J1 22,000.00 114,500.00 102 Accounts Receivable
J1 30,000.00 144,500.00 103 Photography Supplies
J1 10,000.00 134,500.00 104 Photography Equipment
J1 35,000.00 99,500.00 105 Office Equipment
J1 15,000.00 84,500.00 201 Accounts Payable
J2 1,000.00 83,500.00 301 Equity, Genoviva Abuan
J2 5,000.00 78,500.00 302 Drawing, Genoviva Abua
J2 8,000.00 86,500.00 401 Service Income
J2 25,000.00 111,500.00 501 Direct Charges - Salaries,
J2 10,000.00 101,500.00 502 Direct Charges - Rental
J2 10,000.00 91,500.00 503 Expense - Communicatio
J2 4,000.00 87,500.00 504 Expense - Taxes and Lice
Total
S RECEIVABLE Acc # 102.00
Balance
PR Debit Credit Debit Credit
J2 10,000.00 10,000.00
J2 8,000.00 2,000.00
APHY SUPPLIES Acc # 103.00
Balance
PR Debit Credit Debit Credit
J1 15,000.00 15,000.00
J2 10,000.00 25,000.00
HY EQUIPMENTS Acc # 104.00
Balance
PR Debit Credit Debit Credit
J1 70,000.00 70,000.00
QUIPMENTS Acc # 105.00
Balance
PR Debit Credit Debit Credit
J1 22,000.00 22,000.00
TS PAYABLE Acc # 201.00
Balance
PR Debit Credit Debit Credit
J1
J1 35,000.00 35,000.00
J1 15,000.00 50,000.00
J1 35,000.00 15,000.00
15,000.00 -
NOVIVA ABUAN Acc # 301.00
Balance
PR Debit Credit Debit Credit
J1 175,000.00 175,000.00
J2 10,000.00 185,000.00
ENOVIVA ABUAN Acc # 302.00
Balance
PR Debit Credit Debit Credit
J2 5,000.00 5,000.00
E INCOME Acc # 401.00
Balance
PR Debit Credit Debit Credit
J1 30,000.00 30,000.00
J2 10,000.00 40,000.00
J2 25,000.00 65,000.00
RIES, WAGES, AND BENEFITS Acc # 501.00
Balance
PR Debit Credit Debit Credit
J1 10,000.00 10,000.00
J2 10,000.00 20,000.00
RGES - RENTAL Acc # 502.00
Balance
PR Debit Credit Debit Credit
J2 10,000.00 10,000.00
ATION, LIGHT, AND WATER Acc # 503.00
Balance
PR Debit Credit Debit Credit
J2 1,000.00 1,000.00
J2 4,000.00 5,000.00
XES AND LICENSES Acc # 504.00
Balance
PR Debit Credit Debit Credit
J1 3,500.00 3,500.00
458,500.00 458,500.00
GREAT IMAGE
Trial Balance
December 31, 20xx
Account Title Debit Credit
87,500.00
Accounts Receivable 2,000.00
Photography Supplies 25,000.00
Photography Equipment 70,000.00
Office Equipment 22,000.00
Accounts Payable -
Equity, Genoviva Abuan 185,000.00
Drawing, Genoviva Abuan 5,000.00
Service Income 65,000.00
Direct Charges - Salaries, Wages, and Benefits 20,000.00
Direct Charges - Rental 10,000.00
Expense - Communication, Light, and Water 5,000.00
Expense - Taxes and Licenses 3,500.00
250,000.00 250,000.00
CITY LAUNDRY COMPANY
Trial Balance
February 28, 20xx
Account No. Account Title Debit
101 Cash 51,950.00
102 Accounts Receivable 18,000.00
103 Allowance for Bad Debts
104 Laundry Materials and Supplies 5,800.00
105 Prepaid Insurance 4,000.00
106 Laundry Equipments 150,000.00
107 Accum. Depreciation - Laundry Equipments
201 Accounts Payable
202 Salaries Payable
203 Long-Term Loan Payable
301 Lily Aquino, Equity
302 Lily Aquino, Drawing 20,000.00
303 Income and Expense Summary
401 Service Income
501 Direct Charges - Salaries, Wages, and Benefits 30,000.00
502 Direct Charges - Materials, Supplies, and Facilities 4,500.00
503 Direct Charges - Depreciations 2,500.00
504 Direct Charges - Rental 12,000.00
505 Expense - Insurance 800.00
506 Expense - Miscellaneous 750.00
507 Expense - Communication 1,000.00
301,300.00
1 What is the amount of total current assets?
2 What is the amount of total non-current assets?
3 What is the amount of total assets?
4 What is the amount of total current liabilities?
5 What is the amount of total non-current liabilities?
6 What is the amount of total liabilities?
7 What is the amount of Equity at the End of the period?
8 What is the amount of gross income?
9 What is the amount of cost of services?
10 What is the amount of operating expenses?
11 What is the amount of net income?
Credit
1,000.00
2,500.00
22,800.00
-
100,000.00
75,000.00
-
100,000.00
301,300.00
78,750.00
147,500.00
226,250.00
22,800.00
100,000.00
122,800.00
103,450.00
100,000.00
49,000.00
2,550.00
48,450.00
