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3rd Exercises

The document outlines existing accounts for Asunta Servicing, categorizing them into real, nominal, asset, liability, revenue, and expense accounts. It also describes the initial capital and transactions for a shoe repair shop called 'JC Shoes,' detailing various financial activities including expenses, income, and purchases. The document concludes with a requirement to journalize these transactions.

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58 views1 page

3rd Exercises

The document outlines existing accounts for Asunta Servicing, categorizing them into real, nominal, asset, liability, revenue, and expense accounts. It also describes the initial capital and transactions for a shoe repair shop called 'JC Shoes,' detailing various financial activities including expenses, income, and purchases. The document concludes with a requirement to journalize these transactions.

Uploaded by

stephenjameslim7
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Exercises #3

A. The following are the existing accounts of Asunta Servicing:

ACCOUNTS PAYABLE INTEREST EXPENSE INTEREST INCOME


ACCOUNTS RECEIVABLE LAND RENT DEPOSIT
ACCRUED INTEREST PAYABLE NOTES PAYABLE RENT EXPENSE
ASUNTA, CAPITAL PREPAID INSURANCE SSS PREMIUM PAYABLE
ASUNTA, DRAWING UTILITIES EXPENSE SUPPLIES EXPENSE
CASH WITHHOLDING TAX PAYABLE UNERANED REVENUES
EXPIRED INSURANCE PROFESSIONAL FEES UNUSED SUPPLIES

Required: From the above existing accounts, list the following:


1. Real accounts
2. Nominal accounts
3. Assets accounts
4. Liability accounts
5. Revenue accounts
6. Expense accounts

B. Juan Cruz opened a shoe repair shop called "JC Shoes" with initial capital composed of:

Cash P10,000
Supplies 5,000
Shoe machine 20,000

Transactions during the month are as follows:

1. Paid business tax to the City treasurer, P3,000 and rent for the store space for the month, P5,000.
2. Purchased cabinets and tables from Balingit Furniture for P15,000 on credit.
3. Received P3,000 cash for shoe repair service to various customers. Sent charge bill, P20,000 for repair rendered to Kiwi
Shoes.
4. Bought supplies on credit from Tiongsan, P2,000.
5. Sent charge bills for shoe repair rendered on credit to: Shoe Mart Adidas Nike P30,000 10,000 8,000
6. Paid the following expenses:

Salaries P12,000
Transportation 3,000
Telephone 1,500

7. Received cash as collections on credit from:

Kiwi Shoes P13,000


Shoe Mart 18,000
Adidas 6,000
Nike 5,000

8. Received P7,000 cash for services rendered to various customers. Paid Balingit Furnitures and Tiongsan, P10,000 and
P2,000, respectively.
9. Juan Cruz withdrew P9,000 cash for his personal use.
10. Paid P2,700 to repairman for repair service of the shoe machine.
11. Paid advertising for the month, P1,800.
12. Hired new shoe repair worker with P250 daily wage.

Required: Journalize the transactions.

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