FABM 1 - Quiz No.

1 (2nd part) TRANSACTIONS:

March 27, 2021
July
Diana Fe Co. - Chart of Accounts

Account No. Account Titles Account No. Account Titles

ASSETS CAPITAL
101 Cash 401 Diana Fe, Capital
102 Accounts Receivable 402 Diana Fe, Drawing
103 Notes Receivable
104 Advances to Employees REVENUES
105 Unused Supplies 501 Service Income
201 Office Equipment
202 Service Vehicle EXPENSES
203 Furnitures and Fixtures 601 Advertising Expense
602 Salaries and Wages Expense
LIABILITIES 603 Rent Expense
301 Accounts Payable 604 Utilities Expense
302 Notes Payable 605 Taxes and Licenses Expense
303 Salaries and Wages Payable 606 Miscellaneous Expense
304 Loans Payable
TRANSACTIONS:

1 Ms. Diana Fe invested P 750,000 cash in the business.

2 Purchased for cash a second hand car amounting to P 300,000 to be used in the business.
4 Purchased supplies on account worth P 7,500.
7 Billed customers for services rendered amounting to P 22,500.
9 Rendered services to customers for cash, P 15,000
11 Paid the advertisement of the business amounting to P3,000.
14 Invested additional cash in the business, P 150,000.
15 Purchased P 75,000 worth of office equipment on account with a written promise to pay next week.
17 Issued check in payment for the supplies purchased on July 4.
18 Received P 22,500 cash from customers billed on July 7.
22 Purchased additional P 7,500 worth of office supplies for cash.
24 Issued check in payment for the promissory note issued on July 15.
28 Paid creditor on account, P 4,500.
29 The owner withdrew P 7,500 cash for personal use.
31 Paid the salary of staff, P 18,000.

Requirements:
1. Journalize all transactions of Diana Fe Co. for July 2018. A Chart of Account is provided to you.
2. Post to individuals T-accounts. Find balances of each account.
3. Prepare Unadjusted Trial Balance as of July 31, 2018.
An answer tab/template is provided on the next tab for you.
pay next week.
1. Journal Entries:

Date Account Titles and Explanations Ref. No.

1-Jul-18 Cash 101
Ms. Diana, Capital 401
To record initial investment

2-Jul-18 Service Vehicle 202

Cash 101
To record purchase of service vehicle

4-Jul-18 Unused Supplies 105

Accounts Payable 301

To record purchase of supplies on Account

7-Jul-18 Accounts Receivables 102

Service Income 501
To record service billed to customer

9-Jul-18 Cash 101

Service Income 501
To record service rendered

11-Jul-18 Advertising Expense 601

Cash 101
To record advertising expense

14-Jul-18 Cash 101

Ms. Diana Fe, Capital 401
To record additional cash investments

15-Jul-18 Office Equipment 201

Notes Payables 302
To record promisory note

17-Jul-18 Accounts Payables 301

Cash 101
To record issued check for July 4

18-Jul-18 Cash 101

Accounts Receivables 102
To record

22-Jul-18 Unused Supplies 105

 Cash 101
To record purchase of office supplies

24-Jul-18 Notes Payables 302

Cash 101
To record issuance of check for July 15

28-Jul-18 Accounts Payables 301

Cash 101
To record payment on account

29-Jul-18 Ms Diana Fe, Drawings 402

Cash 101
To record drawings for personal use

31-Jul-18 Salaries and wages Expense 602

Cash 101
To record salaries expense

TOTAL BALANCE

2. Trial Balance
Diana Fe Company
Trial Balance
as of July 31,2018
DEBIT
101 Cash ₱514,500.00
102 Accounts Receivable ₱0.00
103 Notes Receivable
104 Advances to Employees
105 Unused Supplies ₱15,000.00
201 Office Equipment ₱75,000.00
202 Service Vehicle ₱300,000.00
203 Furnitures and Fixtures
301 Accounts Payable
302 Notes Payable
303 Salaries and Wages Payable
304 Loans Payable
401 Diana Fe, Capital
402 Diana Fe, Drawing ₱7,500.00
501 Service Income
601 Advertising Expense ₱3,000.00
602 Salaries and Wages Expense ₱18,000.00
603 Rent Expense
604 Utilities Expense
605 Taxes and Licenses Expense
606 Miscellaneous Expense
TOTAL: ₱933,000.00
 2. Posting to T-Accounts

Debit Credit 101-Cash

₱750,000.00 Date P/R Debit
₱750,000.00 01-Jul-18 ₱750,000.00
02-Jul-18
09-Jul-18 ₱15,000.00
₱300,000.00 11-Jul-18
₱300,000.00 14-Jul-18 ₱150,000.00
17-Jul-18
18-Jul-18 ₱22,500.00
₱7,500.00 22-Jul-18
₱7,500.00 24-Jul-18

28-Jul-18
29-Jul-18
₱22,500.00 31-Jul-18
₱22,500.00
Total ₱937,500.00
Balance ₱514,500.00
₱15,000.00
₱15,000.00 203-Furniturs and Fixtures
Date P/R Debit

₱3,000.00
₱3,000.00

₱150,000.00
₱150,000.00

₱75,000.00
₱75,000.00

₱7,500.00 Total -
₱7,500.00 Balance -

501-Service Income
₱22,500.00 Date P/R Debit
₱22,500.00 07-Jul-18
09-Jul-18

₱7,500.00
 ₱7,500.00

₱75,000.00
₱75,000.00

₱4,500.00
₱4,500.00
Total ₱-
Balance
₱7,500.00
₱7,500.00

₱18,000.00
₱18,000.00

₱1,465,500.00 ₱1,465,500.00

CREDIT

-₱4,500.00
₱0.00

₱900,000.00

₱37,500.00
₱933,000.00
 102-Accounts Receivable
Credit Date P/R Debit Credit
07-Jul-18 ₱22,500.00
₱300,000.00 ₱22,500.00

₱3,000.00

₱7,500.00

₱7,500.00
₱75,000.00

₱4,500.00
₱7,500.00
₱18,000.00

₱423,000.00 Total ₱22,500.00 ₱22,500.00

Balance ₱0.00

ixtures 301-Accounts Payable

Credit Date P/R Debit Credit
04-Jul-18 ₱7,500.00
17-Jul-18 ₱7,500.00
28-Jul-18 ₱4,500.00

- Total ₱12,000.00 ₱7,500.00

Balance -₱4,500.00

ome 601-Advertising Expense

Credit Date P/R Debit Credit
₱22,500.00 11-Jul-18 ₱3,000.00
₱15,000.00
₱37,500.00 Total ₱3,000.00 ₱-
₱37,500.00 Balance ₱3,000.00
 103- Notes Receivable 104-Advances to Employees
Date P/R Debit Credit Date P/R Debit

Total - - Total -
Balance - Balance -

302-Notes Payable 303-Salaries and Wages

Date P/R Debit Credit Date P/R Debit
15-Jul-18 ₱75,000.00
24-Jul-18 ₱75,000.00

Total ₱75,000.00 ₱75,000.00 Total -

Balance ₱0.00 Balance

602-Salaries and Wages Expense 603-Rent Expense

Date P/R Debit Credit Date P/R Debit
31-Jul-18 ₱18,000.00
Total ₱18,000.00 ₱- Total -
Balance ₱18,000.00 Balance -
s to Employees 105-Unused Supplies 201-Office Equip
Credit Date P/R Debit Credit Date
04-Jul-18 ₱7,500.00 15-Jul-18
22-Jul-18 ₱7,500.00

- Total ₱15,000.00 ₱- Total

Balance ₱15,000.00 Balance

s and Wages 304-Loans Payable 401-Diana Fe,C

Credit Date P/R Debit Credit Date
01-Jul-18
14-Jul-18

- Total - - Total
- Balance - Balance

t Expense 604-Utilities Expense 605-Taxes and Licens

Credit Date P/R Debit Credit Date
- Total - - Total
Balance - Balance
 201-Office Equipment 202-Service Vehicle
P/R Debit Credit Date P/R Debit Credit
₱75,000.00 02-Jul-18 202 ₱300,000.00

₱75,000.00 ₱- Total ₱300,000.00 ₱-

₱75,000.00 Balance ₱300,000.00

401-Diana Fe,Capital 402-Diana Fe,Drawing

P/R Debit Credit Date P/R Debit Credit
₱750,000.00 29-Jul-18 402 ₱7,500.00
401 ₱150,000.00

0 ₱900,000.00 Total ₱7,500.00 0

₱900,000.00 Balance ₱7,500.00

605-Taxes and Licenses Expense 605-Miscellaneous Expense

P/R Debit Credit Date P/R Debit Credit
- - Total ₱- ₱-
- Balance ₱-