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  • Exercise No. 1 Accounting

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    Kristine Joy Ebrado
    2K views2 pages
    The document records various business transactions throughout April for a painting business. It includes purchases of equipment, supplies, and a vehicle using cash and financing. It also records revenues from painting jobs, payments received from customers, wages paid to an assistant, and various business expenses. All transactions are to be recorded in a general journal using accounts for assets, liabilities, equity, revenues and expenses.

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    Exercise_no._1_Accounting.docx

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    The document records various business transactions throughout April for a painting business. It includes purchases of equipment, supplies, and a vehicle using cash and financing. It also records revenues from painting jobs, payments received from customers, wages paid to an assistant, and various business expenses. All transactions are to be recorded in a general journal using accounts for assets, liabilities, equity, revenues and expenses.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    2K views2 pages

    Exercise No. 1 Accounting

    Uploaded by

    Kristine Joy Ebrado
    The document records various business transactions throughout April for a painting business. It includes purchases of equipment, supplies, and a vehicle using cash and financing. It also records revenues from painting jobs, payments received from customers, wages paid to an assistant, and various business expenses. All transactions are to be recorded in a general journal using accounts for assets, liabilities, equity, revenues and expenses.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 2

    April 2 Invested in the business painting equipment valued at P12,300 and placed

    P71,000 in a business checking account

    Ans: dr painiting equipment cr capital, dr cash credit capital

    3 Acquired a service vehicle costing P80,000. Paid P50,000 cash and signed a

    note for the balance

    Ans: Dr service vehicle 80

    Cr Cash 50

    Cr Np. 30

    4 Purchase painting supplies on account for P3,200

    m
    er as
    Ans: Dr painting supplies, cr A

    co
    eH w
    5 Completed a painting job and billed the customer P4,800

    o.
    rs e
    Dr Accounts Receivable, Cr Painting revenue
    ou urc
    7 Received P1,500 cash for painting an apartment room

    Dr Cash, Cr painting revenue


    o
    aC s

    10 Purchase painting supplies for P1,600 cash.


    vi y re

    Dr paintings supplies, cr cash

    11 Received a P4,800 check from the customer billed on April 5


    ed d
    ar stu

    12 Paid P4,000 for an insurance policy for a one-year coverage.


    is
    Th

    13 Billed a customer P6,200 for a painting job.


    sh

    14 Paid the assistant P1,500 for twenty-five hours work

    15 Paid P400 for a tune-up of the service vehicle.

    This study source was downloaded by 100000830134483 from CourseHero.com on 09-08-2021 08:08:24 GMT -05:00

    https://www.coursehero.com/file/74993211/Exercise-no-1-Accountingdocx/
    18 Paid for the painting supplies purchased on April 4

    20 Purchased a new ladder for P6,000 and painting supplies for P2,900, on

    account

    22 Received a telephone bill for P600, due next month.

    23 Received P3,300 in cash from 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 assistant P1,800 for thirty hours’ work

    m
    er as
    REQUIREMENT:

    co
    eH w
    Record the transactions in general journal using the following account titles are : Cash,

    o.
    rs e
    Accounts Receivable, Painting Supplies, Prepaid Insurance, Painting Equipment, Service
    ou urc
    Vehicle, Notes Payable, Accounts Payable, Virtudazo Capital, Virtudazo Withdrawals, Painting

    Revenues, Wages Expense, Utilities Expense, Maintenance Expense


    o
    aC s
    vi y re
    ed d
    ar stu
    is
    Th
    sh

    This study source was downloaded by 100000830134483 from CourseHero.com on 09-08-2021 08:08:24 GMT -05:00

    https://www.coursehero.com/file/74993211/Exercise-no-1-Accountingdocx/
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