COLUMBAN COLLEGE, INC

College of Business and Accountancy

No. 1 Mt. Apo Street, East Tapinac
Olongapo City, Philippines
Last Name:______________________________Schedule :________________________________________
First Name:______________________________Date
:________________________________________
Subject : BSA 111C
Professor: Ms. Dolly Vinluan-Abasta
Exercise No. 1
Write the letter of the correct answer on the blank
A.
B.
C.
D.
E.
F.
G.

Office Supplies
Cash Equivalents
Marketable Securities
Accounts Receivables
Notes Receivables
Inventories
Prepaid Expenses

1.
2.

Promissory note issued by the client for the goods received.

Items that will be used in the operations of the business that have been paid in
advance.
Stocks purchased by the business to be used in the office.

Answers

3.
4.
5.

Unsold goods at the end of the accounting period

Amount collectible from customer to whom sales have been made or services have
been rendered on account or credit.

6.

Includes coins, currencies, checks and bank deposits.

7.

Short-term investment readily convertible to known amounts of cash subject to an

insignificant risk to changes in value.

Exercise No.2
Indicate to which category does the account titles belongs- ASSET, LIABILITES, CAPITAL, REVENUE or EXPENSES.
ANSWERS
1.

ACCOUNT TITLES
Accounts Payable

ANSWERS

2.

Unearned Revenue

12. Other Income

3.

Food sales

13. Utility Expenses

4.

Office Supplies

14. Beverage Sales

5.

Office Supplies
Expenses

15. Accumulated
Depreciation

6.

Land

16. Insurance Expense

7.

Cash in Bank

8.

Notes Payable

17. Prepaid Insurance

Expense
18. Cash In Bank

9.

John, Capital

19. Office Equipment

10. John, Drawing

ACCOUTN TITLES
11. Building

20. Income Summary

Exercise No. 3
DRILL 1- Developing a Chart of Accounts
Mark Anthony organized a new business and named it MK Travels and Tours. Listed below are the accounts that will be
needed in the ledger:
Interest Expense

Miscellaneous Expense

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COLUMBAN COLLEGE, INC

College of Business and Accountancy
No. 1 Mt. Apo Street, East Tapinac
Olongapo City, Philippines
Salaries Expense
Ticket Booking Services Revenues
Accu. DepreciationBuilding
Accu. DepreciationF/F
Anthony , Withdrawals
Income Summary
Building
Cash
Rent Expense
Depreciation ExpenseBuilding
Depreciation ExpenseF/F
Furniture and Fixtures
Travel Booking Expenses

Tour Package Services revenues

Unearned Tour Package Services Revenues
Office Supplies
Interest Payable
Accounts Receivable
Prepaid Rent Expenses
Office Supplies Expense
Anthony, Capital
Notes Payable
Insurance Payable
Accounts Payable
Unearned Ticket Booking Service Revenues

Required:
Prepare the chart of accounts for MK Travels.

Exercise 4 - Developing a Chart of Accounts

Franchezca Modesty organized a new business and named it FM International Ticketing Office . Listed below are the
accounts that will be needed in the ledger:
Summary

F. Modesty, Drawings

Accounts Receivable
Prepaid Rent Expenses
Office Supplies Expense
Cash
F. Modesty , Capital
Ticket Service Revenue
Rent Expense
Unearned Ticket Service Revenue
Insurance Expenses
Prepaid Insurance Expenses
Notes Receivable
Accounts Payable
Office Supplies
Entertainment Expenses
Utilities Expenses
Loans Payable
Marketable Securities
Allowance for Bad Debts
Bad Debt Expenses
Office Equipment
Depreciation Expenses OE
Accumulated Depreciation- OE
Furniture and Fixtures
Depreciation Expenses- F & F
Accumulated Depreciation F&F
Miscellaneous expenses

Income

Required:
Prepare the Chart of Accounts for FM International Ticketing Office.
Exercise No. 5- Identify the Account Titles to be used in the DEBIT and CREDIT side for the following transactions.
Almonte Lodge is owned and operated by Ms. Alma Almonte. The following selected transactions were completed by
Almonte Lodge during June 2015:
TRANSACTIONS
Ms. Almonte invested, P120, 000 into the business.
Received P70, 000 from walk in guest for room
accommodation.
3. Bought guest supplies for cash P 2,500.
4. Received cash from walk-in customers for room
accommodation, P50,000.
5. Purchased for cash P2,000 for Office Supplies.
6. Purchased on account hotel equipment for use, P 40,000.
7. Paid creditor on account, P 20,000.
8. Paid employees for the month salary, P 15,000.
9. Ms Almonte withdrew P7,500 for personal use.
10. Made additional investment of P 200,000.

DEBIT

CREDIT

1.
2.

Exercise No. 6- After several years with a large travel agency, Ms. Sarah Cruz decided to establish her own travel and tour
agency . The following transactions of Ms. Sarah Cruz, were completed during May 2015.
May
2
3
4
6

TRANSACTIONS
Transferred P600, 500 cash from personal savings account to a
checking of the travel agency.
Acquired office equipment on account from Gicain Furniture,
P36,800.
Acquired office supplies on account from Lorenzo Office Supply
Company, P17,100.
Performed a travel service for a client going to Thailand and
received payment in the amount of P 200,000.

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DEBIT

CREDIT

COLUMBAN COLLEGE, INC

College of Business and Accountancy
No. 1 Mt. Apo Street, East Tapinac
Olongapo City, Philippines
6
7

Performed a travel booking for a client on account , P 150,000.

Paid for the travel booking of the client, P 75,000.

Paid Lorenzo Office Supply Company, P4, 100 on account.

Acquired a condominium unit for the travel agency, P265, 000. A
down payment of P38, 000 was made and issued a note payable
for the remaining P227, 000.

10
12
13
16

Paid salaries, P14, 200.

Received P59,750 payment from client for the services performed
in May 6.

22

Paid telephone expense, P5, 650.

Received cash in the amount of P314, 600 from Ponferada
Booking Company for travel and tour services rendered.
Acquired office supplies on account from Lorenzo Office Supply
Company, P4, 650.

23

Withdrew P28, 150 for personal use.

25

Paid salaries, P10, 300.

26

Billed Bosante Exporters P231, 600 for travel services rendered.

27

Paid permit fees with the city government P5, 500 .

28

Paid P43,250 rent on an office-copying machine.

19

Required:
1. Identify the account titles ( with amount) to be used for each of the above transactions using the following
accounts titles: Cash; Accounts Receivable ; Office Supplies ; Office Condominium ; Office Equipment ; Notes
Payable; Accounts Payable; Cruz, Capital; Cruz, Withdrawals ; Travel and Tour Services Revenues ; Travel Booking
Expenses; Salaries Expense; Rent Expense ; Telephone Expense and Taxes and Licenses .
Exercise No. 7 On Mar. 1, 2015, Angel Dave started his AD Restaurant and Bar . During the month of March the following
transactions were completed.

Mar 1
2
3
5
7
9
12
15
17
20
21
22
23
25
26
27
28

TRANSACTION
Angel Dave invested P42,500 personal funds in a new bank account
in the name of AD Restaurant and Bar.
Acquired Kitchen equipment costing P95,000 from Tambilo Kitchen
Equipment Company, paying P15,000 cash , and financing the
remainder issuing a P80,000 note payable.
Paid rent for the month of March, P7,500.
Acquisition Kitchen Supplies from Suiza Kitchen Supply Company on
account, P15,250.
Received P50,500 in cash for sale of food from guests rendered this
week .
Paid 3M Supplies for kitchen supplies, P1,800.
Paid salaries of crews both dining and kitchen , P9,600.
Billed guests P51,700 for sales of food.
Paid Suiza Kitchen Supply Company P3,750 on account.
Paid telephone expense, P850.
Paid miscellaneous expense, P1,150.
Received P27,500 from guests billed on Mar. 15.
Acquired additional kitchen supplies from Suiza Medical Supply
Company on account, P9,100.
Paid salaries, P11,200.
Billed guests P40,150 for Beverages sold.
Paid Suiza kitchen Supply Company, P6,150 on account.
Withdrew P15,000 from the restaurant..

DEBIT

CREDIT

Required:
1.

Identify the account titles ( with amount) to be used for each of the above transactions using the following
accounts titles: Cash; Accounts Receivable; Kitchen Supplies; Kitchen Equipment; Notes Payable ; Accounts
Payable; Angel Dave, Capital; Angel Dave, Withdrawals; Food Revenues; Beverage Revenue; Salaries Expense ;
Rent Expense ; Telephone Expense; and Miscellaneous Expense.

Ad Majorem Dei Gloriam

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