Dec 2. Invested P120,000 to start an accounting practice, Emily Cruz, Accountant 2.Paid monthly office rent, P5,000. 3. Paid cash for an Apple computer, P30,000. The computer is expected to remain in service for 5 years. 4. Purchased office furniture on account, P36,000. The furniture should last for five years. 5.Purchased supplies on account, P3,000 9. Performed tax service for a client and received cash for the full amount of P8,000, 12. Paid utility expenses, P2,000 18. Performed consulting service for a client on account, P17,000 21. Received P9,000 in advance tax work to be performed evenly over the next 30 days. 21. Hired a secretary to be paid P15,000 on the 20th day of each month. 26. Paid for the supplies purchased on December 5 28. Collected P6,000 from the consulting client on Dec3mber 18. 30. Withdrew P16,000 for personal use. Required:
Dec 2. Invested P120,000 to start an accounting practice, Emily Cruz, Accountant 2.Paid monthly office rent, P5,000. 3. Paid cash for an Apple computer, P30,000. The computer is expected to remain in service for 5 years. 4. Purchased office furniture on account, P36,000. The furniture should last for five years. 5.Purchased supplies on account, P3,000 9. Performed tax service for a client and received cash for the full amount of P8,000, 12. Paid utility expenses, P2,000 18. Performed consulting service for a client on account, P17,000 21. Received P9,000 in advance tax work to be performed evenly over the next 30 days. 21. Hired a secretary to be paid P15,000 on the 20th day of each month. 26. Paid for the supplies purchased on December 5 28. Collected P6,000 from the consulting client on Dec3mber 18. 30. Withdrew P16,000 for personal use. Required:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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21. Keceived P9,000 in advance tax work to be pertormed evenly over the next 30 days.
21. Hired a secretary to be paid P15,000 on the 20th day of each month.
26. Paid for the supplies purchased on December 5
28. Collected P6,000 from the consulting client on Dec3mber 18.
30. Withdrew P16,000 for personal use.
Required:
1. Journalize the above transactions.
2. Post to the ledger
3. Prepare a trial balance
4. Prepare adjusting entries from the following information:
a. Accrued service revenue, P4,000
b. Earned a portion of the service revenue collected in advance collected in advance
on December 21,
c. Supplies on hand, P1,000
d. Depreciation expense - equipment, P500; furniture, P600.
Accrued expenses for secretary salary.
е.
5. Prepare adjusted trial balance.
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Salary Payable
Depreciation exp-eqpt
Depreciation exp-furniture
202
504
Unearned Service Revenue
203
505
Dec 2. Invested P120,000 to start an accounting practice, Emily Cruz, Accountant
2.Paid monthly office rent, P5,000.
3. Paid cash for an Apple computer, P30,000. The computer is expected to remain in service for
5 years.
4. Purchased office furniture on account, P36,000. The furniture should last for five years.
5.Purchased supplies on account, P3,000
9. Performed tax service for a client and received cash for the full amount of P8,000,
12. Paid utility expenses, P2,000
18. Performed consulting service for a client on account, P17,000
21. Received P9,000 in advance tax work to be performed evenly over the next 30 days.
21. Hired a secretary to be paid P15,000 on the 20th day of each month.
26. Paid for the supplies purchased on December 5
28. Collected P6,000 from the consulting client on Dec3mber 18.
30. Withdrew P16,000 for personal use.
Required:
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ds English (United States)
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