- Feb. 2: Mr. Delos Santos transferred P130,000 from his personal account to the business account. In addition, he also invested in the following: printers, P20,000; laminator, P8,000; cabinet rack, P5,000; and papers and ink, P14,000. - Feb. 8: Mr. Delos Santos purchased a ream cutter and a binding machine from \( A B C \) Electronics for P5,000 and P10,000, respectively. Mr. Delos Santos paid 50\% down payment, and the balance was on account. - Feb. 10: Printing services rendered totaled \( P 145,000 \), of which \( 30 \% \) was on account. - Feb. 12: Mr. Delos Santos paid various operating expenses during the month: water and electricity, P23,000; telephone, P6,000; and repairs, P3,500. - Feb. 18: Printing services rendered totaled P160,000, of which \( 20 \% \) was on account, evidenced by a note. - Feb. 20: Mr. Delos Santos received advances worth P80,000 from Mamad Photography for services to be rendered next month. - Feb. 22: Mr. Delos Santos collected \( 80 \% \) of the outstanding balance from the February 10 transaction. - Feb. 26: Mr. Delos Santos purchased papers and inks worth P22,000 from IBITS Company. He paid P12,000 in cash, and the balance was on account. - Feb. 27: Mr. Delos Santos paid half of the outstanding obligations to \( A B C \) Electronics. - Feb. 28: Mr. Delos Santos paid the wages of two staff, worth P10,000 each. ou are a bookkeeper of the Delos Santos Printing Center. You are then tasked with listing down the accounts used in the transactions during the month. \begin{tabular}{|c|c|c|c|c|} \hline Assets & Liabilities & \begin{tabular}{c} Owner's \\ Equity \end{tabular} & Revenues & Expenses \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular}
Added by Shan Jhienine T.
Close
Step 1
- Assets: Increase in Business Bank Account (P130,000), Printers (P20,000), Laminator (P8,000), Cabinet Rack (P5,000), Papers and Ink (P14,000). - Owner's Equity: Increase due to the owner's investment (P177,000 total). Show more…
Show all steps
Your feedback will help us improve your experience
Rabia Sarwar and 65 other Intro Stats / AP Statistics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
REQUIRED 1. GENERAL OURNAL(10pts) 6. STATEMENT OF FINANCIAL POSITION (4pts .) 2 GENERAL LEDGER(3pts) 7.STATEMENT OF CASH FLOWS (4pts.) 8. JOURNAL CLOSING ENTRIES (3pts.) 3. 10 COLUMN WORKSHEET (10pts) 4 STATEMENT OF PERFORMANCE(2pts .) 9. POST -CLOSING TRIAL BALANCE (2pts.) 5. STATEMENT OF EQUITY(2pts) TO FALL AGAIN SERVICES TRIAL BALANCE MARCH 31, 2023 ACCOUNT NUMBER. ACCOUNT TITLE DEBIT CREDIT 110 CASH $P23,500$ 120 ACCOUNTS RECEIVABLE 17,500 130 OFFICE EQUIPMENT 27,500 140 AUTOMOBILE 210 ACCOUNTS PAYABLE $P18,500$ 310 R. VILLONDO CAPITAL 52,100 320 R. VILLONDO DRAWINGS 11,000 410 FEES EARNED 43,000 510 SALARIES EXPENSE 9,000 520 RENT EXPENSE 18,000 530 COMMUNICATION EXPENSE 2,850 540 UTILITIES EXPENSE 2,250 550 SUPPLIES EXPENSE 1,250 560 MISCELLANEOUS EXPENSE 750 P113 ,600 $P113,600$ April 1 Paid the monthly rent, ₱ 6,000$ 3 Collected from J.Montefalco of ₱7,500 for services previous billed. 5 Paid water and electric bill. ₱1,750$ 8 Billed Erin Ty ₱8,500 for services rendered . 10 Paid PLDT telephone bill. ₱ 1.050. 12 R . Villondo put her personal car worth ₱150,000 into the business. 14 Paid salary of secretary ₱4,500$ 17 Received a check of ₱ 8,500 from Erin Ty 19 Billed M.Sevilla ₱ 15 , 000 for services rendered 23 Paid Hidalgo Company ₱9,000 for ‘account of the previous month. 28 Paid. miscellaneous bills worth ₱650 30 Withdrew ₱6,000 from the business for living expenses. ADJUSTING ENTRIES 30 Received cash from billed clients, ₱15,000$ 30 Paid I creditors of ₱5,000 30 Billed Z.Leviste ₱6,500 for services rendered.
Rabia S.
May 1: Debit: Cash (111) P100,000 Credit: Xander, Capital (311) P100,000 Explanation: Xander invested P100,000 in cash to start the business. May 1: Debit: Word Processing Equipment (121) P60,000 Credit: Cash (111) P10,000 Credit: Accounts Payable (211) P50,000 Explanation: Purchased Word Processing Equipment for P60,000, paid P10,000 in cash and the balance is payable within 30 days. May 1: Debit: Prepaid Rent (115) P12,000 Credit: Cash (111) P12,000 Explanation: Paid P12,000 in advance for the first three months of rent. May 3: Debit: Office Supplies (114) P6,000 Credit: Accounts Payable (211) P6,000 Explanation: Purchased office supplies on account. May 7: Debit: Cash (111) P30,000 Credit: Word Processing Fees (411) P30,000 Explanation: Collected P30,000 for completed sales promotion flyers. May 13: Debit: Office Salaries Expense (511) P6,500 Credit: Cash (111) P6,500 Explanation: Paid office salaries. May 18: Debit: Advertising Expense (512) P2,500 Credit: Accounts Payable (211) P2,500 Explanation: Received advertising bill but not paid yet. May 20: Debit: Xander, Withdrawals (312) P6,250 Credit: Cash (111) P6,250 Explanation: Xander used business funds to pay his home mortgage. May 22: Debit: Accounts Receivable (112) P50,000 Credit: Word Processing Fees (411) P50,000 Explanation: Billed Luzonian Company for a special word processing job. May 28: Debit: Accounts Payable (211) P25,000 Credit: Cash (111) P25,000 Explanation: Paid half of the amount owed for Word Processing Equipment. May 29: Debit: Telephone Expense (513) P2,200 Credit: Cash (111) P2,200 Explanation: Received and paid telephone bill. May 31: Debit: Office Supplies Expense (511) P5,000 Credit: Office Supplies (114) P5,000 Explanation: Adjusted for the actual amount of office supplies on hand. May 31: Debit: Rent Expense (515) P4,000 Credit: Prepaid Rent (115) P4,000 Explanation: Adjusted for two months of prepaid rent. May 31: Debit: Depreciation Expense, Word Processing Equipment (516) P800 Credit: Accumulated Depreciation, Word Processing Equipment (122) P800 Explanation: Depreciated the computer equipment over its 5 year useful life. May 31: Debit: Salaries Expense (511) P3,500 Credit: Salaries Payable (212) P3,500 Explanation: Recorded unpaid salary. (Write it in ledger)
Analyze and balance the following transactions of Mr. Mallari: Jan 1 - The owner invested cash of PHP 1,000,000. Jan 4 - Purchased equipment for cash at PHP 100,000. Jan 8 - The owner withdrew cash of PHP 50,000. Jan 12 - The company purchased supplies worth PHP 12,000 on account. Jan 18 - The business incurred expenses of PHP 15,000 and paid in cash. Jan 20 - Paid liabilities worth PHP 7,000. Jan 23 - The business used supplies worth PHP 8,000. Jan 25 - Paid liabilities worth PHP 3,000 in cash. Jan 28 - The business earned cash of PHP 80,000 from providing services. Jan 31 - The business incurred car repair expenses of PHP 15,000 and paid in cash.
Recommended Textbooks
Elementary Statistics a Step by Step Approach
The Practice of Statistics for AP
Introductory Statistics
Watch the video solution with this free unlock.
EMAIL
PASSWORD