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Basic Accounting Exercises

Kurt Cobain's business transactions for October 2019 are summarized as follows: 1) Cobain transferred cash and invested personal weapons into the business. 2) The business purchased equipment on account, paid rent and insurance, and partially paid for a service vehicle. 3) The business billed and received payments from clients for security services, and paid bills for supplies and expenses. 4) At month's end, the business paid salaries and Cobain withdrew cash for personal use.

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Dan Ryan Magalang
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219 views

Basic Accounting Exercises

Kurt Cobain's business transactions for October 2019 are summarized as follows: 1) Cobain transferred cash and invested personal weapons into the business. 2) The business purchased equipment on account, paid rent and insurance, and partially paid for a service vehicle. 3) The business billed and received payments from clients for security services, and paid bills for supplies and expenses. 4) At month's end, the business paid salaries and Cobain withdrew cash for personal use.

Uploaded by

Dan Ryan Magalang
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Pamantasan ng Cabuyao

Katapatan Subd., Brgy. Banay- Banay, City of Cabuyao, Laguna


Basic Accounting Assessment 1
Preparation of Journal Entries and Trial Balance

Name Score

Section Date

Instructions: Prepare journal entries and trial balance for the transactions given below.

Kurt Cobain completed the following transactions during October 2019:

Oct. 1 Cobain transferred cash from a personal account to an account to be used for the business, Php 243,000.
3 Cobain invested in the business personal weapons having a fair market value of Php 34,000.
4 Bought communication equipment on account from Pesa Electronic, Php 13,740.
5 Paid rent for the month, Php 7,650.
6 Bought a used service vehicle car for Php 93,000, paying Php 45,000 down, with the balance due on thirty days.
9 Received invoice and paid insurance premium to Cacawa Fidelity Company for bonding employees, Php 7,710.
12 Performed security services for Loreta Galleries. Billed Loreta for services rendered, Php 8,250.
16 Received bill from Marcos Printers for office stationery, Php 1,757.
17 Billed Pascua Construction for services rendered, Php 14,790.
22 Paid Regal Shell Service for gasoline for service vehicle, Php 720.
24 Performed security services at a fashion jewelry fair. Billed organizers for services rendered, Php 17,500.
27 Paid Pesa Electronics, Php 4,500 to apply on account.
29 Received Php 8,250 from Loreta Galleries in full payment of account.
30 Billed Merchant Bank for services rendered, Php 21,600.
31 Received and paid telephone bill, Php 1,030.
31 Paid salaries to employees, Php 31,500.
31 Cobain withdrew cash for personal use, Php 18,000.

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