WebQuest

CREATING AN ACCURATE TRIAL BALANCE FOR SERVICE BUSINESS

Evaluation

Now that you already acquired the necessary skills in preparing an accurate trial balance for service business, you are now ready for an on-the-job training. Read the scenario that follows and do what is being required.

Goodluck!!!

THE SCENARIO

You are a bookkeeper of CASSES NOTARY PUBLIC. The owner of the business, Atty. Casses, expects the trial balance to be prepared at the end of the first month of the operation. Atty. Casses needs the trial balance of the business as it will be the basis for the preparation of the financial statement. Through the trial balance you will prepare, he will get an idea if the business would be able to acquire a loan in a bank. The trial balance you will prepare must be neat, accurate, and in accordance to the generally accepted accounting principles.

The following are the information you can find in the ledger of the business:

Account Title: CASH			Account Number: 100
Date	Particulars	F	Dr	Cr	Balance
2016
.July 1	Investment of Atty. Casses	GJ-1	30000		30000
2	Payment for permit and advertisement	GJ-1		8000	22000
4	Service rendered	GJ-1	12300		34300
7	Payment for the rent of the office	GJ-1		5600	28700
10	Service rendered	GJ-1	7500		36200
11	Payment of salary	GJ-2		12000	24200
13	Received payment from ICMS Educ'l Center	GJ-2	5500		29700
15	Payment for electric bill	GJ-2		3700	26000
20	Service rendered	GJ-2	2750		28750
22	Drawing of Atty. Casses	GJ-2		6500	22250
25	Advance payment for service to be rendered	GJ-2	7500		29750



Account Title: ACCOUNTS RECEIVABLE			Account Number: 105
Date	Particulars	F	Dr	Cr	Balance
2014
.July 5	Rendered service to ICMS Educ'l Center	GJ-1	11500		11500
13	Initial payment of ICMS Educ'l Center	GJ-2		5500	6000
16	Rendered service to DLSP	GJ-2	11100		17100



Account Title: OFFICE SUPPLIES			Account Number: 110
Date	Particulars	F	Dr	Cr	Balance
2014
.July 1	Investment of Atty. Casses	GJ-1	15000		15000



Account Title: LAW BOOKS			Account Number: 120
Date	Particulars	F	Dr	Cr	Balance
2014
.July 6	Bought on account from F&F Book Trade	GJ-1	23000		23000




Account Title: FURNITURE AND FIXTURES			Account Number: 130
Date	Particulars	F	Dr	Cr	Balance
2014
.July 1	Investment of Atty. Casses	GJ-1	100000		100000



Account Title: OFFICE EQUIPMENT			Account Number: 140
Date	Particulars	F	Dr	Cr	Balance
2014
.July 1	Investment of Atty. Casses	GJ-1	120000		120000



Account Title: ACCOUNTS PAYABLE			Account Number: 210
Date	Particulars	F	Dr	Cr	Balance
2014
.July 6	Bought Law Books from F&F Book Trade	GJ-1		23000	23000
30	Settled through issuance of promissory note	GJ-2	11500		11500



Account Title: NOTES PAYABLE			Account Number: 220
Date	Particulars	F	Dr	Cr	Balance
2014
.July 30	Settled one half of the account to F&F Book	GJ-2		11500	11500



Account Title: UNEARNED REVENUE			Account Number: 230
Date	Particulars	F	Dr	Cr	Balance
2014
.July 30	Advance payment from SMART Center	GJ-2		7500	7500



Account Title: ATTY. CASSES, CAPITAL			Account Number: 300
Date	Particulars	F	Dr	Cr	Balance
2014
.July 1	Investment of cash, supplies, furniture & equipment	GJ - 1		265000	265000



Account Title: ATTY. CASSES, DRAWING			Account Number: 310
Date	Particulars	F	Dr	Cr	Balance
2014
.July 1	Cash Drawing	GJ - 2	6500		6500



Account Title: INCOME FROM FEES			Account Number: 400
Date	Particulars	F	Dr	Cr	Balance
2014
.July 4	Cash service	GJ - 1		12300	12300
5	Service on account to ICMS Educ'l Center	GJ- 1		11500	23800
10	Cash service	GJ-1		7500	31300
16	Service on account to DLSP	GJ-2		11100	42400
20	Cash service	GJ-2		2750	45150



Account Title: TAXES AND LICENSES			Account Number: 500
Date	Particulars	F	Dr	Cr	Balance
2014
.July 2	Cash payment of permit	GJ-1	3500		3500



Account Title: ADVERTISING EXPENSE			Account Number: 510
Date	Particulars	F	Dr	Cr	Balance
2014
.July 2	Cash payment for advertising materials	GJ-1	4500		4500



Account Title: RENT EXPENSE			Account Number: 520
Date	Particulars	F	Dr	Cr	Balance
2014
.July 7	Cash payment for the rent	GJ - 1	5600		5600



Account Title: SALARY AND WAGES			Account Number: 530
Date	Particulars	F	Dr	Cr	Balance
2014
.July 11	Salary for the month	GJ - 1	12000		12000



Account Title: UTILITIES EXPENSE			Account Number: 540
Date	Particulars	F	Dr	Cr	Balance
2014
.July 15	Payment for electric bill	GJ - 2	3700		3700

The rubric that follows shall be used to evaluate your output.

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