Recording Business Transactions | 161 problem #9 Journalizing Transactions in a Financial Transaction Worksheet Yolanda’ Manali has. started! his own business, Property Appraisals. He inspects property for buyers and sellers of real estate. Manali rents office space and has a part- time assistant to answer the phone and to help with inspections.” The transactions for the month of September are as follows: 2. Manalili invested cash by making a deposit in a bank account for the business, 150,000. Paid rent for the month, 3,000, Bought a second-hand service vehicle for cash, P80,000, Bought service tools on azcount, P30,000, Paid electricity bill, P500, Paid a one-year insurance premium on the service vehicle, P6,000. Received cash from clients for service performed, P20,000. Paid salaries to assistant for first half of the month, P2,000, Performed appraisal services for clients on account, P10,000. Paid water bill, P350. Bought office supplies for cash, P1,000. Received cash from clients for inspections performed on account in (i), 3,000, Mm. Paid salaries to assistant for last half of the month, P2,500, Made partial payment on service tools bought in (d), P10,000, Additional revenues earned amounted to P20,000: P14,000 for cash and 6,000 on account. P. Manalili withdrew cash for personal expenses, PS,000, Required: 1 Prepare the journal entries for the September transactions. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid insurance; Service Tools; Service Vehicle; Accounts Payable; Manalili, Capital; Manalili, Withdrawals; Revenues and Expenses, 2 Compute the ending balances for all accounts.‘problem #10 Journalla The chart of acounts 10 120 130 440 Service Vehicle 150 jing Transactions for Vincent BOFO Delivery Revenues ses cope counts Reha Salaries Expense Gas and Oil Expense Prepaid insurance “ Repair Expense Oe eee Advertsing Expense bites dipoles Expense a ee ‘Miscellaneous Expense Owner's Equity 310 Boron, Capital 320 Boron, Withdrawals ‘The entity completed the following transactions in May 202 May 3 6 15 ” 2 26 29 30 31 31 31 Required: Prepare the journal entries for then lay Placed four weekend advertisements in the Sun Daily Central Luzon for P38,500; the amount is due in 30 days. ‘Bought supplies on account from Supplies, Inc., P8,800. Boron invested inthe business own office equipment with a fai market value of 52,500, ee 61,800 from charge customers to apply on their Received a bil rom Park 78,500, Paid Supplies, inc, P8, 809 fates oa ful pment of account. Received P: besvkg "39,000 for services, Performed, Received and paig voice izsop, M4 bl relating tothe sence Billed South chi Boron wider Bank for services Perfor ash for personal Use, Fie tot P45,000, Trucking for repair services performed, Wansactions,al (fair ned, ‘NAME: ‘SECTION: i Recording Business Transactions | 163 Problem #11 Journalizing Transactions panne ave Review Schoo| entered into the following transactions during October 2022: 31 Java made additional investments of P50,000 in the business. Bought liability insurance for one year, P14,500. Received a bill for advertising from SouthMin News, P3,200. Paid rent for the month, P8,900. Received a bill for equipment repair from E. Hipolito, P2,880. Received and deposited tuition from students, P62,500, Received and paid the telephone bill, P2,300. Bought chairs from E. Awayan Furniture, P18,800, paying P8,800 in ‘cash and the balance on account. Paid accounts to SouthMin News, P3,200, Java withdrew P8,000 for personal use, Received a bill for gas and oil from Mindanao Oil Corp., P1,800, Received and deposited tuition from students, P51,400, Paid salaries of the office assistants, P12,000, Bought a photocopier on account from Dadiangas Office Mach P7,500. Received P7,000 tuition from a student who had charged the tuition ‘on account last month, Received and paid the water utilities bill, P3,600. Paid for flower arrangements for front office, P620. es, 31._Java invested personal computer, with a fair market value of Required: P12,300, in the business. Prepare the journal entries for the October transactions. Use the following accounts: (Ash; Accounts Receivable; Prepaid insurance; Equipment; Furniture; Accounts Payable: Java, Capital; Java, Withdrawals; School Fees; Salaries Expense; Rent Expense; Gas and Ol Expense; Advertising Expense; Repalt Expense; Supplies Expense Utes Expense: Telecommunications Expense and Miscellaneous Expense.of. WIN Batloda Beers a, Pears ding account. bum andagreed to pay btheieveles and use lek of operation [considered an addition the park entrance week of operation tekof operation, 8 outing. forthe right to the Mentries: cast; Acco™r Bis Leon, Capita! lenance Expense? Transactions | 165, lem #13 Jourmalzing, Posting and Preparing a Trial Balance Winie Vilanueva isa painting contractor. During the month of Apt she completed the following transactions: ‘por. 2 Invested in the business painting equipment valued at P12,300 and placed 71,000 in a business checking account. 3 Acquired a service vehicie costing P80,000. Paid P50,000 cash and signed a note for the balance. 4 Purchased painting supplies on account for P3,200. 5 Completed a painting job and billed the customer P4,800. 7 Received P1,500 cash for painting an apartment room. 10 Purchased painting supplies for P1,600 cash 41 Received a P4,800 check from the customer billed on April 5 42 Paid P4,000 for an insurance policy for a one-year coverage. 43 Billed a customer P6,200 for a painting jb. 44 © Paid the assistant P1,500 for twenty-five hours! work. 15 Paid P400 for a tune-up of the service vehicle 48 Paid for the painting supplies purchased on April 4 20 Purchased a new ladder for P5,000 and painting supplies for P2,900, ‘on atcount. 22 Received a telephone bill for P600, due next month. 23 Received P3300 in cash from the customer billed on April 23. 24 Transferred P3,000 to a personal checking account. 25” Received P3,600 in cash for painting a two-room apartment. 27 Paid P2,000 on the note signed for the service vehicle. 23. Paid the assistant P1,800 for thirty hours' work. Required: 1L_ Prepare the journal entries to record the April transactions, 2. Setup the following ledger accounts and post all the journal entries: Cash; ‘Accounts Receivable; Painting Supplies; Prepaid Insurance; Painting Equipment; Service Vehicle; Notes Payable; Accounts Payable; Vilanueva, Capital; Vilanueva, Withdrawals; Painting Revenues; Wages Expense; Utilities Expense; and Maintenance Expense. Prepare a trial balance.eso 223 i by Prof. WIN Botlode ond) econ 6 | so ing zi ———__ ‘NAME: ‘SECTION: problem aiplonce eect er son the Til Ba [Effects of Errors onthe Tia at ects or sy tes avs consuting #652720; 206, | a ‘Te trial balance prepared BY FOr employee discovered that a transactc, | errors occurred in post Pace Inserting rE FT has been recorded by a debit ct 0 purchase of» ypewit 2 4 debit of P6,100 to Accounts Payable. n.. Be ita exetce andar, the fe Eur bance ba a total OFP926,000, “The receipt of P3,000 from “debit to cash and a 3,000 ¢ a Wasthe ofice Equipment acount overstated, understated, OF correct “The purchase of supplies 0 stated inthe trial balance? 'b, Was the total ofthe debit column of the trial balance overstated, Understated, or correctly stated? a. isthe trialbalance be Hout of balance, » ‘© Wasthe Accounts Payable account overstated, understated, or correctly & Which column tots stated in the trial balance? 4d, Was the total ofthe credit column of the olumn ofthe tri ehiehalili trial balance overstated, © How much was the total Pomcion ches ‘of the debit column of the trial balance beforecording Business Tronactons | 167 SCORE: a ‘PROFESSOR: aah problem #35 fects of Errors on the Trial Balance 30, 2024 wa, PAFAMSQction io," | ThefelOwing rors ocurred in posting transactions fom the journal tothe ledger fadebit of pg 10. Payable. 2s 1, A payment of P1,700 for advertising was posted as a 1,700 debit to ‘advertising expense and a P7,100 credit to cash 2 The receipt of P3,000 from a client on account was posted as a P3,000 debit to cash and a P3,000 credit to sales, 3, The purchase of supplies on account for P1,400 was posted twice as a debit to supplies and once as a credit to accounts payable. ‘The payment of P2,200 to a creditor on account was posted as a credit to accounts payable for P2,200 and a credit to cash for P2,200, oF correctly ited, For each ofthese errors, determine the following 4. Is the trial balance out of balance? b. Ifout of balance, what isthe difference between the column totals? Which column totals larger? or correctly ted, le before [tof the erroreaition by Prof. WIN Balfodo 168 |_ Bosc Financial Accounting ond Reporting 2023 [Names (SECTION: Problem #16 Correcting a Trial Balance The June 2023 tial balance for Davao Duplctors, owned by Alan elantg presented below. ‘The regular bookkeeper has resigned and left the following balance. It did not balance oa ‘Davao Duplicators “il Balance June30, 2023, cash 44,800 ‘Accounts Receivable 189,600. Supplies 70,800 : Equipment 60,000 rengton a Accounts Payable Brillante, Capital Brilonts, Withdrawals Salates Expense Unites Expense Tote Upon reviewing the trial balance and the ledger accounts to the trial balance, two er. Drocess of transferring the amounts in ors were discovered: 2. The debitcolumn nthe tril balance was G Theis ence acounblanca was overtted by Pi. ted by P1200, sh account amounted ie "# t0.P188,600 and the credits Required: Prepare a corrected tral