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  • Fabm 1 Q2 Q1

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    Genesa Buen A. Polintan
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    Nelson Daganta formed Liceo Sign Company on October 1, 2009. He deposited P250,000 into the company's bank account. During October 2009, the company acquired a service vehicle for P195,000, supplies for P57,000 cash, painted signs earning P87,500 cash and P170,000 from Cagayan Company, paid expenses totaling P25,000, P55,000, P25,000, P57,000, P7,500, and P5,500, and collected P35,000 from Cagayan Company.

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    FABM 1 Q2 Q1.docx

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    Nelson Daganta formed Liceo Sign Company on October 1, 2009. He deposited P250,000 into the company's bank account. During October 2009, the company acquired a service vehicle for P195,000, supplies for P57,000 cash, painted signs earning P87,500 cash and P170,000 from Cagayan Company, paid expenses totaling P25,000, P55,000, P25,000, P57,000, P7,500, and P5,500, and collected P35,000 from Cagayan Company.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    14 views1 page

    Fabm 1 Q2 Q1

    Uploaded by

    Genesa Buen A. Polintan
    Nelson Daganta formed Liceo Sign Company on October 1, 2009. He deposited P250,000 into the company's bank account. During October 2009, the company acquired a service vehicle for P195,000, supplies for P57,000 cash, painted signs earning P87,500 cash and P170,000 from Cagayan Company, paid expenses totaling P25,000, P55,000, P25,000, P57,000, P7,500, and P5,500, and collected P35,000 from Cagayan Company.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    What to do:

    1. Make the journal entries


    2. Make the General Ledger
    3. Make the trial balance

    Problem 1.

    Nelson Daganta formed the Liceo Sign Company on Oct. 1, 2009. He deposited P250,000 in GE
    Money Bank under the name of the new business entity. During the month of October 2009,
    the following transactions occurred.

    Oct. 2 Acquired a service vehicle in the amount of P195,000 on the account.


    3 Acquired supplies for cash, P57,000.
    9 Received P87,500 cash for signs painted.
    10 Paid for the month’s event, P25,000.
    11 Painted signs for Cagayan Company on account, P170,000
    12 Paid P55,000 on account from Oct. 2.
    16 Withdrew P25,000 for personal use.
    23 Collected P35,000 from Cagayan Company.
    27 Paid salaries of P57,000 for the month.
    30 Paid Bayan Tel P7,500 for communication services for the month.
    31 Paid a bill from Ad Asia for P5,500 of advertising for the month.

    What to do:
    1. Make the journal entries
    2. Make the General Ledger
    3. Make the trial balance

    Problem 1.
    Nelson Daganta formed the Liceo Sign Company on Oct. 1, 2009. He deposited P250,000 in GE
    Money Bank under the name of the new business entity. During the month of October 2009,
    the following transactions occurred.

    Oct. 2 Acquired a service vehicle in the amount of P195,000 on the account.


    3 Acquired supplies for cash, P57,000.
    9 Received P87,500 cash for signs painted.
    10 Paid for the month’s event, P25,000.
    11 Painted signs for Cagayan Company on account, P170,000
    12 Paid P55,000 on account from Oct. 2.
    16 Withdrew P25,000 for personal use.
    23 Collected P35,000 from Cagayan Company.
    27 Paid salaries of P57,000 for the month.
    30 Paid Bayan Tel P7,500 for communication services for the month.
    31 Paid a bill from Ad Asia for P5,500 of advertising for the month.

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