Accounting for Non-ABM

Assignment – 09/07/20
Current Assets Non-Current Assets
101 – Cash 110 – Tools
102 – Notes Receivable 111 – Furniture & Fixtures
103 – Accounts Receivable 111-A – Accum. Depr.-Fur & Fixt.
103-A – Allowance for 112 – Office Equipment
Impairment Loss 112-A – Accum. Depr.-Off. Eqpt.
104 – Unused Supplies 113 – Repair Equipment
105 – Prepaid Advertising 113-A – Accum. Depr.-Rep. Eqpt.
106 – Rental Receivable
Assignment
Current Liabilities Non-Current Liabilities
201 – Notes Payable 210 – Loan Payable
202 – Accounts Payable
203 – Light & Water Payable
204 – Interest Payable
205 – Unearned Repair Income
 Assignment
Owner’s Equity
301 – D. Maputim, Capital
302 – D. Maputim, Drawing
303 – Income and Expense Summary
Income
401 – Repair Income
402 – Rental Income
Expense
501 – Salaries Expense
502 – Rent Expense
503 – Supplies Expense
504 – Light & Water Expense
505 – Gas & Oil Expense
506 – Communication Expense
507 – Taxes & Licenses Expense
508 – Advertising Expense
509 – Depreciation - Fur. & Fixt.
510 – Depreciation – Off. Eqpt.
511 – Depreciation – Rep. Eqpt.
512 – Impairment Loss
521 – Interest Expense
 The following transactions were completed by Dindo
Maputim, owner operator of Quality Auto Repair Shop
for the month of December, 2019:
D. Maputim invested P150,000 to start his auto repair shop
Dec. 1
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
Bought office tables and chairs from XOX Trading on credit,
3
P12,530
3 Bought computer from Buirroughs, Ltd. P24,000 COD
4 Maputim invested his personal tools in the business, P2,368.50
5 Paid rent for the shop, P3,800
Dec. 6 Billed a customer for repair service rendered, P12,560.25

7 Bought additional repair equipment from Lycon Company

on credit, P15,600
7 Bought office supplies on account from Cunanan
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 chair bought
12 Paid advertisement, P4,500
15 Paid the following bills: Meralco – P8,400.38, Maynilad –
P1,234.50
Dec. 15 Salaries of the mechanic, helpers and clerks paid, P25,668

16 Cash received from various customers for repair services

rendered, P32,550
18 Partial payment made on XOX Trading, P5,530

20 Mr. Magno paid his promissory note in full without

interest
21 Maputim withdrew cash from the business for his
personal use, P5,000
25 Billed a customer for repair services rendered for P25,000
and received a 50% downpayment
27 Bought additional tools from Leemar Corporation,
P10,000, paying P2,000 down
30 Paid PLDT the telephone bill, P2,156.75
Dec. 31 Paid the following: Salaries of the employees -
P24,600, Gas & Oil – P3,000
31 Billed a customer for repair service rendered,
P24,500
31 Paid P40,000 of the loan with PNB (see Dec 9)

31 A tenant paid P2,500 rental for the portion of

the office space
31 Collected in full the account from a customer
(see Dec 6)

REQUIRED: Record the foregoing transactions in

the general journal.