Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the month of January 2020, Menorca completed the following transactions:Started his business by transferring Php 90,000 of his personal money to the business bank account;Paid rent for the month, Php 12,000;Purchased several equipment for Php 40,000; made a down payment of Php 20,000 and arranged to pay the balance the following month;Bought supplies for cash amounting to Php 6,000;Performed services amounting to Php 70,000 of which Php 40,000 was received in cash;Paid the following cash expenses: wages, Php 20,000; utilities, Php 6,000. REQUIRED:Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; D. Menorca, Capital; Service Revenue; Wages Expense; Rent Expense; Utilities ExpenseRecord the transactions in a journal using the account titles above.Post the transactions to its individual ledger accounts.Prepare the unadjusted trial balance as of January 31, 2020.

Name: Donato Menorca was a service advisor in a car dealership. He supervise
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Description: Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the mont

Journal is the recording of financial transactions and posting these transactions in ledgers helps…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the month of January 2020, Menorca completed the following transactions:

Started his business by transferring Php 90,000 of his personal money to the business bank account;
Paid rent for the month, Php 12,000;
Purchased several equipment for Php 40,000; made a down payment of Php 20,000 and arranged to pay the balance the following month;
Bought supplies for cash amounting to Php 6,000;
Performed services amounting to Php 70,000 of which Php 40,000 was received in cash;
Paid the following cash expenses: wages, Php 20,000; utilities, Php 6,000.

REQUIRED:

Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; D. Menorca, Capital; Service Revenue; Wages Expense; Rent Expense; Utilities Expense

Record the transactions in a journal using the account titles above.
Post the transactions to its individual ledger accounts.
Prepare the unadjusted trial balance as of January 31, 2020.

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