QUIZ3

Record of the following transactions of Justi-Is Law Firm using T-accounts. Refer to the accounts
below.
July 2 Atty. Justi-Is received P5, 000,000 (as his retirement pay) from the Corona Company were he
used to work for.
July 5 He invested half of his retirement pay in the business.
July 7 Paid cash of P6, 000 for office supplies.
July 8 Purchased furniture from Dimension worth P240, 000 and paid 30% in cash and the balance is on
account.
July 10 He deposited his remaining retirement pay in his personal bank account.
July 11 Computers and aircon units were purchased by Mr. Justi-Is paying cash, P80, 000.
July 12 ABC Company a prospective client, signed a contract and agreed to hire the services of Atty.
Justi-Is for a fee of P250,000.
July 15 Paid the salary of the clerk, P4, 500.
July 16 ABC Company paid Atty. Justi-Is 30% of the P250, 000 and the balance on account.
July 17 Paid rent of the office P16, 000.
July 22 Receipts collected from various clients amounts to P138, 500.
July 23 ABC Company paid the 50% of the balance and promised to pay the remaining 50% after 10
days.
July 25 Cash of P4,000 was withdrawn by Atty. Justi-Is for emergency use.
July 29 Issued a 60 day-note to Dimension in lieu of the accounts due.
July 30 Paid the following expenses: salaries P4, 500, tel. Bill P1, 300, electric bill P2, 100.
July 31 Supplies used amounted to P1, 200.

Use the following Account titles:

Cash Accounts Payable Rent Expense

Accounts Receivable Notes Payable Salaries Expense
Supplies Justi-Is, Capital Supplies Expense
Equipment Justi-Is, Drawings Utilities Expense
Furniture Professional Fees income