Quiz Principle Financial Accounting & Reporting, part 1
Name: _______________________________________ Date:____________ Score:_________
Juan Ted is an experienced events planner. The transactions and accounts for the business are as follows:
Dec. 1 Invested P200,000 in cash to start his Dec. 1 Invested P200,000 in cash to start his own business. own business. Dec. 4 Paid P5,000 for one months rent. Dec. 4 Paid P5,000 for one months rent. Dec. 5 Bought office furniture for P15,000 in cash. Dec. 5 Bought office furniture for P15,000 in cash. Dec. 6 Received delivery of laptop computer, P54,000. Dec. 6 Received delivery of laptop Paid 50% down, balance due in 30 days. computer, P54,000. Paid 50% down, balance due in Dec. 8 Performed services for P12,000 in cash. 30 days. Dec. 10 Performed services for P10,800 on credit. Dec. 8 Performed services for P12,000 in cash. Dec. 11 Acquired a fax machine for P7,500; paid P3,000 Dec. 10 Performed services for P10,800 on in cash, balance due in 10 days. credit. Dec. 11 Acquired a fax machine for P7,500; Dec. 16 Received P5,400 from clients on account. paid P3,000 Dec. 19 Paid P10,000 for salaries. in cash, balance due in 10 days. Dec. 21 Settled in full the P4,500 balance for the fax machine. Dec. 16 Received P5,400 from clients on account. Dec. 26 Received P7,000 in cash for services performed. Dec. 19 Paid P10,000 for salaries. Dec. 27 Performed services for P12,000 on credit. Dec. 21 Settled in full the P4,500 balance Dec. 31 Received and paid P1,350 for the monthly telephone bill. for the fax machine. Dec. 26 Received P7,000 in cash for services Dec. 31 Received but did not paid P2,400 for the electric and water performed. bills. Dec. 27 Performed services for P12,000 on Dec. 31 Ted withdrew P7,000 in cash for personal expenses.
Required: Journalize the transactions using accounts, post them to appropriate accounts God Bless!
credit. Dec. 31 Received and paid P1,350 for the monthly telephone only the accounts established inbill. the chart of Dec. 31 Received but did not paid P2,400 in the ledger and finally, prepare a trial balance. for the electric and water bills. Dec. 31 Ted withdrew P7,000 in cash for personal expenses.
Accounting Cycle 1. Analyzing Transactions and applying rules of Debit and Credit 2. Journalizing 3. Posting 4. Preparation of Unadjusted Trial Balance
1 Corinthians 10:13 God keeps His promise, and He will not allow you to be tested beyond your power to remain firm; at the time you are put to the test, he will give you the strength to endure it, and so provide you with a way out
emmanuelgumpalbaccaycpa
JOURNAL page Date 2012 Dec Account Titles & Explanation 1 Cash Ted, Capital Invested capital
P.R. 110 310
1 Credit
Debit P200,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62
P200,000
LEDGER Account: Cash Date 1 2 3 4 5 6 7 8 9 10 11 12 13 Account: Accounts Receivable 1 2 3 4 Account: Office Furniture 1 2 Account: Office Equipment 1 2 3 Account: Accounts Payable 1 2 3 4 Account: Utilities Payable 1 2 Account: Ted, capital 1 2 2012 Dec 1 Invested capital
J-1
page Account No. Debit 200,000 Credit Balance
Explanation 1 Invested capital
J.R.
2012 Dec
J-1
1 200,000 2 3 4 5 6 7 8 9 10 11 12 13 Account No. 1 2 3 4 Account No. 1 2 Account No. 1 2 3 Account No. 1 2 3 4 Account No. 1 2 Account No. 1 200,000 Account No. 1 2 200,000 2
Account: Ted, withdrawals 1 2
LEDGER Account: Consulting Revenues 1 2 3 4 5 Account: Salaries Expense 1 2 Account: Supplies Expense 1 2 3 4 Account: Rent Expense 1 2 Account: Utilities Expense 1 2 3
page Account No.
2 1 2 3 4 5
Account No. 1 2 Account No. 1 2 3 4 Account No. 1 2 Account No. 1 2 3
Juan Ted Planners inc. Unadjusted Trial Balance as of December 31, 2012 D.R. Cash Accounts Receivable Office furniture Office equipment Accounts Payable Utilities Payable Ted, capital Ted, withdrawals Consulting Revenues Salaries Expense Rent Expense Utilities Expense Totals C.R
