PROBLEM After several years with a large accounting firm, Salvacion Capistrano decided to establish her own accounting practice. The following transactuons of Salvacion Capistrano, CPA, were complete during May 2004: • May 2 - Transferred P92,500 cash from a personal savings account to a checking account, Salvacion Capistrano, CPA. • May 3 - Acquired office equipment on account from Gicain Furniture, P36,800.• May 4 - Acquired office supplies on account from Lorenzo Office Supply Company, P17,100.• May 6 - Performed accounting services for Cayaco Computer Company and submitted a bill of P29,200 for those services.• May 7 - Paid for accounting and tax books for use in the practice, P19,500.• May 8 - Paid Lorenzo Office Supply Company, P4,100 on account.• May 10 - Acquired a condominium unit for the accounting practice, P265,500. A down payment of P38,000 was made and issued a note payable for the remaining P227,000.• May 12 - Paid salaries, P14,200.• May 13 - receive P9,750 from Cayaco Computer Company, billed on May 6.• May 16 - Paid telephone expense, P650. • May 19 - Received cash in the amount of P14,600 from Ponferada Book Company for accounting services rendered for the month.• May 22 - Acquired office supplies on account from Lorenzo Office Supply Company, P4,650.• May 23 - Withdrew P8,150 for personal use.• May 25 - Paid salaries, P10,300.• May 26 - Billed Bosante Exporters P31,600 for accounting services rendered.• May 27 - Paid PICPA-Tacloban P5,500 for professional dues.• May 28 - Paid P3,250 rent on an office-copying machine. REQUIRED • Prepare the journal entries for the May transactions. • Post the entries to the ledger accounts using account numbers or cross-reference and using journal page number 1. The following accounts will be needed: Cash (101); Accounts Receivable (120); Office Supplies (130); Office Condominium (140); Office Equipment (150); Accounting Library (160); Notes Payable (210); Accounts Payable (220); Capistrano, Capital (310); Capistrano, Withdrawals (320); Accounting Revenue (410); Salaries Expense (510); Rent Expense (520); Telephone Expense (530); and Professional Dues Expense (540). • Prepare a trial balance. PROBLEMAfter several years with a large accounting firm, Şalvacion Capistrano decided to establish herown accounting practice. The following transactions of Şalvacion Capistrano, CPA, werecomplete during May 2004:• May 2 - Transferred P92,500 cash from a personal savings account to a checking account,Şalvacion Capistrano, CPA.• May 3 - Acquired office equipment on account from Gicain Furniture, P36,800.• May 4 - Acquired office supplies on account from Lorenzo Office Supply Company, P17,100.• May 6 - Performed accounting services for Çayaço Computer Company and submitted a bill ofP29,200 for those services.• May 7 - Paid for accounting and tax books for use in the practice, P19,500.• May 8 - Paid Lorenzo Office Supply Company, P4,100 on account.• May 10 - Acquired a condominium unit for the accounting practice, P265,500. A downpayment of P38,000 was made and issued a note payable for the remaining P227,000.• May 12 - Paid salaries, P14,200.May 13 - receive P9,750 from Cayaco Computer Company, billed on May 6.• May 16 - Paid telephone expense, P650.• May 19 - Received cash in the amount of P14,600 from Ponferada Book Company foraccounting services rendered for the month.• May 22 - Acquired office supplies on account from Lorenzo Office Supply Company, P4,650.• May 23 - Withdrew P8,150 for personal use.• May 25 - Paid salaries, P10,300.• May 26 - Billed Bosante Exporters P31,600 for accounting services rendered.• May 27 - Paid PICPA-Tacloban P5,500 for professional dues.• May 28 - Paid P3,250 rent on an office-copying machine.REQUIRED• Prepare the journal entries for the May transactions.• Post the entries to the ledger accounts using account numbers or cross-reference and usingjournal page number 1. The following accounts will be needed: Cash (101); Accounts Receivable(120); Office Supplies (130); Office Condominium (140); Office Equipment (150); AccountingLibrary (160); Notes Payable (210); Accounts Payable (220); Capistrano, Capital (310);Capistrano, Withdrawals (320); Accounting Revenue (410); Salaries Expense (510); RentExpense (520); Telephone Expense (530); and Professional Dues Expense (540).• Prepare a trial balance.

A journal entry is a form of accounting entry that is used to report a business transaction in a…

After several years with a large accounting firm, Şalvacion Capistrano decided to establish her own accounting practice. The following transactions of Şalyacion Capistrano, CPA, were complete during May 2004: • May 2 - Transferred P92,500 cash from a personal savings account to a checking account, Salvacion Capistrano, CPA. • May 3 - Acquired office equipment on account from Gicain Furniture, P36,800. • May 4 - Acquired office supplies on account from Lorenzo Office Supply Company, P17,100. • May 6 - Performed accounting services for Cayaco Computer Company and submitted a bill c P29,200 for those services. • May 7 - Paid for accounting and tax books for use in the practice, P19,500. • May 8 - Paid Lorenzo Office Supply Company, P4,100 on account. • May 10 - Acquired a condominium unit for the accounting practice, P265,500. A down payment of P38,000 was made and issued a note payable for the remaining P227,000. • May 12 - Paid salaries, P14,200. • May 13 - receive P9,750 from Cayaco Computer Company, billed on May 6. • May 16 - Paid telephone expense, P650. • May 19 - Received cash in the amount of P14,600 from Ponferada Book Company for accounting services rendered for the month. • May 22 - Acquired office supplies on account from Lorenzo Office Supply Company, P4,650. • May 23 - Withdrew P8,150 for personal use. • May 25 - Paid salaries, P10,300. • May 26 - Billed Bosante Exporters P31,600 for accounting services rendered. • May 27 - Paid PICPA-Tacloban P5,500 for professional dues. • May 28 - Paid P3,250 rent on an office-copying machine. REQUIRED • Prepare the journal entries for the May transactions. • Post the entries to the ledger accounts using account numbers or cross-reference and using journal page number 1. The following accounts will be needed: Cash (101); Accounts Receivabl (120); Office Supplies (130); Office Condominium (140); Office Equipment (150); Accounting Library (160); Notes Payable (210); Accounts Payable (220); Capistrano, Capital (310); Capistrano, Withdrawals (320); Accounting Revenue (410); Salaries Expense (510); Rent Expense (520); Telephone Expense (530); and Professional Dues Expense (540). • Prepare a trial balance.