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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:

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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Font Paragraph Styles 12 3 I 14. 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. ords E Engish jUnited Statest DFocus
Transcribed Image Text:Font Paragraph Styles 12 3 I 14. 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. ords E Engish jUnited Statest DFocus
FINACCRE 1-Saved to this P OSearch (Alt-Q Sign in ert Draw Design Layout References Mailings Review View Help Calibri (Body) A A Aa Ap E-E-E- EE T 11 AaßbCcDe AaBbCcD AaBbCcDe AaBbC AaBbCcC AaB 11 No Spac. No Spacin. Heading 1 Heading 2 BIU- ab x, x A- 2 A- 三三国。 、田、 T Normal Title Font Paragraph Styles 15 4 .1 10 11 12. 3. 14 15 16. 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: O Focus ds English (United States)
Transcribed Image Text:FINACCRE 1-Saved to this P OSearch (Alt-Q Sign in ert Draw Design Layout References Mailings Review View Help Calibri (Body) A A Aa Ap E-E-E- EE T 11 AaßbCcDe AaBbCcD AaBbCcDe AaBbC AaBbCcC AaB 11 No Spac. No Spacin. Heading 1 Heading 2 BIU- ab x, x A- 2 A- 三三国。 、田、 T Normal Title Font Paragraph Styles 15 4 .1 10 11 12. 3. 14 15 16. 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: O Focus ds English (United States)
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