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Activity Instructions 1. Label properly the journal and the ledger. 2. Record the business transactions in the two-column general journal. 3. Post the entries to the ledger. 4. Foot the ledger. 5. Prepare the trial balance. Use the following account titles to record business transactions: Cash Accounts receivable Office furniture and fixtures Accounts payable Yvone Iris Salcedo, Capital Yvone Iris Salcedo, Drawing Sales Purchases Store supplies expense Office supplies expense Utilities expense Taxes and license Gasoline and oil Salaries and wages Rent expense Business Transactions Yvone Iris Salcedo opened her small poultry products business with the approved trade name of Fresh Poultry Store. The business is located at Jalipa Street, Pigcawayan, Cotabato. She made an initial investment of Php350,000 in the form of cash. Bought office furniture and fixtures from Hyzel Company amounting to Php40,000 as Dec 1 2

Activity Instructions 1. Label properly the journal and the ledger. 2. Record the business transactions in the two-column general journal. 3. Post the entries to the ledger. 4. Foot the ledger. 5. Prepare the trial balance. Use the following account titles to record business transactions: Cash Accounts receivable Office furniture and fixtures Accounts payable Yvone Iris Salcedo, Capital Yvone Iris Salcedo, Drawing Sales Purchases Store supplies expense Office supplies expense Utilities expense Taxes and license Gasoline and oil Salaries and wages Rent expense Business Transactions Yvone Iris Salcedo opened her small poultry products business with the approved trade name of Fresh Poultry Store. The business is located at Jalipa Street, Pigcawayan, Cotabato. She made an initial investment of Php350,000 in the form of cash. Bought office furniture and fixtures from Hyzel Company amounting to Php40,000 as Dec 1 2

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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evidenced by the delivery receipts and invoices; made a down payment of Php15,000 Purchased various poultry products from Nicanor Poultry Farms amounting to Php90,000%3; Paid Php40,000 and was issued a charge invoice for the balance. Bought various office and store supplies as evidenced by an official receipt from the seller for the following: Office Supplies Store Supplies Sold product to various bakeries and restaurants as evidenced by a charge invoice amounting to Php45,000 Sold various poultry farm products to walk-in customers as evidenced by official receipts amounting to Php28,000 Paid the account balances to Hyzel Company and Nicanor Poultry Farms as evidenced by official receipts from the suppliers Paid the following expenses as evidenced by various official receipts and other business documents receipts: 5 Php2,500 Php3,000 8 10 12 15 Rental for the month Php 4,000 6,000 5,000 2,000 10,000 Light and water Taxes and licenses Gasoline and oil Salaries and wages of the workers Collected in full the sale made on December 8 as evidenced by the official receipts issued. Bought various poultry products from Nicanor Poultry Farm amounting to Php120,000. Made a down payment of Php50,000 and was issued a charge invoice for the balance. Sold various poultry products to customers as follows: Walk-in customers as evidenced by official receipts Restaurants and bakeries evidence by charge invoice Withdrew Php15,000 for her personal use. Made a partial payment of Php30,000 to Nicanor Poultry Farm; Received a partial collection from the sale on December 22 amounting to Php45,000; paid the salaries of the workers, Php12,000 18 20 22 Php 32,000 80,000 26 30 4-
Transcribed Image Text:evidenced by the delivery receipts and invoices; made a down payment of Php15,000 Purchased various poultry products from Nicanor Poultry Farms amounting to Php90,000%3; Paid Php40,000 and was issued a charge invoice for the balance. Bought various office and store supplies as evidenced by an official receipt from the seller for the following: Office Supplies Store Supplies Sold product to various bakeries and restaurants as evidenced by a charge invoice amounting to Php45,000 Sold various poultry farm products to walk-in customers as evidenced by official receipts amounting to Php28,000 Paid the account balances to Hyzel Company and Nicanor Poultry Farms as evidenced by official receipts from the suppliers Paid the following expenses as evidenced by various official receipts and other business documents receipts: 5 Php2,500 Php3,000 8 10 12 15 Rental for the month Php 4,000 6,000 5,000 2,000 10,000 Light and water Taxes and licenses Gasoline and oil Salaries and wages of the workers Collected in full the sale made on December 8 as evidenced by the official receipts issued. Bought various poultry products from Nicanor Poultry Farm amounting to Php120,000. Made a down payment of Php50,000 and was issued a charge invoice for the balance. Sold various poultry products to customers as follows: Walk-in customers as evidenced by official receipts Restaurants and bakeries evidence by charge invoice Withdrew Php15,000 for her personal use. Made a partial payment of Php30,000 to Nicanor Poultry Farm; Received a partial collection from the sale on December 22 amounting to Php45,000; paid the salaries of the workers, Php12,000 18 20 22 Php 32,000 80,000 26 30 4-
Activity Instructions 1. Label properly the journal and the ledger. 2. Record the business transactions in the two-column general journal. 3. Post the entries to the ledger. 4. Foot the ledger. 5. Prepare the trial balance. Use the following account titles to record business transactions: Cash Accounts receivable Office furniture and fixtures Accounts payable Yvone Iris Salcedo, Capital Yvone Iris Salcedo, Drawing Sales Purchases Store supplies expense Office supplies expense Utilities expense Taxes and license Gasoline and oil Salaries and wages Rent expense Business Transactions Yvone Iris Salcedo opened her small poultry products business with the approved trade name of Fresh Poultry Store. The business is located at Jalipa Street, Pigcawayan, Cotabato. She made an initial investment of Php350,000 in the form of cash. Bought office furniture and fixtures from Hyzel Company amounting to Php40,000 as Dec 1 2
Transcribed Image Text:Activity Instructions 1. Label properly the journal and the ledger. 2. Record the business transactions in the two-column general journal. 3. Post the entries to the ledger. 4. Foot the ledger. 5. Prepare the trial balance. Use the following account titles to record business transactions: Cash Accounts receivable Office furniture and fixtures Accounts payable Yvone Iris Salcedo, Capital Yvone Iris Salcedo, Drawing Sales Purchases Store supplies expense Office supplies expense Utilities expense Taxes and license Gasoline and oil Salaries and wages Rent expense Business Transactions Yvone Iris Salcedo opened her small poultry products business with the approved trade name of Fresh Poultry Store. The business is located at Jalipa Street, Pigcawayan, Cotabato. She made an initial investment of Php350,000 in the form of cash. Bought office furniture and fixtures from Hyzel Company amounting to Php40,000 as Dec 1 2
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