College of Business and Accountancy

ACCTG 311 – Computerized Bookkeeping

Name: Jheilson S. Dingcong Date: 06/29/2021

Course & Year: BSBA 3 OM Class Schedule: 6:30 PM to 9:30 PM M-F

INSTRUCTIONS:
(1) Prepare a journal entry for the below transactions.
(2) Use proper accounting titles.
(3) When saving this file, use file name: Seat Work 01_<Last Name>
(4) Deadline: Refer to the LMS.

PROBLEM:
Maria Concepcion Jennifer Perez-Manalo started her own business under the name of MCJPM Trading. For
the year of operations Mrs. Manalo had the following:
1. Maria Concepcion Jennifer Perez-Manalo is a social entrepreneur from the south. She invested
P250,000 into this entity to start her own consultancy.
2. Rented Office space and paid two months' rent in advance. P6,000 per month.
3. Mrs Perez-Manalo issued a promissory note for a P210,000 loan from Metrobank.
4. Acquired service vehicle for P420,000 cash.
5. Paid prudential guarantee and assurance, Inc. P14,400 for a one-year comprehensive insurance
coverage on the service vehicle.
6. Acquired office equipment from Fair and Square Emporium for P60,000; paying P15,000 in cash and
the balance next month.
7. Purchased supplies on credit for P18,000 from San Jose Merchandising.
8. Paid San Jose Merchandising P10,000 of the amount owed.
9. Mr Perez-Manalo withdrew P14,000 for personal expenses.
10. Received the ICC-Bayan Tel Telephone bill, P1,400.
11. Settled the electricity bill of P3,000 for the month.
12. Total sales for the year, P590,000. 10% of which are returned by the customer. 5% discount was also
given.

COMPUTE: (based on the transactions above)

1. How much is the net sales? P 501,500
2. How much is the total expenses for the year? P 4,400
3. How much is the net income/loss for the year? P 497,100
4. What’s the balance of the cash and cash equivalent? P 473,100
5. How much is the total asset? P 997,500
6. How much is the total liability? P 264,400
7. How much is the total owner’s equity? P 733,100

1 Cash 250,000

Perez-Manalo, Capital 250,000

#
2 Prepaid Rent 6,000

Cash 6,000

3 Cash 210,000

Notes Payable 210,000

4 Service Vehicle 420,000

Cash 420,000

5 Prepaid Insurance 14,400

Cash 14,400

6 Office Equipment 60,000

Cash 15,000

Accounts Payable 45,000

7 Supplies 18,000

Accounts Payable 18,000

8 Accounts Payable 10,000

Cash 10,000

#
 9 Perez-Manalo, Withdrawal 14,000

Cash 14,000

10 Utilities Expense 1,400

Utilities Payable 1,400

11 Utilities Expense 3,000

Cash 3,000

12 Cash 501,500

Sales Returns and Allowances 59,000

Sales Discount 29,500

Sales 590,000