CARLOS HILADO MEMORIAL STATE COLLEGE FORTUNE TOWNE CAMPUS

FINAL EXAM 1ST SEM, SY 2016 2017

BS IN INFORMATION SYSTEMS 2C

I. Problem Solving
The Trial Balance of Talisay Delivery Services (owned and managed by the owner, Mr. Reynee Talisay, CPA) at the end of
two months operation (from April to May 2016) is given as follows:
TALISAY DELIVERY SERVICES
TRIAL BALANCE
May 31, 2016
Account No.
Account Title
Debit
Credit
101
Cash
P54,120
102
Accounts Receivable
54,500
106
Unexpired Insurance
2,000
107
Prepaid Taxes and Licenses
4,000
111
Delivery Trucks
30,000
112
Office Equipment
8,000
113
Garage Equipment
12,000
221
Accounts Payable
P20,120
222
Notes Payable
10,000
331
R. Talisay, Capital
70,000
332
R. Talisay, Drawings
11,000
441
Delivery Service Income
120,000
551
Garage Rent Expense
5,000
552
Gasoline & Oil Expense
15,000
553
Repairs Expense
4,000
554
Salary Expense
20,000
555
Miscellaneous Expense
500
P220,120
P220,120
June 2016 transactions:
2
Paid garage rent for the month, P2,000.
4
Purchased additional office equipment on account, P12,000.
5
Paid notes of P5,000.
8
Collected cash from customers on account, P24,000.
10
Purchased delivery trucks for P60,000, paying P20,000 cash and issued a 30-day note for the balance.
13
Corrected invoice for the office equipment purchased on June 4 showing that the correct total was
P11,000 and not P12,000.
14
Paid P3,500 for the annual licenses of delivery trucks and P1,500 for registration fees.
15
Paid P900 for insurance premium on one-year insurance police for delivery trucks.
15
Paid salaries for the first half of June, P4,000.
16
Paid telephone and electric bills for June, P800.
18
Collected in cash for delivery service, P2,400.
21
Paid bill for gasoline purchased and used for June, P2,000.
22
Recorded the following services rendered: Cash, P20,000; Charge, P15,000.
23
Purchased garage equipment on account, P3,000.
26
Withdrew P6,000 for personal use.
29
Paid for repairs of delivery trucks, P4,000.
30
Paid salaries for last half of June, P4,000.
Open ledger or T accounts for all given accounts indicating their corresponding balances. Record the transactions for
the month of June identifying each debit and credit by dates in the Journal and make additional Ledgers for those new
accounts not found in the previous Trial Balance. Afterwards, make an updated Trial Balance, Income Statement,
Capital Statement, and Balance Sheet for the month of June 2016, then, answer the ff. questions:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.

What is the balance of Cash that will appear in the Trial Balance after the above transactions?
What is the balance of Accounts Receivable that will appear in the Trial Balance after the above transactions?
What is the balance of Unexpired Insurance that will appear in the Trial Balance after the above transactions?
What is the balance of Prepaid Taxes&Licenses that will appear in the Trial Balance after the above transactions?
What is the balance of Delivery Truck that will appear in the Trial Balance after the above transactions?
What is the balance of Office Equipment that will appear in the Trial Balance after the above transactions?
What is the balance of Garage Equipment that will appear in the Trial Balance after the above transactions?
What is the balance of Accounts Payable that will appear in the Trial Balance after the above transactions?
What is the balance of Notes Payable that will appear in the Trial Balance after the above transactions?
What is the balance of R. Talisay, Capital that will appear in the Trial Balance after the above transactions?
What is the balance of R. Talisay, Drawing that will appear in the Trial Balance after the above transactions?
What is the balance of Delivery Service Income that will appear in the Trial Balance after the above transactions?
What is the balance of Garage Rent Expense that will appear in the Trial Balance after the above transactions?
What is the balance of Gasoline & Oil Expense that will appear in the Trial Balance after the above transactions?
What is the balance of Repairs Expense that will appear in the Trial Balance after the above transactions?
What is the balance of Salary Expense that will appear in the Trial Balance after the above transactions?
What is the total amount of Current Assets?
What is the total amount of Non-Current Assets?
What is the total amount of Current Liabilities?
What is the total amount of Non-Current Liabilities?
What is the total amount of Total Assets?
What is the total amount of Total Liabilities?
What is the total amount of Revenues?
What is the total amount of Expenses?
25. What is the total amount if Net Income (Loss)?
Good luck and God bless!!!