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NAME:
SECTION:

DATE:
SCORE:

General Directions:
Read and understand each statement carefully.
Avoid erasures
Use black and blue pen only
Test I. PROBLEMS. Provide a T-Account, Journal Entries, General Ledger and Prepare
an unadjusted Trial Balance (50 Points Each)
Problem 1.
A company had the following transactions during the first month of operations. Record journal
entries for these transactions
a.)
b.)
c.)
d.)

Received P150,000 cash from investors for ownership in the company.

Purchased inventory to be sold to customers, P45,000 on account.
Rented warehouse space, P6,000 was paid for this month.
Sold P5,000 of inventory on account (you have not been paid yet), sales
price of P7,500.
e.) Acquired office furniture for P3,000 cash
f.) Paid P12,000 to employees who worked this month.
g.) Acquired manufacturing equipment costing P39,000, paid cash.
h.) Paid P700 for janitorial service.
i.) Received a P100 utility bill for this month.
j.) Collected P7,500 owed from customers.

FINAL EXAM SUMMER

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Problem 2.

FINAL EXAM SUMMER