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QUESTION

Please complete the following. Preferably typewritten.

Required:

  1. Analyze the following transactions based on the expanded accounting equation.
  2. Journalize the transactions. Use the general journal and follow the formalities in journalizing.
  3. Post the transactions. Use T-accounts in posting.

Exercise 1

2021

Jan 1 Nigel Castro started a business called, The Gift Repair Shop by investing P10,000 cash.

3 Bought shop supplies for P500 cash.

5 Bought shop equipment on account from Hyundai P5,000.

7 Paid Hyundai P3,600 cash.

10 Rendered services for cash P1,000.

13 Rendered services on account to PNP P2,000.

15 Collected from PNP ½ of the account.

20 Paid rent for the month P1,500.

23 The owner withdrew P300 cash for personal use.

30 Paid tax and license for P500.

Exercise 2

2021

Feb 1 Ivy Santos invested P5,000 cash in Flawless Beauty Shop.

3 Bought manicure sets and other toiletries for shop use P1,500 cash.

5 Bought display cases, chairs and tables and standing mirror on account from Real

Beauty Supplies, P5,000.

6 Paid taxes and license for P300 cash.

12 Rendered services for cash P1,800.

15 Paid rent for the month P200 cash.

18 Rendered services on account to Access worth P2,000.

21 Bought additional dryers on account from Bree’s Beauty Shop for P2,000.

23 Paid the Philippine Inquirer P400 for advertisement.

25 Paid Real Beauty partially P1,000.

26 Collected from Access P500 to apply on account.

27 The owner, Ms. Ivy Santos withdrew P400 cash for personal use.

28 Paid the salaries and wages of employees for P500 cash.

Exercise 3

2021

Mar 2 Migo Cruz opened a TV Repair Shop by Investing P2,000 in the business.

4 Purchased shop supplies for cash P480.

6 Purchased additional supplies P250 and shop equipment P750 on credit

from Electronic Supplies Inc.

8 Repaired the TV set of Karl Reyes and collected P150 cash.

10 Paid electronic Supplies Inc P500 partial settlement of account due.

14 Repaired the TV set of John Rex on credit P180.

18 Paid the monthly utility bill P190.

22 Received P800 from various walk-in customers for repair services.

24 Withdrew P500 from business for personal use.

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