ASSESSMENT

Activity 1: Make a journal entry on the following problems. Please write your answers on
the ANSWER SHEETS.

Problem 1

Mr. SpongeBob decided to open his own burger shop and has the following transactions in the month of
April 2020.

Write Journal Entries for the transactions.

On April 3, SpongeBob invested P 500,000 to commence his business.

On April 4, he purchase meat inventory from Patrick for 20,000 on cash.
On April 7, SpongeBob bought equipment for P 50,000 on credit to Garry.
On April 8, He paid the rent of his store amounting P 10,000.
On April 10, He sold P 15,000 worth of meat.
On April 11, He paid the permit fee for P500.
On April 15, He paid his credit to Garry for P 10,000.
On April 18, He sold P 5,000 worth of meat on credit.

Problem 2

Barbie is a sole proprietor having a bake shop. Following are the transactions during the month of
January, 2021.

Jan.
1 Commenced business with cash P 80,000.
2 Invested a machine for P20, 000.
3 Purchased inventory by paying cash P 5,000.
4 Purchased supplies from Ken on credit P 10,000.
5 Sold breads to Joy and received cash P 11,000.
6 Paid salaries by cash P 5,000.
7 Paid Ken for the purchases made on 4th Jan.
8 Bought furniture by cash P 4,000.
9 Paid electricity charges by cash P1, 000.
10 Bank paid insurance premium on furniture as per standing instructions P 300.

Problem 3
Lisa started her vintage boutique business on the month of June 2021.
04 Invested P35, 000 worth of equipment and P 70,000 cash.
06 Bought an inventories worth P 16,000, which only 50% of it is paid by cash.
09 Sold shirts to Jennie for P 5,000 on account.
09 The cost of goods sold is P 3,750.
11 Purchase supplies to Jisoo for P 1,000.
15 Paid the remaining balance from June 6.
16 Received cash from Jennie.
17 Sold jackets to Rose which amounts to P 2,000.
17 Cost of goods sold is P 1250.
20 Paid insurance for P 500.
21 Paid the water charges for P250.
22 Withdraw cash on the business for P500.