FM 103 – FINANCIAL ANALYSIS AND REPORTING

GROUP ACTIVITY
GROUP #1
Problem 1: Presented below are the transactions of D’Leather Repair Shop
owned by Mr. Jose Lim. Journalize the following transactions for the month
of August 2019.
D’Leather Repair Shop
Chart of Accounts

ASSETS REVENUE
100 Cash 400 Service Income
110 Accounts Receivable 410 Interest Income
130 Supplies
140 Equipment
LIABILITIES EXPENSES
200 Accounts Payable 500 Salaries Expense
210 Notes Payable 510 Utilities Expense
520 Supplies Expense
CAPITAL
300 Lims’ Capital
320 Lims’ Drawing

August Mr. Lim invested P165,000 in the business.

2
4 Purchased equipment from Sturdy Merchandising P110,000 paying
10% and the balance after 10 days.
5 Bought supplies for the shop P12,000 on credit.
7 Paid Sturdy Merchandising in full
10 Render Services to clients for P4,800.
10 Mr. Jose Lim withdraw P8,000 cash for personal use
26 Paid workers salaries for the month P13,000
27 Render services to the clients on account P7,460.
30 Paid utilities for the month of P2,350.

Problem 2: Given the following transactions of Sherry Fitness Club, prepare

the journal entries for the month of April 2016.

Sherry Fitness Club

Chart of Accounts

ASSETS REVENUE
100 Cash 440 Membership Fees
130 Office Supplies
140 Spa Supplies EXPENSES
150 Exercise Equipment 530 Tax & License Expense
160 Furniture and Fixtures
LIABILITIES
200 Accounts Payable
210 Notes Payable
CAPITAL
300 Sherry Capital
April Sherry opened her health and fitness center with investments of various
1 exercise equipment worth P745,000, tables and chairs for the reception
area costing P44,000, and various materials and chemical supplies for the
spa worth P12,700.
2 Sherry opened a bank account in the name of her business for P25,000.
3 Paid business permits totaling P2,100.
4 Hans, a customer, subscribed to the club by paying membership fees of
P15,000.
15 Purchased office supplies for P7,000 cash.

FM 103 – FINANCIAL ANALYSIS AND REPORTING

 GROUP ACTIVITY
GROUP #2

Journalize the following transactions of Andrew Ang, owner of Class A

Barber Shop for the month of June 2019.
Ang Barber Shop
Chart of Accounts

ASSETS REVENUE
100 Cash 400 Service Income
110 Accounts Receivable 410 Interest Income
130 Supplies
140 Shop Equipment
150 Furniture & Fixture

LIABILITIES EXPENSES
200 Accounts Payable 500 Salaries Expense
210 Notes Payable 510 Telephone Expense
220 Unearned Revenue 520 Supplies Expense

CAPITAL
300 Ang, Capital
320 Ang, Drawing

June Mr. Andrew Ang invested P256,00 in the business. He borrowed an

3 equal amount from his aunt issuing a non-interest-bearing note
and added it to his initial investment.
6 Purchases barber shop equipment from Todd’s Merchandising
P100,000 paying 50% and the balance within 10 days.
10 Bought supplies for the barber shop from D’Cutting Edge P30,000
on credit issuing a promissory note.
12 Receive P2,500 advance payment of Mr. So for advance booking of
Services.
13 Paid Todd’s Merchandising in full.
15 Withdraw P35,000 cash for personal use.
17 Partial payment made to D’Cutting Edge P12,000.
18 Paid workers’ salaries 3,800.
20 Paid telephone bill, P900.
23 Bought office furniture from Blim’s P28,200 on account.
25 Render services to Mr. So.
26 Partial settlement of account to Blim’s P12,000.
30 Full settlement of account to Cutting Edge.
30 Return a defective table to Blims worth P1,500.

FM 103 – FINANCIAL ANALYSIS AND REPORTING

 GROUP ACTIVITY
GROUP #3

Journalize the following transactions of Jemuel’s Fresh Wash Laundry

Services for the month of October 2019.
Jemuel’s Fresh Wash Laundry Services
Chart of Accounts

ASSETS REVENUE
100 Cash 400 Service Income
110 Accounts Receivable 410 Interest Income
130 Laundry Supplies
140 Laundry Equipment
150 Furniture & Fixture

LIABILITIES EXPENSES
200 Accounts Payable 500 Salaries Expense
210 Notes Payable 510 Telephone Expense
520 Electricity Expense
CAPITAL
300 Jemuel, Capital
320 Jemuel, Drawing

October Jemuel borrowed P520,000 cash from her father and invested it
in the business.
3
4 Borrowed P120,000 from Mr. Mckinley and signed a promissory
note.
5 Bought cabinet, tables & chairs worth P5,850.
7 Bought P2,300 laundry supplies on credit from Uni-mart.
8 Return a defective chair amounting to P720.
10 Laundry services rendered to client for cash P9,000.
12 Laundry services rendered to Ms. Gisel on account P4,000.
15 Paid Uni-art for the laundry supplies.
17 Paid Mr. Mckinley P100,000 for the loan.
25 Paid the electric bill P4,300.
25 Paid the telephone for the month P860.
26 Collected account from Ms. Gisel.
28 Withdraw P24,000 for personal use.
30 Paid store assistant’s salary P6,800

FM 103 – FINANCIAL ANALYSIS AND REPORTING

 GROUP ACTIVITY
GROUP #4

Journalize the following transactions of Mr. Luks Super-Fast Delivery

Services for the month of December 2018.
Mr. Luks Super-Fast Delivery Services
Chart of Accounts

ASSETS REVENUE
100 Cash 400 Service Income
110 Accounts Receivable 410 Interest Income
130 Delivery Supplies
140 Transportation Equipment
150 Furniture & Fixture

LIABILITIES EXPENSES
200 Accounts Payable 500 Salaries Expense
210 Notes Payable 510 Telephone Expense
220 Utilities Payable 520 Electricity Expense
230 Unearned Revenue

CAPITAL
300 Luks, Capital
320 Luks, Drawing

December Mr. Luk withdraw P675,000 from his personal savings account and
invested it in the business. He also invested a transportation
3 equipment with fair market value of P1,260,000.
6 Super-fast rendered P9,000 delivery services on account.
7 Bought P456,000 transportation equipment from Ford Motors on
account.
10 Delivery services rendered to clients for cash P76,000.
12 Delivery services to Y Co. on account P11,900.
13 Received P8,500 from Mrs. Sy, 50% of the total amount of services
as advance payment for services to be rendered on Dec. 20.
15 Paid Ford Motors half of the account.
17 Collected P5,000 from Y Co.
20 Bought delivery supplies on account P4,200
20 Rendered the services to Mrs. Sy and receive the full amount. 
25 Received telephone bill from PLDT P1,900.
26 Paid electricity for the month P2,590.
27 Returned the defective delivery supplies P850.
27 Y Co. settled its account in full.
28 Paid PLDT
30 Paid delivery boy’s salary P6,750.