Answer Sheet (H) DEBIT Account 1 2 3 4 5 6 7 8 9 10 Amount CREDIT Account Amount

C. Journalizing Direction: Using the general journal form provided for, journalize the following transaction: L. Lapid has just begun the operation of a cleaning and pressing business. During January he completed the following transaction:

January 1- L. Lapid invested 5,000 cash cleaning equipment 5,000 to start the business. 2 - Paid the rent for the cleaning plant building, 950. 4- Purchased 3,500 cleaning equipment, giving 1,000, cash and a promissory note on the balance. 6- Purchased cleaning supplies 1,200 from Mr. Marquez Supplies Co. on credit. 8- Delivered cleaned clothes to customers and collected cash in full payment, 1,200. 10- Delivered cleaned linen to Orchids Motel on credit, 1,450. 13- Paid the account due to M. Marquez Supplies Co. 14- Received payment from Orchids Motel. 15- Paid the wages of the employees, 3,500

D. Journalizing Direction: Using the general journal form provided for, journalize the following transaction: On March 1 of the current year, E. Estrada opened a T.V. repair shop by investing 10,000 cash in the business. He had completed the following transaction in the said month.

March 2- Paid the rent on the shop space for the month, 1,200. 5- Purchased shop supplies for cash, 1,670. 7- Paid 650 for newspaper advertising. 8-Purchased a filing cabinet from T. Agbayani Trading on credit,3,450 9- Purchased a truck,15,000 on credit. Gave 3,000 cash and a note for the balance. 13- Completed repair work to R. Locsin and received 1,100 in full payment there for. 15- Completed repair work for A. Tantay, 850.Accepted 500 cash and a promissory note for the balance. 19- Paid T. Agbayani Trading. 25- Received payment from A. Tantay. 26- Paid utility bills,350. 27- Withdrew 500 cash for personal living expenses. 30- Paid the helpers salary, 850

E. Journalizing

R. Varquez, a young lawyer, completed the following transaction during April of the current year:

April 1- Began the practice of law by investing 20,000 cash and a law library having a fair value of 15,000 2- Purchased 10,000 Office equipment, paying 2,000 cash and giving a promissory note on the balance 3- Purchased 2,500 office supplies on credit from A. Austria Trading. 7- Completed legal work for G. Alajar and collected 1,400 in full payment therefor. 10- Paid insurance premium, 540. 15- Billed M. Gil for legal services rendered, 1,200. 15- Paid the salary of the part-time secretary,800. 18- Paid the account due to A. Austria. 25- Received from M. Gil 600 as partial payment of his account. 28- Withdrew 600 for personal use. 30- Billed M. Gil for additional legal work completed,1,000. 31- Paid the legal secretarys salary, 1,000 31- Paid the monthly utility bills, 440. 31- Paid the telephone bill, 350.

F. Journalizing and Posting Direction: Journalize the following transactions using the general journal provided for, then post to the general ledger. D. Fernando began a real state agency called Fernando Real Estate Agency and during May of the current year, he completed the following transaction:

May 1- Began his business by investing 25,000 cash. 2- Purchased a small building and office equipment from L. Guillen, consisting of office equipment, 3,500; building, 15,000, and land, 10,000. Gave 5,000 cash and signed a mortgage contract agreement to pay the balance over a period of one year. 5- Purchased an automobile, 20,000 on credit from V. Vargas. 8- Earned and collected a 3,600 commission from sale of a house. 9- Purchased 1,300 of office supplies and 5,400 additional Office equipment from G. Diaz on credit. 15- Paid the salary of the office clerk, 750 16- Completed property management services for R. Arevalo on credit and billed him for the services performed, 1.500. 20- Received the payment from A. Arevalo for services rendered to him. 22- Purchased 1,000 office supplies from D. Bonnevie on credit. 23- Earned and collected 2,600 commissions from the sale of property. 25- Paid the salary of the office clerk, 750. 26- Paid the newspaper advertising that had appeared, 450. 28- Pad the telephone bill, 350 30- Withdrew 800 for personal use.

G. Journalizing and Posting Direction: Journalize the following transaction and post the accounts to the general ledger. Use the forms provided for.

In June of the current year, S. Moreno began a business he called Furniture Repair Shop and completed the following transactions during the month:

June 1- Invested 30,000 to start the business. 2- Paid 1, 000 for the rent of the shop building. 3- Purchased 8,000 of shop machinery, giving 3,000 cash and a promissory note in payment of the balance. 5- Purchased 950 of shop supplies from R. Sorona on credit. 9- Collected cash on delivery of a cabinet to a customer, 2,000. 13- Completed and delivered sofa bed to R. Belmonte 1,300 on credit. 15- Paid wages of the shop helpers, 1,500 15- Paid the delivery services rendered by a. Co Trucking, 800. 18- Paid the account due to R. Sorona. 20- Took 800 worth of shop supplies for use in his carport. 23- Received 500 from R. Belmonte in partial payment of his account. 25- Withdrew 500 for personal expenses. 28- Collected 500 on the delivery of small chairs. 31- Paid 800 for the delivery service on the second half of the month. 31- Paid the wages of the shop helpers, 1,500. 31- Paid the light and power bill, 350.