Test I.

Accounting Equation - Find the missing items

Instructions: Determine the missing amounts in the accounting equation

Case Assets Liabilities Capital

A 46,000 14,000 (1)

B 25,000 (2) 15,000

C 30,000 (3) 30,000

D (4) 4,000 8,000

E 9,000 2 / 3 of Assets = (5) (6)

F (7) (8) 5,000 = 4/5 of assets

G 12,500 (9) 3/4 of assets = (10)

H 25,000 1/5 of asset = (11) (12)

I (13) 25,000 35,000

Answer:

Case Assets Liabilities Capital

A 46,000 14,000 32,000

B 25,000 10,000 15,000

C 30,000 0 30,000

D 12,000 4,000 8,000

E 9,000 2 / 3 of Assets = 6,000 3,000

F 6250 1250 5,000 = 4/5 of assets

G 12,500 3125 3/4 of assets = 9375

H 25,000 1/5 of asset = 5000 20,000

I 60,000 25,000 35,000

Test II.

The following business transactions of JIT CONSULTANCY SERVICE

owned by Atty. Art Nabong during the month of June, 2020 were presented
below:

1. Transferred P500,000 from his personal savings account to a checking account opened in the name of
his company
2. Paid cash of P15,000 to Aries Rentals for rent of office space.
3. The business uses rent expense account for the rent.
5. Purchased the law books for office library for P30,000 from National
7. Book Store paying cash of P15,000, signed a promissory note of P10,000 and the balance on account
9. Purchased office supplies from National Book Store for cash, P1,500
10. Purchase office equipment from Nick Furniture, P25,000, paying cash of P5,000 and the balance on
terms for 30 days.
11. Completed legal and consultancy services for Abraham Company on credit, P65,000
13. Received cash of P35,000 from Philippine Lawyers Association for the legal services completed.
15. Purchased office machinery from Office Machine Factory on credit, P25,000
18. Paid for the law books purchased from National Book Store, P5,000.
20. Received cash of P10,000 to apply on account from Abraham Co.
22. Cash of P15,000 was received from Burnham Company for legal work completed.
23. Paid for the salaries and wages of office staff, P19,500.
28. Paid the two months rent in advance to Aries Rentals.
29. Atty. Nabong took P5,000 cash for personal expenses.
30. Billed A. Reyes for legal services rendered, P10,000.

Use the following chart of account: 100 Cash 101 Notes receivable 102 Accounts receivable 103 Office
supplies 104 Law Library 105 Office Machinery 106 Office Equipment 200 Accounts payable 201 Notes
payable 300 A. Nabong, Capital 301 A. Nabong, Drawing 400 Legal and Consultancy Income 500 Rent
expense 501 Salaries and wages expense 502 Supplies expense 503 Taxes expense

Required: 1. Journalize the above transactions.

2. Post the journal entries in the general ledger.
3. Present a trial balance for the period ended June 30, 2020
Tab Analysis:
General Ledger:
TRIAL BALANCE: