Directions: Do the task listed below using the transactions of Matapang Company for December 2019. Write your answers on a separate sheet of paper. 1. Prepare the journal entries. 2. Post each transaction to its ledger account. 3. Prepare the trial balance. 4. Use the provided account numbers. Ralph Matapang established Happy Repair Business. The following are the transactions for the month of December 2019. Dec. 1 He invested P150,000 in the firm. 2. He paid P8,000 for monthly rent. He bought supplies on account amounting to P7,200. He purchased office equipment amounting to P75,000, paid P37,000 and the balance on account. 2. 3. He paid accounts payable for supplies purchased worth P7,200. He paid P6,000 for the salary of an employee. He received P20,000 for services rendered. 8. 14. 20. 28. He billed clients P48,000 for services on account. 31. Matapang withdrew P12,000 for his personal use. 101 Cash 302 Matapang, Drawings 102 Accounts Receivable 401 Service Revenue 501 Salaries Expense 103 Supplies 104 Office Equipment 201 Accounts Payable 301 Matapang, Capital 502 Rent Expense 503 Utilities Expense 504 Other Expense

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Directions: Do the task listed below using the transactions of Matapang Company
for December 2019. Write your answers on a separate sheet of paper.
1. Prepare the journal entries.
2. Post each transaction to its ledger account.
3. Prepare the trial balance.
4. Use the provided account numbers.
Ralph Matapang established Happy Repair Business. The following are the
transactions for the month of December 2019.
Dec.
1
He invested P150,000 in the firm.
He paid P8,000 for monthly rent.
He bought supplies on account amounting to P7,200.
He purchased office equipment amounting to P75,000, paid
P37,000 and the balance on account.
2.
2.
3.
He paid accounts payable for supplies purchased worth P7,200.
He paid P6,000 for the salary of an employee.
8.
14.
20.
He received P20,000 for services rendered.
28.
He billed clients P48,000 for services on account.
31.
Matapang withdrew P12,000 for his personal use.
101 Cash
302 Matapang, Drawings
102 Accounts Receivable
401 Service Revenue
501 Salaries Expense
103 Supplies
104 Office Equipment
502 Rent Expense
201 Accounts Payable
503 Utilities Expense
301 Matapang, Capital
504 Other Expense
Transcribed Image Text:Directions: Do the task listed below using the transactions of Matapang Company for December 2019. Write your answers on a separate sheet of paper. 1. Prepare the journal entries. 2. Post each transaction to its ledger account. 3. Prepare the trial balance. 4. Use the provided account numbers. Ralph Matapang established Happy Repair Business. The following are the transactions for the month of December 2019. Dec. 1 He invested P150,000 in the firm. He paid P8,000 for monthly rent. He bought supplies on account amounting to P7,200. He purchased office equipment amounting to P75,000, paid P37,000 and the balance on account. 2. 2. 3. He paid accounts payable for supplies purchased worth P7,200. He paid P6,000 for the salary of an employee. 8. 14. 20. He received P20,000 for services rendered. 28. He billed clients P48,000 for services on account. 31. Matapang withdrew P12,000 for his personal use. 101 Cash 302 Matapang, Drawings 102 Accounts Receivable 401 Service Revenue 501 Salaries Expense 103 Supplies 104 Office Equipment 502 Rent Expense 201 Accounts Payable 503 Utilities Expense 301 Matapang, Capital 504 Other Expense
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