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  • Pac3 Long Quiz Apelo Answers

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    Justin Era Apelo
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    The document provides a chart of accounts and transaction records for Magpantay Laundry. The chart of accounts lists 14 accounts under various expense, revenue, asset and equity categories. The transaction records show investments, purchases, sales, expenses and withdrawals recorded across cash and other accounts between July 1-31, 2022. Key transactions include the owner investing ₱192,000 as capital, purchasing laundry equipment and supplies on credit, receiving service fees and paying expenses.

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    Basic Accounting answers

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    The document provides a chart of accounts and transaction records for Magpantay Laundry. The chart of accounts lists 14 accounts under various expense, revenue, asset and equity categories. The transaction records show investments, purchases, sales, expenses and withdrawals recorded across cash and other accounts between July 1-31, 2022. Key transactions include the owner investing ₱192,000 as capital, purchasing laundry equipment and supplies on credit, receiving service fees and paying expenses.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    11 views19 pages

    Pac3 Long Quiz Apelo Answers

    Uploaded by

    Justin Era Apelo
    The document provides a chart of accounts and transaction records for Magpantay Laundry. The chart of accounts lists 14 accounts under various expense, revenue, asset and equity categories. The transaction records show investments, purchases, sales, expenses and withdrawals recorded across cash and other accounts between July 1-31, 2022. Key transactions include the owner investing ₱192,000 as capital, purchasing laundry equipment and supplies on credit, receiving service fees and paying expenses.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 19

    Chart of Accounts

    PR Account
    101 Cash
    102 Supplies
    103 Prepaid Insurance
    104 Laundry Equipment
    105 Furniture and Fixtures
    201 Accounts Payable
    301 Magpantay,Capital
    302 Magpantay,Withdrawals
    401 Laundry Revenues
    501 Salaries Expense
    502 Rent Expense
    503 Utilities Expense
    504 Miscellaneous Expense
    Date Accounts Titles and Explanation PR Debit Credit

    2022
    1-Jul Cash 101 ₱ 192,000.00
    Magpantay, Capital 301 ₱ 192,000.00
    Invested in the business.

    8 Furniture and Fixtures 105 ₱ 12,960.00


    Cash 101 ₱ 12,960.00
    Bought furnitures.

    14 Rent Expense 502 ₱ 6,950.00


    Cash 101 ₱ 6,950.00
    Paid rent.

    21 Laundry Equipment 104 ₱ 163,000.00


    Cash 101 ₱ 32,000.00
    Accounts Payable 201 ₱ 131,000.00
    Bought equipment.

    24 Supplies 102 ₱ 5,190.00


    Accounts Payable 201 ₱ 5,190.00
    Bought supplies.

    26 Cash 101 ₱ 17,960.00


    Laundry Revenues 401 ₱ 17,960.00
    Received service fee.

    27 Salaries Expense 501 ₱ 10,350.00


    Cash 101 ₱ 10,350.00
    Paid salaries.

    28 Prepaid Insurance 103 ₱ 2,140.00


    Cash 101 ₱ 2,140.00
    Bought insurance

    29 Utilities Expense 503 ₱ 1,940.00


    Cash 101 ₱ 1,940.00
    Paid utility bill.

    30 Accounts Payable 201 ₱ 1,230.00


    Cash 101 ₱ 1,230.00
    Paid a portion of debt.

    31 Magpantay, Withdrawals 302 ₱ 9,500.00


    Cash 101 ₱ 9,500.00
    Withdrew cash.
    d
    d

    d
    d
    Account: Cash Account No. 101
    Date Explanation J.R. Debit Credit

    2022
    1-Jul Invested in the business. ₱ 192,000.00
    8 Bought furnitures. ₱ 12,960.00
    14 Paid rent. ₱ 6,950.00
    21 Bought equipment. ₱ 32,000.00
    26 Received service fee. ₱ 17,960.00
    27 Paid salaries. ₱ 10,350.00
    28 Bought insurance ₱ 2,140.00
    29 Paid utility bill. ₱ 1,940.00
    30 Paid a portion of debt. ₱ 1,230.00
    31 Withdrew cash. ₱ 9,500.00

    Account: Supplies Account No. 102


    Date Explanation J.R. Debit Credit

    2022
    24-Jul Bought supplies. ₱ 5,190.00

    Account: Prepaid Insurance Account No. 103


    Date Explanation J.R. Debit Credit

    2022
    28-Jul Bought insurance ₱ 2,140.00
    Account: Laundry Equipment
    Balance Date Accounts Titles and Explanation

    2022
    ₱ 192,000.00 21-Jul Bought equipment.
    ₱ 179,040.00
    ₱ 172,090.00
    ₱ 140,090.00
    ₱ 158,050.00
    ₱ 147,700.00 Account:Furniture and Fixtures
    ₱ 145,560.00
    Date Accounts Titles and Explanation
    ₱ 143,620.00
    ₱ 142,390.00 2022
    ₱ 132,890.00 8-Jul Bought furnitures.

    Account:Accounts Payable
    Balance
    Date Accounts Titles and Explanation

    ₱ 5,190.00 2022
    21-Jul Bought equipment.
    24 Bought supplies.
    30 Paid a portion of debt.
    Balance

    ₱ 2,140.00
    Account No. 104 Account:Magpantay,Capital
    J.R. Debit Credit Balance Date Accounts Titles and Explanatio

    2022
    ₱ 163,000.00 ₱ 163,000.00 1-Jul Invested in the business.

    Account No. 105 Account:Magpantay,Withdrawals


    J.R. Debit Credit Balance Date Accounts Titles and Explanatio

    2022
    ₱ 12,960.00 ₱ 12,960.00 31-Jul Withdrew cash.

    Account No. 201 Account:Laundry Revenues


    J.R. Debit Credit Balance Date Accounts Titles and Explanatio

    2022
    ₱ 131,000.00 ₱ 131,000.00 26-Jul Received service fee.
    ₱ 5,190.00 ₱ 136,190.00
    ₱ 1,230.00 ₱ 134,960.00
    Magpantay,Capital Account No. 301
    Accounts Titles and Explanation J.R. Debit Credit Balance

    n the business. ₱ 192,000.00 ₱ 192,000.00

    Magpantay,Withdrawals Account No. 302


    Accounts Titles and Explanation J.R. Debit Credit Balance

    ₱ 9,500.00 ₱ 9,500.00

    aundry Revenues Account No. 401


    Accounts Titles and Explanation J.R. Debit Credit Balance

    ₱ 17,960.00 ₱ 17,960.00
    Account:Salaries Expense Account No. 501
    Date Accounts Titles and Explanation J.R. Debit Credit

    2022
    27-Jul Paid salaries. ₱ 10,350.00

    Account:Rent Expense Account No. 502


    Date Accounts Titles and Explanation J.R. Debit Credit

    2022
    14-Jul Paid rent. ₱ 6,950.00

    Account:Utilities Expense Account No. 503


    Date Accounts Titles and Explanation J.R. Debit Credit

    2022
    29-Jul Paid utility bill. ₱ 1,940.00
    Account:Miscellaneous Expense
    Balance Date Accounts Titles and Explanation J.R.

    2022
    ₱ 10,350.00 July

    Balance

    ₱ 6,950.00

    Balance

    ₱ 1,940.00
    Account No. 504
    Debit Credit Balance
    CASH 101
    DEBIT CREDIT
    1-Jul ₱ 192,000.00
    8 ₱ 12,960.00
    14 ₱ 6,950.00
    21 ₱ 32,000.00
    26 ₱ 17,960.00
    27 ₱ 10,350.00
    28 ₱ 2,140.00
    29 ₱ 1,940.00
    30 ₱ 1,230.00
    31 ₱ 9,500.00

    209960 77070
    132890

    SUPPLIES 102
    DEBIT CREDIT
    24-Jul ₱ 5,190.00

    PREPAID INSURANCE 103


    DEBIT CREDIT
    28-Jul ₱ 2,140.00

    LAUNDRY EQUIPMENT 104


    DEBIT CREDIT
    21-Jul ₱ 163,000.00

    FURNITURE AND FIXTURES 105


    DEBIT CREDIT
    8-Jul ₱ 12,960.00

    ACCOUNTS PAYABLE 201


    DEBIT CREDIT
    21-Jul ₱ 131,000.00
    24 ₱ 5,190.00
    30 ₱ 1,230.00
    1230 136190
    134960

    MAGPANTAY, CAPITAL 301


    DEBIT CREDIT
    1-Jul ₱ 192,000.00

    MAGPANTAY, WITHDRAWAL 302


    DEBIT CREDIT
    31-Jul ₱ 9,500.00

    LAUNDRY REVENUE 401


    DEBIT CREDIT
    26-Jul ₱ 17,960.00

    ₱ 17,960.00

    SALARIES EXPENSE 501


    DEBIT CREDIT
    27-Jul ₱ 10,350.00

    RENT EXPENSE 502


    DEBIT CREDIT
    14-Jul ₱ 6,950.00

    UTILITIES EXPENSE 503


    DEBIT CREDIT
    29-Jul ₱ 1,940.00
    City Laundry
    Trial Balance
    31-Jul-22

    Debit Credit
    Cash ₱ 132,890.00
    Supplies ₱ 5,190.00
    Prepaid Insurance ₱ 2,140.00
    Laundry Equipment ₱ 163,000.00
    Furniture and Fixtures ₱ 12,960.00
    Accounts Payable ₱ 134,960.00
    Magpantay,Capital ₱ 192,000.00
    Magpantay,Withdrawals ₱ 9,500.00
    Laundry Revenues ₱ 17,960.00
    Salaries Expense ₱ 10,350.00
    Rent Expense ₱ 6,950.00
    Utilities Expense ₱ 1,940.00
    Miscellaneous Expense
    ₱ 344,920.00 ₱ 344,920.00
    Laguna Cinema
    Income Statement
    For the Month Ended January 31 2022

    Revenues
    Ticket sales ₱ 134,500.00
    Concession revenue ₱ 15,000.00
    Total ₱ 149,500.00
    Expenses
    Advertising Expenses ₱ 7,500.00
    Maintenance Expense ₱ 5,200.00
    Salaries Expense ₱ 23,400.00
    Rent Expense ₱ 11,000.00
    Film Rental Expense ₱ 67,250.00
    Utilities Expense ₱ 3,550.00
    Total ₱ 117,900.00
    Profit ₱ 31,600.00
    Laguna Cinema
    Statement of Changes in Equity
    For the Month Ended January 31 2022

    Usop, Owner's Equity, 1/1/22 ₱ 250,000.00


    Add: Additional Investments by Usop ₱ -
    Profit ₱ 31,600.00 ₱ 31,600.00
    Total ₱ 281,600.00
    Less: Withdrawals ₱ 12,000.00
    Usop, Owner's Equity, 1/31/22 ₱ 269,600.00
    Laguna Cinema
    Balance Sheet
    January 31 2022

    Assets
    Current Assets
    Cash ₱ 53,200.00
    Ticket Supplies ₱ 13,000.00
    Projection Supplies ₱ 4,500.00
    Cleaning Supplies ₱ 1,500.00
    Total Current Assets ₱ 72,200.00

    Non current Assets


    Projection Equipment ₱ 124,000.00
    Display Fixtures ₱ 72,500.00
    Furniture ₱ 22,900.00
    Total Non Current Assets ₱ 219,400.00
    Total Assets ₱ 291,600.00

    Liabilities
    Current Liabilities
    Accounts Payable ₱ 22,000.00
    Total Current Liabilities ₱ 22,000.00

    Owner's Equity
    Usop, Owner's Equity, 1/31/22 ₱ 269,600.00
    Total Liabilities and Owner's Equity ₱ 291,600.00
    a Accrual 1
    b Deferral 2
    c Accrual Deferral 3
    d Deferral 4
    e Accrual 5
    f Deferral Accrual 6
    g Accrual Accrual 7
    h Accrual Accrual 8
    i Deferral 9
    j Deferral 10

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