NC BACCTG1 FINAL EXAM PART 1.

July 8, 2021 (Thu) 8:00PM via Zoom

Instructions:
1. Analyze and journalize the transactions for May 2021 of Xander Computer Center.
2. Post the journal entries to the ledger.
3. Prepare Trial Balance at May 31, 2021.
4. Journalize the necessary adjusting entries.
5. Prepare the 10-column Work Sheet.
6. Prepare the Income Statement.
7. Prepare the Statement of Changes in Owner’s Equity
8. Prepare the Balance Sheet
9. Prepare the closing entries.
10. Prepare the Post-Closing Trial Balance.

Refer to Final Exam Excel File containing the following tabs/worksheets:

Journal – for number 1, 4 & 9
Ledger – for number 2
Trial Balance – for number 3
Work Sheet – for number 5
Income – for number 6
Owners Equity – for number 7
Balance – for number 8
Post-Closing – for number 10

Fill-up the Excel file with your final answers. One member should submit the group’s Excel file
to the Google Classroom.
 Xander Computer Center
Chart of Accounts

ASSETS REVENUE
Cash Word Processing Fees
Accounts Receivable
Office Supplies EXPENSES
Prepaid Rent Salaries Expense
Computer Advertising Expense
Accumulated Depreciation, Computer Telephone Expense
Office Supplies Expense
LIABILITIES Rent Expense
Accounts Payable Depreciation Expense, Computer
Salaries Payable

OWNER’S EQUITY
Xander, Capital
Xander, Withdrawals
Income Summary
The following transactions took place in May 2021.

May 1 Xander began the business by investing P100,000 in cash.

1 Purchased Computer from XOR Company for P60,000, paying P10,000 and
promising to pay the balance within 30 days.

1 Rented office space paying P12,000 in advance for the first three months.

3 Purchased office supplies from Office Depot Company on account, P6,000.

7 Completed sales promotion flyers for a client and immediately collected P30,000.

13 Paid salaries, P6,500.

18 Advertising bill from Balita Company comes in but is not paid, P2,500.

20 Xander wrote a check on the bank account of the business to pay his home
mortgage of P6,250.

22 Billed Luzonian Company for a special word processing job, P50,000.

28 Paid half of the amount owed for Computer purchased on May 1 XOR Company,
P25,000.

29 Received and paid telephone bill, P2,200.

31 On this date the accountant…

a. found out that company had only P1,000 worth of supplies on hand
b. realized that the company has two months prepaid rent
c. determined that the computer should be depreciated by P800 monthly
d. determined that unpaid salary of P3,500 has not been recorded.