Prelim Exam The Chart of Accounts for Frecy Catadman Delivery Service is as follows: Assets 110...

 

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Prelim Exam The Chart of Accounts for Frecy Catadman Delivery Service is as follows: Assets 110 Cash 120 Accounts Receivable 130 Prepaid Insurance 140 Service Vehicle 150 Office Equipment Liabilities 210 Accounts Payable 220 Note Payable Income 410 Delivery Revenues Expenses 510 Salaries Expense 520 Gas and Oil Expense 530 Repair Expense 540 Advertising Expense 550 Supplies Expense 590 Miscellaneous Expense Owner's Equity 310 Catadman, Capital 320 Catadman, Withdrawals The entity completed the following transactions in May 2021: May 3 Transferred P92.500 cash from a personal savings account to a checking account, Catadman Delivery Service. Placed four week-end advertisements in the Sunstar Superbalita for P18,500; the amount is due in 30 days. 4 5 Billed customers for services rendered, P100,000 6 Bought office supplies on account from Visayan Educational Supplies, P8,800. 7 Acquired service vehicle costing P80,000. Paid P50,000 cash and signed a note for the balance 15 Freey Catadman invested in the business own office equipment with a fair market value of PS2,500. 17 Received P61,800 from charged customers to apply on their accounts. 16 Paid P4,000 for an insurance policy for a one-year coverage. Required: 22 Received a bill from Park Trucking for repair services performed P8,500. 26 Paid Visayan Educational Supplies 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 Catadman withdrew cash for personal use, P14,500. 1. Prepare the Transactional Analysis 2. Journalize the above transactions 3. Post the transaction in the ledger or use T-account. 4. Prepare trial balance Prelim Exam The Chart of Accounts for Frecy Catadman Delivery Service is as follows: Assets 110 Cash 120 Accounts Receivable 130 Prepaid Insurance 140 Service Vehicle 150 Office Equipment Liabilities 210 Accounts Payable 220 Note Payable Income 410 Delivery Revenues Expenses 510 Salaries Expense 520 Gas and Oil Expense 530 Repair Expense 540 Advertising Expense 550 Supplies Expense 590 Miscellaneous Expense Owner's Equity 310 Catadman, Capital 320 Catadman, Withdrawals The entity completed the following transactions in May 2021: May 3 Transferred P92.500 cash from a personal savings account to a checking account, Catadman Delivery Service. Placed four week-end advertisements in the Sunstar Superbalita for P18,500; the amount is due in 30 days. 4 5 Billed customers for services rendered, P100,000 6 Bought office supplies on account from Visayan Educational Supplies, P8,800. 7 Acquired service vehicle costing P80,000. Paid P50,000 cash and signed a note for the balance 15 Freey Catadman invested in the business own office equipment with a fair market value of PS2,500. 17 Received P61,800 from charged customers to apply on their accounts. 16 Paid P4,000 for an insurance policy for a one-year coverage. Required: 22 Received a bill from Park Trucking for repair services performed P8,500. 26 Paid Visayan Educational Supplies 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 Catadman withdrew cash for personal use, P14,500. 1. Prepare the Transactional Analysis 2. Journalize the above transactions 3. Post the transaction in the ledger or use T-account. 4. Prepare trial balance

Answer rating: 100% (QA)

1 Transactional Analysis Date ASSETS LIABILITIES EQUITY NET INCOME 3May 92500 92500 4May 18500 18500 5May 100000 100000 6May 8800 8800 7May 30000 30000 15May 52500 52500 17May 0 0 0 0 16May 0 0 0 0 22... View the full answer