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and used it to open a new account in the náme of Montero Plumbing. April Acquired a service vehicle costing P81,000. A April payment of P17,500 in cash was made and a note payable given for the P63,500 remainder. April Paid rent for the month, P7,150 3 1, 2.

and used it to open a new account in the náme of Montero Plumbing. April Acquired a service vehicle costing P81,000. A April payment of P17,500 in cash was made and a note payable given for the P63,500 remainder. April Paid rent for the month, P7,150 3 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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journal analysis
PROBLEM John Montero, opened a plumbing service, Montero Plumbing. Operations began on April 21, 2021, and the following transactions were completed during the month: 田 Withdrew P67,000 from a personal savings account April and used it to open a new account in the name of Montero Plumbing. Acquired a service vehicle April payment of P17,500 in cash was made and a note osting P81,000. A payable given for the P63,500 remainder. April Paid rent for the month, P7,150 April Acquired plumbing supplies on account P15,700. 6. April Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000. April Cash in the amount of P18,350 was received for plumbing services rendered on the same day April Acquired additional plumbing supplies for cash, 6. P8,050 2.
Transcribed Image Text:PROBLEM John Montero, opened a plumbing service, Montero Plumbing. Operations began on April 21, 2021, and the following transactions were completed during the month: 田 Withdrew P67,000 from a personal savings account April and used it to open a new account in the name of Montero Plumbing. Acquired a service vehicle April payment of P17,500 in cash was made and a note osting P81,000. A payable given for the P63,500 remainder. April Paid rent for the month, P7,150 April Acquired plumbing supplies on account P15,700. 6. April Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000. April Cash in the amount of P18,350 was received for plumbing services rendered on the same day April Acquired additional plumbing supplies for cash, 6. P8,050 2.
April Paid salaries, P11,600. 11 April Rendered plumbing services and billed the customer, 15 P42,200. April Paid P5,700 of the amount owed from the 16 transaction of April 6 April Paid miscellaneous expenses, P4,300 19 April Collected P21,000 from the customer on the April 20 15 transaction April The owner withdrew P14,500 from the business 21 April Paid salaries, P14,100 22 April Paid the first installment of the note payable, 24 P3,850. April Paid telephone expense, P1,250. 25 April Billed the Bel Company for plumbing services 27 rendered, P14,150
Transcribed Image Text:April Paid salaries, P11,600. 11 April Rendered plumbing services and billed the customer, 15 P42,200. April Paid P5,700 of the amount owed from the 16 transaction of April 6 April Paid miscellaneous expenses, P4,300 19 April Collected P21,000 from the customer on the April 20 15 transaction April The owner withdrew P14,500 from the business 21 April Paid salaries, P14,100 22 April Paid the first installment of the note payable, 24 P3,850. April Paid telephone expense, P1,250. 25 April Billed the Bel Company for plumbing services 27 rendered, P14,150
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