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Accountancy

Practice Set 2
On July 5, 2012, Mima Villanueva opened Self-Service Laundry. During May, the
following transactions were completed:
5. Villanueva deposited P250,000 in a bank account in the name of the business,
7. Bought chairs and a table paying cash, P6,700.
8. Bought laundry supplies on account from Salvador Ho Supply Company, P3,250.
12. Paid rent for the month, P5,750.
14. Bought washing machines and dryers from Iloilo Equipment Company,P115,000, paying P35,000 in cash and the balance on account.
16. Revenues earned on cash basis for the first half of the month, P19,250.
19. Bought insurance for one year, P5,600.
20. Paid accounts to Iloilo Equipment Company, P7,000.
20. Received and paid electric bill, P2,080.
21. Revenues earned on cash basis for the second half of the month, P12,350.
26. Paid salaries of the part-time assistant, P7,400.
27. Villanueva withdrew cash for personal use, P5,000.
29. Paid accounts to Salvador Ho Supply Company, P2,750.
30. Paid the city government for sidewalk repair assessment, P2,800.

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