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Business
Accounting
August 1, 2020 - Opened an account with PNB amounting to P400,000. August 2, 2020 – Bought Laundry Equipment costing P200,000, paying cash of P120,000 and issued a note for the balance. August 3, 2020 – Paid the business permits and business registration paying a total of P5,300. August 4, 2020- Paid the following: Rental for 6 months at P2,000 per month Cost of renovation of the rented office (Leasehold Improvements) P20,000, August 5, 2020 - Acquired a second-hand delivery van on credit P120,000. August 8, 2020- Bought various laundry supplies on account amounting to P15,000 August 10, 2020- Rendered services to various customers for cash P7,500 August 11, 2020- Billed Medical Hospital for the services rendered from Aug. 4-10, amounting to P40,000 August 14, 2020- Paid PLDT for the telephone subscription for the month of August P990. August 15, 2020- Paid the 1st half salary of the staff P5,000, August 16, 2020- Paid the personal loan of Giles amounting to P10,000, August 20, 2020- Paid the month rental amounting to P6,650 net of 5% withholding tax. August 25, 2020-Collected cash from Medical Hospital amounting to P40,000, August 26, 2020- Deposited to bank cash received from customers for services rendered P16,200, August 28, 2020- Paid in full the account on Aug. 8. August 29, 2020 – Paid partial for the delivery van bought on Aug. 5 amounting to P60,000. August 31, 2020- Paid the 2nd half salary of staff P4,500, net of SSS premium w/holding of P300 and Philhealth premium withholding of P200

August 1, 2020 - Opened an account with PNB amounting to P400,000. August 2, 2020 – Bought Laundry Equipment costing P200,000, paying cash of P120,000 and issued a note for the balance. August 3, 2020 – Paid the business permits and business registration paying a total of P5,300. August 4, 2020- Paid the following: Rental for 6 months at P2,000 per month Cost of renovation of the rented office (Leasehold Improvements) P20,000, August 5, 2020 - Acquired a second-hand delivery van on credit P120,000. August 8, 2020- Bought various laundry supplies on account amounting to P15,000 August 10, 2020- Rendered services to various customers for cash P7,500 August 11, 2020- Billed Medical Hospital for the services rendered from Aug. 4-10, amounting to P40,000 August 14, 2020- Paid PLDT for the telephone subscription for the month of August P990. August 15, 2020- Paid the 1st half salary of the staff P5,000, August 16, 2020- Paid the personal loan of Giles amounting to P10,000, August 20, 2020- Paid the month rental amounting to P6,650 net of 5% withholding tax. August 25, 2020-Collected cash from Medical Hospital amounting to P40,000, August 26, 2020- Deposited to bank cash received from customers for services rendered P16,200, August 28, 2020- Paid in full the account on Aug. 8. August 29, 2020 – Paid partial for the delivery van bought on Aug. 5 amounting to P60,000. August 31, 2020- Paid the 2nd half salary of staff P4,500, net of SSS premium w/holding of P300 and Philhealth premium withholding of P200

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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August 1, 2020 - Opened an account with PNB amounting to P400,000. August 2, 2020 - Bought Laundry Equipment costing P200,000, paying cash of P120,000 and issued a note for the balance. August 3, 2020 – Paid the business permits and business registration paying a total of P5,300. August 4, 2020- Paid the following: Rental for 6 months at P2,000 per month Cost of renovation of the rented office (Leasehold Improvements) P20,000 August 5, 2020 - Acquired a second-hand delivery van on credit P120,000. August 8, 2020- Bought various laundry supplies on account amounting to P15,000 August 10, 2020- Rendered services to various customers for cash P7,500 August 11, 2020- Billed Medical Hospital for the services rendered from Aug. 4-10, amounting to P40,000. August 14, 2020- Paid PLDT for the telephone subscription for the month of August P990. August 15, 2020- Paid the 1st half salary of the staff P5,000. August 16, 2020- Paid the personal loan of Giles amounting to P10,000. August 20, 2020- Paid the month rental amounting to P6,650 net of 5% withholding tax. August 25, 2020-Collected cash from Medical Hospital amounting to P40,000. August 26, 2020- Deposited to bank cash received from customers for services rendered P16,200. August 28, 2020- Paid in full the account on Aug. 8. August 29, 2020 – Paid partial for the delivery van bought on Aug. 5 amounting to P60,000. August 31, 2020- Paid the 2nd half salary of staff P4,500, net of SSS premium w/holding of P300 and Philhealth premium withholding of P200
Transcribed Image Text:August 1, 2020 - Opened an account with PNB amounting to P400,000. August 2, 2020 - Bought Laundry Equipment costing P200,000, paying cash of P120,000 and issued a note for the balance. August 3, 2020 – Paid the business permits and business registration paying a total of P5,300. August 4, 2020- Paid the following: Rental for 6 months at P2,000 per month Cost of renovation of the rented office (Leasehold Improvements) P20,000 August 5, 2020 - Acquired a second-hand delivery van on credit P120,000. August 8, 2020- Bought various laundry supplies on account amounting to P15,000 August 10, 2020- Rendered services to various customers for cash P7,500 August 11, 2020- Billed Medical Hospital for the services rendered from Aug. 4-10, amounting to P40,000. August 14, 2020- Paid PLDT for the telephone subscription for the month of August P990. August 15, 2020- Paid the 1st half salary of the staff P5,000. August 16, 2020- Paid the personal loan of Giles amounting to P10,000. August 20, 2020- Paid the month rental amounting to P6,650 net of 5% withholding tax. August 25, 2020-Collected cash from Medical Hospital amounting to P40,000. August 26, 2020- Deposited to bank cash received from customers for services rendered P16,200. August 28, 2020- Paid in full the account on Aug. 8. August 29, 2020 – Paid partial for the delivery van bought on Aug. 5 amounting to P60,000. August 31, 2020- Paid the 2nd half salary of staff P4,500, net of SSS premium w/holding of P300 and Philhealth premium withholding of P200
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