ASSIGNMENT

Mr. Edgar Esparaguera is a professional accountant. He ventured in a milling business to serve the needs of
farmers in the rural areas of Dipolog City. With a given chart of accounts, record in a General Journal the
transactions for the first month of operation on April 2014.

Transactions for the Month:

April 1 - Mr. Edgar Esparaguera invests cash of P100,000. He deposited the P99,000 in Land Bank and
kept theP1,000 as petty cash fund to pay for small expenses. He also invests a Satake Rice Mill which
includesinstallation cost worth P950,000 and Furniture amounting to P80,000 for a total investments of
P1,130,000.
3 - Purchased diesoline worth P15,000 account from Caltex Philippines.
5 - Paid licenses and business permits to the city government, P2,800.
7 - Salary advance of an employee deductible from payroll, P3,000.
8 - Paid minor repairs, P500. This was taken from the Petty Cash Fund.
14 - Received cash for milling services, P9,000.
18 - Withdrew P8,000 cash for personal use.
20 - Rendered milling services to Zamboanga Traders on account, P18,000.
23 - Paid in full the account with Caltex Philippines, P15,000.
27 - Collected partially the account of Zamboanga Traders, P10,000.
28 - Received cash in advance but service is still to be rendered, P7,000.
29 - Paid light and water for the month, P8,000.
30 - Total payroll for the month, P15,000 less salary advance of P3,000.
- Billed Dipolog Farms for milling services rendered, P25,000.
Instruction: Prepare the four (4) basic financial statements.