PROBLEM 1: POSTING
A business had the following transactions during the period:
1. The business owner provides P600,000 capitals during the period.
2. The business renders services worth P200,000 on cash basis.
3. The business bills clients for services rendered worth P300,000 on account.
4. The business pays salaries expense of P180,000.
5. The business collects P100,000 accounts receivable.
REQUIREMENTS:
a. Provide the journal entries
b. Post the entries to the ledger use T-accounts
c. Answer the questions below:
How much is the total services fees earned during the period?
How much is the total collections from clients during the period?
How much is the total disbursements during the period?
How much cash does the business have at the end of the period?
How much is the outstanding receivable from clients at the end of the period?
PROBLEM 2: POSTING
Entity A had the following transactions during the period:
1. Owner contributed P1,000,000 to the business.
2. Purchased office supplies worth P300,000 on account (use a prepaid account)
3. Rendered services worth P500,000 on cash basis.
4. Rendered services worth P800,000 on account
5. Paid P100,000 accounts payable
6. Collected P700,000 accounts receivable
7. Purchased equipment worth P58,000
8. Drawings of owner amounted to P10,000
9. Paid salaries expense of P70,000
10. Paid interest expense of P5,000
REQUIREMENTS:
a. Provide the journal entries
b. Post the entries to the ledger us T-account
PROBLEM 3: UNADJUSTED TRIAL BALANCE
Entity A has the following account balances on December 31, 20x1
Accounts receivable 90,000
Accumulated depreciation 440,000
Cash 180,000
Equipment 500,000
Land 800,000
Owner’s capital 920,000
Prepaid rent 50,000
Salaries expense 600,000
Services fees 900,000
REQUIREMENTS:
Prepare the unadjusted trial balance. Make sure you provide a proper heading for the report.
PROBLEM 4: UNDJUSTED TRIAL BALANCE
Entity B has the following account balances on December 31,20x1
Accounts payable 300,000
Accounts receivable 500,000
Accumulated depreciation – building 300,000
Allowance for bad debts 20,000
Bad debts expense 10,000
Building 3,000,000
Cash 750,000
Depreciation expense 100,000
Owner’s capital 1,500,000
Owner’s drawing 50,000
Prepaid supplies 50,000
Salaries expense 630,000
Salaries payable 60,000
Services fees 3,000,000
Supplies expense 30,000
Taxes and licenses 60,000
REQUIREMENTS:
Prepare the unadjusted trial balance. Make sure you provide a proper heading for the report.
PROBLEM 5: POSTING AND UNADJUSTED TRIAL BALANCE
Mr. A opened a barber shop called “Ace Barber Shop” on February 1,20x1. The following were
the transaction during the first week of operations:
February TRANSACTIONS
1 Provided P300,000 cash as initial investment to the business
2 Acquired furniture and fixture for P200,000 cash
4 Purchased supplies for P30,000 cash
5 Rendered services worth P20,000 on cash basis
7 Paid P10,000 salaries of employees
REQUIREMENTS:
a. Provide the journal entries
b. Post the entries to the ledger use T-account
c. Prepare the unadjusted trial balance
PROBLEM 6: POSTING AND UNADJSTED TRIAL BALANCE
You started a plumbing business called “The Good Plumber” on March 1, 20x1.the following
were the transactions during the month:
MARCH TRANSACTIONS
1 Provide P20,000 cash as initial investment to the business
2 Acquired tools (equipment) for P10,000 cash
4 Purchased supplies for P2,000 cash
25 Rendered plumbing services worth P40,000 on cash basis
26 Rendered plumbing services worth P20,000 on account
31 Paid P2,000 for advertising expense
REQUIREMENTS:
a. Provide the journal entries
b. Post the entries to the ledger use T-accounts
c. Prepare the unadjusted trial balance
