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Course: ________________________________________ Date: _______________
ABM 51
BOOKKEEPING AND ACCOUNTING
Exercise No. 5
Ledger- and Ledger Posting
OBJECTIVES:
1. To identify what are the different accounts and their classification;
2. To know the importance of using ledger and their relationship to journal; and,
3. To open accounts in the ledger and posting the transactions from the original entry.
PROCEDURE:
1. Read about the topics on ledger and ledger posting.
2. Analyze properly the given transactions and post it to the Journal for the original entry, and for the final entry to the general ledger.
3. Use the 2-money columns Journal and 2-money columns general ledger.
PROBLEMS
1. What are the different accounts and their classifications?
2. What are the importances of using ledger?
3. What are the relationship of ledger and Journal?
4. What are the proper procedures of posting transactions to the ledger?
5. Post the following transactions to the journal and to the general ledger?
The transactions of Pedro Dio for December 19A. were:
Dec. 1 - Began business with the following investments:
Cash - 15,000.00
Merchandise - 4,000.00
Furniture - 5,000.00
2 - Paid rent for December, P500.00
3 - Purchased a delivery truck from RAMCAR Co. for cash P3,000.00
5 - Sold merchandise, for rah to C. Rivera, P250.00
7 - Purchased merchandise for cash from light and sons P570.00
10 - Sold merchandise on account to C. Rivera, P5,000.00. Terms: 2/10, n/30
12 - Paid general expenses, P7,250.00
14 - Purchased merchandise on account from Jose Wenceslao, P500.00. Terms: 2/10, n/30.
15 - Mr. Dio withdraw cash for personal use, P500.00
17 - Sold on account to Juan Santos, P500.00 Terms n/10.
19 - Purchased merchandise on account from L. Librido , P3,000.00 Term. n/60.
20 - Received full payment in cash from C. Rivera for his account on December 10.
23 - Sold merchandise on account to Vic Mendoza, P2,4000. Terms: 2/10, n/30.
24 - Paid in full the account due Jose Wenceslao on the 14th.
26 - Returned merchandise to L Librado, P650.00. A credit memo was received for the return.
27 - Received a 30-day non-interest bearing note from Juan Santos in settlement of this account on the 17th.
28 - Utility expense bills paid, P120.00
29 - Received merchandise returned by Vic Mendoza, P200.00
30 - Wages paid, P500 00
Required
1. Make your own account that number based on the transactions above.
2. Post the transaction in the journal and in the general ledger.
3. Make subsidiary ledger for the account payable account receivable.
Name: ________________________________________ Rating: ______________
Course: ________________________________________ Date: _______________
ABM 51
BOOKKEEPING AND ACCOUNTING
Exercise No. 6
Trial Balance
OBJECTIVES:
1. To know the different kinds of trial balance.
2. To determine what are the importance of trial balance.
3. To identify the steps and put into practice in making trial balance.
PROCEDURE:
1. Study the lessons on Journalizing, posting, ruling the ledger and correcting errors.
2. Analyze properly your posting of transactions to the general Journal, general ledger and subsidiary ledger.
3. Use two-money columns. Journal from two-money columns ledger form, three-money columns subsidiary ledger from and two-money columns trial balance form.
PROBLEMS:
1. What are the different kinds of trial balance?
2. What are the importances of trial balance?
3. Discuss the procedure of footing the general ledger and subsidiary ledger accounts.
4. Whet are the steps in preparing a trial balance of balances and trial balance of totals?
5. What are the major uses of a trial balance out of balance?
6. Post properly the following transactions to Journal, ledger, subsidiary ledger and trial balance forms.
On September 1, 19A Mr. C. Jose had the following ledger account balances:
Cash P12,000.00
Accounts Receivable 2,400.00
E. Waldas 400.00
Juan 200.00
Nernesio 600.00
A. Santos 1,200.00
Merchandise Inventory P16,000.00
Office Supplies P640.00
Notes Payable P1,600 00
Accounts Payable P2,400.00
Resto Company 1,400.00
Perling Comp. 1,000.00
C. Jose Capital 27,040.00
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P31,040.00 P314040.00
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Transactions:
September, 19A
2 - Paid September rent, P200.00
- Bought office supplies for cash, P40.00
3 - Cash sales, P550.00
4 - Paid telegraph bill, P6.00
5 - Account sales • A. Santos P120.00; K. Nemesiso. P150.00, E. Waldas, P100.00
6 - Paid store clerk's salary, P48.00; and delivery clerk's salary, P36.00
8 - Purchased merchandise for cash, P400.00
9 - Collected from C. Jose, P200.00, K. Nemesio, P300.00 on account
10 - Bought merchandise from Pering company, P700.00 terms, 30 days
11 - Cash sales, P650.00
12 - Received a note, face value, P600.00 from A. Santos on account
14 - Paid store clerk's salary, P48.00 and delivery clerk's salary, P36.00.
16 - Bought merchandise on account from Resto Company P900.00, 30 days.
19 - paid P30.00 fright on merchandise from Resto company
22 - Paid Pl,000.00 on the account to Pering company
24 - Paid P3000 for repairs to delivery truck
26 - Gave Resto Company a note for P1,000.00 00 on account
29 - Paid a note payable, P1,000.00
30 - Paid P40.00 for gasoline of delivery truck
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