QUIZ#3: JOURNALIZING, T-ACCOUNT AND TRIAL BALANCE

NAME: _______________________________________________________ ST. HOMOBONUS DATE: __________________________

ABaMatindi Law Firm made the following transactions for the month of March 2024.
2 ABM invested 500 000 to start his Law Firm.
4 ABM bought Equipment from STEM Co. on credit, 100 000
8 Bought supplies for cash, 62 000.
1 Paid STEM Co. partially, 60 000.
4
1 Paid utilities expense of the shop for 5 000.
6
1 ABM paid the salaries of staff, 15 000.
7
1 Received 20 000 from customers from rendered services.
9
2 Supplies purchased 5 000 and made a down payment of 1 000, balance is
0 verbal promise to pay after six days.
2 Alice withdrew 15 000 for personal use.
2
2 Billed a customer, 30 000 and received partial payment of 10 000.
4
2 Paid STEM Co. in full payment.
5
2 The recent balance from customers were collected.
7
2 Billed customers 5 050 for services rendered.
8
2 Paid Rent Expense, 2 500.
9
3 Issued promissory note for cash borrowed from a bank, 20 000.
0

Chart of Accounts
Assets Owner’s Equity
101 Cash 301 ABM, Capital
102 Supplies 302 ABM, Drawing
103 Accounts Receivable Income
104 Equipment 401 Law Service Revenue
Expenses
501 Salaries Expense
Liabilities 502 Utilities Expense
201 Accounts Payable 503 Rent Expense
202 Notes Payable
Scoring: (Your Score/Total Checks) x 50

Requirements:
1) Prepare the journal entries for the March transactions.
2) Set up the following accounts from the chart of accounts and directly into T-accounts, using the
dates of the transactions to identify each transaction.
3) Prepare a trial balance.

Prepared by: Miss Mary Joy Vega Agbanlog,LPT,CB

T ACCOUNTS: ABaMintindi Law Firm