ABM Chapter 5 Books of Accounts

Sample Exercises
Listed are transactions of Len and Vo, INC. for October 2014. On the line before each
number, write the book of original entry or special journal where each is to be
journalized.

______ 1. Sold merchandise on account, P80,000

______ 2. Bought goods from supplier, P70,000
______ 3. Paid phone bills of P13,500
______ 4. Set up the petty cash fund, P12,000
______ 5. Collected from customers Joe Go, P52,000
______ 6. Bad debt of P8,000 is recorded
______ 7. Purchased merchandise costing P21,000
______ 8. The depreciation for the month is P25,000
______ 9. Cash sales to Nani Jones is P6,000
______ 10. P1,000 repair on equipment is paid.