Universidad de Sta.

Isabel Basic Education Department – Senior High School SY 2021 – 2022

ACCOUNT TYPE DEBIT CREDIT

ASSETS

Cash 15,000

Accounts receivable 45,000

Office Furniture 15,000

Store supplies 3,000

Office Supplies 2,500

LIALIBILITIES

Accounts Payable 40,000

REVENUE

Sales 185,000

Purchases 90,000

OWNER’S EQUITY

Capital 350,000

Drawing 185,000

EXPENSES

Taxes and Licenses 5,000

Utilities expense 30,000

Gasoline and oil 2,000

Salaries and wages 22,000

Rent Expenses 4,000

 Universidad de Sta. Isabel Basic Education Department – Senior High School SY 2021 – 2022

End of Lesson Assessment

Using the data given below, do the following:

1. Journalize the business transaction using the following account titles:

 Cash  Store supplies expense

 Accounts receivable  Office supplies expense
 Office furniture and fixtures  Utilities expense
 Accounts payable  Taxes and licences
 Yvonne Iris Salcedo, Capital  Gasoline and oil
 Yvonne Iris Salcedo, Drawing  Salaries and wages
 Sales  Rent expense
 Purchases

2. Post the journal entry to the general ledger.

3. Prepare the trial balance.

Business Transactions:

December 1 Yvone Iris Salcedo opened her small poultry products business with the
approved trade name of Fresh Poultry Store. The business is located at Jalipa
Street, Pigcawayan, Cotabato. She made an initial investment of ₱350,000 in
the form of cash.
December 2 Bought office furniture and fixtures from Hyzel Company amounting to ₱40,000
as evidenced by the delivery receipts and invoices; made a down payment of
₱15,000.
December 4 Purchased various poultry products from Nicanor Poultry Farms amounting to
₱90,000; paid ₱40,000 and was issued a charge invoice for the balance.
December 5 Bought various office and store supplies as evidenced by an official receipt from
the seller for the following:
Office supplies ₱2,500
Store supplies 3,000
December 8 Sold products to various bakeries and restaurants as evidenced by a charge
invoice amounting to ₱45,000.
December 10 Sold various poultry farm products to walk-in customers as evidenced by official
receipts amounting to ₱28,000.
December 12 Paid the account balances to Hyzel Company and Nicanor Poultry Farms as
evidenced by official receipts from the suppliers.
December 15 Paid the following expenses as evidenced by various official receipts and other
business documents receipts:
Rental for the month ₱4,000
Light and water 6,000
Taxes and licences 5,000
Gasoline and oil 2,000
Salaries and wages of the workers 10,000
December 18 Collected in full the sale made on December 8 as evidenced by the official
receipts issued.
December 20 Bought various poultry products from Nicanor Poultry farm amounting to
₱120,000. Made a down payment of ₱50,000 and was issued a charge invoice
for the balance.
December 22 Sold various poultry products to customers as follows:
Walk-in customers evidenced by official receipts ₱32,000
Restaurants and bakeries evidenced by charge invoice 80,000
December 26 Withdraw ₱15,000 for her personal use.
December 30 Made a partial payment of ₱30,000 to Nicanor Poultry Farm; Received partial
collection from the sale on December 22 amounting to ₱45,000; Paid the
salaries of the workers, ₱12,000.