CANVAS ACTIVITY (October 29, 2019)

Directions: Journalize the following transactions of G. Alajar’s “SURE REPAIR SHOP” using the general
journal.

2015
Sept 1 G. Alajar opened a television repair shop he called “Sure Repair Shop”. He
began business by investing P25,000 in cash and the following assets:
repair tools - P30,000, repair supplies – P15,000 and a truck – P120,000.
2 Paid P1,500 for newspaper advertising announcing the opening of his shop.
3 Purchased office tables and chairs and filing cabinets from Cruz Furniture on
credit, P16,500.
5 Completed repair work for R. Gil on credit, P1,200.
9 Completed repair work for M. Soriano, P2,200. Accepted P1,000 in cash and a
promise to pay the balance after 5 days.
15 Paid the wages of the shop helper, P1000.
18 Paid one-half of the account due to Cruz Furniture and issued a promissory
note for the other half.
20 R. Gil paid his account in full.
25 Withdrew cash for P3,500 for personal use.
28 Received P25,000 from various customers for repair services rendered.
30 Paid the monthly utility bills, P1,500.
30 Paid the month’s rent of the shop, P2,000.
30 Paid the wages of the shop helper, P1,000.
CANVAS ACTIVITY (October 29, 2019)
Sure Repair Shop
Chart of Accounts

ASSETS OWNER’s EQUITY

11 – Cash
12 – Accounts Receivable
13 – Repair Tools
14 – Repair Supplies
15 – Furniture and Fixtures
16 – Service Equipment
LIABILITIES
21 – Accounts Payable
22 – Notes Payable
31 – G. Alajar, Capital
32 – G. Alajar, Drawing
INCOME
41 – Service Income
EXPENSES
51 – Advertising Expense
52 – Salaries & Wages
53 – Utility Expense
54 – Rent Expense