Collected P500 each from the following account customers: Helen Narvasa, Kristy Gatdula, and Myrna Tan. 16 Collected P1,500 cash for washing services. 25 Received bills from: PLDT, P1,875, MERALCO, P4,550, and Manila Water, P750. 26 Paid the MERALCO bill. 29 Made a partial payment to Automatic, P12,000 31 Washing supplies used up amounted to P2,000. Required: 1. Journalize the transactions following the proper spacing of the debit and credit. 2. Prepare a ledger of each account. The Royal Laundry Services was opened along the university belt by Pauline De Jesus. Oct.- 1 A cash investment of P50,000. 2 Purchased four washing machines worth P24,000 from Automatic on account. 3 Paid rents for the month, P5,000. 4 Hired a clerk and two workers at a monthly salary of P4,000 each. Bought washing supplies and paid cash of P4,500. Rendered services to the boarders and received P2,500 in cash. Bought office equipment worth P6,000 on credit. 10 Billed various customers, P3,750. 11 Cash receipts for washing services, P2,500. 13 Paid P1,500 for taxes and licenses. 14 Rendered washing service on account, P4,000. 15 Paid P6,000 for salaries of the clerk and workers.

Collected P500 each from the following account customers: Helen Narvasa, Kristy Gatdula, and Myrna Tan. 16 Collected P1,500 cash for washing services. 25 Received bills from: PLDT, P1,875, MERALCO, P4,550, and Manila Water, P750. 26 Paid the MERALCO bill. 29 Made a partial payment to Automatic, P12,000 31 Washing supplies used up amounted to P2,000. Required: 1. Journalize the transactions following the proper spacing of the debit and credit. 2. Prepare a ledger of each account. The Royal Laundry Services was opened along the university belt by Pauline De Jesus. Oct.- 1 A cash investment of P50,000. 2 Purchased four washing machines worth P24,000 from Automatic on account. 3 Paid rents for the month, P5,000. 4 Hired a clerk and two workers at a monthly salary of P4,000 each. Bought washing supplies and paid cash of P4,500. Rendered services to the boarders and received P2,500 in cash. Bought office equipment worth P6,000 on credit. 10 Billed various customers, P3,750. 11 Cash receipts for washing services, P2,500. 13 Paid P1,500 for taxes and licenses. 14 Rendered washing service on account, P4,000. 15 Paid P6,000 for salaries of the clerk and workers.

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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