Reviewer in Bookkeeping

I. Identify the normal balances (debit or credit) of the following accounts.

______________1. Cash ______________6. Customers’ Accounts

______________2. Suppliers’ Accounts ______________7. Bank Loan

______________3. Rent Expense ______________8. Robles, Loan

______________4. Robles, Capital ______________9. Deposit for Rent

______________5. Laboratory Fees Revenue ______________10. Advances from Clients

II. Prepare Journal Entry, Ledger, and Trial Balance

The June transactions of Dave Mac for Speedy Delivery Service are given below. Use the following Chart of Accounts:

Current Assets – 101 to 103 Equity – 501 to 502

101 Cash 501 Mac, Capital

102 Accounts Receivable 502 Mac, Drawing

103 Office Supplies Revenue - 601

Plant and Equipment – 201 to 202 601 Delivery Fees Earned

201 Office Equipment Expenses – 701 to 702

202 Delivery Van 701 Rent Expenses

Current Liability – 301 702 Wages Expenses

301 Accounts Payable 703 Utilities Expenses

1 Mac invested P300,00 cash to open a delivery service for OFWs

3 Purchased a delivery van for P300,000 from Hi Ace, 50% down, balance on credit.

5 Purchased office supplies for P3,750 cash.

10 Purchased P27,500 equipment using his own credit card, but the firm will pay for this

12 Received P25,000 cash as fees for services provided to overseas contract workers

15 Paid cash to settle P5,500 of the amount payable form the June 10 purchase

Hired two workers for a monthly wage of P 10,000 each worker

20 Billed two customers P17,000 for services provided Jane P10,000 and Mike P7,000

22 Paid P15,000 cash for the monthly rent

23 Collected from Mike

25 Mac withdrew P 1,000 cash from for personal use