Bukidnon State University

Cabanglasan Campus

BACC 105- Basic Finance (BA 1A, BA 1C)

QUIZ for Basic Accounting Part 1
Accomplish the journalization and posting of the following transactions taken from
the books of Anything Services for the month of January, 2023. Next create the trial
balance of balances.
January 3 Vincent opened a repair shop business in Malaybalay City with the trade
name Anything Services and invested cash for P100,00; shop equipment
for P65,000; and furniture and fixtures for P50,000.

January 4 Paid one year rental of the shop amounting to P60,000

January 4 Rendered services for cash – P75,000

January 5 Rendered services on account for P100,000 with 30% down payment and
balance on account.

January 10 Purchased a computer on account at SY Appliance Center for P45,000 and

made a 10% down payment

January 15 Paid the salaries of employees for P30,000, minus the withholding tax of
P2,500; SSS premium for P800; and PagIbig premium for P200.

January 20 Collected 50% of the services rendered last January 5.

January 25 Rendered services on account for P125,000 with 50% down payment and
the balance on account.

January 31 Paid the salary of employees for P50,000, minus the withholding tax of
P3,500; SSS premium for P1,250; and PagIbig premium for P400