Prepare the Closing Entries AprilMs. Ann Chavez, the owner of the business, transferred cashfrom personal bank account to the account of the business. P1,000,000.Purchased Plain shirts for cash, P 50,000.Bought Screen Printing Machine for notes payable, P 30,000.Bought Ink for cash, P 25,000.Bought Computer Equipment for notes payable, P 10,000.Paid water & electricity bill, P 3,500.Ms. Ann Chavez withdrew P 4,000 cash for personal use.Purchased Office Supplies for cash, P 2,000.Paid May rent for office, P 15,000.Received cash from a customer for service rendered, P3,400.Received cash from a customer for service rendered, P 4,400.Made payment on notes payable, P 40,000.Received cash from a customer for service rendered, P 6,450.Paid annual insurance policies, P 10,000.Paid salaries, P 12,000.

The closing entries are prepared to close the temporary accounts of the business. The temporary…

As. Ann Chavez, the owner of the business, transferred cash rom personal bank account to the account of the business. P ,000,000. urchased Plain shirts for cash, P 50,000. ought Screen Printing Machine for notes payable, P 30,000. Bought Ink for cash, P 25,000. Bought Computer Equipment for notes payable, P 10,000. 'aid water & electricity bill, P 3,500. As. Ann Chavez withdrew P 4,000 cash for personal use. Furchased Office Supplies for cash, P 2,000. 'aid May rent for office, P 15,000. teceived cash from a customer for service rendered, P 3,400. teceived cash from a customer for service rendered, P 4,400. Made payment on notes payable, P 40,000. Received cash from a customer for service rendered, P 6,450. aid annual insurance policies, P 10,000. Paid salaries, P12,000.

As. Ann Chavez, the owner of the business, transferred cash rom personal bank account to the account of the business. P ,000,000. urchased Plain shirts for cash, P 50,000. ought Screen Printing Machine for notes payable, P 30,000. Bought Ink for cash, P 25,000. Bought Computer Equipment for notes payable, P 10,000. 'aid water & electricity bill, P 3,500. As. Ann Chavez withdrew P 4,000 cash for personal use. Furchased Office Supplies for cash, P 2,000. 'aid May rent for office, P 15,000. teceived cash from a customer for service rendered, P 3,400. teceived cash from a customer for service rendered, P 4,400. Made payment on notes payable, P 40,000. Received cash from a customer for service rendered, P 6,450. aid annual insurance policies, P 10,000. Paid salaries, P12,000.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter5: Managing Checking And Savings Accounts

Section: Chapter Questions

Problem 1FPC

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