INTRO TO BOOKKEEPING

SUMMATIVE EXAM
ABM-12 TRUST TEAM

I. Matching Type
_________1. Date upon which a trade takes place for a security or other financial instrument.
_________2. A name applied to a particular item in accounting recording that is used by accountants and managers to refer to it.
_________3. Is used to record all cash payments made by a company.
_________4. Is a subsidiary ledger used to store detailed sales transactions.
_________5. Is an accounting entry position to the left side of the format that either increases an asset or expense account,
or decreases a liability or equity account.
_________6. Used in recording daily transactions of the business.
_________7. Tangible economic resources that are used for business operations to earn income that is not easily converted
into cash.
_________8. These are liabilities that represent a company’s obligation to pay.
_________9. Is a long term investment that will not be realized within the accounting year.
_________10. It classifies transactions in the journal to their respective accounts.

*Cash Payment Journal *Ledger *Sales Journal *Account Title

* Accounts Payable *Investments *Journal *Date of transactions
*Debit Accounts *Fixed Assets

II. Classification of Accounts

Cash 50,000.00 APC, Capital 300,000.00

Accounts Receivable 45,000.00 Mercado, Drawing 15,000.00
Allowance for Doubtful Accounts 30,000.00 Photocopying Revenues 126,000.00
Income Summary 250,000.00 Interest Income 25,000.00
Notes Receivable 55,000.00 Taxes and Licenses 22,000.00
Interest Receivable 15,000.00 Salaries Expenses 12,000.00
Unused Supplies 80,000.00 Supplies Expense 12,000.00
Prepaid Rent 25,000.00 Utilities Expense 10,000.00
Photocopying Equipment 125,000.00 Rent Expense 20,000.00
Accumulated Depreciation –Photocopying Equipment 12,350.00 Doubtful Accounts Expense 15,000.00
Other Income 52,000.00 Interest Expense 7,500.00
Furniture and Fixtures 23,500.00 Other Expense 5,000.00
Accumulated Depreciation –Furniture and Fixtures 7,550.00 Interest Payable 6,300.00
Other Assets 28,000.00 Unearned Photocopying Revenues 9,000.00
Accounts Payable 65,000.00 Depreciation Expense 8,500.00
Notes Payable 95,000.00 Mortgage Payable 95,000.00
Salaries Payable 40,000.00 Loan Payable 33,000.00
Income Tax Payable 19,000.00 Other Liabilities 17,500.00

Required:
1. Compute the total asset
2. Compute the total liabilities
3. Compute the total owner's equity
4. Compute the total income
5. Compute the total expenses

III. Journalizing

Mr. Laban Deyro opened his laundry business in Iloilo City on January 2, 2021. The following transactions
occurred during the month of January 2021:

1/2/21 Invested PHP500,000 to his business. The trade name of the business was “MR. LABANDERO”
1/4/21 Collections from various customers for the day - PHP3,000
1/5/21 Purchase store supplies from Labada Store - PHP10,000
1/7/21 Collections from various customers for the day - PHP8,000
1/9/21 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will be made on January 20, 2021.
1/10/21 Collections from various customers for the day - PHP12,000
1/12/21 Purchase a washing machine amounting to PHP50,000
1/15/21 Collections from various customers for the day - PHP20,000
1/19/21 Paid electricity bill for the month amounting to PHP18,000
1/20/21 Received payment from Sikat Hotel amounting to PHP15,000
1/21/21 Paid salaries of Allan and Allie - PHP15,000
1/22/21 Mr. Laban Deyro needed money for the hospitalization of his son. He withdrew PHP18,000 from the business.
1/27/21 Purchased office supplies amounting to PHP12,500
1/28/21 Collections from various customer for the day - PHP5,000
1/29/21 Sosyal Hotel availed the services of MR. LABANDERO amounting to PHP15,000 on account.

Required Tasks
1. Prepare the general journal entries for the above transactions.