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Module 1 Assignment and Quiz

Juan Tuna Painting Services had various transactions in January including investing cash and equipment, receiving payment for services, investing additional assets, paying expenses, and paying salaries. AJ Beauty Salon was established in March with various investments and transactions including paying rent, equipment purchases, repairs, collections, and paying expenses. ML Trucking was established in April and had transactions including deposits, equipment purchases paid partially on account, earning and collecting income, paying expenses and salaries, and collecting outstanding balances.

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Kim Patrick Victoria
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1K views

Module 1 Assignment and Quiz

Juan Tuna Painting Services had various transactions in January including investing cash and equipment, receiving payment for services, investing additional assets, paying expenses, and paying salaries. AJ Beauty Salon was established in March with various investments and transactions including paying rent, equipment purchases, repairs, collections, and paying expenses. ML Trucking was established in April and had transactions including deposits, equipment purchases paid partially on account, earning and collecting income, paying expenses and salaries, and collecting outstanding balances.

Uploaded by

Kim Patrick Victoria
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Module 1

Assignment

Problem 1. Presented below are the transactions of Juan Tuna Painting Services for the month of
January.

Date Transaction
January 5 Juan Tuna invested P 120,000 cash and an equipment in the amount of P 80,000
January 7 Received P 30,000 painting revenue on account.
January 8 Juan Tuna invested Furniture valued at P 25,000 and painting supplies worth P 5,000
January 10 Paid P 5,000 rent for the month
January 11 Bought air condition for the office paying cash P 22,000
January 12 Received P 12,000 check for painting services rendered.
January 15 Received P 500 bill from Maynilad
January 19 Paid painter’s salary for the month P 4,500

Required:
1. Prepare the journal entries.
2. Prepare the T-Accounts.

Problem 2. Perform what is required.

On March 1, Ms. Ann Joy established AJ Beauty Salon. She invested P 750,000 in the business
and a laptop worth P 60,000. She paid rent of P 10,000 and bought equipment for P 30,000 cash. Cash
collections from walk-in customers amounted to P 150,000. She bought beauty supplies for P 7,000 cash
and bought salon furniture worth P 80,000 on account. Ms. Ann had major rep airs in her residence
amounting to P 550,000 which was paid by the business. Collections of accounts receivables totaled P
90,000 and accounts payable paid totaled P 45,000. At the end of the month, salaries of beauticians paid
amounted to P 30,000. Payments made to MERALCO and MAYNILAD are P 12,000 and P 3,400
respectively. Salon income in account is P 280,000.

Required: Prepare the Trial Balance of AJ Beauty Salon

Quiz

On April 1, 2021, Eudora organized a business called ML Trucking. During April, the company entered the
following transactions.

Date Transaction
April 1 Eudora deposited P 500,000 cash in bank account in the name of the business
April 1 Purchased for P 250,000 a transportation equipment to be used in the business.
Eudora paid 50% as down payment while the balance will be paid on May 16, 2021.
April 1 Paid rental for the month of April, P 5,000
April 5 Earned and collected trucking income from Aldous, P 8,000
April 8 Earned trucking income from Hanabi P 30,000 on account. Hanabi will pay on May 8,
2021
April 10 Paid salaries of drivers P 10,000
April 15 Rented the vehicle to Ling for P 35,000. Ling paid P 20,000 on that date and the
balance on April 20
April 18 Paid electric bills for the month, P 2,000
April 20 Collected from Ling the balance of his April 15 account
April 25 Purchased office supplies, P 2,300
April 29 Earned and collected trucking income from Selena, P 18,000

Required:
1. Prepare the journal entries.
2. Prepare the T-Accounts.
3. Prepare the unadjusted Trial Balance, as of April 30, 2021

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