SECOND QUARTERLY TEST IN ACCOUNTING 1

Name: ____________________________________________Parent’s Signature ____________________________

Section: ____________________________________ Date: ________________________________________

A. The following transactions were made by Net Solutions for the whole month of November 2013.

2013

November 2 – Chris Clark, the owner made an investment by depositing P250,000.00 in a bank
account in the name of Net Solutions.

5 – Purchased land amounting to P120,000.00 as a future building site.

10 – Purchased supplies for P3,500.00 on credit.

18 – Net Solutions received cash of P7, 500.00 for providing services to customers.

15 – Paid salaries and wages of employees amounting to P25,000.00.

18 – Paid rent for the month, P15,000.00.

25 – Net Solutions paid creditors on account, P1,950.00.

26 – Chris Clark withdrew P2,000.00 for personal use.

28 – Paid Ace Services for the repairs of an air conditioning unit in the office, P5,000.00.

30 – Paid an accountant for managing the account of Net Solutions, P10,000.00.

REQUIRED: Prepare journal entries for each transaction. NOTE: Follow the format that I’ve given you.