Central Mindanao University

College of Business and Management

Department of Accountancy
2nd Posttest in Accounting Essentials, Lab

General Instructions:
i. This exam is only good for 20 minutes.
ii. Write final answers visibly at the journal sheets provided.
iii. STRICTLY NO WRITING ON THIS QUESTIONNAIRE.

The chart of accounts for Violeta Pitular Delivery Service is as follows:

Assets Income
110 Cash 410 Delivery Revenues
120 Accounts Receivable Expenses
130 Prepaid insurance 510 Salaries Expense
140 Service Vehicle 520 Gas and Oil Expense
150 Office Equipment 530 Repair Expense
Liabilitites 540 Advertising Expense
210 Accounts Payable 550 Supplies Expense
Owner’s Equity 590 Miscellaneous Expense
310 Pitular, Capital
310 Pitular, Withdrawals

The entity completed the following transactions in May 2018. Prepare the journal entries for the May transactions.
May 3 Placed four week-end advertisements in the Sun Daily Central
6 Bought supplies on account from Supplies, Inc., P8,800
15 Violeta Pitular Invested in the business own office equipment with fair market value of P52,500
17 Received P61,800 from charge customers to apply on their accounts.
22 Received a bill Park Trucking for repair services performed.
26 Paid Supplies, Inc. P8,800 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, P21,500
31 Billed South China Bank for services performed, P45,000.
31 Pitular withdraw cash for personal use P14,500.