Written Test: Journalizing Transactions

Instruction: Prepare chart of accounts based on the nature of business shown below
and journalize each transaction in the provided Journal.

River Maya was awarded a concession to rent out bicycles at Kisapmata Park. The
following transactions occurred during September 2020:

Sept. 2 Began business by investing P145,000 in a business checking account

3 Purchased supplies on account, P2,340

4 Purchased 10 bicycles for P35,000 paying P15,000 and agree to pay
the balance in 30 days
5 Paid P27,000 cash for a furnished container to store the bicycles and
as storage
6 Received P11,890 in cash for bike rentals during the first week of
operations
8 Paid P5,430 in cash for shipping and installation costs to place
container at the part entrance (consider an addition to the cost of the
container)
9 Hired a part-time assistant to help during the weekends
10 Paid a maintenance person for P1,200 to clean the surroundings
13 Received P13,620 in cash for bike rentals during the second week of
operations
16 Paid the assistant P622 for a weekend’s work
17 Paid for the supplies purchased on Sept. 3
18 Paid a P670 repair bill on bicycles
20 Received P11,225 in cash for rentals during the third week of
operations
22 Paid the assistant P622 for a weekend’s work
23 Billed 214 Company for bike rentals for an employees’ outing, P6,780

Date Developed: Nov. Document No.

16,2020

Date Revised: Issued by:

Bookkeeping
NCIII
Developed by: Page 1 of 2
ROY VICTOR F. Revision # 000
SUMUGAT
25 Paid P4,300 fee for September to the Park Administration for the right
to the bicycle concession
27 Received P7,700 in cash for rentals during the fourth week of
operations
29 Paid the assistant P622 for a weekend’s work
20 Transferred P10,000 to personal checking account

Date Developed: Nov. Document No.

16,2020

Date Revised: Issued by:

Bookkeeping
NCIII
Developed by: Page 2 of 2
ROY VICTOR F. Revision # 000
SUMUGAT