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212 salaries payable Expenses 511 salaries expense 512 advertising expense 513 rent expense 514 office supplies expense 515 Depreciation Expense-Office equipment The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and P100,000 of office equipment to open Team Payaman Company. 1 paid rent for three months in advance, P30,000. 4 Purchased office equipment on account, P15,000. 8 Bought office supplies for cash, P4,000. 10 Collected P90,000 for service rendered. 12 Wilson paid his home electric bill from the company checkbook, P2,000. 14 Provided P10,000 worth of services to clients who will not pay till next month. 16 Paid salaries, P16,000. 18 Advertising bill received for P17,000 but will not be paid until next month.

212 salaries payable Expenses 511 salaries expense 512 advertising expense 513 rent expense 514 office supplies expense 515 Depreciation Expense-Office equipment The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and P100,000 of office equipment to open Team Payaman Company. 1 paid rent for three months in advance, P30,000. 4 Purchased office equipment on account, P15,000. 8 Bought office supplies for cash, P4,000. 10 Collected P90,000 for service rendered. 12 Wilson paid his home electric bill from the company checkbook, P2,000. 14 Provided P10,000 worth of services to clients who will not pay till next month. 16 Paid salaries, P16,000. 18 Advertising bill received for P17,000 but will not be paid until next month.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the Journal
From the following data, complete the entire accounting processing Cyle for team Payaman company, a service company. The chart of account includes: Assets 111 cash Owner's equity 311 wilson, Capita 312 Wilson withdrawals 313 income summary 112 account Receivable 114 prepaid rent 115 Office supplies 121 Office equipment 122 accumulated depreciation - Office equipment Revenue Liabilities 411 fees earned 211 accounts payable 212 salaries payable Expenses 511 salaries expense 512 advertising expense 513 rent expense 514 office supplies expense 515 Depreciation Expense-Office equipment The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and P100,000 of office equipment to open Team Payaman Company. 1 paid rent for three months in advance, P30,000. 4 Purchased office equipment on account, P15,000. 8 Bought office supplies for cash, P4,000. 10 Collected P90,000 for service rendered. 12 Wilson paid his home electric bill from the company checkbook, P2,000. 14 Provided P10,000 worth of services to clients who will not pay till next month. 16 Paid salaries, P16,000. 18 Advertising bill received for P17,000 but will not be paid until next month.
Transcribed Image Text:From the following data, complete the entire accounting processing Cyle for team Payaman company, a service company. The chart of account includes: Assets 111 cash Owner's equity 311 wilson, Capita 312 Wilson withdrawals 313 income summary 112 account Receivable 114 prepaid rent 115 Office supplies 121 Office equipment 122 accumulated depreciation - Office equipment Revenue Liabilities 411 fees earned 211 accounts payable 212 salaries payable Expenses 511 salaries expense 512 advertising expense 513 rent expense 514 office supplies expense 515 Depreciation Expense-Office equipment The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and P100,000 of office equipment to open Team Payaman Company. 1 paid rent for three months in advance, P30,000. 4 Purchased office equipment on account, P15,000. 8 Bought office supplies for cash, P4,000. 10 Collected P90,000 for service rendered. 12 Wilson paid his home electric bill from the company checkbook, P2,000. 14 Provided P10,000 worth of services to clients who will not pay till next month. 16 Paid salaries, P16,000. 18 Advertising bill received for P17,000 but will not be paid until next month.
The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and P100,000 of office equipment to open Team Payaman Company. 1 paid rent for three months in advance, P30,000. 4 Purchased office equipment on account, P15,000. 8 Bought office supplies for cash, P4,000. 10 Collected P90,000 for service rendered. 12 Wilson paid his home electric bill from the company checkbook, P2,000. 14 Provided P10,000 worth of services to clients who will not pay till next month. 16 Paid salaries, P16,000. 18 Advertising bill received for P17,000 but will not be paid until next month. 2 The adjustment data on January 31, 2020 include: a. Supplies on Hand b. Rent Expired c. Depreciation, Office Equipment d. Salaries Accrued P 1,000 P10,000 P 3,000 P 5,000 3
Transcribed Image Text:The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and P100,000 of office equipment to open Team Payaman Company. 1 paid rent for three months in advance, P30,000. 4 Purchased office equipment on account, P15,000. 8 Bought office supplies for cash, P4,000. 10 Collected P90,000 for service rendered. 12 Wilson paid his home electric bill from the company checkbook, P2,000. 14 Provided P10,000 worth of services to clients who will not pay till next month. 16 Paid salaries, P16,000. 18 Advertising bill received for P17,000 but will not be paid until next month. 2 The adjustment data on January 31, 2020 include: a. Supplies on Hand b. Rent Expired c. Depreciation, Office Equipment d. Salaries Accrued P 1,000 P10,000 P 3,000 P 5,000 3
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