Total:Prepare a T-ACCOUNT, LEDGER AND TRIAL BALANCE of the givenengaging scenario: You are hired as a bookkeeper in a formal business thatdeals in catering services. The owner of the business, Lucida Macey needsyou to prepare general journal for the business. You will need to prepare ageneral journal that will show the daily record keeping of the business transaction withina month. Given below are the transaction incurred during the month. Your journalshould be accurate with complete details and information as well as brief explanation.Lucida Macey recently established her own business, which she called Macey CateringServices. During the first month of the business in May 2014, the following transactionswere completed:May 1 Deposited P19,500 of personal savings in an account at the OlongapoDevelopment Bank in the Olongapo Development Bank in the name ofMacey Catering Services.2 Acquired second- hand service vehicle costing P63,00O, paying P7,000 cash,and financing the remaining P56,000 by issuing a note payable.4 Paid rent for the month, P8,500.5 Acquired supplies on account P8,200.7 Paid for three month's insurance and recorded prepaid insurance in the amount8 Received P13,900 cash for the catering service done for St. Joseph College.9 Acquired additional supplies for cash, P7,900.12 Paid salaries for the waiters, P3,90O.16 Completed a service for BDO-Olongapo and billed the company P15,250.17 Paid P2,300 of the amount owed from the January 5 transaction.19 Paid miscellaneous expenses, P1,700.21 Withdrew cash from the business, P6,150.23 Collected P9,500 on account from BDO-Olongapo.25 Paid salaries, P4,200.27 Paid utility expense, P5,400.29 Billed the Columban College for the catering services rendered, P13,400.111 8

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Description: Total:Prepare a T-ACCOUNT, LEDGER AND TRIAL BALANCE of the givenengaging scenario: You are hired as a bookkeeper in a formal business thatdeals in catering services. The owner of the business, Lucida Macey needsyou to prepare general journal for the

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deals in catering services. The owner of the you to prepare general journal for the business. You will need to prepare a general journal that will show the daily record keeping of the business transaction within a month. Given below are the transaction incurred during the month. Your journal should be accurate with complete details and information as well as brief explanation. Cotorina

deals in catering services. The owner of the you to prepare general journal for the business. You will need to prepare a general journal that will show the daily record keeping of the business transaction within a month. Given below are the transaction incurred during the month. Your journal should be accurate with complete details and information as well as brief explanation. Cotorina

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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