This Study Resource Was: Task No. 1

Task no.
1
Mr. Laban Deyro opened his laundry business in Iloilo City on January 2, 2016. The following transactions occurred
during the month of 2016.
Required Tasks:
1. Prepare the general journal entries
 1/2/16 - Invested Php 500,000 to his business. The trade name of the business was “MR.
LABANDERO’’
 1/3/16 - Hired Allan and Allie who will manage his business.
 1/4/16 - Collections from various customers for the day – Php 3,000
m
 1/5/16 - Purchase store supplies from Labada Store – Php 10,000
er as
co
eH w
 1/8/16 - MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the
business will do all the laundry.
o.

rs e
1/9/16 - Sikat Hotel availed the services of MR. LABANDERO amounting to Php 15,000.
ou urc
Payment will be made on Jan.20,2016.
 1/12/16 - Purchase a washing machine amounting to Php 50,000
o
aC s
 1/19/16 - Paid electricity bill for the month amounting to Php 18,000
vi y re
 1/20/16 - Received payment from Sikat Hotel amounting to Php 15,000

 1/22/16 - Mr. Laban Deyro needed money for the hospitalization of his son. He withdrew
Php 18,000 from the business.
ed d
 1/25/16 - Paid airfare ticket of Php 1,500 for the travel of Mr. Deyro to Manila to
ar stu
negotiate a contract with Sosyal Hotel

 1/26/16 - Paid taxes to the City of Iloilo, Php 4,000
 1/27/16 - Purchased office supplies amounting to Php 12,500
is
 1/28/16 - Collections from various customer for the day – Php 5,000
Th
 1/29/16 - Sosyal Hotel availed the services of MR. LABANDERO amounting to Php 15,000
and payable on Feb 25,2016.
sh
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Answers:
(✔) (Correct)
 1/2/16 - Invested Php 500,000 to his business. The trade name of the business was “MR.
LABANDERO’’
Entry:
General Journal
Date Account Title and Explanation Ref Debit Credit
1 /2/16 Cash 500,000
Mr. Laban Deyro, Capital 500,000
m
To record the initial investment of
er as
owner Mr. Deyro
co
eH w
(✔) (Correct)
o.
rs e
ou urc
 1/3/16 - Hired Allan and Allie who will manage his business.
NO ENTRY
o
(✔) (Correct)
aC s
vi y re
Entry:
ed d
General Journal
ar stu

1/4/16 Cash 3,000
Service Revenue 3,000
To record the collections from
is
various customers
Th
sh
(✔) (Correct)
 1/5/16 - Purchase store supplies from Labada Store – Php 10,000.
Entry:
General Journal
1/5/16 Store supplies 10,000
Cash 10,000
To record purchase of store supplies
from Labada Store.
m
er as
(✔) (Correct)
co
eH w
 1/7/16 - Collections from various customers for the day – Php 8,000.
o.
Entry:
rs e
ou urc
General Journal
1/7/16 Cash 8,000
o

aC s
To record the collections from various

vi y re
customers.
(✔) (Correct)
ed d
ar stu
 1/8/16 - MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the
business will do all the laundry.
NO ENTRY
is
Th
sh
(✔) (Correct)
 1/9/16 - Sikat Hotel availed the services of MR. LABANDERO amounting to Php 15,000.
Payment will be made on Jan.20,2016.
Entry:
General Journal
Date Account Title Ref Debit Credit
1/9/16 Accounts Receivable 15,000
To record the Sikat Hotel availed
services to MR. LABANDERO.
m
(✔) (Correct)
er as
co
eH w
o.
Entry:
rs e
ou urc
General Journal
1/10/16 Cash 12,000
o

aC s
To record the collections from

vi y re
various customers.
(✔) (Correct)
ed d
ar stu
 1/12/16 - Purchase a washing machine amounting to Php 50,000
Entry:
is
General Journal
Th
1/12/16 Equipments 50,000

Cash 50,000
To record the purchase for a washing
machine.
sh
(✔) (Correct)
Entry:
General Journal
1/15/16 Cash 20,000
To record the collections from the
various customers.
(✔) (Correct)
m
 1/19/16 - Paid electricity bill for the month amounting to Php 18,000
er as
co
Entry:
eH w
General Journal
o.
1/19/16 rs e Utility Expense 18,000
ou urc
Cash 18,000
To record the paid electricity bill for the month.
o
aC s
vi y re
(✔) (Correct)
 1/20/16 - Received payment from Sikat Hotel amounting to Php 15,000.
ed d
Entry:
ar stu
General Journal
is
1/20/16 Cash 15,000

Accounts Receivable 15,000
Th
To record the payment received from Sikat Hotel.

sh
(✔) (Correct)
 1/22/16 - Mr. Laban Deyro needed money for the hospitalization of his son. He withdrew Php
18,000 from the business.
Entry:
General Journal
1/22/16 Mr. Labandeyro, Drawing 18,000
Cash 18,000
To record the money used for hospitalization of Mr.
Laban Deyro’s son.
(✔) (Correct)
m
er as
1/25/16 - Paid airfare ticket of Php 1,500 for the travel of Mr. Deyro to Manila to negotiate a
co
contract with Sosyal Hotel
eH w
Entry:
o.
rs e General Journal
ou urc
1/25/16 Transportation Expense 1,500
Cash 1,500
o
To record the money used to paid the airfare ticket.

aC s
vi y re
(✔) (Correct)
 1/26/16 - Paid taxes to the City of Iloilo, Php 4,000
ed d
ar stu
Entry:
General Journal
is
1/26/16 Taxes 4,000

Th
Cash 4,000
To record the money used to paid the taxes.
sh
(✔) (Correct)
 1/27/16 - Purchased office supplies amounting to Php 12,500
Entry:
General Journal
1/27/16 Office Supplies 12,500
Cash 12,500
To record purchased office supplies.
(✔) (Correct)
 1/28/16 - Collections from various customer for the day – Php 5,000
m
er as
Entry:
co
eH w
General Journal
o.
1/28/16 Cash 5,000
rs e Service Revenue 5,000
ou urc
To record the collection from various customer.
o
(✔) (Correct)
aC s
vi y re
 1/29/16 - Sosyal Hotel availed the services of MR. LABANDERO amounting to Php 15,000 and
payable on Feb 25,2016.
Entry:
ed d
General Journal
ar stu

1/29/16 Accounts Receivable 15,000
is
To record the services availed by the Sosyal Hotel.

Th
sh
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Task no.

 1/20/16 - Received payment from Sikat Hotel amounting to Php 15,000

negotiate a contract with Sosyal Hotel

Date Account Title and Explanation Ref Debit Credit

Service Revenue 8,000

To record the collections from various

Service Revenue 12,000

To record the collections from

 1/12/16 - Purchase a washing machine amounting to Php 50,000

1/12/16 Equipments 50,000

1/20/16 Cash 15,000

To record the payment received from Sikat Hotel.

To record the money used to paid the airfare ticket.

1/26/16 Taxes 4,000

Date Account Title Ref Debit Credit

To record the services availed by the Sosyal Hotel.

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