ASSESSMENT

ePA 313 - 4

A. Direction: Using the general journal for (30 points) , General Ledger (20 points)
and Trial balance (15 points) form provided for, journalize, post and prepare the
trial balance for the following transactions:

L. Lapid has just begun the operation of a cleaning and pressing business. During
January 2019 he completed the following transactions:

January1- L. Lapid invested P50,000 cash and cleaning equipment P50,000 to start the
business.
2- Paid the rent for the cleaning plant building, P9,500.
4- Purchased P22,000 cleaning equipment, giving P10,000 cash and a
promissory note on the balance.
6- Purchased cleaning supplies P1,200 from M. Marquez Supplies Co. on
credit.
8- Delivered cleaned clothes to customers and collected cash in full payment,
P12,000.
10- Delivered cleaned linen to Orchids Motel on credit, P14,500.
13- Paid the account due to M. Marquez Supplies Co.
14- Received payment from Orchids Motel.
15- Paid the wages of the employees, P15,000

L. Lapid Cleaning and Pressing Services

Chart of Accounts

Assets
011 Cash
012 Accounts Receivable
013 Cleaning Supplies

Liabilities
111 Accounts Payable
112 Notes Payable

Equity
211 Lapid, Capital

Income
311 Service Income

Expenses
411 Rent Expense
412 Wages Expense

Date Developed:
BACHELOR OF Bulacan
1 June 2020
SCIENCE IN Polytechnic Page 1 of 1
Date Revised:
INFORMATION College
July 2020
SYSTEMS
ePA 313 Developed by:
Document No.
Sarah Joy Dumalay Revision # 02
Principle of Accounting 10-ePA 313
Martin