NAME: __________________________ SECTION: _________________________
Practice Set No. 1 (Friendly Trucking)
On April 1, 2016, Nels Ferrer organized a business called Friendly Trucking. During april, the company
entered into the following transactions:
April
1 Nels Ferrer invested Php 500,000 in the name of the business.
1 Purchased for Php 250,000 a transportation equipment to be use in the business. Nels paid 50%
as down payment while the balance will be paid on May 15, 2016
1 Paid rental for the month of April, Php 5,000
5 Earned and collected trucking income from Ryan, Php 8,000
8 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8,2016
10 Paid salaries of drivers, Php 10,000
15 Rented the vehicle to Joshua for Php 35,000, Joshua paid Php 20,000 on that date and the
balance on April 20
18 Paid electric bills for the month , Php 2,000
20 Collected from Joshua the balance of his April 15 account
25 Purchased office supplies , Php 2,300
29 Earned and collected trucking income from Jay Php 18,000
Prepare
1. Chart of Accounts 3. Ledger
2. Journal 4. Unadjusted Trial Balance
GENERAL JOURNAL
Date Transaction and Explanation PR Debit Credit
LEDGER
ASSETS
Cash Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
Accounts Receivable Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
Transportation Equipment Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
LIABILITIES
Accounts Payable Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
OWNERS EQUITY
Vicente Capital Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
INCOME
Service Revenue Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
EXPENSES
Rental Expense Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
Salaries Expense Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
Utilities Expense Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
Supplies Expense Account No. ____
Date Particular Ref Debit Date Particular Ref Credit
FRIENDLY TRUCKING
FRIENDLY TRUCKING
UNADJUSTED TRIAL BALANCE
CHART OF ACCOUNTS
APRIL 30, 2016
ACCOUNT TITLE DEBIT CREDIT
