GUANZON, Aldrin James L. CARINGAL, Joshua Angelo A.

PROBLEM SET 1

Accounting 1 W-F 10-11:30

Date Nov

Gutierrez Construction Company Journal Account Titles and Explanation 1 Cash Joe Gutierrez, Capital To record the investment of the owner of Gutierrez Construction Company in the business (Cash - Php 120,000) Land Building Cash Notes Payable To recognize the purchase of Land (Php 70,000) and Building (Php 58,600) with Cash (Php 33, 600) and Notes (Php 95,000) Office Equipment Accounts Payable Procured Office Equipment on Account from Lorenzos Accounts Payable Office Equipment Returned excess Office Equipment to Lorenzos Notes Payable Cash To record the payment of Notes in Cash (Php 12,000) Vehicles Joe Gutierrez, Capital To recognize the use of the owners personal car for business purposes

Dr 120,000

Cr 120,000

70,000 58,600 33,600 95,000

15

3,200 3,200 480 480 12,000 12,000 9,400 9,400

21

25

30

Gutierrez Construction Company Trial Balance November 30, XXXX Cash Php 74,400 Building 58,600 Land 70,000 Office Equipments 2,720 Vehicles 9,400 Accounts Payable Notes Payable Joe Gutierrez,Capital 215,120

2,720 83,000 129,400 215,120

Dec 31

Vanderpool Consulting Closing Entries Dec 31, 2001 Professional fees earned Income Summary To Close Revenue Accounts Income Summary Advertising Expense Insurance Expense Salaries Expense Depreciation Expense: Building To Close Expense Accounts Al Vanderpool, Capital Al Vanderpool, Drawing Income Summary Al Vanderpool, Capital

273,600 273,600

124,800 12,800 9,200 96,400 6,400

36,000 36,000 148,800 148,800

Nick Charles Investigations Worksheet For the Quarter Ended March 31, 2001 Account Title Cash Fees Receivable Unexpired Insurance Prepaid Rent Office supplies Office Equipment Acc. Dep.: Office Equipment Accounts Payable Unearned Retainer Fees Salaries Payable Nick Charles, Capital Nick Charles, Drawings Fees Earned Depreciation Expense Insurance Expense Office Supplies Expense Rent Expense Salaries Expense Telephone Expense Travel Expense Income Summary Trial Balance 17,150 37,800 1,600 5,400 1,050 17,100 5,700 3,900 24,000 45,300 3,200 33,320 570 800 450 3,000 19,500 1,200 3400 3,900 285 400 350 1,800 1,665 8,400 Adjustments 3,900 400 1,800 350 285 8,400 1,665 Adj. Trial Balance 17,150 33,900 1,200 3,600 700 17,100 5,985 3,900 15,600 1,665 45,300 3,200 37,820 855 1,200 800 4,800 21,165 1,200 3,400 Closing Entries Post-Closing Trial 17,150 33,900 1,200 3,600 700 17,100 5,985 3,900 15,600 1,665 46,500

3,200 37,820

4,400 3,200 855 1,200 800 4,800 21,165 1,200 3,400 37,820

33,420 (4,400) 112220 112220 16800 16800 110270

110270

78840