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Quiz Number 4

The following are the transactions of Cruz Service Station for the month of July.
1. Mr. Cruz started a car service business. To begin his enterprise, he withdrew P250,000.00
from his personal account and deposited the same on the account of his business, Cruz
Service station.
2. Purchased supplies for cash totaling, P20,000.00.
3. Purchased equipment on account which costs P55,000.00.
4. Received cash for rendering service to a customer, P15,000.00.
5. Paid the rental for the month worth P10,000.00.
6. Billed customers for rendering services amounting to P75,000.00. The enterprise expected
to collect this account next month.
7. Telephone, water and electric bills (Utilities) amounted to P20,550.00. All these were paid
immediately.
8. Mr. Cruz, invested additional cash worth P16,700.00.
9. The business collected 50% of the amount billed to customers in transaction # 6.
10.P25,000.00 of liabilities related to the purchase of equipment was paid.
11.The service station received another P26,000.00 for rendering service to a new customer.
12.Salaries of the employees for the month totaled P25,000.00. Out of this amount, only 60%
were paid to the employees. The remaining 40% remained as liability of the business to its
employees.
13.Additional supplies were acquired by the business on account. These supplies were valued
at P6,000.00.
14.The owner, Mr. Cruz withdrew P8,000.00 for his personal use.
15.At the end of the month, supplies used were at P15,000.00.
Required:
1. Record the transactions above using the Financial Transaction Worksheet.
2. After recording on the transaction worksheet, prepare T- accounts for each element. You
will be using the following account titles: Cash; Cruz, Capital; Supplies; Equipment;
Accounts Payable; Service Income; Rent Expense; Accounts Receivable; Utilities Expense;
Salaries Expense; Salaries Payable; Cruz, Drawing; Supplies Expense. Determine the
balances of each account.
God Bless and Good Luck!
Quiz Number 4
The following are the transactions of Cruz Service Station for the month of July.
1. Mr. Cruz started a car service business. To begin his enterprise, he withdrew P250,000.00
from his personal account and deposited the same on the account of his business, Cruz
Service station.
2. Purchased supplies for cash totaling, P20,000.00.
3. Purchased equipment on account which costs P55,000.00.
4. Received cash for rendering service to a customer, P15,000.00.
5. Paid the rental for the month worth P10,000.00.
6. Billed customers for rendering services amounting to P75,000.00. The enterprise expected
to collect this account next month.
7. Telephone, water and electric bills (Utilities) amounted to P20,550.00. All these were paid
immediately.
8. Mr. Cruz, invested additional cash worth P16,700.00.
9. The business collected 50% of the amount billed to customers in transaction # 6.
10.P25,000.00 of liabilities related to the purchase of equipment was paid.
11.The service station received another P26,000.00 for rendering service to a new customer.
12.Salaries of the employees for the month totaled P25,000.00. Out of this amount, only 60%
were paid to the employees. The remaining 40% remained as liability of the business to its
employees.
13.Additional supplies were acquired by the business on account. These supplies were valued
at P6,000.00.
14.The owner, Mr. Cruz withdrew P8,000.00 for his personal use.
15.At the end of the month, supplies used were at P15,000.00.
Required:
1. Record the transactions above using the Financial Transaction Worksheet as of July 31.

2. After recording on the transaction worksheet, prepare T- accounts for each element. You
will be using the following account titles: Cash; Cruz, Capital; Supplies; Equipment;
Accounts Payable; Service Income; Rent Expense; Accounts Receivable; Utilities Expense;
Salaries Expense; Salaries Payable; Cruz, Drawing; Supplies Expense. Determine the
balances of each account.
God Bless and Good Luck!

Quiz Number 4
The following are the transactions of Agua Laundry Service for the month of July.
1. Mercedez Cristi deposited cash amounting to P250,000.00 for her newly opened business,
Agua Laundry Service. The amount was deposited to the business account.
2. Supplies worth P50,000.00 were purchased for cash.
3. Laundry Equipments were purchased on account from Impostor Inc., distributor of heavy
duty washing machines. The amount of laundry equipments totaled P80,000.00.
4. Ringo, the owner of Una Vita Corp, paid the company a total of P30,000.00 for the service
rendered by the laundry business.
5. The company paid P30,000.00 of its liability to Impostor Inc.
6. Utilities Expense for the month were P15,000.00.
7. Another customer, Vera Couture Inc. was billed for the service rendered by the Agua
Laundry Service. The amount billed was P24,000.00 and the company expects to collect
this account on August 3.
8. Salaries paid to employees totaled P10,000.00.
9. Supplies left on hand were valued at P30,000.00.
10.Mercedez Cristi withdrew P13,000.00 for Benditas tuition fee, her daughter.
Required:
1. Record the above transactions using the Financial Transaction Worksheet for the month of
July.
2. After recording in the Financial Transaction Worksheet, prepare T- Accounts for each
element. You will be using the following account titles: Cash; Cristi, Capital; Supplies;
Laundry Equipments; Service Income; Accounts Payable; Utilities Expense; Accounts
Receivable; Salaries Expense; Supplies Expense; Cristi, Drawing. Determine the balances
of each account.
God Bless and Good Luck!
Quiz Number 4
The following are the transactions of Agua Laundry Service for the month of July.
11.Mercedez Cristi deposited cash amounting to P250,000.00 for her newly opened business,
Agua Laundry Service. The amount was deposited to the business account.
12.Supplies worth P50,000.00 were purchased for cash.
13.Laundry Equipments were purchased on account from Impostor Inc., distributor of heavy
duty washing machines. The amount of laundry equipments totaled P80,000.00.
14.Ringo, the owner of Una Vita Corp, paid the company a total of P30,000.00 for the service
rendered by the laundry business.
15.The company paid P30,000.00 of its liability to Impostor Inc.
16.Utilities Expense for the month were P15,000.00.
17.Another customer, Vera Couture Inc. was billed for the service rendered by the Agua
Laundry Service. The amount billed was P24,000.00 and the company expects to collect
this account on August 3.
18.Salaries paid to employees totaled P10,000.00.
19.Supplies left on hand were valued at P30,000.00.
20.Mercedez Cristi withdrew P13,000.00 for Benditas tuition fee, her daughter.
Required:
3. Record the above transactions using the Financial Transaction Worksheet for the month of
July.
4. After recording in the Financial Transaction Worksheet, prepare T- Accounts for each
element. You will be using the following account titles: Cash; Cristi, Capital; Supplies;
Laundry Equipments; Service Income; Accounts Payable; Utilities Expense; Accounts

Receivable; Salaries Expense; Supplies Expense; Cristi, Drawing. Determine the balances
of each account.
God Bless and Good Luck!