2019 REVIEW PROGRAM NAME: _______________________________________

QUIZ SCHOOL: _____________________________________

PROBLEM 1. For each of the following transactions,

(1) Identify whether the transaction is a business transaction or not by writing B for
business transaction or N for non-business transaction;

(2) Identify the specific accounts affected by writing the specific accounts on the space
provided for (be guided by the chart of accounts);

(3) Classify the accounts affected whether Asset, Liability, Capital, Revenue or Expense
by writing A, L, C, R or E opposite every account;

(4) Identify the effect of the transaction to the specific accounts affected whether
Increase or Decrease by writing INC for increase or DEC for decrease;

(5) Applying the rules of debit and credit, determine whether the specific accounts
affected shall be debited or credited by writing DR for debit and CR for credit and

The chart of accounts includes the following:

100 Cash
101 Accounts Receivable
102 Repair Supplies
103 Tools and Equipments
200 Accounts Payable
300 TC, Capital
301 TC, Drawings
400 Service Income
500 Rent Expense
501 Wages Expense
502 Gas and Oil

TRANSACTIONS (1) (2) (3) (4) (5)

1 T. Cruz invested P150,000 in a motor

repair shop.

2 Purchased tools and equipments for

cash, P75,000.

3 Purchased repair supplies for cash,

P12,500.

4 Purchased repair supplies from L.

Guillen on credit, P23,000.

5 Completed repair work to V. Serna on

 credit, P13,000.

6 Completed repair work for a client and

collected P15,000.

7 Paid 50% of the amount owed to L.

Guillen.

8 Received P3,000 from V. Serna as

partial payment of the account due
from him.

9 Paid for gas and oil placed in the

service car, P550.

10 Purchased additional repair supplies

P670 cash..

11 Completed repair work for A. Martinez

on credit, P9,800.

Paid the salary of the shop assistant,

12
P2,000.

Paid P3,000 for the shop space.

13

Withdrew P5,000 cash for personal use.

14

Collected the account due from A.

15
Martinez.

PROBLEM 2. Journalize the transactions of TC Repair Shop.

PROBLEM 3. The summary of the transactions of Mariel Vulcanizing shop for the month of April
are journalized below.

DATE PARTICULARS PR DEBIT CREDIT

April 1 Cash 150,000
Mariel, Capital 150,000

2 Vulcanizing equipments 100,000

Cash 100,000

3 Vulcanizing supplies 10,000

Accounts payable 10,000

8 Accounts receivable 20,000

Service income 20,000

9 Accounts payable 2,000

Cash 2,000

15 Rent expense 10,000

Cash 10,000

15 Cash 10,000
Accounts receivable 10,000

16 Cash 15,000
Service income 15,000

20 Furniture 20,000
Mariel, Capital 20,000

25 Mariel, Drawings 5,000

Cash 5,000

30 Salaries and wages 20,000

Cash 20,000

30 Utilities expense 5,000

Cash 5,000

Post the above journal entries to the general ledgers in the next page. Do not compute the totals
and balances
PROBLEM 3. Given below are the T-Accounts of METALICOP VULCANIZING SHOP for April
2018.

CASH SHOP FURNITURE

4/1 200,000 4/1 10,000 4/1 5,000
4/8 15,000 4/3 122,000
4/15 20,000 4/3 10,000
4/22 25,000 4/10 5,000
4/28 20,000 4/15 15.000
4/30 100,000 4/20 5,000
METALICOP, CAPITAL
4/30 5,000
4/1 200,000
4/30 20,000
4/1 5,000
4/30 4,000
4/30 12,000

SHOP SUPPLIES ON HAND

4/3 10,000
SHOP EQUIPMENTS 4/10 5,000
4/3 122,000 4/20 5,000
4/30 5,000

RENT EXPENSE
4/1 10,000 UTILITY EXPENSE
4/30 4,000

WAGES EXPENSE
4/15 15,000 METALICOP, DRAWINGS
4/30 20,000 4/30 12,000

LOAN PAYABLE
4/30 100,000
VULCANIZING INCOME
4/8 15,000
4/15 20,000
4/22 25,000
4/28 20,000
ACCOUNTS RECEIVABLE 4/30 3,000
4/30 3,000

Based on the above T-accounts, prepare the preliminary trial balance of Metalicop Vulcanizing
Shop.