Name: __________________________________________ Date: ___________________

4.1 Template

Exercise # 4

On July 1, 2018, Mr. Apostol opened Car Rental and during the month completed the
following transactions for the new company:
July 1 Deposited P10,000 of his savings in a bank account in the name of the
company.
1 Paid the rent for the office for the month, P1,500.
2 Purchased 2 cars from Eastern Company for P20,000 on the basis of P4,000
down payment and P2,000 per month installment for one year. The first
payment is due on August 1.
5 Purchased office supplies from Red Company for P2,750 on credit.
8 Placed an advertisement in a local newspaper for P400 for cash.
15 Cash rental revenue for the first half of the month, P2,000.
21 Paid 1,500 of the amount owed to Red Company.
25 Apostol withdrew P3,000 from the company bank account to pay living
expenses.
31 Cash rental revenue for the second half of the month, P4,500.

Use the following account titles:

ACCOUNT ACCOUNT TITLES ACCOUNT ACCOUNT TITLES
NO. NO.
111 Cash 312 Apostol, Drawing
119 Office Supplies 411 Car Rental Revenue
144 Transportation Equipment 511 Rent Expense
212 Accounts Payable 512 Advertising Expense
311 Apostol, Capital

Brokenshire College Socsksargen Maria Cheryl T. Genterone Module 1

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