Accounting 1

Assignment/Activity – Journalizing Transactions

NAME: __________________________________ DATE: ____________________

YEAR/COURSE: __________________________

ACTIVITY 3 – Journalizing Transactions

The chart of accounts for Vincent Boron Delivery Service is as follows:

Assets Income
110 Cash 410 Delivery Revenues
120 Accounts Receivable
130 Prepaid Insurance Expenses
140 Service Vehicle 510 Salaries Expense
150 Office Equipment 520 Gas and Oil Expense
530 Repair Expense
Liabilities 540 Advertising Expense
210 Accounts Payable 550 Supplies Expense
590 Miscellaneous Expense
Owner’s Equity
310 Boron, Capital
320 Boron, Withdrawals

The entity completed the following transactions in May 2023:

May 3 Placed four week-end advertisements in the Sun Daily Central Luzon for P18,500; the
amount is due in 30 days.
6 Bought supplies on account from Supplies, Inc., P8,800.
15 Boron invested in the business own office equipment with a fair market value of P52,500.
17 Received P61,800 from charge customers to apply on their accounts.
22 Received a bill from Park Trucking for repair services performed, P8,500.
26 Paid Supplies Inc., P8,800 in full payment of account.
29 Paid salaries to employees, P21,000.
30 Received P39,000 for services performed.
31 Received and paid gasoline and oil bill relating to the service vehicle, P12,500.
31 Billed South China Bank for services performed, P45,000.
31 Boron withdrew cash for personal use, P14,500.

Required:
• Prepare the journal entries for the May transactions.
• Use worksheet (2 or 3 columns).