FABM1 Final Project

Unified Schools of the Archdiocese of Lipa
OUR LADY OF PEACE ACADEMy

Ubi Cor Et MensConveniunt
Tuy, Batangas
Email: olpa1@yahoo.com
Contact Nos.: (043)417-7332 / +63977-806-0108
Alday’s Auto Repair

Shop
Business Transactions
Final Project in Fundamentals of Accountancy and
Business Management 1 (FABM1)
Submitted to: Mrs. Juliet Gomez

Submitted By: Trixie Ann V. Alday
Tuy, Batangas
Contact Nos.: (043)417-7332 / +63977-806-0108
Business Transactions
Ms. Alday started her own Auto Repair Shop on May 2022. She
recorded all her business transaction starting from May 1, 2022 until May 31,
2022.
Date Business Transactions

05-01-22 Ms. Alday invested ₱200, 000 into the business.
05-03-22 Ms. Alday paid ₱15, 000 for a business permit.
05-05-22 Ms. Alday paid ₱20, 000 for a one-year insurance.
Ms. Alday purchased service equipment amounting to ₱ 40, 000 for the
05-10-22
auto repair shop.
Ms. Alday acquired furniture and fixtures on account amounting to ₱30,

05-11-22
000
05-15-22 Ms. Alday borrowed ₱ 60, 000 from the bank by signing a note.
Ms. Alday rendered service to various customers and received ₱75, 000
05-17-22
cash.
Ms. Alday rendered service with a total of ₱42, 000 though the customers
05-20-22
have no cash with them and promised to pay on May 30, 2022.
Ms. Alday collected ₱42, 000 from the various customers who owed him
05-30-22
money last May 20, 2022.
Ms. Alday paid ₱20, 000 for rent, ₱ 5, 000 for utilities, and ₱30, 000 for the
05-31-22
salaries of employees.
05-31-22 Ms. Alday withdrew ₱6, 000 from the business for her personal use.
Tuy, Batangas
Contact Nos.: (043)417-7332 / +63977-806-0108
Alday’s Auto Repair Shop

General Journal
Date Accounting Title and Explanations Ref Debit Credit
2022
MAY 1 Cash 101 200 000
Ms. Alday, Capital 301 200 000
Investment of Ms. Alday
3 Organization Expense 401 15 000

Cash 101 15 000
To record the business permit
5 Prepaid Insurance 106 20 000

Cash 101 20 000
To record payment of one-year insurance
10 Service Equipment 102 40 000

Cash 101 40 000
To record purchase of service equipment
11 Furniture and Fixtures 105 30 000

Accounts Payable 202 30 000
Acquisition of furniture and fixtures on account
15 Cash 101 60 000

Notes Payable 201 60 000
Borrowings made from the bank
17 Cash 101 75 000

Service Revenue 304 75 000
Service revenue received and earned
20 Accounts Receivable 104 42 000

Service revenue 304 42 000
Service Revenue on account
30 Cash 101 42 000

Accounts Receivable 104 42 000
Collection of service revenue
31 Rent Expense 402 20 000

Utility Expense 403 5 000
Salaries Expense 404 30 000
Cash 101 55 000
Tuy, Batangas
Contact Nos.: (043)417-7332 / +63977-806-0108
Payment of operating expenses
31 Alday, Drawing 302 6 000

Cash 101 6 000
Drawing made by Ms. Alday for personal use
Alday’s Auto Repair Shop

General Ledger
Account Name: Cash
Date Account Title and Explanation J. R Debit Credit Balance
2022
MAY 1 Investment of Ms. Alday 101 200 000 200 000
3 To record the business permit 101 15 000 185 000
5 To record payment of one-year insurance 101 20 000 165 000
10 To record acquisition of service equipment 101 40 000 125 000
15 Borrowings made from the bank 101 60 000 185 000
17 Service revenue received and earned 101 75 000 260 000
30 Collection of service revenue 101 42 000 302 000
31 Payment of operating expenses 101 55 000 247 000
31 Drawing made by Ms. Alday for personal use 101 6 000 241 000
Account Name: Accounts Receivable

2022
MAY 20 Service Revenue on account 104 42 000 42 000
30 Collection of service revenue 104 42 000 0
Account Name: Prepaid Insurance

2022
MAY 5 To record payment of one-year insurance 106 20 000 20 000
Account Name: Furniture and Fixtures

2022
MAY 11 Purchase of furnitures and fixtures on account 105 30 000 30 000
Account Name: Service Equipment

2022
MAY 10 To record acquisition of service equipment 102 40 000 40 000
Account Name: Accounts Payable

2022
Tuy, Batangas
Contact Nos.: (043)417-7332 / +63977-806-0108
MAY 11 Purchase of furnitures and fixtures on account 202 30 000 30 000
Account Name: Notes Payable

2022
MAY 15 Borrowings made from the bank 201 60 000 60 000
Account Name: Ms. Alday, Capital

2022
MAY 1 Investment of Ms. Alday 301 200 000 200 000
Account Name: Ms. Alday, Drawing

2022
MAY 31 Drawing made by Ms. Alday for personal use 302 6 000 6 000
Account Name: Service Revenue

2022
MAY 17 Service revenue received and earned 304 75 000 75 000
20 Service Revenue on account 304 42 000 117 000
Account Name: Salaries Expense

2022
MAY 30 Payment of operating expenses 404 30 000 30 000
Account Name: Rent Expense

2022
Account Name: Utility Expense

2022
Account Name: Organization Expense

2022
MAY 3 To record the business permit 401 15 000 15 000
Tuy, Batangas
Contact Nos.: (043)417-7332 / +63977-806-0108
Alday's Auto Repair Shop

TRIAL BALANCE
31-May-22
Debit Credit
101 Cash ₱ 241 000
106 Prepaid Insurance 20 000
105 Furniture and Fixtures 30 000
102 Service Equipment 40 000
202 Accounts Payable 30 000
201 Notes Payable 60 000
301 Ms. Alday, Capital 200 000
302 Ms. Alday, Drawing 6 000
304 Service Revenue 117 000
404 Salaries Expense 30 000
402 Rent Expense 20 000
403 Utility Expense 5 000
401 Organization Expense 15 000
TOTAL 407 000 407 000

FABM1 Final Project

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Unified Schools of the Archdiocese of Lipa

OUR LADY OF PEACE ACADEMy

Alday’s Auto Repair

Submitted to: Mrs. Juliet Gomez

Date Business Transactions

05-03-22 Ms. Alday paid ₱15, 000 for a business permit.

05-05-22 Ms. Alday paid ₱20, 000 for a one-year insurance.

Ms. Alday acquired furniture and fixtures on account amounting to ₱30,

Alday’s Auto Repair Shop

3 Organization Expense 401 15 000

5 Prepaid Insurance 106 20 000

10 Service Equipment 102 40 000

11 Furniture and Fixtures 105 30 000

15 Cash 101 60 000

17 Cash 101 75 000

20 Accounts Receivable 104 42 000

30 Cash 101 42 000

31 Rent Expense 402 20 000

Payment of operating expenses

31 Alday, Drawing 302 6 000

Alday’s Auto Repair Shop

Account Name: Accounts Receivable

Account Name: Prepaid Insurance

Account Name: Furniture and Fixtures

Account Name: Service Equipment

Account Name: Accounts Payable

MAY 11 Purchase of furnitures and fixtures on account 202 30 000 30 000

Account Name: Notes Payable

Account Name: Ms. Alday, Capital

Account Name: Ms. Alday, Drawing

Account Name: Service Revenue

Account Name: Salaries Expense

Account Name: Rent Expense

Account Name: Utility Expense

Account Name: Organization Expense

Alday's Auto Repair Shop

TOTAL 407 000 407 000

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