ILOCOS SUR POLYTECHNIC STATE COLLEGE

Santa Maria Campus

MODULE

Practice Set III-3

Name: ___________________________________ Date: ________________________
Course/Year/Section: _______________________ Score: _______________________

Journalizing, Posting and Preparing a Trial Balance

Alvin Ted D. Raguindin is a financial planning consultant. Raguindin’s capital is
P42,988 based on the March 31 report. He completed the following transactions during
the month of April of the current year:
Mar 1 Alvin Ted D. Raguindin invested cash in the business, P 200,000. 3 Paid
April office rent, P 10,000.
4 Received P 25,000 from a client, Mr. Gerald D. Montero, for services
rendered.
7 Received P 20,000 from Mr. Albert G. Naungayan, a client, fro services
rendered.
12 Paid cash to Sta. Maria Shell Service Station and Shell Shop for gasoline
purchased, P 600.
14 Paid cash to Mr. Benny B. Derige Manpower Services in payment for
contractual secretarial services during the past two weeks, P 6,000.
17 Bought office supplies on account, P 2,800.
20 Paid telephone bills, P 1,000.
21 Alvin Ted D. Raguindin withdrew cash for personal use, P 11,000.
24 Donated cash to the Philippine Red Cross, P 1,000.
27 Received P 20,000 from Mr. Victor G. Sanidad, a client, for services
rendered.
28 Paid cash to Mr. Benny B. Derige Manpower Services in payment for
contractual secretarial services during the past two weeks P 6,000
28 Paid electric bill, P 750.
29 Made partial payment on supplies purchased on account, P 1,000.
Required:
1. Prepare the journal entries for the April transaction.
2. Set up the following ledger accounts and post all the journal entries: Cash; Accounts
Receivable; Office Supplies; Accounts Payable; Raguindin Capital; Raguindin
Withdrawals; Consulting Revenues; Rent Expense; Salaries Expense; Utilities
Expense; Gasoline Expense; and Charitable Contributions Expense.
3. Prepare a trial Balance.
4. Prepare a Financial Report for the month of April. (Income Statement, Statement of
Changes in Owner’s Equity, Balance Sheet)
Course Code: ABM 2

Descriptive Title: Fundamentals of

Accounting
Units: 3 Units

Instructor: