DOMINICAN COLLEGE OF TARLAC

FINAL EXAMINATION 1ST SEM 2019-2020

FUNDAMENTALS OF ACCOUNTING

Problem:
Jenny Light completed these transactions during December:

Dec. 2 Invested P120,000 to start an accounting practice , Jenny Light, Accountant.

2 Paid monthly office rent, P5,000.
3 Paid cash for an Acer computer, P30,000. The computer is expected to remain in
service for 5 years.
4 Purchased office furniture on account, P36,000. The furniture should last for 5 years.
5 Purchased supplies on account, P3,000.
9 Performed tax services for a client and received cash for the full amount of P8,000.
12 Paid utility expenses, P2,000.
18 Performed consulting service for a client on account, P17,000.
21 Received P9,000 in advance for tax work to be performed evenly over the next 30
days.
21 Hired a secretary to be paid P15,000 on the 20th day of each month.
26 Paid for the supplies purchased on December 5.
28 Collected P6,000 from the consulting client on December 18.
30 Withdrew P16,000 for personal use.

Here are the account titles used by Jenny Light, Accountant.

Cash Rent Expense

Accounts Receivable Utilities Expense
Supplies Salary Expense
Equipment Accumulated Depreciation- Equipment
Furniture Accumulated Depreciation- Furniture
Accounts Payable Salary Payable
Jenny Light, Capital Unearned Service Revenue
Jenny Light, Drawing Depreciation Expense- Equipment
Service Revenue Depreciation Expense- Furniture
Supplies Expense

Requirements:
1. Journalize the transactions. Use 2 Column Journal.
2. Post to the T-Accounts (General Ledger), keying all items by date. Indicate account balance.
3. Unadjusted Trial Balance