Learning Task 3 and 4 – Journalizing, Posting and Preparation of Trial Balance

Problem 1 - Andal

On April 01, 2016 Andal started business with P 100,000 and other transactions for the month are:

Apr 2. Purchase Furniture for Cash P 7,000.

Apr. 8. Purchase Supplies for Cash P 2,000 and for Credit P 1,000 from Khalid Retail Store.

Apr. 14. Provided designing services to Khan Brothers P 12,000 on credit and Cash sales P 5,000.

Apr. 18. Owner withdrew of worth P 2,000 for personal use.

Apr. 22. Paid Khalid Retail Store P 500.

Apr. 26. Received P 10,000 from Khan Brothers

Apr. 30. Paid Salaries Expense P 2,000

Chart of Accounts

 Cash
 Accounts Receivable
 Supplies
 Furniture
 Accounts Payable
 Andal, Capital
 Andal, Withdrawal
 Service Revenues
 Salaries Expense

Requirements:

1. Provide Journal Entries

2. Post Transactions in the General Ledger using T-Accounts
3. Prepare the Trial balance as of April 30, 2016

Problem 2 – Leah Toledo

Aug. 1: Leah Toledo, the owner, invested P 57,500 cash and P 32,500 of photography equipment in the
business.

Aug. 04: Paid P 3,000 cash for an insurance policy covering the next 24 months.

Aug. 07: Services are performed and clients are billed for P 10,000.

Aug. 13: Purchased office supplies for P 1,400. Cash paid P 400 and remaining outstanding.

Aug. 20: Received P 2,000 cash in photography fees earned previously.

Aug. 24: The client immediately pays P 15,000 for services to be performed at a later date.

Aug. 29: The business acquires photography equipment. The purchase price is P 100,000, pays P 25,000
cash and signs a note for the balance.

Chart of Accounts

 Cash
 Prepaid Insurance
 Office Supplies
 Accounts Receivable
 Equipment
 Furniture
 Accounts Payable
 Unearned Revenues
 Toledo, Capital
 Toledo, Withdrawal
 Service Revenues
 Salaries Expense

Requirements:

1. Provide Journal Entries

2. Post Transactions in the General Ledger using T-Accounts
3. Prepare the Trial balance as of August 31.

Problem 3 – Leon Fisher

On March 2017, Leon Fisher, starts a fabrication business. Following transactions as follows:

Mar. 1. He started business with capital of P 15,000 and Land worth P 10,000.

Mar. 8. Bought goods from Bilal and Friends P 1,000 and by cash from XYZ Co. Rs 2,000.

Mar. 13. Provided fabrication services to Rehman & Sons P 1,500 and sale by cash P 5,000.

Mar. 17. Gave away charity of cash P 80.

Mar. 21. Paid Bilal and Friends cash P 950.

Mar. 28. Received cash from Rehman & Sons P 1,400.

 Cash
 Prepaid Insurance
 Office Supplies
 Land
 Accounts Receivable
 Equipment
  Furniture
 Accounts Payable
 Unearned Revenues
 Toledo, Capital
 Toledo, Withdrawal
 Service Revenues
 Salaries Expense
 Donations

Requirements:

1. Provide Journal Entries

2. Post Transactions in the General Ledger using T-Accounts
3. Prepare the Trial balance as of March 31, 2017