Homework Help is Here – Start Your Trial Now!
Business
Accounting
5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor- Shop". Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business. 6- Bought for cash repair equipment worth P45, 000 550 for repair supplies bought. 7- Paid P3, 9- Cash of P2, 500 was received from a costumer for repair service done on his automobile. 12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck. 15 - Paid for the tools ordered and received, P4, 550. 17 - Paid the wages of the shop helper, P2, 500. 20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit. 22 - Collected P2, 500 from R. Fernandez as partial settlement of his account. 25 - Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it. 29 – Received P25, 000 from various customers for repair services rendered. 30 - Paid the rent of the shop, P8, 000. 30 – Paid the wages of the shop helper, P2, 500. Required: 1. Postings to the General Ledger 2. Trial Balance

5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor- Shop". Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business. 6- Bought for cash repair equipment worth P45, 000 550 for repair supplies bought. 7- Paid P3, 9- Cash of P2, 500 was received from a costumer for repair service done on his automobile. 12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck. 15 - Paid for the tools ordered and received, P4, 550. 17 - Paid the wages of the shop helper, P2, 500. 20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit. 22 - Collected P2, 500 from R. Fernandez as partial settlement of his account. 25 - Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it. 29 – Received P25, 000 from various customers for repair services rendered. 30 - Paid the rent of the shop, P8, 000. 30 – Paid the wages of the shop helper, P2, 500. Required: 1. Postings to the General Ledger 2. Trial Balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please answer "Required #1 and 2"

5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor- Shop". Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business. 7- Paid P3, 6 - Bought for cash repair equipment worth P45, 000 550 for repair supplies bought. 9- Cash of P2, 500 was received from a costumer for repair service done on his automobile. 12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck. 15 – Paid for the tools ordered and received, P4, 550. 17 - Paid the wages of the shop helper, P2, 500. 20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit. 22 - Collected P2, 500 from R. Fernandez as partial settlement of his account. 25 - Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it. 29 – Received P25, 000 from various customers for repair services rendered. 30 - Paid the rent of the shop, P8, 000. 30 – Paid the wages of the shop helper, P2, 500. Required: 1. Postings to the General Ledger 2. Trial Balance
Transcribed Image Text:5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor- Shop". Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business. 7- Paid P3, 6 - Bought for cash repair equipment worth P45, 000 550 for repair supplies bought. 9- Cash of P2, 500 was received from a costumer for repair service done on his automobile. 12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck. 15 – Paid for the tools ordered and received, P4, 550. 17 - Paid the wages of the shop helper, P2, 500. 20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit. 22 - Collected P2, 500 from R. Fernandez as partial settlement of his account. 25 - Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it. 29 – Received P25, 000 from various customers for repair services rendered. 30 - Paid the rent of the shop, P8, 000. 30 – Paid the wages of the shop helper, P2, 500. Required: 1. Postings to the General Ledger 2. Trial Balance
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 6 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Banking and Financial Services
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS