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EN FABM - Final Examination

Here are the journal entries and trial balance for the February transactions of Maning Tiil Cleaning Service: Feb. 1 Deposit cash 62,000 Cash 62,000 Camot, Capital Feb. 3 Purchase supplies on account 21,400 Cleaning Supplies 21,400 Accounts Payable Feb. 5 Purchase equipment on account 15,600 Cleaning Equipment 15,600 Accounts Payable Feb. 6 Acquire service vehicle 47,000 Service Vehicle 47,000 Cash 10,000 Notes Payable 37,000 Feb. 7 Pay rent 7,300 Rent Expense 7,300 Cash

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4K views2 pages

EN FABM - Final Examination

Here are the journal entries and trial balance for the February transactions of Maning Tiil Cleaning Service: Feb. 1 Deposit cash 62,000 Cash 62,000 Camot, Capital Feb. 3 Purchase supplies on account 21,400 Cleaning Supplies 21,400 Accounts Payable Feb. 5 Purchase equipment on account 15,600 Cleaning Equipment 15,600 Accounts Payable Feb. 6 Acquire service vehicle 47,000 Service Vehicle 47,000 Cash 10,000 Notes Payable 37,000 Feb. 7 Pay rent 7,300 Rent Expense 7,300 Cash

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Arsebelle Bais
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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NEGROS ORIENTAL STATE UNIVERSITY

Dumaguete City, Negros Oriental


Main Campus I
College of Business Administration

FINAL EXAMINATION EN FABM

Instruction: Please present your answers right after this questionnaire (encoded). Submit your
final output on or before August 4, 2019 through [email protected]. Thank you and
God Bless.

Problem 1

Winnie Villanueva is a painting contractor. During the month of April, she completed the following
transactions:

April 2 Invested in the business painting equipment valued at P12, 300 and placed P71,000 in a
business checking account.
3 Acquired a service vehicle costing P80, 000. Paid P50, 000 cash and signed a note for the
balance.
4 Purchase painting supplies on account for P3, 200.
5 Completed a painting job and billed the customer P4, 800.
7 Received P1, 500 cash for painting an apartment room.
10 Purchased painting supplies for P1, 600 CASH.
11 Received a P4, 800 check from customer billed on April 5.
12 Paid P4, 000 for an insurance policy for a one-year coverage.
13 Billed a customer P6, 200 for painting job.
14 Paid the assistant P1, 500 for twenty-five hours’ work.
15 Paid P400 for a tune-up of the service vehicle.
18 Paid for the painting supplies purchased on April 4.
20 Purchased a new ladder for P6, 000 and painting supplies for P2, 900.
22 Received a telephone bill for P600, due next month.
23 Received P3, 300 in cash form the customer billed on April 13.
24 Transferred P3, 000 to a personal checking account.
25 Received P3, 600 in cash for painting a two-room apartment.
27 Paid P2, 000 on the note signed for the service vehicle.
29 Paid the assistance P1, 800 for thirty hours’ work.

Required:
1. Prepare the journal entries to record the April transactions:

2. Set-up the following T-accounts and post all the journal entries: Cash; Accounts Receivable; Painting
Supplies; Prepaid Insurance; Painting Equipment; Service Vehicle; Notes Payable; Accounts Payable;
Villanueva, Capital; Villanueva, Withdrawals; Painting Revenues; Wages Expense; Utilities Expense;
and Maintenance Expense.

3. Prepare a trial balance.


Problem 2

Paning Camot recently established a business that will operate as Maning Tiil Cleaning Service. The
transactions for February 2018 are presented below:

Feb. 1 Deposited P62, 000 cash in a bank account in the name of the new entity.
3 Acquired cleaning supplies on account, P21, 400.
5 Acquired cleaning equipment on account, P15, 600.
6 Acquired an old service vehicle costing P47, 000 for the business, paying P10, 000 cash,
and financing the remaining P37, 000 by issuing a note.
7 Paid rent on office space for the month, P7, 300.
9 Received P31, 800 cash for cleaning services rendered.
10 Paid for a newspaper advertisement, P1, 700.
12 Paid for insurance for the next six months by recording prepaid insurance, P4, 800.
13 Paid P9, 000 on account.
14 Paid miscellaneous expenses, P2, 200.
15 Billed customers P18, 600 for cleaning services rendered.
16 Paid salaries, P8, 400.
20 Received P9, 800 from customers billed on Feb. 15.
22 Paid amount due on the note payable, P2, 400.
25 Paid telephone expense, P900.
28 Paid salaries, P7, 900.
28 Billed customers for cleanings services rendered, P22, 500.
28 Withdrew P10, 000 from the business.

Required:

1. Prepare the journal entries for the February transactions. Use the following accounts: Cash;
Accounts Receivable; Cleaning Supplies; Prepaid Insurance; Cleaning Equipment; Service Vehicle;
Notes Payable; Accounts Payable; Camot, Capital. Camot, Withdrawals; Cleaning Revenues; Salaries
Expense; Rent Expense; Advertising Expense; Telephone Expense and Miscellaneous Expense.

2. Prepare a trial balance.

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