Dr. Evita Pajanustan, a CPA and PHD graduate of Harvard University, USA opened a consultancy firm on March 1 by leasing an office space. She invested cash of P500,000 and Furniture and Fixtures of P175,000. Additional transactions for March are as follows: March 3. Purchased a Computer costing P80,000. Paid 50% and promised to pay the balanced after 15 days. Paid for publication in a newspaper of the opening of the consultancy firm, P15,000. Purchased office supplies and paid P15,000. 5. 8. 9. Installed a set of accounting software for P350,000 and issued a promissory note. 10. Rendered tax services to clients who paid cash of P52,550. 11. Made a 50% payment on the balance owed for the purchase of equipment on March 3. 12. Conducted a two day seminar on the system and procedure for the computerized inventory system of Asia Hospital. Collected P150,000. 13. Billed Goldman Rubber Tires P30,000 for a one-day seminar on budget preparation. 15. Prudential Bank approved a 12% five year loan for P20,000 for the purchase of a condominium unit for residential purposes Paid for the salaries of staff, P75,000. 15. 18. Withdrew cash for personal use, P 15,000. 20. Various accounting and auditing services collected in cash, P110,000. 22. Purchased furniture and fixtures from Battazar Furnishing on account, P32,000. 25. Paid for the amount owed on the accounting software. 26. CFC,a food processing company, requested Dr. Pajanustan to set up a merger plan for CFC and Arcy Dairy. Dr. Pajanustan charged CFC, P250,000. 27. Goldman paid 50%. 28. Paid P50,000 for the monthly rent, including utilities of P5,000 29. Supplies used up amounted to P12,500. 31. Returned some pieces of defective fixtures to Baltazar Furnishings which was deducted from the account of the business, P2,000.
Dr. Evita Pajanustan, a CPA and PHD graduate of Harvard University, USA opened a consultancy firm on March 1 by leasing an office space. She invested cash of P500,000 and Furniture and Fixtures of P175,000. Additional transactions for March are as follows: March 3. Purchased a Computer costing P80,000. Paid 50% and promised to pay the balanced after 15 days. Paid for publication in a newspaper of the opening of the consultancy firm, P15,000. Purchased office supplies and paid P15,000. 5. 8. 9. Installed a set of accounting software for P350,000 and issued a promissory note. 10. Rendered tax services to clients who paid cash of P52,550. 11. Made a 50% payment on the balance owed for the purchase of equipment on March 3. 12. Conducted a two day seminar on the system and procedure for the computerized inventory system of Asia Hospital. Collected P150,000. 13. Billed Goldman Rubber Tires P30,000 for a one-day seminar on budget preparation. 15. Prudential Bank approved a 12% five year loan for P20,000 for the purchase of a condominium unit for residential purposes Paid for the salaries of staff, P75,000. 15. 18. Withdrew cash for personal use, P 15,000. 20. Various accounting and auditing services collected in cash, P110,000. 22. Purchased furniture and fixtures from Battazar Furnishing on account, P32,000. 25. Paid for the amount owed on the accounting software. 26. CFC,a food processing company, requested Dr. Pajanustan to set up a merger plan for CFC and Arcy Dairy. Dr. Pajanustan charged CFC, P250,000. 27. Goldman paid 50%. 28. Paid P50,000 for the monthly rent, including utilities of P5,000 29. Supplies used up amounted to P12,500. 31. Returned some pieces of defective fixtures to Baltazar Furnishings which was deducted from the account of the business, P2,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Give the posting to the ledger table
Transcribed Image Text:Dr. Evita Pajanustan, a CPA and PHD graduate of Harvard University, USA opened a
consultancy firm on March 1 by leasing an office space. She invested cash of P500,000 and
Furniture and Fixtures of P175,000. Additional transactions for March are as follows:
March
3.
Purchased a Computer costing P80,000. Paid 50% and promised to pay the balanced
after 15 days.
Paid for publication in a newspaper of the opening of the consultancy firm, P15,000.
Purchased office supplies and paid P15,000.
5.
8.
9.
Installed a set of accounting software for P350,000 and issued a promissory note.
Rendered tax services to clients who paid cash of P52,550.
10.
11.
Made a 50% payment on the balance owed for the purchase of equipment on March 3.
12. Conducted a two day seminar on the system and procedure for the computerized
inventory system of Asia Hospital. Collected P150,000.
13. Billed Goldman Rubber Tires P30,000 for a one-day seminar on budget preparation.
15. Prudential Bank approved a 12% five year loan for P20,000 for the purchase of a
condominium unit for residential purposes
15.
Paid for the salaries of staff, P75,000.
18. Withdrew cash for personal use, P 15,000.
20. Various accounting and auditing services collected in cash, P110,000.
22. Purchased furniture and fixtures from Battazar Furnishing on account, P32,000.
25. Paid for the amount owed on the accounting software.
26. CFC,a food processing company, requested Dr. Pajanustan to set up a merger plan for
CFC and Arcy Dairy. Dr. Pajanustan charged CFC, P250,000.
27. Goldman paid 50%.
28. Paid P50,000 for the monthly rent, including utilities of P5,000
29. Supplies used up amounted to P12,500.
31. Returned some pieces of defective fixtures to Baltazar Furnishings which was
deducted from the account of the business, P2,000.
Required: Analyze the above transactions using
1. Copy clear format
2. T - Account
3. Journal Entries
4. Posting to the Ledger
5. Trial Balance
6. Income Statement
7. Statement of Changes in
Owner's Equity
8. Balance Sheet
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education