Activity 2 Directions/Instructions: Journalize the business transactions of Coco Repair Shop and post the transactions in the General Ledger. aanslora Use the following account codes: Cash(101), Accounts Receivable (102), Repair Tools (103), Repair Supplies (104), Prepaid Rent(105), Furniture and Fixtures (106), Service Equipment (107), Accounts Payable(201), Notes Payable (202), Cardo, Capital (301), Cardo, Drawing (302), Service Revenue (401), Advertising Expense(501), Salaries Expense (502), Utilities Expense (503), Taxes and Licenses (504), Rent Expense (505). The company's business transactions in June, the first month of operations, are described below: TRANSACTIONS June 2020 1- Cardo opened an appliance repair shop he called "Coco Repair Shop". He began business by investing P100,000 cash, repair tools-40,000, repair supplies- 18,000 and a truck -150,000. 2-Rented space and paid two months rent in advance, P10,000. 3- Paid P2, 500 for newspaper advertising announcing the opening of his shop. 5- Purchased office tables and chairs and filing cabinets from Martin's Furniture on account, P20,500. 9- Completed repair work for Ms. Alyanna on account, P3,500. 10- Cardo orders 5 boxes of repair supplies from the hardware at P250 per box. 12- Completed repair work for Mr. Hipolito P 4,300. Accepted P 2,000 cash and a promise to pay the balance after ten days. 15-Paid the wages of the shop helper, 3, 000. 18-Paid one-half of the account due to Martin's Furniture and issued a promissory note for the other half. 22 - Ms. Alyanna paid her account in full. 24 - Withdrew cash for P5,000 for personal use. 26- Received P30,000 from various customers for repair service rendered. 29- Paid the monthly electricity bill and water bill, P 2,300 and P 600, respectively. 30-Paid taxes for P2, 000. 30-Paid the wages of the shop helper P 3, 000.
Activity 2 Directions/Instructions: Journalize the business transactions of Coco Repair Shop and post the transactions in the General Ledger. aanslora Use the following account codes: Cash(101), Accounts Receivable (102), Repair Tools (103), Repair Supplies (104), Prepaid Rent(105), Furniture and Fixtures (106), Service Equipment (107), Accounts Payable(201), Notes Payable (202), Cardo, Capital (301), Cardo, Drawing (302), Service Revenue (401), Advertising Expense(501), Salaries Expense (502), Utilities Expense (503), Taxes and Licenses (504), Rent Expense (505). The company's business transactions in June, the first month of operations, are described below: TRANSACTIONS June 2020 1- Cardo opened an appliance repair shop he called "Coco Repair Shop". He began business by investing P100,000 cash, repair tools-40,000, repair supplies- 18,000 and a truck -150,000. 2-Rented space and paid two months rent in advance, P10,000. 3- Paid P2, 500 for newspaper advertising announcing the opening of his shop. 5- Purchased office tables and chairs and filing cabinets from Martin's Furniture on account, P20,500. 9- Completed repair work for Ms. Alyanna on account, P3,500. 10- Cardo orders 5 boxes of repair supplies from the hardware at P250 per box. 12- Completed repair work for Mr. Hipolito P 4,300. Accepted P 2,000 cash and a promise to pay the balance after ten days. 15-Paid the wages of the shop helper, 3, 000. 18-Paid one-half of the account due to Martin's Furniture and issued a promissory note for the other half. 22 - Ms. Alyanna paid her account in full. 24 - Withdrew cash for P5,000 for personal use. 26- Received P30,000 from various customers for repair service rendered. 29- Paid the monthly electricity bill and water bill, P 2,300 and P 600, respectively. 30-Paid taxes for P2, 000. 30-Paid the wages of the shop helper P 3, 000.
Chapter1: Financial Statements And Business Decisions
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