FDNACCT 04 · Transactions and Records
Conventions
Amounts are Philippine pesos (₱). Use accrual accounting and periodic inventory unless explicitly stated. Interest uses annual rates with days/360 or months/12; maturity dates use actual calendar days, excluding issue date. Cash-discount cases explicitly state the course original-balance convention. Numeric answers omit currency symbols; round monetary answers to two decimal places when needed. Each question supplies its own complete facts and is independent. No VAT or period-end adjustments apply unless stated.
Questions
01Which account is credited when Faith completes the service on account?
Problem
All amounts are Philippine pesos (₱). On July 11, Faith completes accounting services worth 30,000 for A1 Trading. Nothing is paid immediately; the entire amount is owed by the customer. Use accrual accounting.
02Which account is credited when Faith collects the old customer account?
Problem
All amounts are Philippine pesos (₱). On July 31, Faith receives 30,000 cash from A1 Trading to settle the service account that was recorded earlier. No new service is performed at collection.
03Complete the Accounts payable amount for furniture costing ₱80,000 with a 20% downpayment.
Problem
All amounts are Philippine pesos (₱). Faith buys furniture; the unpaid remainder is owed to the supplier.
| Item | Value |
|---|---|
| Furniture purchase price | 80,000 |
| Cash downpayment | 20% of purchase price |
| Accounts payable credit | ? |
04Complete the receivable for a ₱40,000 service with 30% collected.
Problem
All amounts are Philippine pesos (₱). Faith completes the customer’s service. The unpaid remainder is owed by the customer.
| Item | Value |
|---|---|
| Completed service price | 40,000 |
| Cash received immediately | 30% of service price |
| Accounts receivable debit | ? |
05What is Faith’s unadjusted Cash debit balance on July 31?
Problem
All amounts are Philippine pesos (₱). Faith starts an accounting-services business on July 1 with no prior balances. The following are all July transactions; no period-end adjustments have been made.
| Date | Transaction |
|---|---|
| July 1 | Owner contributes 300,000 cash |
| July 2 | Pays 60,000 for three months of future rent |
| July 4 | Buys unused office supplies for 5,000 cash |
| July 7 | Buys laptop for 40,000 on account |
| July 8 | Buys furniture for 80,000; pays 20% down, balance on account |
| July 9 | Completes 20,000 services for cash |
| July 11 | Completes 30,000 services on account for A1 Trading |
| July 15 | Completes 40,000 services; receives 30%, balance receivable |
| July 18 | Receives 10,000 advance for next month’s services |
| July 20 | Owner withdraws 15,000 cash for personal use |
| July 22 | Pays the laptop supplier account in full |
| July 30 | Pays this month’s salaries of 25,000 |
| July 31 | Collects A1 Trading’s account in full |
| Cash debit balance at July 31 | ? |
06After posting all July transactions, what is the total of the unadjusted trial balance’s credit balances?
Problem
All amounts are Philippine pesos (₱). Faith starts an accounting-services business on July 1 with no prior balances. The following are all July transactions; no period-end adjustments have been made.
| Date | Transaction |
|---|---|
| July 1 | Owner contributes 300,000 cash |
| July 2 | Pays 60,000 for three months of future rent |
| July 4 | Buys unused office supplies for 5,000 cash |
| July 7 | Buys laptop for 40,000 on account |
| July 8 | Buys furniture for 80,000; pays 20% down, balance on account |
| July 9 | Completes 20,000 services for cash |
| July 11 | Completes 30,000 services on account for A1 Trading |
| July 15 | Completes 40,000 services; receives 30%, balance receivable |
| July 18 | Receives 10,000 advance for next month’s services |
| July 20 | Owner withdraws 15,000 cash for personal use |
| July 22 | Pays the laptop supplier account in full |
| July 30 | Pays this month’s salaries of 25,000 |
| July 31 | Collects A1 Trading’s account in full |
| Total credit balances at July 31 | ? |
07Identify the book of original entry.
Problem
Business transactions are first recorded chronologically, before they are posted to classified account records. Identify the book used for the first recording.
08Identify the source document: a buyer places an order for goods with a seller.
Problem
A buyer sends a seller a document specifying the goods it wants to buy. Identify that source document.
09Enter Bayan’s ending Cash.
Problem
Bayan begins with no balances. Owner contributes ₱180,000 cash and equipment at stated fair value ₱45,000. Pay three-month future rent ₱24,000. Buy unused supplies ₱12,000 with 25% cash down, balance AP. Buy equipment ₱60,000 with 20% cash down, balance note. Complete services ₱18,000 cash, ₱32,000 on account, and ₱40,000 with 30% cash down. Receive advance ₱15,000 for next month. Collect ₱20,000 of the ₱32,000 receivable. Pay supplier AP ₱6,000, current salaries ₱14,000 and owner drawings ₱7,000. No other events or period-end adjustments.
10Enter Bayan’s ending Accounts receivable.
Problem
Bayan begins with no balances. Owner contributes ₱180,000 cash and equipment at stated fair value ₱45,000. Pay three-month future rent ₱24,000. Buy unused supplies ₱12,000 with 25% cash down, balance AP. Buy equipment ₱60,000 with 20% cash down, balance note. Complete services ₱18,000 cash, ₱32,000 on account, and ₱40,000 with 30% cash down. Receive advance ₱15,000 for next month. Collect ₱20,000 of the ₱32,000 receivable. Pay supplier AP ₱6,000, current salaries ₱14,000 and owner drawings ₱7,000. No other events or period-end adjustments.
11Enter one unadjusted trial-balance column total for Bayan.
Problem
Bayan begins with no balances. Owner contributes ₱180,000 cash and equipment at stated fair value ₱45,000. Pay three-month future rent ₱24,000. Buy unused supplies ₱12,000 with 25% cash down, balance AP. Buy equipment ₱60,000 with 20% cash down, balance note. Complete services ₱18,000 cash, ₱32,000 on account, and ₱40,000 with 30% cash down. Receive advance ₱15,000 for next month. Collect ₱20,000 of the ₱32,000 receivable. Pay supplier AP ₱6,000, current salaries ₱14,000 and owner drawings ₱7,000. No other events or period-end adjustments.
12Enter Bayan’s ending equity after the month’s activity.
Problem
Bayan begins with no balances. Owner contributes ₱180,000 cash and equipment at stated fair value ₱45,000. Pay three-month future rent ₱24,000. Buy unused supplies ₱12,000 with 25% cash down, balance AP. Buy equipment ₱60,000 with 20% cash down, balance note. Complete services ₱18,000 cash, ₱32,000 on account, and ₱40,000 with 30% cash down. Receive advance ₱15,000 for next month. Collect ₱20,000 of the ₱32,000 receivable. Pay supplier AP ₱6,000, current salaries ₱14,000 and owner drawings ₱7,000. No other events or period-end adjustments.
13Complete ending Accounts payable.
Problem
Use all raw facts in the table. Amounts are pesos unless a row specifies a rate, fraction or term. Apply the stated account, period and viewpoint; no other transactions apply.
| Item | Value |
|---|---|
| Opening total AP | 21000 |
| New supplies invoice | 30000 |
| Cash down on new invoice | 6000 |
| Payment fraction of NEW supplier balance | 50% |
| Ending total AP | ? |
14Complete the difference between debit and credit totals.
Problem
Use all raw facts in the table. Amounts are pesos unless a row specifies a rate, fraction or term. Apply the stated account, period and viewpoint; no other transactions apply.
| Item | Value |
|---|---|
| Correct normal side of AP | Credit |
| AP balance placed in Debit | 4600 |
| Excess of Debit over Credit | ? |
15Name the account credited when the owner pays the business supplier personally as an additional contribution.
Problem
The owner directly pays ₱8,400 of business Accounts payable from personal funds, explicitly as additional capital.
16Enter current-month service revenue.
Problem
Use all raw facts in the table. Amounts are pesos unless a row specifies a rate, fraction or term. Apply the stated account, period and viewpoint; no other transactions apply.
| Item | Value |
|---|---|
| Completed service collected now | 16000 |
| Completed service on open account | 27000 |
| Completed service directly for a note | 15000 |
| Collection of last month AR | 8000 |
| Cash for next month work | 12000 |
| Current service revenue | ? |