MIDTERM EXAM IN ACCTNG 1: Fundamentals of Accounting

Name: ________________________________________________________________ Date: ____________

Course and Year: _______________________________________________________ Score: ___________

I. Fill in the table. 20 points

Transactions:
1) The owner invested Php 1, 000, 000 cash and Php 500, 000 worth of supplies.
2) Purchased equipment worth Php 40, 000.
3) A customer paid Php 90, 000.
4) The owner borrowed Php 800, 000 from the bank.
5) Paid Php 60, 000 in purchasing an equipment.
6) Bought supplies worth Php 120, 000.
7) Find the total assets (cash, supplies, equipment) and liabilities/owner’s equity.
Assets
Liabilities Owner’s Equity
Cash Supplies Equipment
1 1, 000, 000 500, 000 1, 500, 000
2 (40, 000) 40, 000
3 90, 000 90, 000
4 800, 000 800, 000
5 (60, 000) 60, 000
6 (120, 000) 120, 000
Total 1, 670, 000 620 ,000 100, 000 800, 000 1, 590, 000
Overall 2, 390, 000 2, 390, 000
total

II. Complete the table. 14 points / 14 entries or inputs

Transactions:
1. June 18, 2012, Mrs. Dimakatawa invested PHP 2,000,000.00 in a business by opening an account with
Banco de Bankrupt.
2. June 20, 2012, he purchased materials and appliances for his business amounting to PHP 240,000.00 by
issuing a check.
3. July 8, 2012, he started his operations a made a sale for that day amounting to PHP 120,000.00.
GENERAL JOURNAL
Date Account Title and Description Ref Debit Credit
Cash - 2,000,000
6/18/12
Investment/Capital - 2,000,000
6/20/12 Cash/Check - 240,000
 Materials and Appliances - 240,000
Sales - 120,000
7/8/12
Cash - 120,000

III.Complete all the entries in the table. 46 points

Transactions:
1/2/16: Invested PHP. 2, 000,000 to his business. The trade name of the business was “MR. LABANDERO”
1/3/16: Hired Aldous and Karina who will manage his business.
1/4/16: Collections from various customers for the day – PHP 15,000
1/5/16: Purchase store supplies from Labada Store – PHP 25,000
1/7/16: Collections from various customers for the day – PHP 38,000

GENERAL JOURNAL
Date Account Title Re Debit Credit
f
Cash 2,000,000
1/2/16
Capital/Investment 2,000,000
Service 15,000
1/4/16
Cash 15,000
Cash 25,000
1/5/16
Store Supples 25,000
Service 38,000
1/7/16
Cash 38,000

GENERAL LEDGER
Account: CASH Account No.: 1000
Date Item Re Debit Credit Balance
f
1/2/16 Cash 2,000,000 2,000,000
1/4/16 Cash 15, 000 1,985,000
1/5/16 Cash 25,000 2,010,000
1/7/16 Cash 38, 000 1,972,000

GENERAL LEDGER
Account: LABANDERO CAPITAL Account No.: 3000
Date Item Ref Debit Credit Balance
 1/2/16 Capital 2, 000, 000 2,000,000

GENERAL LEDGER
Account: SUPPLIES EXPENSE Account No.: 3000
Date Item Ref Debit Credit Balance
1/5/16 Supplies 25,000 25, 000

GENERAL LEDGER
Account: SERVICE REVENUE Account No.: 3000
Date Item Ref Debit Credit Balance
1/4/16 Sales 15, 000 15, 000
1/7/16 Sales 38, 000 53, 000

LABANDERO LAUNDRY SHOP

Unadjusted Trial Balance
January 16, 2016
Account Debit Credit
Balance Sheet Account
Cash 1,972,000
Labandero Capital 2, 000, 000

Income Statement Accounts

Supplies Expense 25, 000
Service Revenue 53, 000

TOTAL 2,025,000 2, 025,000

Prepared by: Approved by:

JAY ROME CASTILLANO MA. LUZ O. BOLONG, Ph. D.
Instructor Academic Dean