TEST INSTRUMENT

ITPE 105 – PRINCIPLES OF ACCOUNTING

FINAL EXAMINATION
1st Semester, School Year 2021-2022

NAME: Gaudia, Jan Christian G. Score: ________

Course, Year & Section: BS Info Tech 3-B Date: 12.26. 2021

PART II

I. Transactions of Diva Trailer Rental Services for the month of August have been
journalized. The explanation given in support of each journal entry is correct.
However, wrong accounts may have been debited or credited. Review the recorded
data to locate errors made and prepare the corrected journal. Prepare the ledger for
CASH only with Account Number 111. Use the ledger format provided on the next
page.

Date Particulars F Debit Credit

2008
(1) August 1 Accounts Receivable 111 P750,000
Diva, Capital 511 P 750,000
(Investment of the Owner)

(2) 4 Cash 111 350,000

Truck 261 150,000
Note Payable 321 200,000
(Purchase of Land)

(3) 8 Supplies 131 100,000

Accounts Receivable 121 100,000
(Purchase of supplies on account)

(4) 11 Land 251 100,000

Cash 111 50,000
Mortgage Payable 451 50,000
(Purchase of prefabricated parts for a small
building to be erected on the land purchased on
August 4. Terms, Php 50,000 cash and balance on
mortgage)

(5) 27 Cash 111 46,000

Diva, Capital 511 46,000
(Received cash from rental services)

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II. Below is the Ward’s Consulting Service’s Trial Balance, which does not
balance. Prepare a corrected trial balance.

Ward's Consulting Services

Trial Balance
December 5,2011

Cash P 110,400
Accounts Receivable 284,600
Supplies 66,400
Prepaid Expenses P 40,000
Office Equipment 526,000
Land 273,700
Notes Payable 130,000
Accounts Payable 195,400
Mortgage Payable 235,000
Unearned Revenue 98,700
Mayward, Capital 341,300
Mayward, Withdrawals 100,000
Consulting Revenues 821,400
Rent Expense 60,000
Salaries Expense 348,700
Advertising Expense 12,000  
TOTALS P 1,431,800 P 2,211,800

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III. Prepare the Income Statement for Ward’s Consulting Service.

Prepared by: Recommending Approval: Approved:

DOREEN A. TORRES SHEENA I. SAPUAY-GUILLEN ALVIN R. MALICDEM

Instructor Chairperson, BS InfoTech Dean

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