NORTHERN MINDANAO COLLEGES INC.

Atega St., Brgy. 11 Poblacion, Cabadbaran City, Agusan del Norte

FINAL EXAMINATION
Fundamentals of Accountancy, Business and Management 1 SCORE
Name : Grade & Section:
Subject Teacher: Date:

I. Prepare a worksheet using the following data given below:

AB SEEN KNOWS COMPANY

Trial Balance
For the month ended June 30, 2015

ACCOUNT TITLE DEBIT CREDIT

Cash P227,200
Merchandise Inventory 50,000
Store Supplies 6,300
Store Equipment 64,000
Accounts Payable P40,100
Ab Seen Knows, Capital 352,000
Ab Seen Knows, Drawing 6,000
Sales 45,500
Sales Returns and 3,000
Allowances
Sales Discount 280
Purchases 51,000
Purchase Return and 3,000
Allowances
Purchase Discount 280
Freight-in 800
Utilities Expense 11,000
Rent Expense 20,000
Freight-Out 800
TOTAL P440,380 P440,380

The following are the adjustments:

1. Merchandise inventory at June 30 is determined to be P68,720 based on physical count.

2. Salaries incurred in June but which remain unpaid as at June 30 amounted to P10,000.
3. Store supplies used for the month of June totaled P4,900.
4. Store equipment is estimated to have salvage value of P10,000 and useful life of six years.

Prepared by: Checked by:

BRIAN REYES GANGCA ENGR. EVA M. OLOFERNES

SHS Teacher Basic Education Principal

I may not there watching you cheating, but we know He is watching you… Goodluck!