LAGUNA STATE POLYTECHNIC UNIVERSITY

LOS BAÑOS CAMPUS

1st SEMESTER A.Y. 2018-2019

Name: Q1 Score:

Section: Date:
Professor
Subject: Partnership & Corporation Acctg
:

Queen’s Beauty Parlor was formed on June 1, of the current year by Johnny Bee. The transactions
for the first month of operations are listed below.

June 1 Johnny invested P120,000 cash in his business.

1 Paid the first month’s rent on the shop, P4,500.
2 Purchased supplies for cash, P3,800.
4 Purchased equipment on account, P17,500.
6 Purchased furniture and fixtures for P24,400, giving a down payment of P4,400 and the
remaining balance is on account.
8 Rendered services to customers received cash, P3,950.
10 Rendered services to customers on account, P8,220.
13 Paid salaries of beauticians, P8,900.
15 Paid one-half of the equipment purchased on June 4.
17 The owner withdrew P2,600 cash for his personal use.
19 Paid one-half of the note issued on June 6.
24 Paid miscellaneous expenses, P1,120.
25 Rendered services to customers receiving cash, P4,740.
30 Collected P4,110 from customers on account.

Instructions:

1. Record the transactions in the general journal that follows, and post to the ledger using
the T-account and use the following account titles:

Assets Liabilities Owner’s Equity

11 Cash 21 Accounts payable 31 Johnny Bee, Capital
12 Accounts receivable 32 Johnny Bee, Withdrawal
13 Supplies
14 Equipment
15 Furniture and Fixtures

Income Expense
41 Service Revenue 51 Salaries Expense
52 Rent Expense
53 Utilities Expense
54 Miscellaneous Expense

2. Prepare a trial balance.

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