Chart of Accounts

Assets Liabilities Owner’s Equity Revenue Expenses

101-Cash 201-Acounts 301-Amor, 401-Service 501- Rent
102-Accounts Payable Capital Revenue Expense
Receivable 302-Amor, 502- Tax Permit
103-Supplies Drawings & Licenses
104-Furniture & 503- Insurance
Fixtures Expense
105-Office 504- Repairs and
Equipment Maintenance
Expense
505- Utilities
Expense
506- Salaries and
Wages

INSTRUCTION: No erasures on the final answer. Any erasure will make your answer
invalid. Wrong spelling of account title is wrong.

Requirement no. 1: Journalize and post the following transactions of the Atty. Jemo Amor Law Office
during the month of October, 2022:

Prepare Journal Entries

T-Accounts and Trial Balance.
Oct. 01 Mr. Amor made initial investments of Cash, 1,000,000, 5 computer sets costs P15,000 each,
supplies amounting to P20,000 and tables and chairs amounting P62,700.

02 Paid business permits and other related taxes amounting to P11, 300.
03 Paid 8 months advance rental P3, 000 per month.
04 Received P20, 000 from costumer for notary of 40 documents.
05 Received bills from Meralco amounting to P5, 488 for the month of September.
08 Billed CITI Global College for services rendered amounting to P50, 000 and received P35, 000
as their partial payment.
09 Acquired office supplies in cash, P20, 500.
11 Paid P11, 900 for repairs of air-condition.
12 Paid Meralco bills for the month of September.
13 Received P150, 000 from customer for services rendered.
15 Received the remaining balance of CITI Global College.
17 Acquired printer amounting to P150, 000 on account.
20 Paid P2, 050 for 3 years security insurance.
21 Mr. Amor withdrew P55, 500 for personal use.
23 Paid the salaries of employees amounting to P50, 000 for the month of October.
25 Rendered services to PMC amounting to P229, 100 with 30% down payment.
26 Paid Water bills amounting to P2, 500.
27 Collect from PMC P50, 000.
30 Mr. Amor made an additional investments of P100, 000.
31 Received the remaining balance of PMC.
 Chart of Accounts
Assets Liabilities Owner’s Equity Revenue Expenses
101-Cash 201-Acounts 301-Ilagan, 401-Service 501- Rent
102-Accounts Payable Capital Revenue Expense
Receivable 302-Ilagan, 502- Tax Permit
103-Supplies Drawings & Licenses
104-Furniture & 503- Insurance
Fixtures Expense
105-Office 504- Repairs and
Equipment Maintenance
Expense
505- Utilities
Expense
506- Salaries and
Wages

INSTRUCTION: No erasures on the final answer. Any erasure will make your answer
invalid. Wrong spelling of account title is wrong.

Requirement no. 1: Journalize and post the following transactions of the Atty. Dina Ilagan Law Office
during the month of October, 2022:

Prepare Journal Entries

T-Accounts and Trial Balance.
.Oct. 01 Mrs. Ilagan made initial investments of Cash, 900,000, 3 computer sets costs P25,000 each and
tables and chairs amounting P55,100.

02 Received P25, 000 from costumer for notary of 42 documents.

03 Acquired office supplies in cash, P21, 300.
04 Paid business permits and other related taxes amounting to P10, 500.
05 Rendered services to AsiaTech amounting to P209, 200 with 40% down payment.
06 Received bills from Meralco amounting to P5, 550 for the month of September.
07 Acquired printer amounting to P140, 000 on account.
08 Paid P2, 150 for 2 years security insurance.
10 Billed UP Los Baños for services rendered amounting to P55, 000 and received P25, 000 as their
partial payment.
11 Paid 9 months advance rental P2, 500 per month.
13 Received the remaining balance of AsiaTech.
14 Paid Meralco bills for the month of September.
16 Paid P11, 500 for repairs of air-condition.
18 Received P130, 000 from customer for services rendered.
20 Collect from UP Los Baños P10, 000.
22 Mrs. Ilagan withdrew P45, 500 for personal use.
24 Paid the salaries of employees amounting to P50, 000 for the month of October.
26 Paid Water bills amounting to P2, 450.
28 Received the remaining balance of UP Los Baños.
31 Mrs. Ilagan made an additional investments of P100, 000.