Name: ______________________________ Score: ________

Section: _____________________________ Date: _________

PETA 1 – FINALS

Queen’s Beauty Parlor was formed on August 1 of the previous year by Johnny Bee. The transactions for the
first month of operations are listed below:

August
1 Johnny invested P120,000 cash in his business.
1 Paid the first month’s rent on the shop, P4,500.
2 Purchased supplies for cash P3,800.
4 Purchased equipment on account, P17,500.
6 Purchased furniture and fixtures for P24,400 paid P4,400 as down payment and a short-term note for
the balance.
8 Rendered services to customers received cash, P3,950.
10 Rendered services to customers on account P8,220.
13 Paid salaries of beauticians, P8,900
15 Paid one-half of the equipment purchased on August 4.
17 The owner withdrew P2,600 cash for his personal use.
19 Paid one-half of the notes issued on August 6.
24 Paid miscellaneous expense, P1,120.
25 Rendered services to customers receiving cash P4,740.
30 Collected P4,110 from customers on account.
30 Paid the light and power bill, P3,500.

Instructions:
1. Record the transactions in the general journal.
2. Post to the ledger using the following account titles:
Cash 111, Accounts Receivable 112, Supplies 114, Equipment 121, Furnitures and Fixtures 122,
Accounts Payable 211, Notes Payable 212, Johnny Bee, Capital 311, Johnny Bee, Drawing 312, Services
Revenue 411, Salaries Expense 511, Rent Expense 512, Utilities Expense 513, and Miscellaneous
Expense 518
3. Prepare the trial balance.