ACCOUNTING PROCEDURES, POLICIES, AND INSTRUCTIONS I. Maja’s Consultancy reports its operations monthly. II. Maja’s Consultancy uses voucher system for every cash disbursement. III. Prepaid expenses are recorded using asset method. IV. Instructions: a) Journalize each transaction using the source documents provided. b) Post the journalized transactions to its corresponding general ledger. c) Prepare trial balance.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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ACCOUNTING PROCEDURES, POLICIES, AND INSTRUCTIONS I. Maja’s Consultancy reports its operations monthly. II. Maja’s Consultancy uses voucher system for every cash disbursement. III. Prepaid expenses are recorded using asset method. IV. Instructions: a) Journalize each transaction using the source documents provided. b) Post the journalized transactions to its corresponding general ledger. c) Prepare trial balance. d) Determine the balances in each account and prepare the unadjusted trial balance in the worksheet. e) Answer the data for adjustments. f) Journalize the adjusting entries and prepare it in the worksheet. g) Complete the worksheet. h) Prepare the financial statements. i) Post the adjusting entries j) Journalize and post the closing entries. k) Prepare the post-closing trial balance. V. Data for adjusting entries: a) Per count, the office supplies on hand amounted to P2,000. b) Received the September billing from PLDT, P1,500. c) 1% of accounts receivable is uncollectible. d) Depreciation: (a) Office Equipment has a useful life of 10 years with P5,000 salvage value; and (b) Furniture & Fixtures has a depreciable cost of P3,000 annually. e) Accrued salaries amounted to P3,500. f) One-third of prepaid rent is already incurred September 1. Maja Ruth invested P300,000 as initial account of his capital. September 1. Bought office supplies costing P15,000. September 1. Purchased photocopying machine amounting P32,000 from Pokmaru Company with a down payment of 50% and the balance payable in 90 days. September 1. Paid rent expense for three months, P21,000. September 3. Office tables and chairs were purchased for cash, P9,000. September 4. Received cash from a client due to overhauled consulting services for P6,000. September 6. Billed several clients for services rendered, P30,000. September 7. Paid business permit and license fee to the city hall. September 8. Borrowed money from Security Bank, P20,000. September 8. Received a 60-day note from a client for services rendered, P17,000. September 11. Bought filling cabinets from Faasa Trading P12,500, terms 15 days. September 12. Maja withdrew P8,000 cash for personal use. September 18. Received a check from Pafall A Co. amounting to P15,000 for consulting services rendered. September 20. Sent an e-mail to Ghoster Corp. for services rendered in the amount of P24,000. September 21. Paid P600 gasoline used in the business. September 24. Issued a promissory note to Pabebe Enterprise P32,000 for a computer and printer bought. September 26. Paid MERALCO an amount of P4,800 and P1,200 to Manila Waters. September 27. Paid Petron P400 for the gasoline. September 30. Received partial collection from clients who were billed last September 8 amounting to P12,000. September 30. Paid salaries expense of P15,000.
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