Quiz 2 Answer

THE JOURNAL
Date
June 2015
1
Page 1
Account Titles and Explanations
Cash
Tina Lam, Capital
P.R.
Debit
Credit
101
301
200,000
501
101
10, 000
101
401
25, 000
101
401
20, 000
504
101
600
502
101
6, 000
200, 000
Initial investment of owner.
Rent expense
Cash
10, 000
Payment for June rent.
Cash
Laundry Service Revenue
25, 000
Collection for services rendered to Paz Cimono.
Cash
20, 000
Collection for services rendered to Deli Tiuz.
12
Gasoline expense
Cash
600
Payment for gasoline purchases from Petron Gasoline Station.
14
Salaries expense
Cash
6, 000
Payment to Tulungan Manpower Services for secretarial services.
THE JOURNAL
Date
June 2015
17
Page 2
Office supplies
Accounts Payable
P.R.
Debit
103
201
2, 800
503
101
1, 000
302
101
11, 000
505
101
1, 000
102
401
20, 000
502
101
6, 000
Credit
2, 800
Purchase of office supplies on account.
20
Utilities expense
Cash
1, 000
Payment for telephone bills.
21
Tina Lam, Withdrawal

Cash
11, 000
Cash withdrawal by owner.
24
Charitable contributions expense

Cash
1, 000
Charitable contributions to Lung Center of the Philippines
27
Accounts receivable
20, 000
Rendered services on account to Mc Calim Mutin.
28
Salaries expense
Cash
6, 000
THE JOURNAL
Date
June 2015
28
Page 3
Utilities expense
Cash
P.R.
Debit
Credit
503
101
750
201
101
1, 000
750
Payment for electric bills.
29
Accounts Payable
Cash
1, 000
Partial payment of the account purchase of office supplies.
THE LEDGER
Account: CASH
Date
6/1/15
6/3/15
6/4/15
6/7/15
6/12/15
6/14/15
6/20/15
6/21/15
6/24/15
6/28/15
6/28/15
6/29/15
Account No. 101

Explanation
Initial investment of owner.

Payment for rent in June.
Collection for services rendered to Paz Cimono.
Collection for services rendered to Deli Tiuz.
Withdrawal by owner.
Contributions to Lung Center of the Philippines
Payment to Tulungan Manpower Servuces for secretarial services.
Payment for electric bills.
Partial payment of account purchase of supplies.
TOTAL
JR
J1
J1
J1
J1
J1
J1
J2
J2
J2
J2
J3
J3
Explanation
Render of service on account to Mc Calim Mutin
J2
Purchase on account.
JR
J2
BALANCE
Debit
2, 800
Account No. 201

Explanation
Purchase of office supplies on account.

Partial payment for account purchases of supplies.
TOTAL
JR
J2
J3
Debit
Account No. 301

Explanation
Initial investment
BALANCE
2, 800
1, 800
THE LEDGER
Account: TINA LAM, CAPITAL
6/1/15
Credit
2, 800
1, 000
1, 000
BALANCE
Date
Credit
2, 800
THE LEDGER
Account: ACCOUNTS PAYABLE
6/17/15
6/29/15
Credit
20, 000
Account No. 103

Explanation
Date
Debit
20, 000
THE LEDGER
Account: OFFICE SUPPLIES
6/17/15
600
6, 000
1, 000
11, 000
1, 000
6, 000
750
1, 000
37, 350
Account No. 102

JR
BALANCE
Date
10, 000
25, 000
20, 000
207, 650
THE LEDGER
Account: ACCOUNTS RECEIVABLE
6/27/15
Credit
200, 000
245, 000
BALANCE
Date
Debit
JR
J1
Debit
Credit
200, 000
200, 000
THE LEDGER
Account: TINA LAM, WITHDRAWAL
Date
6/21/15
Explanation
Cash withdrawal.
Account No. 302

JR
J2
BALANCE
6/4/15
6/7/15
6/27/15
Credit
11, 000
11, 000
THE LEDGER
Account: LAUNDRY SERVICE INCOME
Date
Debit
Explanation
Render of service to Paz Cimono for cash.

Render of service to Deli Touz for cash.
Render of service to Mc Calim Mutin on account.
Account No. 401

JR
Debit
Credit
J1
J1
J2
25, 000
20, 000
20, 000
BALANCE
65, 000
THE LEDGER
Account: RENT EXPENSE
Date
6/3/15
Account No. 501

Explanation
Payment for June remt.
JR
J1
BALANCE
6/14/15
6/28/15

JR
J1
J2
BALANCE

Payment for electric bill.
JR
J2
J3
BALANCE
Debit
Account No. 504

Explanation
JR
Debit
J1
600
THE LEDGER
Account: CHARITABLE CONTRIBUTIONS EXPENSE
6/24/15
Explanation
Contributions to Lung Center of the Philippines.
BALANCE
Credit
600
BALANCE
Date
Credit
1, 000
750
1, 750
THE LEDGER
Account: GASOLNE EXPENSE
6/12/15
Credit
6, 000
6, 000
Account No. 503

Explanation
Date
Debit
12, 000
THE LEDGER
Account: UTILITIES EXPENSE
6/20/15
6/28/15
10, 000
Account No. 502

Explanation
Date
Credit
10, 000
THE LEDGER
Account: SALARIES EXPENSE
Date
Debit
Account No. 505

JR
J2
Debit
1, 000
1, 000
Credit
LABA MI LAUNDRY SHOP

TRIAL BALANCE
June 30, 2015
Cash
Accounts Receivable
Office Supplies
Accounts Payable
Tina Lam, Capital
Tina Lam, Withdrawals
Rent Expense
Salaries Expense
Utilities Expense
Gasoline Expense
Charitable Contributions Expense
P 207, 650
20, 000
2, 800
P
1, 800
200, 000
11, 000
65, 000
10, 000
12, 000
1, 750
600
1, 000
266, 800
266, 800

Quiz 2 Answer

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Quiz 2 Answer

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THE JOURNAL

Initial investment of owner.

Payment for June rent.

Collection for services rendered to Paz Cimono.

Collection for services rendered to Deli Tiuz.

Payment for gasoline purchases from Petron Gasoline Station.

Payment to Tulungan Manpower Services for secretarial services.

Purchase of office supplies on account.

Payment for telephone bills.

Tina Lam, Withdrawal

Cash withdrawal by owner.

Charitable contributions expense

Charitable contributions to Lung Center of the Philippines

Rendered services on account to Mc Calim Mutin.

Payment for electric bills.

Partial payment of the account purchase of office supplies.

Account No. 101

Initial investment of owner.

Render of service on account to Mc Calim Mutin

Account No. 201

Purchase of office supplies on account.

Account No. 301

Account No. 103

Account No. 102

Account No. 302

Render of service to Paz Cimono for cash.

Account No. 401

Account No. 501

Payment for June remt.

Payment to Tulungan Manpower Services for secretarial services.

Payment for telephone bills.

Account No. 504

Payment for gasoline purchases from Petron Gasoline Station.

Contributions to Lung Center of the Philippines.

Account No. 503

Account No. 502

Account No. 505

LABA MI LAUNDRY SHOP

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