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  • Fabm 1 Review-Act 1

    Uploaded by

    Anne Morales
    6 views4 pages
    The document provides instructions to journalize, post, and prepare a trial balance for 6 transactions within 10 minutes: 1) Investment of P190,000 cash, 2) Payment of P25,490 for a business license, 3) Purchase of equipment for P80,000 with 25% paid in cash and the rest on account with 5% discount if paid within 10 days, net 30 days, 4) Receipt of P200,000 cash for services, 5) Payment of the equipment from transaction 3 within the discount terms, and 6) Owner's personal expenditure of P35,000 cash for her birthday party.

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    Original Title

    FABM 1 REVIEW-ACT 1

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    © © All Rights Reserved

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    The document provides instructions to journalize, post, and prepare a trial balance for 6 transactions within 10 minutes: 1) Investment of P190,000 cash, 2) Payment of P25,490 for a business license, 3) Purchase of equipment for P80,000 with 25% paid in cash and the rest on account with 5% discount if paid within 10 days, net 30 days, 4) Receipt of P200,000 cash for services, 5) Payment of the equipment from transaction 3 within the discount terms, and 6) Owner's personal expenditure of P35,000 cash for her birthday party.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views4 pages

    Fabm 1 Review-Act 1

    Uploaded by

    Anne Morales
    The document provides instructions to journalize, post, and prepare a trial balance for 6 transactions within 10 minutes: 1) Investment of P190,000 cash, 2) Payment of P25,490 for a business license, 3) Purchase of equipment for P80,000 with 25% paid in cash and the rest on account with 5% discount if paid within 10 days, net 30 days, 4) Receipt of P200,000 cash for services, 5) Payment of the equipment from transaction 3 within the discount terms, and 6) Owner's personal expenditure of P35,000 cash for her birthday party.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    FUNDAMENTALS OF

    ACCOUNTANCY,
    BUSINESS, and
    MANAGEMENT 1
    ACTIVITY 1
    LET’S WORK IT OUT!!! only for 10 minutes.
    JOURNALIZE, POST and Prepare a
    TRIAL BALANCE (improvise a journal)
    a. Investment of P190,000.
    b. Paid City Government for the Business
    License, P25,490.
    c. Purchased Equipment, P80,000. Paid
    25% in cash and the rest on account.
    5/10, n/30
    d. Received P200,000 cash for service
    rendered.
    e. Paid equipment purchased in C within
    the discount range.
    f. Owner partied with friends, it’s her
    Bday, and paid personal money,
    P35,000.

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