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Accounting Assessment: Journal Entries

1. Paul started a service business called Via Nar Services on January 1, 2020 by investing ₱100,000 cash and contributing land worth ₱150,000. He later contributed office furniture worth ₱50,000. 2. Throughout January, Via Nar Services provided services for cash and on account, borrowed money from the bank, purchased assets on account, paid expenses, and collected some receivables. 3. The problem asks the student to record the January transactions through journal entries, T-accounts, and a trial balance to determine if the business made a profit or loss in its first month.

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426 views1 page

Accounting Assessment: Journal Entries

1. Paul started a service business called Via Nar Services on January 1, 2020 by investing ₱100,000 cash and contributing land worth ₱150,000. He later contributed office furniture worth ₱50,000. 2. Throughout January, Via Nar Services provided services for cash and on account, borrowed money from the bank, purchased assets on account, paid expenses, and collected some receivables. 3. The problem asks the student to record the January transactions through journal entries, T-accounts, and a trial balance to determine if the business made a profit or loss in its first month.

Uploaded by

Johniel Martin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
  • Summative Assessment in Fundamentals of Accounting 1: Presents problem-based tasks for students to solve, emphasizing real-world applications of accounting principles in a service type business scenario.

Gen. Vicente Alvarez St.

Zamboanga City
SENIOR HIGH SCHOOL DEPARTMENT
Name: Date:
Year & Section: LU. No.: Session:
Learning Unit Title: 3rd Summative Assessment in Fundamentals of Accounting 1 Quarter: 1st
Reference/s:
Value/s: HONESTY

3rd Summative Assessment in Fundamentals of Accounting 1

PROBLEM # 1 (Passed or Failed)

Paul the owner of the business decided to put up a Service type of business.

During the first month of year 2020, he invested to start his operations.

Jan 1 – Paul, the owner, opened up a business enterprise with a trade name of Via Nar
Services and invested Php 100,000 cash into the business.

Jan 2 – Paul contributed Land into his business Via Nar Services amounting to Php
150,000

Jan 3 –Paul contributed office chairs and table into his business Via Nar Services,
amounting to Php 50,000

Jan 4 – Via Nar Services rendered services to its customers for cash amounting to Php
50,000

Jan 5 – Via Nar Services rendered services on account to its customer, amounting to
Php 75,000

Jan 6 – Via Nar Services rendered services to its customer amounting to Php 75,000. The
customer made a 30% down payment and the balance on account.

Jan 7 – Via Nar Services rendered services on account to its customer on account to its
customer and the customer has signed a PROMISORY NOTE amounting to Php
30,000

Jan 8 – Via Nar Services borrowed money from the bank X amounting to Php 300,000 to
finance its operation

Jan 9 – Via Nar Services purchased a computer at SY Appliance Center amounting to


Php 35,000 on account

Jan 10 – Via Nar Services purchased a photocopy machine on account from SY


Appliance Center amounting to Php 65,000 under the terms of 10% down
payment and the balance on account.

Jan 11 – Via Nar Services paid rental expenses for the month amounting to Php 4,500

Jan 12 – Paul the owner, withdrew cash Php 2000 for personal use

Jan 13 – Via Nar Services paid its Jan 8 loan in full.

Jan 14 – Via Nar Services paid its account with SY Appliance Center amounting to Php
70,000

Jan 15 – Via Nar Services paid one year rental in advance for Php120,000. (Use the
account title “Prepaid Rent”)

Jan 16 – Via Nar Services collected Php 20,000 from Jan 6 transaction.

Required:

1. Journal Entries 2. T Accounts 3. Trial Balance

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