Answer this pls 11:45 O A O49 04Summative-Acctg1-5-and-6 (1) - SavedSUMMATIVE TEST FOR FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1Name:Grade and Section:.Written WorkTrue or FalseTransactions involving the payment of cash for any purpose are usually recorded in a cash journal.Special journals are modified in practice to adapt to the specific needs of an entity.3. The primary ledger that contains all of the balance sheet and income statement accounts is called the generalledger.4. At the end of each month, the total of the amount column of the sales journal is posted as a debit to accountsreceivable and a credit to sales.5. Purchase on account of office equipment used in the business would be recorded in the sales journal.6. Each amount in the other accounts column of the cash receipts journal must be posted individually to theappropriate general ledger account.7. When there are numerous accounts with a common characteristic, it is common to place them in a separateledger called a detail ledger.8. The total of the other accounts column of the cash receipts journal is not posted to the general ledger.9. When special journals, control accounts and subsidiary ledgers are used, no posting to any ledger isperformed until the end of the month.10. Expenses represent the cash paid for goods sold or services rendered in the process of generating revenue.11. For every transaction, there is at least one account affected.12. A cash acquisition of a laptop computer will cause total assets to increase.\13. A prepaid expense is considered as asset.14. A debit entry always decreases the balance of an account.15. Expenses caused decreases an owner's equity account and are recorded by credits.16. Payment of a liability will not affect total assets but will cause total liabilities to decrease.17. All decreases in owner's equity are a result of expenses.18. A ledger is a collection of transactions.19. The normal balance of any account refers to the side of account (debitlcredit) where decreases are recorded.1.20. A business transaction is the occurrence of an event or of a condition that must be recorded.21. Accounts that appear on the left side of the accounting equation usually have credit balances.22. Income increases owner's equity and is recorded by a debit.23. Ledger is a collection of account titles which compose of assets, liabilities, equity, income, expense, anddrawing.24. Liability, income, capital, and drawing accounts have the same credit normal balance account.25. Debit signifies increases while credit signifies decreases.PERFORMANCE TASKThe accounts and transactions of Evelyn Tria, Systems Consultant, are shown below:a. Invested P150,000 in cash to start the business.b. Paid P7,500 for one month's rent.c. Bought office furniture for P26,000 in cash.d. Performed services for P10,500 in cash.Performed services for P12,750 on credit.f.Bought a desktop computer for P55,000; paid 50% down, balance payable in 30 days.Acquired a personal copier for P39,500 on credit; paid P9,500 cash, balance due in 30 days.g.h. Received P7,000 from credit clients.Bought additional office chairs for P8,000 on credit.Issued a check for P32,500 to pay for salaries.i.j.k.Performed services for P10,250 in cash.Performed services for P11,500 on credit.m. Collected P6,000 on accounts receivable.n. Issued a check for P4,000 in partial payment of the amount owed for office chairs.o. Paid P2,250 for the monthly telephone bill.p. Paid P2,500 for the monthly electric bill.g. Tria withdrew P10,000 in cash for personal expenses.I.Required:1. With the aid of T-Accounts, record the transactions listed above. Use the following accounts: Cash; AccountsReceivable; Office Furniture; Office Equipment; Accounts Payable; Tria, Capital; Tria Withdrawals; ConsultingRevenues; Salaries Expense; Rent Expense; Utilities Expense and Miscellaneous Expense.2. Determine the balances of the T-accounts.Transaction AnalysisTransaction:a. Received P260,000 cash from clients for service rendered.b. Paid P480,000 salaries of employees.'c. Collected P120,000 from clients on account.d.The owner, Winston Apalisoc, withdrew P80,000 cash for personal use.e. Purchased P140,000 supplies on account.f. Billed clients P180,000 for services rendered.Paid P100,000 to suppliers on account.|| Accounts Payable11:44 O A OC4GAcct1-Mod-5 - SavedA subsidiary ledger is a group of similarAccounts PayableSubsidiary Ledgeraccounts that consists of an independent data of aspecific general ledger. It is officially created ormaintained if individualized data is needed for a specificgeneral ledger account. Individual record of variouspayables to suppliers is the best example of a subsidiaryledger. When we total the amount of all subsidiary ledgersit should equal the balance in the Accounts Payable of thegeneral ledger.Vendor No.Vendor/Bupplier:Address:DateItemP.R.DebitCreditBalanceThe upper portion indicates the name and address of the vendor or supplier of JST Restaurant.The vendor number of JST Restaurant's subsidiary ledger is an assigned number for each vendor as a referencein keeping the records of a supplier.The Date column of JST Restaurant's subsidiary ledger identifies when the transaction happened.The description column of JST Restaurant's subsidiary ledger describes the nature of the transaction.The Reference of JST Restaurant's subsidiary ledger identifies the page number of the general or special journalfrom which the information was taken.The Debit and Credit columns of JST Restaurant's subsidiary ledger reflect the various effects of everytransaction to the record of the supplier or vendor.The Balance column of JST Restaurant's subsidiary ledger provides the running balance of every supplier.Take note that the total running balance for all subsidiary ledgers of JST Restaurant should be equal to theaccounts payable in the general ledger.ASSESSMENTA. Directions: Fill in the blanks with the correct accounting term/s.1. Entering transaction data in the journal is known as2. An entry that requires three or more accounts is called3. An entry that only involves one debit and one credit is known as4. Recording transactions involving receipt or collection of cash is called5. The journal where all cash payments are recorded is known as6. The accounting book in which the accounts and their related amounts are recorded in the journal is referred toas7. The grouping of all accounts used in the preparation of financial statements is called8. The group of accounts containing the independent data of a specific general ledger is referred to as9. Recurring transactions of purchases on account are recorded in10. Cash Receipts Journal, Cash Disbursement Journal, Sales Journal are examples of11. Accounting is the process of identifying, recording and12. Companies initially record transactions and events in13. There are two types of journals: the general journal and14. A brief explanation of the transaction is entered in the15. The date of transaction is entered in theorder.column.B. Directions: Identify the appropriate journal to be used in each item below.1. Mr. Ong invested an equipment on his own business worth of Php200,000.00.2. Aling Lita sold merchandise on account worth of Php 3,000.00.3. Mr. Valdez purchased a vehicle worth of Php 150,000.00 on account.4. Rhea received Php 20,000.00 for the services that she rendered.5. Janice paid the salaries of her employees on her accounting firm with the amount of Php 30,000.00.6. Khariz bought office supplies on cash basis amounting to Php 2,000.00.7. Trishi received cash of Php 5,000.00 on the sales she made.8. Mr. Melbourne purchased supplies amounting to Php 1,500.00 with the terms of 2/2, n/30.9. Julie sold merchandise amounting to Php 20,000.00 with the terms of 2/5, n/30.10. Mr. Ong withdrew cash worth of Php 3,000.00 for his personal use.

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1. Transactions involving the payment of cash for any purpose are usually recorded in a cash journal. 2. Special journals are modified in practice to adapt to the specific needs of an entity. 3. The primary ledger that contains all of the balance sheet and income statement accounts is called the general ledger. 4. At the end of each month, the total of the amount column of the sales journal is posted as a debit to accounts receivable and a credit to sales. 5. Purchase on account of office equipment used in the business would be recorded in the sales journal. 6. Each amount in the other accounts column of the cash receipts journal must be posted individually to the appropriate general ledger account. 7. When there are numerous accounts with a common characteristic, it is common to place them in a separate