Republic of the Philippines

Department of Education
Region V- Bicol
SCHOOLS DIVISION OF CATANDUANES
CALATAGAN HIGH SCHOOL
Virac, Catanduanes

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2

Grade 12-ABM (Optimism)
1st Semester SY: 2019-2020
Activity ______

E. Mortiz Law Office

Chart of Accounts

Assets Income
110 Cash 410 Professional Fees Income
120 Accounts Receivable – United Bank
130 Office Equipment Expenses
140 Office Supplies 510 Insurance Expense
520 Salaries
Liabilities 530 Interest Expense
210 Notes Payable 540 Utilities
220 Accounts Payable – Office Supply Trading

Owner’s Equity
310 E. Mortiz, Capital
320 E. Mortiz, Personal

Journalizing, Posting and Trial Balance

March 1 - Began the practice of law by investing P100,000 cash and a law library having a
fair value of P250,000
2 - Purchased P42,000 office equipment, gave P12,000 down payment and a
promisory note for the balance.
3 - Purchased P2,500 office supplies and P15,000 office equipments from Office
Supply Trading on credit.
6 - Completed legal work for R. Moore and collected P12,000 in full payment.
10 - Paid insurance premiums P5,500.
15 - Completed legal work for United Bank on credit and billed it P32,000 for the
Work done
15 - Paid the salary of the secretary P10,000.
18 - Paid Office Supply Trading for the items purchased on the third of the month.
25 - Received a check from United Bank as full payment of its account
28 - E. Mortiz Withdrew P15,000 from the business for his personal use.
30 - Paid the secretary’s salaray, P10,000
31 - Paid 300 interest expense and full payment of the note payable.
31 - Paid the monthly utility bills, P12, 500