University of the East – Manila

HBA 111 – Fundamentals of Accounting 1

Quiz # 3
NAME:__________________________________________
SECTION:___________ DATE:________________ SCORE:_________

I. Identify the following transactions on what will be their effect to the accounting equation. Put + for increase, and – for decrease on the corresponding column.

Assets Liabilities Equity

1. Withdrew cash for personal use
2. Recorded expenses payable next month
3. Paid the bank loan obtained last month
4. Purchased additional equipment on account
5. Collection of cash from previously billed customers
6. Investment of cash to the business
7. Acquired a piece of land by paying cash

II. Journalize the following transactions of SANA OIL Beauty parlor, owned by Zebiana B., for the second month of operations in February 2019 using the chart of
accounts provided.

CHART OF ACCOUNTS:
Cash Supplies Equipment Utilities Payable Zebiana B., Drawing Salaries Expense Service Revenue
Accounts Receivable Furniture Accounts Payable Zebiana B., Capital Loands Payable Utilities Expense Repairs Expense

Date
3 Ordered chemical supplies worth 5,000 on account
5 Rendered hair treatment to a customer on account for 3,800
7 Paid the electricity bill previously recorded as payable last month, 2,750
10 Made repairs on the air-conditioning unit paying 1,200
12 Collected 60% of the services billed last Feb. 5
15 Paid the salaries of the 3 parlor assistants, 3,500 each
17 Customers paid a total of 10,360 for services rendered to them
19 Invested additional furniture worth 4,000
21 Received the water and electricity bill for the current billing period, total of 4,200 intended to be paid next month
23 Paid the transaction last Feb. 3 in full for the supplies ordered

DATE ACCOUNT TITLES DEBIT CREDIT