Practical Exercise # 1

In March 2012, the following transactions occurred:-

Mar 1 - George Mendoza invested P 30,000 cash in a car repair business, GM Auto
Services.
2 - Paid the shop rent for the current month, P 4,000.
4 - Bought repair equipment from De Leon Ent. worth P 17,000, paid P 6,000 in
cash and issued a promissory note for the balance.
7 - Billed E. Manzano for repair services done on his car, P 13,000.
10 - Bought shop furniture on credit from Mortiz Furniture, P 15,000.
12 - Received P 12,800 cash from a customer for repair services rendered.
15 - Received half the amount due from E. Manzano.
17 - Bought repair supplies worth P 4,600 on account.
20 - Paid half the amount owed to the repair equipment bought on Mar 4.
22 - Received P 7,500 cash from a customer for services rendered.
24 - G. Mendoza withdrew P 5,000 for his personal use.
26 - Paid partial payment to furniture bought on Mar 10, P 7,000.
28 - Paid the utilities bill for the month, P 2,700.
30 - Paid the salaries of the shop assistant, P 3,500.
Unarranged chart of accounts of GM Auto Services:-
201 Accounts Payable; 120 Repair Equipment; 302 G. Mendoza, Drawing; 501 Rent
Expense; 115 Furniture; 301 G. Mendoza, Capital; 105 Accounts Receivable; 101 Cash;
505 Salaries Expense; 205 Notes Payable; 110 Repair Supplies; 401 Service Income;
510 Utilities Expense