ACC 104: FUNDAMENTALS OF ACCOUNTING

ANG FINANCAL STATEMENT ANALYSIS

P2 ACTIVITY 1

DIRECTION: Based on the given transactions and chart of accounts below, prepare the following
journal Entries

Transactions:
a. April 1 – Ms. X invested P100,000 cash and P 250,000 worth of machines in his business
b. April 5 - Bought supplies P40,000 on credit to ABC Store
c. April 7 - Received advanced payment from the customers, P30,000
d. April 11 - Paid salaries expenses for her two assistants amounting to 12,500.
e. April 17- Paid the 25,000 for the account to ABC Store.
f. April 23 - Performed services for the cash payment received last April 7, P10,500.
g. April 25 - Performed salon services on account, P10,000 each.
h. April 27 - Received and paid the bill for utilities, P4,500.
i. April 29 - Collected 50% of the receivables from clients on account
j. April 30 - Withdrew 4,000 for personal use.
k. April 30 – Paid the following expenses: Advertising 1,000; Transportation 1,500; Miscellaneous 2,000

Use the following account titles and account 202 Unearned Revenue
numbers: 301 X, Capital
302 X, Withdrawal
101 Cash 401 Service Revenue
102 Accounts Receivable 501 Salaries Expense
103 Supplies 502 Utilities Expense
104 Machine 503 Advertising Expense
201 Accounts Payable 504 Transportation Expense
505 Miscellaneous Expense

JOURNAL
Date Account Title and Explanation PR Debit Credit

1
ACC 104: FUNDAMENTALS OF ACCOUNTING
ANG FINANCAL STATEMENT ANALYSIS