D. Journalizing and Posting Direction: Journalize the following transactions using the general journal provided; then post in the general ledger. D. Fernando began a real estate agency called, "Fernando Real Estate Agency" and during May of the current year, he completed the following transactions: 1- Began his business by investing P 125,000 cash. May 2- Purchased the following assets from L. Guillen: office equipment, P 35,000; building, P 150,000 and land, P 100,000, Gave P 25,000 cash and signed a mortgage contract agreement to pay the balance over a period of one year. 5- Purchased an automobile, P 200,000 on credit from V. Vargas. 8- Earned and collected P 36,000 commission from sale of a house. 9- Purchased P 1,300 office supplies and P 5,400 additional office equipment from G. Diaz on credit. 15- Paid the salary of the office clerk, P 5,500. 16- Completed property management services for R. Arevalo on credit and billed him for the services performed, P 15,000. 18- Paid G Diaz P 2,000 as partial payment of the account due to him. 20- Received the payment from A. Arevalo for services rendered to him. 22- Purchased P 1,000 office supplies from D. Bonnevie for cash. 23- Earned and collected P 26,000 commission from the sale of property. 26- Paid the newspaper advertising that had appeared, P 4,500. 28- Paid the telephone bill, P 1,750. 30 Withdrew P 10,000 for personal use. 30- Paid the salary of the office clerk, P 5,500.
D. Journalizing and Posting Direction: Journalize the following transactions using the general journal provided; then post in the general ledger. D. Fernando began a real estate agency called, "Fernando Real Estate Agency" and during May of the current year, he completed the following transactions: 1- Began his business by investing P 125,000 cash. May 2- Purchased the following assets from L. Guillen: office equipment, P 35,000; building, P 150,000 and land, P 100,000, Gave P 25,000 cash and signed a mortgage contract agreement to pay the balance over a period of one year. 5- Purchased an automobile, P 200,000 on credit from V. Vargas. 8- Earned and collected P 36,000 commission from sale of a house. 9- Purchased P 1,300 office supplies and P 5,400 additional office equipment from G. Diaz on credit. 15- Paid the salary of the office clerk, P 5,500. 16- Completed property management services for R. Arevalo on credit and billed him for the services performed, P 15,000. 18- Paid G Diaz P 2,000 as partial payment of the account due to him. 20- Received the payment from A. Arevalo for services rendered to him. 22- Purchased P 1,000 office supplies from D. Bonnevie for cash. 23- Earned and collected P 26,000 commission from the sale of property. 26- Paid the newspaper advertising that had appeared, P 4,500. 28- Paid the telephone bill, P 1,750. 30 Withdrew P 10,000 for personal use. 30- Paid the salary of the office clerk, P 5,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Answer the ff accounting problem. Use this chart of account, Mke it in 2 column
Transcribed Image Text:Analyze the following transaction in activity letter D using the following chart of
Accounts: Cash, Accounts, Receivable, office supplies, Office Equipment,
Transportation Equipment, Land, Building. Accounts Payable, Mortgage Payable, D.
Fernando, Capital, D.Fernando,
Commission Income. Property
Management Service, Salary Expense, Advertising Expense. Telephone and
Communication Expense.
Personal
Transcribed Image Text:D. Journalizing and Posting
Direction: Journalize the following transactions using the general journal provided; then
post in the general ledger,
D. Fernando began a real estate agency called, "Fernando Real Estate Agency" and
during May of the current year, he completed the following transactions:
1- Began his business by investing P 125,000 cash.
May
2 Purchased the following assets from L. Guillen: office equipment, P 35,000;
building, P 150,000 and land, P 100,000. Gave P 25,000 cash and signed a
mortgage contract agreement to pay the balance over a period of one year.
Purchased an automobile, P 200,000 on credit from V. Vargas.
Earned and collected P 36,000 commission from sale of a house.
Purchased P 1,300 office supplies and P 5,400 additional office equipment
from G. Diaz on credit.
Paid the salary of the office clerk, P 5,500.
Completed property management services for R. Arevalo on credit and billed
him for the services performed, P 15,000.
5
8
9
15
16-
18- Paid G. Diaz P 2,000 as partial payment of the account due to him.
20- Received the payment from A. Arevalo for services rendered to him.
22- Purchased P 1,000 office supplies from D. Bonnevie for cash.
23- Earned and collected P 26,000 commission from the sale of property.
26- Paid the newspaper advertising that had appeared, P 4,500.
28
Paid the telephone bill, P 1,750.
30
Withdrew P 10,000 for personal use..
30 Paid the salary of the office clerk, P 5,500.
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