PRACTICE SET 1

Mr. Laban Deyro opened his laundry business in Ilolilo City on January 2, 2016. The
following transactions occured during the month of January 2016:

January
2 Invested Php.200,000 to his business. The trade name of the business was “MR.
LABANDERO”
3 Hired Allan and Allie who will manage his business
4 Collections from various customers for the day- Php 3,000
5 Purchase store supplies from Labada Store- Php 10,000
7 Collections from various customers for the day-Php 9,000
8 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the
business will do all the laundry of the hotel
9 Sikat Hotel availed the services of MR. LABANDERO amounting to Php 15,000.
Payment will be made on January 20, 2016
10 Collections from various customers for the day- Php 12,000
12 Purchase a washing machine amounting to Php 50,000
15 Collections from the various customers for the day - Php 20,000
19 Paid electricity bill for the month amounting to Php 18,000
20 Received payment from Sikat Hotel amounting to Php 15,000
21 Paid salaries of Allan and Allie- Php 15,000
22 Mr. Laban Deyro needed money for the hospitalization of his son. His withdrew
Php 18,000 from the business
25 Paid airfare ticket of Php 1,500 for the travel of Mr. Deyro to Manila to
negotiable a contract with Sosyal Hotel
26 Paid taxes to the City of Iloilo, Php 4,000
27 Purchased office supplies amounting to Php 12,000
28 Collections from various customer for the day- Php 5,000
29 Sosyal Hotel availed the services of MR. LABANDERO amounting to Php 15,000
payable on Feb 25, 2016

REQUIREMENTS:

1. Prepare the general journal entries for the above transactions ( ignore giving
explanation after every entry)

2. Post the following transactions to the general ledger

3. Prepare the unadjusted trial balance as of January 30, 2016.