Republic of the Philippines

Department of Education
Region 1
Division of Ilocos Norte
BANNA ACADEMY INC.
Banna

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1

ADDITIONAL ENHANCEMENT ACTIVITIES

ACTIVITY NO. 1

Nancy Mulles established the Mulles Data Encoders on January 2, 2020. The following
transactions occurred during the month.

Jan. 1 Mulles invested Ꝑ 300,000.00 cash to establish the business.

3 Bought office desks and filing cabinet for cash, Ꝑ 20,000.00.
4 Mulles purchased computer, Ꝑ 100,000.00.
5 Bought computer software for use in the business from De La Torre Computer Center, Ꝑ
15,000.00 down; the balance is due in thirty days.
15 Paid rent for the month, Ꝑ 5,300.00.
15 Received cash for services rendered Ꝑ 10,160.00.
16 Ordered a panaflex sign for Ꝑ 9,000.00 from Royal Bright Enterprises, with P 5,000.00 as down
payment and the balance due when installed.
18 Received bill for advertising from Buy and Sell Newspaper, Ꝑ 3,230.00.
20 Bought print paper and stationery on account, Ꝑ 10,000.00.
22 Received and paid electric bill, Ꝑ 3,240.00.
24 Paid bill for advertising recorded previously in transacted dated May 18.
26 Received cash for services rendered, Ꝑ 20,900.00.
30 Paid salaries to employees, Ꝑ 15,00.00.
30 Mulles withdrew cash for personal use Ꝑ 10,000.00

Required:
1. Prepare the journal entries for May transactions.
2. Post the entries to the ledger accounts or T-Accounts, using the account numbers for cross-
reference and using the information from Journal Entries. The following accounts will be
needed: Cash (110); Accounts Receivable (120); Office Supplies (130); Office Equipment (140)
Computer Software (150); Signage (160) Accounts Payable (210); Mulles, Capital (310);
Mulles, Withdrawals (320); Service Revenues (410); Salaries Expense (510); Advertising
Expense (520); Rent Expense (530); Utilities Expense (540); and Miscellaneous Expense (550).
3. Prepare a Trial Balance.
Activity No. 2

Osler Aquino opened Aquino’s Dental Clinic. The following transactions occurred during June of
this year.

June 1 Aquino invested Ꝑ 350,000.00 cash in his professional practice.

1 Aquino purchased professional equipment Ꝑ 150,000.00.
2 Bought a filing cabinet on account from Firmo Office Essentials, Ꝑ 5,500.00.
3 Paid cash for chairs for the waiting room, Ꝑ 7,000.00.
5 Bought a personal copier for Ꝑ 50,000.00 from Penaco Office Machines, 50% downpayment and
the remaining is payable in thirty days.
7 Received and paid telephone bill, Ꝑ 990.00.
10 Billed patients for professional services performed, Ꝑ 27, 120.00.
12 Paid Ꝑ 3,000.00 as membership dues to the National Dental Association.
15 Received and paid electric bill, Ꝑ 1,500.00.
22 Received Ꝑ 16,900.00 from patients previously billed in transaction dated June 10.
24 Paid in full accounts related to purchase of a filing cabinet.
26 Paid office rent for the month, Ꝑ 7,000.00.
28 Received Ꝑ 5,420.00 cash from walk-in patients.
30 Paid salaries of dental assistant, Ꝑ 12,250.00.
30 Aquino withdrew cash for personal use, Ꝑ 18,500.00.

Required:
1. Prepare the journal entries for June transactions.
2. Post the entries to the ledger accounts or T-Accounts, using the account numbers for cross-reference
and using the information from Journal Entries. The following accounts will be needed: Cash (110);
Accounts Receivable (120); Office Equipment (130); Medical Equipment (140) Accounts Payable
(210); Aquino, Capital (310); Aquino, Withdrawals (320); Service Revenues (410); Salaries Expense
(510); Rent Expense (520); Utilities Expense (530); and Professional Dues Expense (540).
3. Prepare a Trial Balance.