Accounting Process- Service Type of Business 01-Mar Kim Shin opened a Gong Yoo Travel and Tour Services for the month. cash of P100,000 and two cars wold and Tour Services business by investing 03-Mar. Bought tables and chairs for office use and paid P45,000. 05-Mar Purchased 1 air-condition unit worth P25,000 from Ji Eun-tak Appliance Center and issued a promissory note. 06-Mar Collected P50,000 from customers accounts receivable, Kim Sun \( 8 . \mathrm{Co} \). 10 -Mar Billed Grim Reaper and friends P45,000 for a tour in Barcelona. 12-Mar Paid gas oil worth P5,000 and repair of P10,000. 15-Mar Received P50,000 from Yoo Deok Hwa for a tour. 20-Mar Paid salaries of tour guides and staff, P20,000 and telephone bill, P1,500 and rent of P4,000. 21-Mar Bought supplies of P5,000 on account. 22-Mar Borrowed P50,000 from Sunny Bank. Cisest tadentify Atatiyze and Understand Tremsactions Adjustments for the month 31-... At the end of the month, supplies onhand is only 1500.00. 31-Mor. At the end of the month, electic bill amounts to 1,800.00. 31-Mor Using the straight tine method, depreciation for Equipment shows P1600.00/month and furnifures \& Fixtures is P800.00.
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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)
Donna D.
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