Long Quiz 2
Long Quiz 2
Long Quiz 2
12 – FINANCIAL ACCOUNTING & REPORTING
LONG QUIZ: JOURNALIZING, POSTING & PREPARING A TRIAL BALANCE
Winnie Villanueva is a painting contractor. During the month of April, she completed the following transactions:
April 2 Invested in the business a painting equipment valued at PHP12,300 and placed PHP71,000 in a business checking
account.
April 3 Acquired a service vehicle costing PHP80,000. Paid PHP50,000 cash and signed a note for the balance.
April 4 Purchased painting supplies on account for PHP3,200.
April 5 Completed a painting job and billed the customer PHP4,800.
April 7 Received PHP1,500 cash for painting an apartment room.
April 10 Purchased painting supplies for PHP1,600 cash.
April 11 Received a PHP4,800 check from the customer billed on April 5.
April 12 Paid PHP4,000 for an insurance policy for a one‐year coverage.
April 13 Billed a customer PHP6,200 for a painting job.
April 14 Paid the assistant PHP1,500 for twenty five hours’ work.
April 15 Paid PHP400 for a tune up of the service vehicle.
April 18 Paid for the painting supplies purchased on April 4.
April 20 Purchased a new ladder for PHP6,000 and painting supplies for PHP2,900, on account.
April 22 Received a telephone bill for PHP600, due next month.
April 23 Received PHP3,300 in cash from the customer billed on April 13.
April 24 Transferred PHP3,000 to a personal checking account.
April 25 Received PHP3,600 in cash for painting a two‐room apartment.
April 27 Paid PHP2,000 on the note signed for the service vehicle.
April 29 Paid the assistant PHP1,800 for thirty hours’ work.
Requirement:
1) Prepare the journal entries to record the April transactions.
2) Set‐up the ledger accounts through T‐accounts and post all the journal entries.
3) Prepare an unadjusted trial balance.