GENERAL INSTRUCTIONS: Read, understand, and provide answers on the followingquestions. DO NOT FORGET to write your FULL NAME, GRADE/SECTION.LESSON 8: REVIEW OF JOURNAL ENTRIES, T-ACCOUNTS, GENERALLEDGER, AND TRIAL BALANCEACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020.2020July 5 Lea invested Php 120,000 cash and an equipment in the amount of Php 80,000.7 Purchased salon equipment on account, Php 7,500.8 Received Php 25,500 from various customers as salon income.12 Purchased salon supplies paying Php 3,000 on cash.25 Received Php 500 bill from Maynilad30 Paid painter's salary for the month Php 4,500.LEA BEAUTY SALONCHART OF ACCOUNTSOwner's Equity301 Lea, Capital302 Lea, DrawingAssets101 Cash102Accounts ReceivablePrepaid RentSuppliesEquipmentLiabilities103104Income105401Service IncomeAccounts PayableNotes PayableUtilities PayableExpenses501 Salaries ExpenseUtilities Expense201202203502204Unearned Service FeesREQUIREMENTS FOR ACTIVITY II.Prepare the following:a. Prepare the journal entries for the month of July 2020 of Lea Beauty Salon.b. Post the jourmal entries to general ledger of Lea Beauty Salon for the month of July 2020.c. Prepare the trial balance of Lea Beauty Salon for the month of July 2020.

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Description: GENERAL INSTRUCTIONS: Read, understand, and provide answers on the followingquestions. DO NOT FORGET to write your FULL NAME, GRADE/SECTION.LESSON 8: REVIEW OF JOURNAL ENTRIES, T-ACCOUNTS, GENERALLEDGER, AND TRIAL BALANCEACTIVITY I. Below are transa

The journal entries are prepared to record day to day transactions of the business.

Business

Accounting

ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 July 5 Lea invested Php 120,000 cash and an equipment in the amount of Php 80,000. 7 Purchased salon equipment on account, Php 7,500. 8 Received Php 25,500 from various customers as salon income. 12 Purchased salon supplies paying Php 3,000 on cash. 25 Received Php 500 bill from Maynilad 30 Paid painter's salary for the month Php 4,500.

ACTIVITY I. Below are transactions of Lea Beauty Salon for the month of July 2020. 2020 July 5 Lea invested Php 120,000 cash and an equipment in the amount of Php 80,000. 7 Purchased salon equipment on account, Php 7,500. 8 Received Php 25,500 from various customers as salon income. 12 Purchased salon supplies paying Php 3,000 on cash. 25 Received Php 500 bill from Maynilad 30 Paid painter's salary for the month Php 4,500.

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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