PRE TEST 9/15/21

QUIZ # 1 PART II - CONTINUATION

A.
B. USE THE FOLLOWING ACCOUNT TITLES BELOW
FOR MR. EZEKIEL BUSINESS TRANSACTIONS
BUT FIRST, MAKE SURE TO
MAKE YOUR OWN CHART OF ACCOUNTS FOR MR. EZEKIEL
AND ASSIGN AN ACCOUNT NO. FOR EACH CATEGORIES
(asset, liabilities, owner’s equity, income & expenses)
AND FOR EACH ACCOUNT TITLE.

CHART OF ACCOUNTS
ASSETS
MR. EZEKIEL, CAPITAL
MR. EZEKIEL, DRAWING
LIABILITIES
OWNERS EQUITY
CASH
ACCOUNT RECEIVABLE
PREPAID INSURANCE
FURNITURE AND EQUIPMENT
OFFICE SUPPLIES
INCOME
ACCOUNTS PAYABLE
BANK LOAN
ADVERTISING EXPENSE
UTILITIES EXPENSE
SALARY EXPENSE
MISCELANAEOUS
PROFESSIONAL FEES INCOME
EXPENSES
C. JOURNALIZATION
JOURNALIZE THE FF. BUSINESS TRANSACTIONS w/ EXPLANATION JUST PUT “To record”

BUSINESS TRANSACTIONS OF MR. EZEKIEL

In December of the current year, the following transactions took place.

Dec 2 Mr. Ezekiel invested P60,000 to start his law practice.

4 One-year insurance effective December 1 was paid, P6,000.
6 Office furniture worth P15,000 was purchased on account from EZ ABC
Furniture Company
8 Office and computer supplies costing P2,500 was bought for cash.
11 Received from City Bank P60,000 for Loan applied to be used in
his law practice.
14 Purchased on credit a desktop computer and printer for office use
worth P60,000 for Micro System Inc.
16 Received P12,500 cash for legal service rendered to Jose Lopez.
18 Paid P1,000 for Miscellaneous expenses incurred
20 Received P10,500 cashfor legal services rendered to clients.
22 Advertising place on a local paper for three months effective
December 1, was paid, P3,600.
24 Various clients were billed for professional services, P16,400.
25 Micro System Inc. was partially paid, P45,000.
26 Collected accounts from various clients, P7,500.
27 Lights, water, and telephone use for the month December was
Paid to property owner, P1,500. (Utilities Expense)
28 The salary of the legal secretary was paid, P5,500.
29 Mr. Ezekiel withdrew P12,000 for personal use.
30 Received P5,000 as advance fees for legal services to be
rendered the next year.

REQUIRED:
A.
B. CHART OF ACCOUNT IN 5 CATEGORIES WITH ACCOUNT NUMBERS FOR MR. EZEKIEL.
C. JOURNALIZE THE FOLLOWING BUSINESS TRANSACTIONS FOR MR. EZEKIEL.