evidenced by the delivery receipts and invoices; made a down payment of Php15,000Purchased 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 sellerfor the following:Office SuppliesStore SuppliesSold product to various bakeries and restaurants as evidenced by a charge invoiceamounting to Php45,000Sold various poultry farm products to walk-in customers as evidenced by official receiptsamounting to Php28,000Paid the account balances to Hyzel Company and Nicanor Poultry Farms as evidenced byofficial receipts from the suppliersPaid the following expenses as evidenced by various official receipts and other businessdocuments receipts:5Php2,500Php3,0008101215Rental for the monthPhp 4,0006,0005,0002,00010,000Light and waterTaxes and licensesGasoline and oilSalaries and wages of the workersCollected 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. Madea 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 receiptsRestaurants and bakeries evidence bycharge invoiceWithdrew Php15,000 for her personal use.Made a partial payment of Php30,000 to Nicanor Poultry Farm; Received a partial collectionfrom the sale on December 22 amounting to Php45,000; paid the salaries of the workers,Php12,000182022Php 32,00080,00026304- Activity Instructions1. 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:CashAccounts receivableOffice furniture and fixturesAccounts payableYvone Iris Salcedo, CapitalYvone Iris Salcedo, DrawingSalesPurchasesStore supplies expenseOffice supplies expenseUtilities expenseTaxes and licenseGasoline and oilSalaries and wagesRent expenseBusiness TransactionsYvone Iris Salcedo opened her small poultry products business with the approved tradename 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 asDec12

General Journal This one of the basic process in accounts to enter the transaction details in the…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

100%

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

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