DAHONOG Jr, Baltazar J.

BSIE5
ACIE 601
QUIZ
MAY 11, 2021

Warren King formed a business called Global Consultancy Services. The following are the transactions
for May 2020, the first month of operation of the business:

May
03 King invested P500,000 cash for his business.
06 Purchased Equipment on account worth P100,000 from Electroworld.
11 Purchased Supplies costing P4,500 cash.
15 Rendered services to SMC P50,000 on account.
21 The account with Electroworld was paid.
22 Received and paid advertisement bill, P5,000.
27 Billed The Racks for services rendered, and received P20,000 cash.
28 Paid P17,500 for rent.
29 Paid utilities, P6,000.
31 Paid the salary of office clerk, P4,500.

Required: Journalize the transactions.

1. Cash P500,000
Warren king, capital P500,000
2. Equipment P100,000
Cash P100,000
3. Supplies P4,500
Accounts Payable P4,500
4. Cash P50,000
Service Income P50,000
5. Expenses P100,000
Cash P100,000
6. Accounts Receivable P5,000
Income P5,000
7. Expenses P20,000
Cash P20,000
8. Cash P17,500
Warren king, Capital P17,5000
9. Accounts Payable P6,000
Cash P6,000
10. Warren King Drawing P4,500
Cash P4,500