Scribd
Upload
657 views3 pages

Exercise 3-15

1. The document provides instructions and transactions for journalizing, posting, and preparing a trial balance for Assisi Business Agency for August 2018. 2. It includes transactions such as opening a bank account, purchasing office assets, receiving payments from clients, and paying expenses. 3. The transactions are to be journalized, posted to T-accounts to get account balances, and used to prepare a trial balance showing debits and credits for verifying the books are in balance.

Uploaded by

Roy Bonitez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
657 views3 pages

Exercise 3-15

1. The document provides instructions and transactions for journalizing, posting, and preparing a trial balance for Assisi Business Agency for August 2018. 2. It includes transactions such as opening a bank account, purchasing office assets, receiving payments from clients, and paying expenses. 3. The transactions are to be journalized, posted to T-accounts to get account balances, and used to prepare a trial balance showing debits and credits for verifying the books are in balance.

Uploaded by

Roy Bonitez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 3

Exercise 3-15.

Journalizing, Posting and Trial Balance Preparation

Instructions:
1.With the guidance of your teacher, journalize the following transactions using a 12-column
worksheet.
2.Post the recorded transactions in requirement number 1 to the appropriate T-accounts and get
the balance of each account.
3.Prepare the trial balance of Assisi Business Agency for the month of August, 2018 .

1. Transactions:
Aug 1 Francis opened an account with BPI under the Assisi
Business Agency’s name and deposited P 850,000
cash. He also invested his two personal computers
which he acquired a year ago for P 20,000 each but
with a fair market value of P 15,000 each.
2 Paid barangay and municipal taxes, P 3,500.
3 Bought a small office condominium for P 500,000,
giving P 250,000 cash and signing a mortgage payable
in 10 years for the balance.
Hired a secretary with monthly salary of P8,500.
5 Bought office tables and chairs on credit from
Mansion, Inc., P 40,000.
6 Billed a client for services rendered, P 20,000.
7 Purchased computer ink, coupon bond paper and ball
pens to be used in the office; terms: cash basis, P 4,500.
8 Paid fifty percent of the amount owed to Mansion,
Inc.
9 Francis withdrew cash of P 50,000 and two reams of
bond paper worth P 1,000 for personal use.
10 Paid P 400 for the repair of one of the computers.
11 Received P5,000 as payment for the services
rendered to one of their clients.

12 Collected one half of the amount due from client of


August 6th.
13 Paid one year rent for a special machine to be used
in business operations, P30,000.
14 Paid one year insurance of the office condominium,
P25,000.
15 Paid one half of the salary of the secretary.

2. T- ACCOUNTS
Cash I Accounts Payable
Debit Credit I Debit Credit
I
I
I
I Mortgage Payable
I Debit Credit
I
I
I
I
I De Asis, Capital
Accounts Receivable I Debit Credit
Debit Credit I
I
I
I
I
Prepaid Rent I De Asis, Drawing
Debit Credit I Debit Credit
I
I
I

I Service Income
Prepaid Insurance I Debit Credit
Debit Credit I
I
I
I
I
Office Supplies I
Debit Credit I
I
I
I
Salaries & Wages
I Expense
Office Building I Debit Credit
Debit Credit I
I
I
I
I
Repairs & Maintenance
Office Equipment I Expense
Debit Credit I Debit Credit
I
I
I
I
Taxes & Licenses
Furniture & Fixture I Expense
Debit Credit I Debit Credit
I
I
I

3. TRIAL BALANCE

Assisi Business Agency


Trial Balance
August 31, 2018

Account Title Debit Credit


Cash P
Accounts Receivable
Prepaid Rent
Prepaid Insurance
Office Supplies
Office Building
Office Equipment
Furniture & Fixture
Accounts Payable P
Mortgage Payable
De Asis, Capital
De Asis, Drawing
Service income
Taxes and Licenses Expense
Repairs & Maintenance
Expense
Salaries and WagesExpense
Total P P

You might also like