Journalizing, Posting using T-accounts, and Trial Balance Preparation

Instructions:

1.Journalize the following transactions using a worksheet. Refer to the T-accounts and pro-forma trial balance provided to you to know what account titles to be used when recording the given transactions.

2.Post the recorded transactions in requirement number 1 to the appropriate T-accounts.

3.Get the balance of each accounts and double rule.

4.Prepare the trial balance of Assisi Management Services for the month of August, 2018.

Transactions:

AugustFrancis opened an account with BPI under the Assisi Management Services' name and deposited 950,000 cash. He also invested his

₁two personal computers which he acquired a year ago for 20,000 each but with a fair market value of 15,000 each.

2

Paid barangay and municipal taxes, 7,500

3

Bought a small office condominium for 500,000, giving 250,000 cash and signing a mortgage payable in 10 years for the balance

4

Hired a secretary with a monthly salary of 15,000

5

Bought office tables and chairs on credit from Mansion, Inc. 35,000

6

Billed a client for services rendered, 20,000

7

Purchased computer ink, coupon bond paper, and ball pens to be used in the office; terms: cash basis, 7,500

8

Issued a debit memo to Mansion, Inc. amounting to

9

Francis withdrew cash of 10,000 and two reams of bond paper worth 1,000 for personal use in future anticipation of

profits.

1

10

Paid 500 for the repair of one of the computers.

11

Received 20,000 as payment for the services rendered to Clare Learning Center, one of Assisi's clients.

12

Collected one half, of the amount due from client of August 6

13

Paid one year rent for a special machine to be used in business operations, 30,000

14

Paid one year insurance of the office condominium, 25,000

15

Paid one half of the salary of the secretary

18

Collected 18,000 from Lawrence Brindisi, a client for services rendered

20

Francis dined with a prospective clients in Hotel Sofitel and paid 6,200 for their meals and drinks

25

Paid taxi fare amounting 550 in going to Bernard Law Office, a client od Assisi

27

Paid fifty percent (50%) of the amount owed to Mansion, Inc.

29

Rendered services to Felix Cantalice General Merchandising for 40,000. Terms: 50% down payment, balance payable in 30 days

31

Paid one half of the salary of the secretary.

Note: Use the following T-accounts to post your journal entries