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    Journalizing, Posting and Preparing A Trial Balance: Accounting 1 Final Exam (Take Home)

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    SAIDA B. DUMAGAY
    The document provides the transactions for Theodore Cali's new sports clinic for the month of January 2013, including deposits, expenses, purchases on account, cash receipts from services, and a withdrawal. Students are asked to journalize the transactions, post them to accounts in a ledger, and prepare a trial balance. The transactions involve setting up the business, performing services, purchases, payments, and a withdrawal for personal use.

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    Journalizing, Posting and Preparing A Trial Balance: Accounting 1 Final Exam (Take Home)

    Uploaded by

    SAIDA B. DUMAGAY
    11 views1 page
    The document provides the transactions for Theodore Cali's new sports clinic for the month of January 2013, including deposits, expenses, purchases on account, cash receipts from services, and a withdrawal. Students are asked to journalize the transactions, post them to accounts in a ledger, and prepare a trial balance. The transactions involve setting up the business, performing services, purchases, payments, and a withdrawal for personal use.

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    Accounting

    Original Title

    Finals 1

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    The document provides the transactions for Theodore Cali's new sports clinic for the month of January 2013, including deposits, expenses, purchases on account, cash receipts from services, and a withdrawal. Students are asked to journalize the transactions, post them to accounts in a ledger, and prepare a trial balance. The transactions involve setting up the business, performing services, purchases, payments, and a withdrawal for personal use.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    11 views1 page

    Journalizing, Posting and Preparing A Trial Balance: Accounting 1 Final Exam (Take Home)

    Uploaded by

    SAIDA B. DUMAGAY
    The document provides the transactions for Theodore Cali's new sports clinic for the month of January 2013, including deposits, expenses, purchases on account, cash receipts from services, and a withdrawal. Students are asked to journalize the transactions, post them to accounts in a ledger, and prepare a trial balance. The transactions involve setting up the business, performing services, purchases, payments, and a withdrawal for personal use.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Accounting 1

    Final Exam (Take home)

    Journalizing, Posting and Preparing a Trial Balance

    On January 1, 2013, Theodore Cali, M.D., established the Cali Sports Clinic. Transactions completed
    during the month of January are as follows:

    January 1 Cali deposited P250,000 in a bank account in the name of the business.
    3 Paid rent for the month, P11,000.
    5 Bought supplies on account from Shay Company, P10,450.
    7 Bought professional equipment on account from Peter Company, P58,900.
    9 Bought office equipment on account from Marie Company, P8,650.
    11 Performed professional services for cash, P48,200.
    15 Settled a portion of the accounts with Peter Company, P18,500.
    18 Received and paid bill for utilities, P3,820.
    22 Paid salaries of assistants, P11,500.
    27 rendered professional services for cash, P38,000.
    31 Cali withdrew cash for personal use, P15,000.

    Required:

    1. Prepare the journal entries for the January transactions.


    2. Set up the following ledger accounts and post all the journal entries. Use the following accounts:
    Cash; Accounts Receivable; Supplies; Office equipment; Professional Equipment; Accounts
    Payable; Cali, Capital; Cali, withdrawal; Service Revenue; Utilities Expenses and Salaries
    Expenses.
    3. Prepare a trial balance.

    Reminders:
    (1) Write all the information needed in the Journal, Ledger and Trial Balance (2) Use the Correct format
    In Journalizing, Posting and Trial Balance.

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