aaArnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred: July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000. July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6: Received a statement of account from Brian News for advertising this month, P5,500. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014. July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account. July 14: Purchased office sofa set from Renzo Designs for P30,000 on account. July 15: Paid various operating expenses during the month: Meeting potential clients, P4,000; Electricity, P23,000; Telephone expense, P6,000; and Repair and Maintenance expense, P2,500. July 18: Photography services rendered totaled P185,000, of which 25% was settled with an interest-bearing note and balance on account. July 20: Received photography advances from a couple for a prenuptial coverage to be rendered next month, P60,000 July 22: Collected 90% of the outstanding receivable from July 13 transaction. July 24: Paid in full statement of account received last July 6. July 26: Paid 80% of the outstanding obligation to Mirzi Outlet, she issued an interest-bearing note. July 28: Paid half of the outstanding obligation to Renzo Design. July 31: Paid salary of the office assistant for 16 days, P3,097. Required: Journalize the foregoing transaction

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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aaArnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred:

July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000.
July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000
July 6: Received a statement of account from Brian News for advertising this month, P5,500.
July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account.
July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014.
July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account.
July 14: Purchased office sofa set from Renzo Designs for P30,000 on account.
July 15: Paid various operating expenses during the month: Meeting potential clients, P4,000; Electricity, P23,000; Telephone expense, P6,000; and Repair and Maintenance expense, P2,500.
July 18: Photography services rendered totaled P185,000, of which 25% was settled with an interest-bearing note and balance on account.
July 20: Received photography advances from a couple for a prenuptial coverage to be rendered next month, P60,000
July 22: Collected 90% of the outstanding receivable from July 13 transaction.
July 24: Paid in full statement of account received last July 6.
July 26: Paid 80% of the outstanding obligation to Mirzi Outlet, she issued an interest-bearing note.
July 28: Paid half of the outstanding obligation to Renzo Design.
July 31: Paid salary of the office assistant for 16 days, P3,097.

Required:

Journalize the foregoing transaction

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