PRACTICE (90 MINS.) (Friendly Trucking) On April 1, 2016, Nels Ferter organized a business called Friendly Trucking. During April, the company entered into the following transactions Nets Ferrer deposited Php500,000 cash in a bank account in the name of the business Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down Apr 1 Apr 1 payment while the balance will be paid on May 15, 2016 Paid rental for the month of April, Php 5,000 Apr 1 Apr 5 Earned and collected trucking income from Ryan, Php8,000 Apr 5 Apr 8 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2016 Apr 10 Paid salaries of drivers, Php10,000 Apr 15 Apr 18 Rented the vehicle to Joshua for Php 35,000, Joshua paid Php20,000 on that date and the balance on April 20 Paid electric bills for the month, Php2,000 Collected from Joshua the balance of his April 15 account Apr 20 Apr 25 Apr 29 Purchased office supplies, Php2,300 Earned and collected trucking income from Jay, Php 18,000 Instructions: a. Journalize the above transactions b. Post to ledger using the T-account format c. Prepare the unadjusted trial balance, as of April 30, 2016
PRACTICE (90 MINS.)
(Friendly Trucking) On April 1, 2016, Nels Ferter organized a business called Friendly Trucking. During April, the company entered into the
following transactions
Nets Ferrer deposited Php500,000 cash in a bank account in the name of the business Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down
Apr 1
Apr 1
payment while the balance will be paid on May 15, 2016 Paid rental for the month of April, Php 5,000
Apr 1
Apr 5 Earned and collected trucking income from Ryan, Php8,000
Apr 5 Apr 8
Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2016
Apr 10
Paid salaries of drivers, Php10,000
Apr 15
Apr 18
Rented the vehicle to Joshua for Php 35,000, Joshua paid Php20,000 on that date and the balance on April 20
Paid electric bills for the month, Php2,000 Collected from Joshua the balance of his April 15 account
Apr 20 Apr 25
Apr 29
Purchased office supplies, Php2,300
Earned and collected trucking income from Jay, Php 18,000
Instructions:
a. Journalize the above transactions
b. Post to ledger using the T-account format
c. Prepare the unadjusted
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