Assignment # 3: Fundamentals of Accounting
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Mara Shaira SiegaAssignment # 3: Fundamentals of Accounting
Uploaded by
Mara Shaira SiegaName: Course & Year: Score: July 27, 2018
Assignment # 3
INSTRUCTIONS: Make the journal entries for the following transactions.
Mr. Jungkook Jeon opened a laundry shop business in Ormoc City. With the given chart of accounts,
record the following transactions.
CHART OF ACCOUNTS
ASSETS OWNER’S EQUITY
Cash in Bank J. Jeon, Capital
Accounts Receivable J. Jeon, Drawing
Unused Laundry Supplies INCOME
Prepaid Insurance Laundry Income
Laundry Equipment EXPENSES
Delivery Equipment Repairs and Maintenance
LIABILITIES Rental Expense
Accounts Payable Utilities Expense
Notes Payable Salaries Expense
Unearned Laundry Income Taxes and Licenses
Transactions:
Marc 1 Opened an account with the Bank of the Philippine Island and made an initial deposit of ₱500,000
h under saving account.
2 Bought laundry machine on account costing ₱250,000 and issued a promissory note.
5 Bought laundry supplies on account, ₱12,000
7 Laundry income for the week:
Cash Basis ₱14,500
Billings to various customers ₱10,300
9 Paid ₱5,000 for vehicle insurance
11 Paid ₱8,300 for taxes and licenses to the government
12 Partial collection from customers’ account of March 7, ₱2,300.
14 Received a bill from Caltex Gasoline Station for gasoline and oil, ₱8,000
14 Laundry income for the week:
Cash Basis ₱30,000
Billings to various customers ₱20,000
16 Withdrew cash of ₱5,000 for personal use.
18 Full collection of customers’ account of March 7.
20 Partial payment of account on bill from Caltex Gasoline Station of March 14, ₱5,000
21 Laundry income for the week:
Cash Basis ₱12,000
Billings to various customers ₱15,000
23 Received cash from a customer but service has yet to be rendered, ₱3,000.
24 Received a bill from Caltex Gasoline Station for gasoline withdrawn, ₱10,000.
25 Full payment of account on bill from Caltex Gasoline Station of March 14.
28 Laundry income for the week:
Cash Basis ₱15,000
Billings to various customers ₱25,000
29 Full payment of the promissory note issued on March 2 for laundry machine.
30 Paid electric and water bill for the month, ₱25,000.
31 Paid salaries to employees, ₱20,000
31 Full payment of laundry supplies bough on March 5.
31 Received a bill from Caltex Gasoline Station, ₱4,500.
31 Paid rental in the amount of ₱5,000.
31 Made additional investment of ₱50,000 and deposited in the bank.
