ASSIMILATION You and your two friends have put up a small editorial service company. As the only accountant in your group, you are assigned to do the accounting of your company's financial transactions. Below is the record of transactions in the past weeks since the company started its operation. 15 February The owner made an initial investment of P200,000.00 16 February Purchased computer units worth P75,000.00. 17 February Paid rent worth P10,000.00 for the office unit to be used for the business 18 February Purchased table and chair sets worth P9,000.00. 19 February Rendered services to eight graduating students who wanted their research papers edited for P3,000.00 each Purchased office supplies worth P5,000.00 on account 20 February Rendered services to a client worth P15,000.00 on account Payment of P5,000.00 was paid by the client Paid the office supplies purchased on 19 February 21 - 23 February Cash revenues from operations for these dates: P12,000.00, P11,350.00, P16,000.00, respectively 24 February One of the owners made a withdrawal from the investment amounting to P25,000.00 for personal use 25 - 28 FebruaryCash revenues from operations on these dates: P12,500.00, P13,650.00, P15,500.00, P14,350.00, respectively REQUIREMENTS: 1. Journal Entries, 2. Posting to the ledger using the T-account, and 3. Unadjusted Trial Balance.
ASSIMILATION You and your two friends have put up a small editorial service company. As the only accountant in your group, you are assigned to do the accounting of your company's financial transactions. Below is the record of transactions in the past weeks since the company started its operation. 15 February The owner made an initial investment of P200,000.00 16 February Purchased computer units worth P75,000.00. 17 February Paid rent worth P10,000.00 for the office unit to be used for the business 18 February Purchased table and chair sets worth P9,000.00. 19 February Rendered services to eight graduating students who wanted their research papers edited for P3,000.00 each Purchased office supplies worth P5,000.00 on account 20 February Rendered services to a client worth P15,000.00 on account Payment of P5,000.00 was paid by the client Paid the office supplies purchased on 19 February 21 - 23 February Cash revenues from operations for these dates: P12,000.00, P11,350.00, P16,000.00, respectively 24 February One of the owners made a withdrawal from the investment amounting to P25,000.00 for personal use 25 - 28 FebruaryCash revenues from operations on these dates: P12,500.00, P13,650.00, P15,500.00, P14,350.00, respectively REQUIREMENTS: 1. Journal Entries, 2. Posting to the ledger using the T-account, and 3. Unadjusted Trial Balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ASSIMILATION You and your two friends have put up a small editorial service company. As the only
accountant in your group, you are assigned to do the accounting of your company's financial transactions.
Below is the record of transactions in the past weeks since the company started its operation.
15 February
The owner made an initial investment of P200,000.00
16 February
Purchased computer units worth P75,000.00.
17 February
Paid rent worth P10,000.00 for the office unit to be used for the business
18 February
Purchased table and chair sets worth P9,000.00.
Rendered services to eight graduating students who wanted their research papers edited
for P3,000.00 each
19 February
Purchased office supplies worth P5,000.00 on account
20 February
Rendered services to a client worth P15,000.00 on account
Payment of P5,000.00 was paid by the client
Paid the office supplies purchased on 19 February
21-23 February Cash revenues from operations for these dates: P12,000.00, P11,350.00, P16,000.00.,
respectively
24 February
One of the owners made a withdrawal from the investment amounting to P25,000.00 for
personal use
25 - 28 FebruaryCash revenues from operations on these dates: P12,500.00, P13,650.00, P15,500.00,
P14,350.00, respectively
REQUIREMENTS:
1. Journal Entries,
2. Posting to the ledger using the T-account, and
3. Unadjusted Trial Balance.
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