CAT 1 Module 1 Solutions

“Synergy for Global Education!
SOLUTION - PROBLEM 1.1
ASSETS OWNER'S EQUITY

Shop Accounts
Cash Shop Shop Equip. Payable J. Capital. Revenues Expenses
Bal. 25,000 23,500 55,000 170,000 = 25,000 + 248,500
a. 11,500 = 11,500 +
Bal. 25,000 23,500 55,000 181,500 = 36,500 + 248,500 0 0
b. -6,000 = + -6,000
Bal. 19,000 23,500 55,000 181,500 = 36,500 + 242,500 0 0
c. -10,000 = -10,000 +
Bal. 9,000 23,500 55,000 181,500 = 26,500 + 242,500 0 0
d. 65,000 = + 65,000
Bal. 74,000 23,500 55,000 181,500 = 26,500 + 242,500 65,000 0
e. -24,000 = + -24,000
Bal. 50,000 23,500 55,000 181,500 = 26,500 + 242,500 65,000 -24,000
f. -4,500 = + -4,500
Bal. 50,000 19,000 55,000 181,500 = 26,500 + 242,500 65,000 -28,500
SOLUTION - PROBLEM 1.2
ASSETS OWNER'S EQUITY

Accounts Photo Camera Accounts A. Bonito
Cash Receivable Supplies & Equip. = Payable + Capital Revenues Expenses
a. 300,000 = + 300,000
b. -12,000 = + -12,000
Bal. 288,000 0 0 0 = 0 + 300,000 0 -12,000
c. -220,000 220,000 = +
Bal. 68,000 0 0 220,000 = 0 + 300,000 0 -12,000
d. 18,000 = 18,000 +
Bal. 50,000 0 18,000 220,000 = 0 + 300,000 0 -12,000
e. 45,000 = 45,000 +
Bal. 50,000 0 18,000 265,000 = 45,000 + 300,000 0 -12,000
f. 25,000 = + 25,000
Bal. 75,000 0 18,000 265,000 = 45,000 + 300,000 25,000 -12,000
g. 30,000 + 30,000
Bal. 75,000 0 18,000 295,000 = 45,000 + 330,000 25,000 -12,000
h. -12,000 + -12,000
Bal. 63,000 0 18,000 295,000 = 45,000 + 318,000 25,000 -12,000
i. -30,000 -30,000
Bal. 33,000 0 18,000 295,000 = 15,000 + 318,000 25,000 -12,000
j. 12,000 12,000
Bal. 33,000 12,000 18,000 295,000 = 15,000 + 318,000 37,000 -12,000
k. -6,000 -6,000
Bal. 27,000 12,000 18,000 295,000 = 15,000 + 318,000 37,000 18,000
l. -4,000 -4,000
Bal. 27,000 12,000 14,000 295,000 = 15,000 + 318,000 37,000 22,000
1
Page
www.certscollege.org  (082) 2214337  0925 5623787

3F Gutierrez Bldg., J. P. Laurel St., Davao City
CERTS_Educational Services, Inc. “Synergy for Global Education!”
SOLUTION PROBLEM 1.3
AB Photo Arts
Income Statement
For the Month ended October 31, 20CY
REVENUES:
Repair Income P 37,000.00
OPERATING EXPENSES:
Salary Expense P 6,000.00
Rent Expense 12,000.00
Supplies Expense 4,000.00
Total Operating Expense 22,000.00
NET INCOME P 15,000.00
AB Photo Arts
Statement of Owner's Equity
For the Month ended October 31, 20CY
J. Cruz, Capital, Oct. 1, 2005 P -

Add: Investment in October 2005 P 330,000.00
Net Income in October 2005 15,000.00 345,000.00
Total P 345,000.00
Less: J.Cruz, Drawing 12,000.00
J. Cruz, Capital, June 30,200X P 333,000.00
AB Photo Arts
Balance Sheet
October 31, 20CY
ASSETS
Cash P 27,000.00
Accounts Receivable 12,000.00
Photo Supplies 14,000.00
Camera & Equipment 295,000.00
TOTAL ASSETS P 348,000.00
LIABILITIES AND OWNER'S EQUITY

Accounts Payable P 15,000.00
J. Cruz, Capital P 330,000.00
Add: Net Income 15,000.00
Total P 345,000.00
Less: J. Cruz, Drawing 12,000.00 333,000.00
TOTAL LIABILITIES & OWNER'S EQUITY P 348,000.00
AB Photo Arts
Statement of Cash Flows
For the Month Ended October 31, 20CY
Cash Flow from Operating Activities:

Received from Customers P 25,000.00
Payments for Expenses (18,000.00)
Payments for Supplies (18,000.00) P (11,000.00)
2
Cash Flow from Investing Activities:

Page
Payments for Camera & Equipment (250,000.00)

Cash Flows from Financing Activities

Received from A. Bonifacio Investment P 300,000.00
Cash withdrawn by A. Bonito (12,000.00) 288,000.00
Net Cash Inflow and October 31, balance P 27,000.00
GENERAL JOURNAL
Date Description P.R. Dr. Cr.
Jan 2 Rent Expense 4,000.00
Cash 4,000.00
2 Insurance Expense 300.00
Cash 300.00
3 Cash 750.00
Fees Earned 750.00
3 Cash 45,000.00
Notes Payable 45,000.00
4 Miscellaneous Expense 500.00
Cash 500.00
5 Cash 950.00
Fees Earned 950.00
5 Office Furniture 5,500.00
Cash 5,500.00
6 Taxes and License 1,000.00
Cash 1,000.00
8 Cash 850.00
Fees Earned 850.00
9 Accounts Receivable 5,000.00
Fees Earned 5,000.00
10 Jose, Masipag, Drawing 2,500.00
Cash 2,500.00
11 Gas and oil expense 600.00
Cash 600.00
12 Cash 650.00
Fees Earned 650.00
14 Salary Expense 2,500.00
Cash 2,500.00
15 Office Equipment 30,000.00
16 Office Supplies 600.00
Accounts Payable 600.00
18 Cash 3,000.00
19 Cash 1,250.00
Office Equipment 1,250.00
22 Accounts Payable 600.00
Cash 600.00
3
23 Cash 10,000.00
Page
Jose Masipag, Capital 10,000.00

24 Cash 2,500.00
25 Notes Payable 30,000.00
Cash 30,000.00
26 Cash 7,000.00
28 Utilities Expenses 1,200.00
Cash 1,200.00
Cash 2,500.00
30 Gas and oil expense 1,200.00
Accounts Payable 1,200.00
31 Communication Expense 800.00
Cash 800.00
GENERAL LEDGER
Cash Accounts Receivable

1/3 750.00 1/2 4,000.00 1/9 5,000.00 1/18 3,000.00
1/3 45,000.00 1/2 300.00 1/17 5,200.00 1/24 2,500.00
1/5 950.00 1/4 500.00 1/21 4,750.00
1/8 850.00 1/5 5,500.00 14,950.00 5,500.00
1/12 650.00 1/6 1,000.00 Bal. 9,450.00
1/18 3,000.00 1/10 2,500.00
1/19 1,250.00 1/11 600.00 Office Supplies
1/23 10,000.00 1/14 2,500.00 1/16 600.00
1/24 2,500.00 1/22 600.00 Bal. 600.00
1/26 7,000.00 1/25 30,000.00
1/28 1,200.00 Office Equipment
1/29 2,500.00 1/15 30,000.00 1/19 1,250.00
1/30 800.00 Bal. 28,750.00
71,950.00 52,000.00
Bal. 19,950.00 Office Furniture
1/5 5,500.00
Bal. 5,500.00
Accounts Payable
1/22 600.00 1/16 600.00 Notes Payable
1/30 1,200.00 1/25 30,000.00 1/3 45,000.00
600.00 1,800.00 1/15 30,000.00
Bal. 1,200.00 30,000.00 75,000.00
Bal. 45,000.00
Jose Masipag, Capital Miscellaneous Expense

1/2 1/23 10,000.00 1/4 500.00
Bal. 10,000.00 Bal. 500.00
Jose Masipag, Drawing Rent Expense

1/10 2,500.00 1/2 4,000.00
Bal. 2,500.00 Bal. 4,000.00
4
Page

Fees Earned Utilities Expense

1/3 750.00 1/28 1,200.00
1/5 950.00 Bal. 1,200.00
1/8 850.00
1/9 5,000.00 Taxes and License
1/12 650.00 1/6 1,000.00
1/17 5,200.00 Bal. 1,000.00
1/21 4,750.00
1/26 7,000.00
Bal. 25,150.00 Salary Expense
1/14 2,500.00
Communication Expense 1/29 2,500.00
1/31 800.00 Bal. 5,000.00
Bal. 800.00
Gas and Oil Expense Insurance Expense

1/11 600.00 1/2 300.00
1/30 1,200.00 Bal. 300.00
Bal. 1,800.00
Jose Masipag, CPA

Trial Balance
January 31, 20CY
Cash 19,950.00
Office Supplies 600.00
Office Furniture 5,500.00
Jose Masipag, Capital 10,000.00
Jose Masipag, Drawing 2,500.00
Communication Expense 800.00
Gas and Oil Expense 1,800.00
Insurance Expense 300.00
Miscellaneous Expense 500.00
Rent Expense 4,000.00
Salary Expense 5,000.00
Taxes and Licenses 1,000.00
Utilities Expense 1,200.00
Totals 81,350.00 81,350.00
GENERAL LEDGER
Cash 11
Balance
Date Explanation Debit Credit Debit Credit
July 1 Balance 22,000.00 22,000.00
2 7,500.00 14,500.00
3 5,500.00 9,000.00
5
Page
4 5,600.00 14,600.00
5 3,600.00 11,000.00

7 900.00 10,100.00
8 3,900.00 14,000.00
9 800.00 13,200.00
10 600.00 12,600.00
16 20,000.00 32,600.00
18 2,000.00 30,600.00
21 9,000.00 39,600.00
23 600.00 39,000.00
25 950.00 38,050.00
27 10,050.00 48,100.00
29 7,500.00 40,600.00
31 500.00 40,100.00
Office Equipment 13
Balance
July 1 Balance 18,300.00 18,300.00
14 3,200.00 21,500.00
Accounts Payable 21
Balance
July 1 Balance 4,500.00 4,500.00
1 800.00 5,300.00
9 800.00 4,500.00
14 3,200.00 7,700.00
18 2,000.00 5,700.00
JM Luna Capital 31
Balance
July 1 Balance 37,800.00 37,800.00
16 20,000.00 57,800.00
JM Luna, Drawing 32
Balance
July 1 Balance 4,800.00 4,800.00
5 3,600.00 8,400.00
Fees Earned 41
Balance
July 1 Balance 17,800.00 17,800.00
4 5,600.00 23,400.00
8 3,900.00 27,300.00
21 9,000.00 36,300.00
27 10,050.00 46,350.00
6
Page

Salary Expense 51
Balance
July 1 Balance 3,000.00 3,000.00
2 7,500.00 10,500.00
29 7,500.00 18,000.00
Rent Expense 52
Balance
July 1 Balance 7,750.00 7,750.00
3 5,500.00 13,250.00
Communication Expense 53
Balance
July 1 Balance 1,250.00 1,250.00
7 900.00 2,150.00
Utilities Expense 54
Balance
July 1 Balance 1,350.00 1,350.00
10 600.00 1,950.00
25 950.00 2,900.00
Supplies Expense 55
Balance
July 1 Balance 550.00 550.00
7 800.00 1,350.00
Taxes and Licenses 56

Balance
July 1 Balance 600.00 600.00
3 600.00 1,200.00
Miscellaneous Expense 57
Balance
July 1 Balance 500.00 500.00
7 500.00 1,000.00
7
Page

JM LUNA ENTERPRISE
Trial Balance
July 31 20CY
AN ACCOUNT TITLE DEBIT CREDIT

11 Cash 40,100.00
21 Accounts Payable 5,700.00
31 JM Luna Capital 57,800.00
32 JM Luna, Drawing 8,400.00
41 Fees Earned 46,350.00
52 Rent Expense 13,250.00
53 Communication Expense 2,150.00
54 Utilities Expense 2,900.00
55 Supplies Expense 1,350.00
56 Taxes and Licenses 1,200.00
57 Miscellaneous Expense 1,000.00
109,850.00 109,850.00
GENERAL JOURNAL
Jun 1 Rent Expense 6,000.00
Cash 6,000.00
3 Cash 7,500.00

Cash 1,750.00


Cash 1,050.00
12 Automobile 150,000.00
W. Dixon, Capital 150,000.00

Cash 4,500.00
17 Cash 8,500.00


Cash 9,000.00
25 Supplies Expense 950.00

8
Cash 950.00
Page


Cash 650.00
30 W. Dixon, Drawing 6,000.00

Cash 6,000.00
GENERAL LEDGER
Cash 11
Balance
Jun 1 Balance 23,500.00 23,500.00
2 6,000.00 17,500.00
3 7,500.00 25,000.00
5 1,750.00 23,250.00
10 1,050.00 22,200.00
14 4,500.00 17,700.00
17 8,500.00 26,200.00
23 9,000.00 17,200.00
25 950.00 16,250.00
28 650.00 15,600.00
30 6,000.00 9,600.00
Accounts Receivable 12
Balance
Jun 1 Balance 17,500.00 17,500.00
3 7,500.00 10,000.00
8 8,500.00 18,500.00
17 8,500.00 10,000.00
19 15,000.00 25,000.00
Office Equipment 13
Balance
Jun 1 Balance 27,500.00 27,500.00
27,500.00
Automobile 15
Balance
Jun 1 Balance
12 150,000.00 150,000.00
Accounts Payable 21
Balance
Jun 1 Balance 18,500.00 18,500.00
23 9,000.00 9,500.00
W. Dixon, Capital 31
Balance
Jun 1 Balance 52,100.00 52,100.00
9
12 150,000.00 202,100.00
Page

W. Dixon, Drawing 32
Balance
Jun 1 Balance 11,000.00 11,000.00
30 6,000.00 17,000.00
Fees Earned 41
Balance
Jun 1 Balance 43,000.00 43,000.00
8 8,500.00 51,500.00
19 15,000.00 66,500.00
Salary Expense 51
Balance
Jun 1 Balance 9,000.00 9,000.00
14 4,500.00 13,500.00
Rent Expense 52
Balance
Jun 1 Balance 18,000.00 18,000.00
1 6,000.00 24,000.00
Communication Expense 53
Balance
Jun 1 Balance 2,850.00 2,850.00
10 1,050.00 3,900.00
Balance
Jun 1 Balance 2,250.00 2,250.00
5 1,750.00 4,000.00
Supplies Expense 55
Balance
Jun 1 Balance 1,250.00 1,250.00
25 950.00 2,200.00
Balance
Jun 1 Balance 750.00 750.00
28 650.00 1,400.00
10
Page

WILLIAM DIXON
Trial Balance
June 30, 20CY
AN Account Title Debit Credit

11 Cash 9,600.00
31 W. Dixon, Capital 202,100.00
278,100.00 278,100.00
GENERAL JOURNAL
Jun 1 Cash 250,000.00
Daniel Chavez, Capital 250,000.00

Cash 5,000.00

7 Service Vehicle 180,000.00

Cash 100,000.00
9 Decorating Supplies 13,150.00

Cash 13,150.00
11 Cash 33,000.00
Service Income 33,000.00
13 Prepaid Insurance 1,800.00

Cash 1,800.00

Service Income 19,500.00
17 Delivery Expense 2,900.00

11

Page
Cash 2,450.00

21 Cash 12,000.00

Cash 1,950.00

Cash 30,000.00
28 Daniel Chavez, Drawing 25,000.00

Cash 25,000.00

Cash 19,000.00
GENERAL LEDGER
Cash 101
Balance
Jun 1 Balance 250,000.00 250,000.00
3 5,000.00 245,000.00
7 100,000.00 145,000.00
9 13,150.00 131,850.00
11 33,000.00 164,850.00
13 1,800.00 163,050.00
19 2,450.00 160,600.00
21 12,000.00 172,600.00
23 1,950.00 170,650.00
25 30,000.00 140,650.00
28 25,000.00 115,650.00
30 19,000.00 96,650.00
Accounts Receivable 102

Balance
Jun 15 Balance 19,500.00 19,500.00
21 12,000.00 7,500.00
Decorating Supplies 103

Balance
Jun 13 Balance 13,150.00 13,150.00
13,150.00
Prepaid Insurance 104

Balance
Jun 13 Balance 1,800.00 1,800.00
1,800.00
Office Equipment 111

Balance
12

Jun 5 Balance 105,000.00 105,000.00
Page
105,000.00

Service Vehicle 113

Balance
Jun 7 Balance 180,000.00 180,000.00
180,000.00
Notes Payable 201

Balance
Jun 7 Balance 80,000.00 80,000.00
25 30,000.00 50,000.00
Accounts Payable 202

Balance
Jun 5 Balance 105,000.00 105,000.00
17 2,900.00 107,900.00
107,900.00
Daniel Chavez, Capital 301

Balance
Jun 1 Balance 250,000.00 250,000.00
Daniel Chavez, Drawing 302

Balance
Jun 28 Balance 25,000.00 25,000.00
25,000.00
Service Income 401

Balance
Jun 11 Balance 33,000.00 33,000.00
15 19,500.00 52,500.00
Salary Expense 501

Balance
Jun 30 Balance 19,000.00 19,000.00
19,000.00
Delivery Expense 502

Balance
Jun 17 Balance 2,900.00 2,900.00
2,900.00
Rent Expense 503

Balance
13

Jun 3 Balance 5,000.00 5,000.00
Page
5,000.00


Balance
Jun 19 Balance 2,450.00 2,450.00
2,450.00

Balance
Jun 23 Balance 1,950.00 1,950.00
1,950.00
DC Modern Designs
Trial Balance
June 30, 20CY

101 Cash 96,650.00
103 Decorating Supplies 13,150.00
113 Service Vehicle 180,000.00
301 Daniel Chavez, Capital 250,000.00
302 Daniel Chavez, Drawing 25,000.00
401 Service Income 52,500.00
502 Delivery Expense 2,900.00
460,400.00 460,400.00
GENERAL JOURNAL
April 1 Rent Expense 6,000.00
Cash 6,000.00
3 Cash 7,500.00

Cash 1,750.00


Cash 1,050.00
14
Page
W. Dixon, Capital 150,000.00


Cash 4,500.00
17 Cash 8,500.00


Cash 9,000.00
25 Supplies Expense 950.00

Cash 950.00

Cash 650.00

Cash 6,000.00
GENERAL LEDGER
Cash
Balance
April.. 1 Balance 56,300.00 56,300.00
1 12,000.00 44,300.00
3 74,200.00 118,500.00
6 3,000.00 115,500.00
12 7,650.00 107,850.00
15 1,750.00 106,100.00
18 2,150.00 103,950.00
24 3,650.00 100,300.00
26 20,750.00 79,550.00
28 15,000.00 64,550.00
30 10,000.00 54,550.00
Accounts Receivable
Balance
April.. 1 Balance 77,500.00 77,500.00
3 74,200.00 3,300.00
21 72,400.00 75,700.00
Preaid Insurance
Balance
April.. 1 Balance 9,600.00 9,600.00
9,600.00
Automobile
Balance
15

April.. 1 Balance 200,000.00 200,000.00
Page
200,000.00

Notes Payable
Balance
April.. 1 Balance 60,000.00 60,000.00
30 10,000.00 50,000.00
Accounts Payable
Balance
April.. 1 Balance 35,350.00 35,350.00
9 1,200.00 36,550.00
12 7,650.00 28,900.00
A. Parco, Capital
Balance
April.. 1 Balance 180,000.00 180,000.00
A. Parco, Drawing
Balance
April.. 1 Balance 20,000.00 20,000.00
28 15,000.00 35,000.00
Fees Earned
Balance
April.. 1 Balance 317,450.00 317,450.00
21 72,400.00 389,850.00
Salary Expense
Balance
April.. 1 Balance 150,050.00 150,050.00
26 20,750.00 170,800.00
Rent Expense
Balance
April.. 1 Balance 36,000.00 36,000.00
1 12,000.00 48,000.00
Advertising Expense
Balance
April.. 1 Balance 18,000.00 18,000.00
6 3,000.00 21,000.00
Automobile Expense
Balance
April.. 1 Balance 12,650.00 12,650.00
16
15 1,750.00 14,400.00
Page
24 3,650.00 18,050.00

Supplies Expense
Balance
April.. 1 Balance 7,200.00 7,200.00
9 1,200.00 8,400.00
Miscellaneous Expense
Balance
April.. 1 Balance 5,500.00 5,500.00
18 2,150.00 7,650.00
ANGELO PARCO
Trial Balance
April 30, 20CY

11 Cash 54,550.00
31 A. Parco, Capital 180,000.00
32 A. Parco, Drawing 35,000.00
53 Advertising Expense 21,000.00
54 Automobile Expense 18,050.00
Totals 648,750.00 648,750.00
CECILLE HART
Trial Balance
July 31, 20CY

11 Cash 51,000.00
17 Office Furniture 16,500.00
31 Cecille Hart, Capital 160,000.00
32 Cecille Hart, Drawing 41,000.00
17

Page
413,000.00 413,000.00

(VAT is Excluded)
July 1 Purchases 40,000.00
VAT Input Tax 4,800.00
Freight In 1,250.00
10 Accounts payable 46,050.00

Purchase Discount 800.00
Cash 45,250.00
13 Purchases 25,000.00

VAT Input Tax 900.00
Purchase Returns and Allowances 7,500.00
18 Freight In 1,200.00
Cash 1,200.00

Cash 19,425.00

Cash 41,250.00
31 Accounts payable 64,400.00

Cash 64,400.00
(VAT is Excluded)
Aug 2 Accounts Receivable 3,360.00
VAT Output Tax 360.00
Sales 3,000.00
3 Cash 9,800.00
VAT Output Tax 1,050.00
Sales 8,750.00
18

Page
Sales 6,500.00

6 Freight Out 500

Cash 500
11 Cash 3,300.00
Sales Discount 60.00

Sales 10,500.00
14 Freight Out 600.00

Cash 600.00
15 Cash 7,150.00
17 Output Tax 120.00

Sales Return 1,000.00

Sales 4,800.00
Cash 400.00
21 Cash 5,000.00
24 Cash 5,545.00
30 Cash 5,680.00
Jun 18 Accounts Receivable 10,450.00

Sales 8,750.00
Cash 650.00
19 Cash 9,934.50
19
21 Cash 2,000.00
Page


VAT Input tax 168.00
Purchase Returns and Allowances 1,400.00

Cash 10,000.00

Sales 3,250.00
26 Sales Returns and Allowances 350.00

Accounts Receivable 392.00

Cash 20,800.00
28 Cash 10,362.50

Cash 11,000.00
ACE HARDWARE COMPANY

Trial Balance
December 31, 20CY
Account Title Debit Credit

Cash 130,115.00
Notes Receivable 30,000.00
Alowance for Doubtful Accounts 4,835.00
Merchandise Inventory 785,345.00
Prepaid Insurance 6,000.00
Office Supplies 3,750.00
Store Equipment 120,000.00
Accumulated Depreciation 36,000.00
Accumulated Depreciation 18,000.00
VAT Payable 10,550.00
Ace Zamora, Capital 586,230.00
Ace Zamora, Drawing 48,000.00
Sales 1,950,345.00
Sales Returns & Allowances 16,750.00
Sales Discounts 24,820.00
20
Purchases 1,320,500.00
Purchase Retuns & Allowances 12,585.00
Page
Purchase Discounts 20,350.00

Transportation In 31,475.00
Sales Salary Expense 115,600.00
Advertising Expense 18,000.00
Transportation Out 12,260.00
Depreciation - Store Equipment 12,000.00
Miscellaneous Selling Expense 6,875.00
Iffce Salary Expense 65,900.00
Rent expense 48,000.00
Insurance Expense 9,000.00
Supplies Expense 8,650.00
Tax Expense 6,750.00
Depreciation - Office Equipment 6,000.00
Bad Debts Expense 2,515.00
Miscellaneous General Expanse 4,975.00
Interest Income 600.00
Interest Expense 6,000.00
3,025,030.00 3,025,030.00
21
Page


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“Synergy for Global Education!

SOLUTION - PROBLEM 1.1

ASSETS OWNER'S EQUITY

SOLUTION - PROBLEM 1.2

ASSETS OWNER'S EQUITY

www.certscollege.org  (082) 2214337  0925 5623787

SOLUTION PROBLEM 1.3

J. Cruz, Capital, Oct. 1, 2005 P -

LIABILITIES AND OWNER'S EQUITY

Cash Flow from Operating Activities:

Cash Flow from Investing Activities:

Payments for Camera & Equipment (250,000.00)

www.certscollege.org  (082) 2214337  0925 5623787

Cash Flows from Financing Activities

SOLUTION PROBLEM 1.4

Jose Masipag, Capital 10,000.00

www.certscollege.org  (082) 2214337  0925 5623787

Cash Accounts Receivable

Jose Masipag, Capital Miscellaneous Expense

Jose Masipag, Drawing Rent Expense

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Fees Earned Utilities Expense

Gas and Oil Expense Insurance Expense

Jose Masipag, CPA

SOLUTION PROBLEM 1.5

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www.certscollege.org  (082) 2214337  0925 5623787

Taxes and Licenses 56

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AN ACCOUNT TITLE DEBIT CREDIT

SOLUTION PROBLEM 1.6

5 Utilities Expense 1,750.00

8 Accounts Receivable 8,500.00

10 Communication Expense 1,050.00

14 Salary Expense 4,500.00

19 Accounts Receivable 15,000.00

23 Accounts Payable 9,000.00

25 Supplies Expense 950.00

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28 Miscellaneous Expense 650.00

30 W. Dixon, Drawing 6,000.00

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www.certscollege.org  (082) 2214337  0925 5623787

AN Account Title Debit Credit

SOLUTION PROBLEM 1.7

3 Rent Expense 5,000.00

5 Office Equipment 105,000.00

7 Service Vehicle 180,000.00

9 Decorating Supplies 13,150.00

13 Prepaid Insurance 1,800.00

15 Accounts Receivable 19,500.00

17 Delivery Expense 2,900.00

19 Utilities Expense 2,450.00

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23 Miscellaneous Expense 1,950.00

25 Notes Payable 30,000.00

28 Daniel Chavez, Drawing 25,000.00

30 Salary Expense 19,000.00

Accounts Receivable 102