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    Pre Test 9/15/21 Quiz # 1 Part Ii - Continuation: Chart of Accounts

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    Garhole Tzy
    Mr. Ezekiel started a law practice and engaged in various business transactions throughout December. A chart of accounts was created with 5 categories (assets, liabilities, owner's equity, income, expenses) and account numbers. The business transactions were then journalized with explanations.

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    Pre Test 9/15/21 Quiz # 1 Part Ii - Continuation: Chart of Accounts

    Uploaded by

    Garhole Tzy
    25 views5 pages
    Mr. Ezekiel started a law practice and engaged in various business transactions throughout December. A chart of accounts was created with 5 categories (assets, liabilities, owner's equity, income, expenses) and account numbers. The business transactions were then journalized with explanations.

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    Quiz Ms word

    Original Title

    ABMG12QUIZ_1CONT_9_15

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    Mr. Ezekiel started a law practice and engaged in various business transactions throughout December. A chart of accounts was created with 5 categories (assets, liabilities, owner's equity, income, expenses) and account numbers. The business transactions were then journalized with explanations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    25 views5 pages

    Pre Test 9/15/21 Quiz # 1 Part Ii - Continuation: Chart of Accounts

    Uploaded by

    Garhole Tzy
    Mr. Ezekiel started a law practice and engaged in various business transactions throughout December. A chart of accounts was created with 5 categories (assets, liabilities, owner's equity, income, expenses) and account numbers. The business transactions were then journalized with explanations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Lenard Mata Abayan

    PRE TEST 9/15/21


    QUIZ # 1 PART II - CONTINUATION

    A.
    B. USE THE FOLLOWING ACCOUNT TITLES BELOW
    FOR MR. EZEKIEL BUSINESS TRANSACTIONS
    BUT FIRST, MAKE SURE TO
    MAKE YOUR OWN CHART OF ACCOUNTS FOR MR. EZEKIEL
    AND ASSIGN AN ACCOUNT NO. FOR EACH CATEGORIES
    (asset, liabilities, owner’s equity, income & expenses)
    AND FOR EACH ACCOUNT TITLE.

    CHART OF ACCOUNTS
    ASSETS
    MR. EZEKIEL, CAPITAL
    MR. EZEKIEL, DRAWING
    LIABILITIES
    OWNERS EQUITY
    CASH
    ACCOUNT RECEIVABLE
    PREPAID INSURANCE
    FURNITURE AND EQUIPMENT
    OFFICE SUPPLIES
    INCOME
    ACCOUNTS PAYABLE
    BANK LOAN
    ADVERTISING EXPENSE
    UTILITIES EXPENSE
    SALARY EXPENSE
    MISCELANAEOUS
    PROFESSIONAL FEES INCOME
    EXPENSES

    Mr. Ezekiel Chart of Accounts


    Account Account No.
    Assets 10 - 40
    Cash 10
    Furniture and Equipment 20
    Account Receivable 30
    Prepaid Insurance 40

    Liabilities 50 - 60
    Bank loan 50
    Account Payable 60

    Owners Equity 70 - 80
    Mr. Ezekiel, Capital 70
    Mr. Ezekiel, Drawing 80

    Expenses 90 - 140
    Office Supplies 90
    Miscellaneous 100
    Professional fees income 110
    Salary Expense 120
    Advertising Expense 130
    Utilities Expense 140
    C. JOURNALIZATION
    JOURNALIZE THE FF. BUSINESS TRANSACTIONS w/ EXPLANATION JUST PUT “To record”

    BUSINESS TRANSACTIONS OF MR. EZEKIEL


    In December of the current year, the following transactions took place.

    Dec 2 Mr. Ezekiel invested P60,000 to start his law practice.


    4 One-year insurance effective December 1 was paid, P6,000.
    6 Office furniture worth P15,000 was purchased on account from EZ ABC
    Furniture Company
    8 Office and computer supplies costing P2,500 was bought for cash.
    11 Received from City Bank P60,000 for Loan applied to be used in
    his law practice.
    14 Purchased on credit a desktop computer and printer for office use
    worth P60,000 for Micro System Inc.
    16 Received P12,500 cash for legal service rendered to Jose Lopez.
    18 Paid P1,000 for Miscellaneous expenses incurred
    20 Received P10,500 cashfor legal services rendered to clients.
    22 Advertising place on a local paper for three months effective
    December 1, was paid, P3,600.
    24 Various clients were billed for professional services, P16,400.
    25 Micro System Inc. was partially paid, P45,000.
    26 Collected accounts from various clients, P7,500.
    27 Lights, water, and telephone use for the month December was
    Paid to property owner, P1,500. (Utilities Expense)
    28 The salary of the legal secretary was paid, P5,500.
    29 Mr. Ezekiel withdrew P12,000 for personal use.
    30 Received P5,000 as advance fees for legal services to be
    rendered the next year.

    REQUIRED:
    A.
    B. CHART OF ACCOUNT IN 5 CATEGORIES WITH ACCOUNT NUMBERS FOR MR. EZEKIEL.
    C. JOURNALIZE THE FOLLOWING BUSINESS TRANSACTIONS FOR MR. EZEKIEL.

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