ASSUMPTION COLLEGE OF NABUNTURAN

P-1, Poblacion, Nabunturan, Compostela Valley 8800

Email Address: acnexelcior@yahoo.com
Mobile Number: (+63) 999-309-8810
Senior High School Department
Grade 11 -ABM 3 – Fundamentals of Accounting
4th Quarter Exam

Following below is the trial balance of God is Good Servicenter for the year ended
December 31, 2019.

God is Good Servicenter

Trial Balance
December 31, 2019
Debit Credit
Cash 36,500.00
Account Receivable 60,000.00
Unused Shop Supplies 2,300.00
Furniture and Fixture 120,000.00
Delivery Equipment 200,000.00
Accumulated Depreciation 20,000.00
Accounts Payable 35,200.00
Loans Payable 50,000.00
Good, Capital 75,800.00
Good, Drawing 5,000.00
Shop Income 325,600.00
Supplies Expense 1,350.00
Rent Expense 36,000.00
Salaries Expense 24,000.00
Taxes and Licenses 3,450.00
Insurance Expense 18,000.00
Total 506,600.00 506,600.00

Following below are data for adjustments;

1. Salaries is paid every Saturday for P 6,000 for a 6 days workweek, Dec. 31 is
Thursday.
2. The recorded rent expense represents 3 years rental of shop space starting
January 1, 2019.
3. Prepaid Insurance as of year end is P6,000.
4. Depreciation is to be provided at P10,000 per year for Delivery Equipment.

Required: 1. Prepare the necessary adjusting entries.

2. Prepare the 10 column worksheet.

Review your work and take time…. God bless you. Maam Leny Barroga
Given below is the Chart of Accounts related to KimXi Repair Shop;

Acct. Code Account Title

A01 Cash I40 Repair Income

A02 Account Receivable
A03 Repair Equipment E50 Taxes and Licenses
A04 Shop Supplies E51 Salaries and Wages
E52 Rent Expense
B01 Accounts Payable
C31 Kim,Capital
C32 Kim, Drawing

Following below are the transactions of KimXi Repair shop for the month of October,2018.

Oct. 1- The owner invested cash worth P15,000.00

3- Paid business permits P 2,100.00
7- Rendered services for the week, Cash P 18,500.
10 Billed customer for services rendered on account P 5,000.00
12- Bought supplies on account P 2,500.00
15- Paid employees salaries, P 3,200.00
17- The owner withdraw cash for personal needs, P 2,000.00
20- Bought equipment on account from Emcor, P 15,000.
22- Collected customers’ accounts as per billing on Oct. 10, P 3,000.00
25- Paid 3 months rental for shop space, P 4,500.00
30 – Made partial payment of account to Emcor, P 7,500.00

Required: 1. Prepare the journal entries for the above transactions.

2. Post your journal entries to the ledger.
3. Foot the ledger and prepare the Trial Balance.

Review your work and take time…. God bless you..

Maam Leny Barroga