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Transactions:
May 1- Opened an account with the BPI and made initial investment of P 500,000 under
savings account.
2- Bought laundry machine on account costing P 250,000 and issued a promissory
note.
5- Bought a second-hand multicab in cash for delivery purposes, P 85,000.
6- Bought laundry supplies on account, P 12,000.
7- Laundry income for the week. Cash- P 14,500,
Billings to various customers- P 10,300.
9- Paid in advance P 5,000 for vehicle insurance.
12- Partial Collection from customer account on March 7, P 2,300.
14- Laundry income for the week. Cash- P 30,000,
Billings to various customers- P 5,100.
16- Withdrew cash of P 5,000 for personal use.
18- Full Collection of customers’ accounts of March 7.
20- Partial collection of customers’ accounts on March 14, P 2,100.
21- Laundry income for the week. Cash- P 12,000,
Billings to various customers- P 15,000.
23- Received Cash for services yet to be rendered, P 3,000.
24- Full Collection of customers’ accounts of March 14.
25- 50% collection of customers’ accounts of March 21.
28- Laundry income for the week. Cash- P 15, 000,
Billings to various customers- P 25,000.
29- Full payment on the note issued on March 2 for the Laundry machine.
31- Paid the following expenses:
Salaries Expense- P 25,000
Rental Expense- 30,000
Utilities Expense- 10,000
Repairs and Maintenance 10,000
Adjusting Entries:
a. On October 1, 2018, Bala Kajan collected P 15,000 from customer representing an advance
collection for one year. It used Income Method in recording the transaction.
b. On October 1, 2018, Bala Kajan paid P 22,000 representing an advance payment to building
rental for one year. It used Expense Method in recording the transaction.
c. Estimated Doubtful Accounts should be increased by 1% of the outstanding Accounts
Receivable.
d. On October 1, 2018, the office acquired Office equipment worth P 20,000 with a useful life of 5
years.
Requirement:
Submit it on March 29, 2019 at COA Office, DPWH, Pagadian City not later than 5pm.
If you have questions, feel free to contact me.
Thank you and God Bless!