The following transactions were completed by Dindo Maputim, owner and

operator pf Quality Auto Repair Shop for the month pf December, 200C.
Dec. 1. Maputim invested P150,000 to start his auto repair shop business.
1. Paid municipal licenses and permits P1,250.50
1. Bought repair equipment costing P25,000 for cash.
2. Received cash for repair service rendered, P10,260.
3. Bought office tables and chairs from XOX Trading on credit, P12,530.
3. Bought computer from Burroughs, Ltd. P24,000terms cash.
4 Maputim invested his personal tools in the business, P2,368.50.
5. Paid rent for the shop, P3,800.
6. Billed a customer for repair service rendered, P12,560.25
7. Bought additional repair equipment from Lycon Company on credit, P32,000.
7. Bought office supplies on account from Cunan BookStore, P2,367.80.
8. Received a promissory note from Mr. Magno for repair service rendered P15,500.
9. Secured a loan from PNB P120,000 payable in 3 years.
10. Issued a 60-day 6% promissory note to City Traders P3,000 for additional chairs bought.
12. Paid advertisement, P4,500.
13. Paid the following: MeralcoP8,400.38; Maynilad P1,234.50.
15. Salaries of the mechanic, helpers,and clerks pai, P25,668.
16. Cash received from various customers for repair repair service rendered, P32,550.
18. Partial payment made to XOX trading P5,530.
20. Mr. Magno paid his promissory note in fullwithout interest. (see Dec. 8)
21. Maputim withdrew cash from the business for his personal use , P5,000.
25. Billed a customer for repair service rendered for P25,000 and received 50% down payment.
27. Bought additional tools fromLeemar Corporation P10,000 paying P2,000 down.
30. Paid PLDT the telephone bill P2,156.75.
31. Paid the following: salaries of the emplyees P24,660. Gas and oil P3,000
31. Billed customer for repair service rendere, P24,500.
31. Paid P40,000 of the loan with PNB (see Dec. 9).
31. A tenant paid P2,500 rental for a portion of the office space he is occupying.
31. Collected in full the account of a customer (see transaction dated Dec. 6).
REQUIRED:
01. Record the foregoing transactions in the general journal and general ledger in EXCELL FORM.
font size 12; font style times, printed in a short bond paper.
02. Prepare General Ledger. 1 POINT FOR EVERY LEGER
03. Prepare Trial Balance 5 POINTS FOR EVERY TOTAL PER ACCT
04. Prepare Worksheet 5 POINTS FOR EVERY TOTAL
05 Journalize and Post Adjustments
06 Prepare Financial Statements 5 POINTS FOR EVERY TOTAL
07. Journalize and Post Closing Entries
08. Prepare post-closing entries
09 Reversing entries

CORRECT/PROPER HEADING 2POINTS

PER JOURNAL ENTRY CHECK 28 POINTS
Prepare the worksheet, preliminary trial balance of Quality Auto Repair Shop with the
following adjustments:
1 Unused supplies P367.80.
2 One half of the advertising expense is still prepaid.
3 Unpaid water bill, P995.12
4 Uncollected rental income, P2,500.
5 Accrued interrst on the note payable,P20.
6 P5,000 of the repair income is collected in advance and not yet earned.
7 The fixed assets are to be deprepciated as follows:
Furnitre aanf Fixtures, P1,553.
Office Equiment, P1,200.
Repair Equipment P2,350.
8 Bad debts (impairmnt loss) P370.