Practice set 6 4 58 journalizing posting preparing a

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College Accounting, Chapters 1-27
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Chapter 15 / Exercise 2
College Accounting, Chapters 1-27
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Practice Set #6 (4-58)Journalizing, Posting, Preparing a Trial Balance and Financial StatementsTeofisto Arenas recently established a business that will operate as Arenas Cleaning Service. Thetransactions for February 2012 are presented below.Feb.1 Deposited P 62, 000 cash in a bank account in the name of the new company.3Acquired cleaning supplies on account, P 21, 400.5Acquired cleaning equipment on account, p 15, 600.6Acquired an old service vehicle costing P 47, 000 for the business, paying P 10, 000 cash, and financing the remaining P 37, 000 by issuing a note payable.7Paid rent on office space for the month, P 7, 300.9Received P 31, 800 cash for cleaning services rendered.10Paid for a newspaper advertisement, P 1, 700.12Paid for insurance for the next six months by recording prepaid insurance, P 4, 800.13Paid P 9, 000 on account.14Paid miscellaneous expenses, P 2, 200.15Billed customers P 18, 600 for cleaning services rendered.16Paid salaries, P 8, 400.20 Received P 9, 800 from customers billed on Feb. 15.22Paid amount due on the note payable, P 2, 400.25Paid telephone expense, P 900.28Paid salaries, P 8, 400.28Billed customers for cleaning services rendered, P 22, 500.28Withdrew P 10, 000 from the business.Required:1. Prepare the journal entries for the February transactions.2. Post the entries to the ledger accounts using account numbers for cross-reference and usingjournal page number 1. The following accounts will be needed: Cash (110); AccountsReceivable (120); Cleaning Supplies (130); Prepaid Insurance (140); Cleaning Equipment(150); Service Vehicle (160); Notes Payable (210); Accounts Payable (220); Arenas, Capital(310); Arenas, Withdrawals (320); Cleaning Revenues (410); Salaries Expense (510); RentExpense (520); Advertising Expense (530); Telephone Expense (540) and MiscellaneousExpense (550).
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College Accounting, Chapters 1-27
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Chapter 15 / Exercise 2
College Accounting, Chapters 1-27
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Practice Set #7 (4-59)Journalizing, Posting, and Preparing a Trial BalanceClaro Ventic operates the Ventic Nursery School. It provides day-care, school bus service and learningprograms to pre-school children. On Jan. 31, 2012, the company’s trial balance is as follows:Ventic Nursery SchoolTrial BalanceJan. 31, 2012Cash (110)Accounts Receivable(120)Equipment (140)Service Vehicles (150)Notes Payable (210)Accounts Payable (220)Ventic, Capital (310)P 187,000170,000 104,0001,740,000P 1,500,000164,000__________537,000P 2,201,000P 2,201,000During the month of February, the company completed the following transactions:Feb.2 Paid this month’s rent, P 27, 000.3Received fees for this month’s services, P 65, 000.4Purchased supplies on account, P 8, 500.5Paid for oil change on a service vehicle, P 4, 000.6Ordered playground equipment, P 100, 000.8Made payments on account, P 17, 000.9Collected from costumers on account, P 120, 000.10Billed customers who had not yet paid for this month’s services, P 70, 000.11Paid for the supplies purchased on February 4.13Received and paid for the playground equipment ordered on February 6, P 100,000.17Purchased equipment on account, P 29, 000.19Paid this month’s utility bill, P 14, 500.22Received cash for one month’s services from customers previously billedP 50,000. 26Paid salaries of staff, P 46, 000.27Received statement of account for gas and oil used by the service vehicles during themonth, P 32, 500.28Made cash withdrawal of P 11, 000.Required:1.

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