AIS Manual Accounting Cycle
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japvivi ceceAIS Manual Accounting Cycle
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japvivi ceceNAME: _____________________ DATE: ____________________
YEAR & SECTION: _____________
Instruction: On your ledger sheet, (1) Analyze each of the transaction and make a journal entry if the transaction is to
be recorded; (2) Post the entries in their respective T-accounts. Use the following accounts (assumed in numerical
order): Cash; Accounts Receivable; Prepaid Rent; Office Furniture; Office Equipment; Accounts Payable; Marin,
Capital; Marin Withdrawals; Consulting Revenues; Salaries Expense; Utilities Expense; and Miscellaneous Expense.
(3) On a clean 10-column sheet, prepare a worksheet and prepare Balance Sheet, Income Statement and Statement of
Changes in Equity. WORK NEATLY AND HONESTLY. Round off your answer to the nearest peso.
The accounts and transaction of Hanna Marin, a systems consultant, are shown below:
December 1. Invested P 350, 000 in cash to start the business.
Paid P22, 500 for a quarter’s rent.
2. Bought office furniture for P260, 000 cash. The furniture has an estimated depreciable value of P240,
000 and economic life of 8 years.
3. Performed services for P30, 000 in cash.
6. Performed services for P42, 750 on credit. A 8%, 90-day note was given by the client in exchange for
the services.
Bought a desktop computer for P55, 000; paid 50% down payment, balance in a 10%, 60-day note.
7. Acquired a personal copier for P39, 500 on credit; paid P9, 500 cash, balance in 8%, 30-day note.
8. Received P11, 000 from credit clients.
10. Bought additional office chairs for P27, 000 on credit.
15. Issued a P32, 500 check to pay for salaries.
16. Performed services, P10, 250 in cash and P11, 500 on credit.
18. Collected P6, 000 on accounts receivable
22. Issued a check for P4, 000 in partial payment of the amount owed for office chairs.
25. Paid P2, 250 and P2, 500 for the monthly telephone and electric bill, respectively.
29. Marin withdrew P10, 000 in cash for personal expenses.
On December 31, the following items are determined:
a. Salary for three employees who earns P500 a day has not yet been paid. These three worked on the 30 th and
31st to close the books of the business properly.
b. Aside from the office furniture bought on December 2, all other office furniture has estimated useful life of
3 years with no salvage value while office equipment has useful life of 5 years with only P500 salvage value per item.
c. All other deferrals and accruals are to be adjusted.
