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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. Journal Entries

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. Journal Entries

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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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. 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. 7- Paid P3, 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. Journal Entries 2. Postings to the General Ledger 3. 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. 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. 7- Paid P3, 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. Journal Entries 2. Postings to the General Ledger 3. Trial Balance
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