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Direction: From the below Business Transaction please prepare the following
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1.      Chart of Account
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2.      Journalizing transaction using the Special journals & general journal
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F. Claines began a real estate agency called, “Claines Real Estate agency” and during May of the current year, he completed the following transactions:NORMAL BALANCESDateCLASSIFICATIONANALIZATIONRECORDING - USING SPECIAL JOURNAlS & GEN, JOURNAL
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May 2021
ASSETS=LIABILITES+EQUITY
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1 – Began his business by investing ₱125,000 cash.
DEBIT = CREDIT + CREDIT
May 01Cash 125,000.00 Increase in AssetGENERAL JOURNAL
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+ + +
 Claines, Capital 125,000.00 Increase in Equity
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CREDIT = DEBIT + DEBIT
Invested cash in the business
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2 – Purchased a small building and office equipment from M. Rivera, consisting of office
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2-May *Increase in assetGENERAL JOURNAL
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equipment, ₱35,000; building, and land, ₱100,000. Gave ₱25,000 cash and signed a
May 2Building & Land 100,000.00 Increase in AssetGENERAL JOURNAL
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mortgage contract agreement to pay the balance over a period of one year.
Office Equipment 35,000.00 25,000.00 Increase in Asset
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5 – Purchased an automobile, ₱200,000 on credit from D. Padilla.
 Cash 25,000.00 Decrease in Asset
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8 – Earned and collected a ₱36,000 commission from sale of a house.
 Mortgage Payable 110,000.00 Increae in Liability
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9 – Purchased ₱1,300 of office supplies and ₱5,400 additional office equipment from
5-MayPurchase land & buiding, Equipment from M. rivera 200,000.00 Increase in AssetGENERAL JOURNAL
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M. Salvador on credit.
5-May * 200,000.00 Increase ion Liabilities
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15 – Paid the salary of the office clerk, ₱3,500.
Vehicle 200,000.00 Increase in AssetGENERAL JOURNAL
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16 – Completed property management services for C. Avellana on credit and billed him for
8-May Accounts Payable 200,000.00 Increase in LiabilityCash Receipts Journal
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the services performed, ₱15,000.
Purchase vehicle from D. Padilla on credit
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18 – Paid M. Salvador ₱2,000 as partial payment of the account due to him.
 *
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20 – Received the payment from C. Avellana for the services rendered to him.
May 8Cash 36,000.00 Increse in AssetCash Receipts Journal
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22 – Purchased ₱1,000 office supplies from O.B.Sotto on credit.
 Service Revenue 36,000.00 Increase in Equity
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23 – Earned and collected ₱26,000 commission from the sale of property.
Cash collection fron services rendered
 36,000.00 Increase in Liabilities
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26 – Paid the newspaper advertising that had appeared, ₱4,500.
 *
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28 – Paid the telephone bill, ₱750.
May 9Office Supplies 1,300.00 Increase in AssetGENERAL JOURNAL
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30 – Withdrew ₱8,000 for personal use.
Office Equipment 5,400.00 Increase in Liablity
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30 – Paid the salary of the office clerk, ₱3,500.
Accounts Payable - M. Salavador
 6,700.00
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Purchase office supplies & equipment on credit
 15,000.00 Increase in assetRevenue Journal
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Additional Information:
 * 15,000.00
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1. As per Inventory the remaining balance of Office supplies amounting P 1,250.00May 15Salaries & Wages 3,500.00 Decrease in Equity
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2. 10% per annum depreciation of Equipment & vehicle with an estimated useful life of 10years.
 Cash 3,500.00 Decrease in AssetCash Disbursement Journal
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Paid salaries of office clerkDecrease in Asset
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 *
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May 16Accounts Receivable 15,000.00 Increase in one AssetRevenue Journal
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 Service Revenye 15,000.00 Increain Equity
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Completed proerty ngt. Services to C. Avellana on credit
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22-May * 1,000.00 Increase in AssetGENERAL JOURNAL
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May 16Accounts Payable 2,000.00 Decrease LiabilityGeneral Journaa;
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 Cash 2,000.00 Decrease in Assety
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23-MayPartial payment to M. Salvador
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 * 26,000.00 Increase in Equity
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May 20Cash15000Increase in one Asset
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 Accounts Receivable 15,000.00 Decrease in one AssetCash Receipts Journal
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Received payment from C. Avellano
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 * 4,500.00
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Office Supplies 1,000.00 Increase in AssetGeneral Journaa;
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May 22 Accounts Payable -O.B. Sotto 1,000.00 Increase in Liability
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Purchase office supplies on credit
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May 23Cash 26,000.00 Increase in Asset
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 Service Revenue 26,000.00 Increase in EquityCash Receipts Journal
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Earned & collected commision from Sale of Proportty
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Adverstising Expenses 4,500.00 Decrease in EquityCash Disbursement Journal
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May 26 Cash 4,500.00 Decerease in Asset
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Paid for advertising
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28-MayUtility Ezpense 750.00 Decrease in EquityCash Disbursement Journal
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 Cash 750.00 Decerease in Asset
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Payment for Telephone bill
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 *9 8,000.00 Decrease in Asset
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May 30Claines, Drawing 8,000.00 Decrease in Equity
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 Cash 8,000.00 Decerease in AssetCash Disbursement Journal
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Withdrawal for personal use
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30-MaySalaries & Wages 3,500.00 Decrease in Equity
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 Cash 3,500.00 Decerease in AssetCash Disbursement Journal
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30-MayPaid salaries of office clerk
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