East System Colleges of Rizal

Conceptual Framework & Accounting Standard

Prelim Examination

Mixto, Janine Kate P. BSAIS 1 - 1 Block B (Online)

Required:
1. Arrange first your chart of accounts
2. Journal entries. No explanation needed just put “To record.”
3. Posting - T accounts
4. Trial Balance

CHART OF ACCOUNTS
ASSETS OWNER'S EQUITY
Cash Capital
Accounts Receivable - UTANGHIRA Drawing
Nursery Supplies
Furniture and Fixture INCOME
Play Equipment Fees Income
Nursery Home Furniture and Eqpt.
EXPENSES
LIABILITIES Rent Expense
Account Payable – Frankie A. Utilities Expense
Account Payable – Laruan Supplies Advertising
Wages

JOURNAL ENTRIES
Date Business Transactions Debit Credit
1-Jun Miss MONAVA invested P300,000 in the business.
Cash P300,000
Miss MONAVA, Capital P300,000
To record.
2-Jun Purchased tables and chairs, P13,000 and play equipment for P23,000 from
Frankie A.
Furniture and Fixture 13,000
Play Equipment 23,000
Account Payable – Frankie A. 36,000
To record.
2-Jun Nursery Home Furniture and Equipment on credit.
Nursery Home Furniture and Eqpt. 10,000
Account Payable – Frankie A. 10,000
To record.
4-Jun Paid P1,200 cash to a local newspaper to advertise the opening of the nursery
school.
 Advertising 1,200
Cash 1,200
To record.
5-Jun Purchased Nursery supplies from LARUAN Supplies on credit, P7,500.
Nursery Supplies 7,500
Account Payable – Laruan Supplies 7,500
To record.
7-Jun Received P8,000 from a client.
Cash 8,000
Fees Income 8,000
To record.
8-Jun Paid P10,000 to Frankie A. Nursery Home Furniture and Eqpt. As partial
settlement of the account.
Account Payable – Frankie A. 10,000
Cash 10,000

10-Jun Sent a bill to UTANGHERA for fees amounting to P6,500.

Accounts Receivable - UTANGHIRA 6,500
Fees Income 6,500
To record.
11-Jun Paid LARUAN Supplies the full amount due to it.
Account Payable – Laruan Supplies 7,500
Cash 7,500
To record.
15-Jun Paid the monthly rent of the space, P5,000.
Rent Expense 5,000
Cash 5,000
To record.
15-Jun Paid the wages of the nursery helper, P2,500.
Wages 2,500
Cash 2,500
To record.
18-Jun Collected P3,000 from UTANGHERA as partial settlement of his account.
Cash 3,000
Accounts Receivable - UTANGHIRA 3,000
To record.
20-Jun Received P10,500 from various customers.
Cah 10,500
Fees Income 10,500
To record.
25-Jun Paid the Utility bills for the month, P1,800.
Utility Expense 1,800
Cash 1,800
To record.
26-Jun Purchased additional nursery supplies for cash, P15,000.
Nursery Supplies 15,000
Cash 15,000
To record.
28-Jun Withdrew P5,000 for personal use.
Drawing 5,000
Cash 5,000
To record.
30-Jun Paid the wages of the nursery helper P2,500.
Wages 2,500
Cash 2,500
To record.

POSTING - T ACCOUNTS
ASSETS
Cash Accounts Receivable - UTANGHIRA
300,000 1,200 6,500 3,000
8,000 10,000 -3,000
3,000 7,500 3,500
10,500 5,000
2,500
1,800
15,000
5,000
2,500
321,500 50,500
-50,500
271,000

Nursery Supplies Play Equipment

7,500 23,000
15,000
22,500

Furniture and Fixture Nursery Home Furniture and Eqpt.

13,000 10,000

LIABILITIES
Account Payable – Frankie A. Account Payable – Laruan Supplies
10,000 36,000 7,500 7,500
10,000 -7,500
10,000 46,000 0
-46,000
36,000
 OWNER'S EQUITY
Capital Drawing
300,000 5,000

INCOME
Fees Income
8,000
6,500
10,500
25,000

EXPENSES
Rent Expense Utilities Expense
5,000 1,800

Advertising Wages
1,200 2,500
2,500
5,000

TRIAL BALANCE
MONAVA Nursery School
June 30, 2018
ACCTG. NO. ACCOUNT TITLES DEBIT CREDIT
11 Cash P271,000
12 Accounts Receivable - UTANGHIRA 3,500
13 Nursery Supplies 22,500
14 Furniture and Fixture 13,000
15 Play Equipment 23,000
16 Nursery Home Furniture and Eqpt. 10,000
21 Account Payable – Frankie A. P36,000
22 Account Payable – Laruan Supplies 0
31 Capital 300,000
32 Drawing 5,000
41 Fees Income 25,000
51 Rent Expense 5,000
51 Utilities Expense 1,800
53 Advertising 1,200
54 Wages 5,000
TOTALS P361,000 P361,000