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CBA112 Practice Set

Karina Fabian established Fabian Sights and Tours in October 2020. The transactions for the month included Karina investing cash and purchasing property and equipment for the business. The business also entered leasing agreements, purchased supplies, paid fees, performed and received payment for services, sold assets, and withdrew cash. By the end of the month, the business had received and paid bills.

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Michael Sanchez
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109 views

CBA112 Practice Set

Karina Fabian established Fabian Sights and Tours in October 2020. The transactions for the month included Karina investing cash and purchasing property and equipment for the business. The business also entered leasing agreements, purchased supplies, paid fees, performed and received payment for services, sold assets, and withdrew cash. By the end of the month, the business had received and paid bills.

Uploaded by

Michael Sanchez
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Karina Fabian established Fabian Sights and Tours in October 2020.

The transactions of the


business for the month of October 2020 are as follow:

10/1 Karina invested P350,000 cash, building of P600,000, and office equipment of P230,000
in the name of the business.
10/1 Entered into a lease contract with Canyon Prints for the monthly rent of a heavy-duty
printer and copier, the base rent payable is P3,000 plus actual number of outputs
printed.
10/1 Purchased office supplies for P20,000 in cash.
10/1 Purchased furniture and fixtures for P150,000 paying P50,000 down payment.
10/2 Paid renovation fees for P15,000.
10/3 Paid PhilSun for a 3-month advertisement subscription totaling P30,000.
10/4 Received P8,000 cash for services rendered.
10/5 Received P12,000 cash for P20,000 worth of services rendered from various clients.
10/7 Sold an old computer in cash for P23,000.
10/8 Bought new computer set for P50,000 on account.
10/10 Received P40,000 from clients for services to be performed in various future dates.
10/15 A client issued promissory notes for his P4,000 billing due from 10/5 transaction.
10/16 Collected P4,000 from the billings in 10/5 transaction.
10/18 Received P18,000 cash for P10,000 services rendered and the remaining for services to
be performed.
10/22 Performed P20,000 services from 10/10 transaction.
10/25 Performed services on account, P6,000.
10/27 Paid half of the unpaid balance of furniture and fixtures.
10/30 Karina withdrew P30,000 cash for personal use.
10/31 Received water and electricity bill totaling P12,000.
10/31 Paid Canyon Prints for the month’s use of the printer for P4,300.

Chart of Accounts

110 Cash 230 Utilities Payable


120 Accounts Receivable 240 Unearned Service Revenue
130 Notes Receivable 310 Fabian, Capital
140 Office Supplies 320 Fabian, Withdrawal
150 Prepaid Advertisement 410 Service Revenues
160 Office Equipment 510 Renovation Expense
170 Furniture and Fixtures 520 Utilities Expense
180 Building 530 Printing Expense
210 Accounts Payable
220 Notes Payable

Prepare the Journal Entries, T-accounts, and the Trial Balance for October 2020.
Krizette Deña establish KD Events in June 2020. The transaction of the business for the month of
June 2020 are as follow:

6/1 Krizette invested P300,000 cash, Computer sets worth P50,000, Office table and chairs
worth P75,000, and a Car worth P950,000 in KD Events.
6/1 Entered into a lease contract with Mari Commercial Spaces with an agreed monthly
lease payment of P8,000. The monthly rent is payable at the end of the month. The
entity paid 2-month rent deposit as stated in the agreement.
6/1 Purchased office supplies for P30,000 on account.
6/1 Paid Paintura Inc for painting the office, P10,000.
6/2 Purchased printer and scanner on account, P43,000.
6/7 Received P89,000 cash for the week’s services rendered.
6/8 Paid P1,200 for the gasoline of the vehicle.
6/11 Received P15,000 payment in advance from a client for an event to be organized on
June 18, 2020.
6/14 Paid the amount of the supplies purchased on June 1, 2020.
6/16 Billed a client for the immediate service rendered, P9,500.
6/18 Performed the services on June 11 transaction but the actual bill amounted only for
P12,000. The client got refunded for the excess payment.
6/20 Received P94,000 cash for the week’s services rendered.
6/22 Paid 2,500 for the gasoline of the vehicle.
6/23 Purchased office supplies in cash, P23,000.
6/24 The owner withdrew P32,000 cash for personal use.
6/25 Paid for the meals with potential clients, P2,600.
6/28 Paid for the assistant’s salary, P18,000.
6/30 Paid for the month of June’s rent, P8,000.
6/30 Received all the utilities bill for the month totaling P28,000.

Chart of Accounts
101 Cash 301 Deña, Capital
102 Accounts Receivable 302 Deña, Withdrawal
103 Office Supplies 401 Service Revenues
104 Prepaid Rent 501 Gasoline Expense
105 Office Equipment 502 Painting Expense
106 Furniture and Fixtures 503 Utilities Expense
107 Service Vehicle 504 Salaries Expense
201 Accounts Payable 505 Rent Expense
202 Utilities Payable 506 Representation Expense
203 Unearned Service Revenue

Prepare the Journal Entries, T-accounts, and the Trial Balance for June 2020.
Consider the July 2020 Trial balance of Palis Recording Studio.
(Note, the prior month’s trial balance is the beginning balance of every account included therein
for the current month’s transaction.)

Record first in the August’s Journal sheet the balances of the accounts in the July’s Trial Balance

Palis Recording Studio


Trial balance
For the month of July 2020

Accounts (in PHP) Debits Credits


1001 Cash 430,000
1002 Accounts Receivable 24,000
1003 Studio Supplies 33,000
1004 Prepaid Rent 36,000
1005 Studio Equipment 535,000
1006 Studio Furnitures 97,000
2001 Accounts Payable 100,000
2002 Utilities Payable 32,000
2003 Salaries Payable 21,000
2004 Loans Payable 200,000
2005 Unearned Revenue 14,000
3001 Palis, Capital 788,000
Balance 1,155,000 1,155,000

The transaction of the entity for the month of August 2020 are as follow:

8/1 Purchased additional studio supplies on account, P20,000.


8/5 Paid both the utilities payable and salaries payable from the month of July 2020.
8/8 Performed half of the unearned revenue from the month of July 2020.
8/15 Received P67,000 cash for the first half of the month’s services performed.
8/18 Settled P50,000 accounts payable.
8/20 Settled the loan from the bank for the principal amount of 200,000 plus an interest of
20,000.
8/24 Collected P10,000 of the accounts receivable.
8/29 Received cash payment in advance for recording services to be performed on September
10, 2020 for P14,000.
8/30 Received P80,000 cash for the second half of the month’s services performed.
8/30 Received utilities bills for the month, P23,000.
8/30 Accrued salaries of the assistant to be paid next month, P 25,000.
Chart of Accounts
1001 Cash 2005 Unearned Revenue
1002 Accounts Receivable 3001 Palis, Capital
1003 Studio Supplies 4001 Recording Revenue
1004 Prepaid Rent 5001 Interest Expense
1005 Studio Equipment 5002 Utilities Expense
1006 Studio Furniture 5003 Salaries Expense
2001 Accounts Payable
2002 Utilities Payable
2003 Salaries Payable
2004 Loans Payable

Prepare the Journal Entries, T-accounts, and the Trial Balance for August 2020.

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