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Intermediate Accounting (EC1)

Final Examination

Problem 1: Mrs. Terrisa Angelio, CPA invested P150,000 to start with her public practice.

CHART OF ACCOUNTS

ASSETS Income

Cash Professional Income

Accounts Receivable

Advances to employees Expenses

Supplies Professional Development Expense

Office Furniture and Equipment Postage and Stamps

Travelling Expense

LIABILITIES Rent Expense

Accounts Payable Utilities Expense

Unearned Professional Income Salaries Expense

Taxes and Licenses

OWNER'S EQUITY

T. Angelio, Capital

T. Angelio, Drawing

Transaction:

Jan. 3 Invested P150,000 for the Accounting firm

4 Bought office table and computer worth P80,000

5 Bought office supplies on account, P15,000

6 Received cash of P15,000 for installation and design of accounting system

9 Paid P6,000 convention fee for Philippine Institute of Certified Public Accountant

12 Paid P2,500 for transportation expenses for visiting a client in Davao City.

13 Rendered professional service on account, P10,000

15 Salaries advances given to his staff to be deducted against payroll, P5,000

Paid taxes and business permit for cash, P4,500

17 Paid P1,500 for telephone bills

18 Collected in full the account of a client on Jan. 11, P10,000

20 Partial payment of account on Nov. 5, P3,000

22 Received electric and water bills for P3,500 and immediately made payment.

24 Mrs. Angelio, withdraws money from her firm for her personal use worth P25,000.

26 Paid office rentals of P5,000

30 Paid the balance salaries of her staff, P15,000

Required: Journal Entries

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