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Exercises 1. Atty. Evangelista, a young lawyer, completed the following transaction during October of the current year. Oct 1- Began the practice of law by investing P20, 000 in cash and a law library having a fair value of P130, 000. 2- Purchased P32, 000 office equipment, paying P5, 000 down and giving a promissory note for the balance. 4- Purchased P1, 350 office supplies and P25, 000 office equipment from Hernan's trading on credit. 5- Completed legal work and received P4, 500 cash. 10 - Paid the salary of the secretary, P5, 000. 15- Completed legal work from R. Moore on credit and billed him, P45, 000. 15 Paid the salary of the secretary, P5, 000. 18 Paid Hernan's trading. 25 Received P15, 000 from R. Moore as partial settlement of his account. 28 zAtty. Evangelista withdrew P8, 000 cash for personal use. 30 zBilled R. Moore P10, 500 for additional legal service rendered. 31 zLaid the salary of the secretary P5, 000. Required: Journalize the foregoing transactions using a general journal. OL

Exercises 1. Atty. Evangelista, a young lawyer, completed the following transaction during October of the current year. Oct 1- Began the practice of law by investing P20, 000 in cash and a law library having a fair value of P130, 000. 2- Purchased P32, 000 office equipment, paying P5, 000 down and giving a promissory note for the balance. 4- Purchased P1, 350 office supplies and P25, 000 office equipment from Hernan's trading on credit. 5- Completed legal work and received P4, 500 cash. 10 - Paid the salary of the secretary, P5, 000. 15- Completed legal work from R. Moore on credit and billed him, P45, 000. 15 Paid the salary of the secretary, P5, 000. 18 Paid Hernan's trading. 25 Received P15, 000 from R. Moore as partial settlement of his account. 28 zAtty. Evangelista withdrew P8, 000 cash for personal use. 30 zBilled R. Moore P10, 500 for additional legal service rendered. 31 zLaid the salary of the secretary P5, 000. Required: Journalize the foregoing transactions using a general journal. OL

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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P50,000 25,000 Building 60,000 60,000 P5,000 2,500 1,100 2,550 2,480 1,200 5,000 P100,000 P500,000 Cash Equipment Exercises 1. Atty. Evangelista, a young lawyer, completed the following transaction during October of the current year: Oct. 1- Began the practice of law by investing P20, 000 in cash and a law library having a fair Tools Land P12,000 P200,000 value of P130, 000. 2- Purchased P32, 000 office equipment, paying P5, 000 down and giving a promissory note for the balance. 8,000 Advances from.Mortgage 4- Purchased P1, 350 office supplies and P25, 000 office equipment from Hernan's trading on credit. Payable Tenant P20,000 6,000 1,550 2,500 2,000 20,000 2,500 |1.250 1,100 5,000 P200,000 P25.000 5- Completed legal work and received P4, 500 cash. 10 - Paid the salary of the secretary, P5, 000. 15 - Completed legal work from R. Moore on credit and billed him, P45, 000. 15 Rents Eamed Due to ABC Co. Paid the salary of the secretary, P5, 000. ww 18 Paid Hernan's trading. P60.000 P2,000 P12,000 60,000 25 Received P15, 000 from R. Moore as partial settlement of his account. 28 Atty. Evangelista withdrew P8, 000 cash for personal use. 30 Billed R. Moore P10, 500 for additional legal service rendered. Advertisements P2,500 1,250 Utilities Earned P5,000. 2,500 31 Paid the salary of the secretary P5, 000. LACAT Required: Garbage Expense P1.100 General Expense P2,550, Insurance Expense P2,480 Journalize the foregoing transactions using a general journal. 2. Mr. Leo Cruz opened a car rental business; transactions for the first month of the operation are the following: 1,100 Interest Expense P1.200 Salaries and Wages Repairs 1 - Mr. Leo Cruz invested P80, 000 cash and five automobiles worth P200, 000 each. Notes payable to Grand Prix Motor Co. worth P600, 000 were due on the three PB.000 Oct. P5,000 5,000 Superintendence P6,000 -Supplies uşed Taxes Expense P2,500 cars. 3- P1,550. Paid a local newspaper for advertising the opening of the businessP150. Paid office rent for the month P8, 000. 4- E.T Co. capital 7- Cash received from customers for the week, P42, 000. 9 - Gas and oil bills paid, P4, 200. P650,000 10 Partial payments on notes payable, P50, 000 14 ar rental received, P38, 000. Instruction: Gas and oil bills paid, P3, 800. 19 Ofice supplies bought for cash, P1, 800. 08 15 - 20 - Car rental received, P35, 000. Get the balances of each account and prepare a trial balance for E.T Co. 21 Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding. 23 - Gas and oil bills paid, P1, 800. 25 Paid P15, 000 for repairs of automobiles. 28 Cash received from customers for the week, P31, 000. 4. The Following accounts balances are found in the ledger of Virgil Dry Cleaning on December 31, 200_ P 4,000 15,000 3,500 8,000 19,700 12,500 Licenses and Taxes 29 CollectedP1, 000 from R. Hernandez as partial settlement of his account. 30 Paid the attendant's salary, P4, 000. 31 Leo Cruz withdrew P6, 000 from the business from personal use. Required: a. Journal entries b. Posting to the general ledger. Notes Receivable Office Expense Rent Expense Office Equipment Accounts Payable - XYZ Co. Accounts Receivable - Regency Hotel 9,000 3. The following are the ledger balances of E.T Co. owner of an apartment building. Prepare a Accounts Receivable - Medical trail balance from these ledger balances: City Accounts Receivable - City Hotel 7,000 5,000 Furniture &
Transcribed Image Text:P50,000 25,000 Building 60,000 60,000 P5,000 2,500 1,100 2,550 2,480 1,200 5,000 P100,000 P500,000 Cash Equipment Exercises 1. Atty. Evangelista, a young lawyer, completed the following transaction during October of the current year: Oct. 1- Began the practice of law by investing P20, 000 in cash and a law library having a fair Tools Land P12,000 P200,000 value of P130, 000. 2- Purchased P32, 000 office equipment, paying P5, 000 down and giving a promissory note for the balance. 8,000 Advances from.Mortgage 4- Purchased P1, 350 office supplies and P25, 000 office equipment from Hernan's trading on credit. Payable Tenant P20,000 6,000 1,550 2,500 2,000 20,000 2,500 |1.250 1,100 5,000 P200,000 P25.000 5- Completed legal work and received P4, 500 cash. 10 - Paid the salary of the secretary, P5, 000. 15 - Completed legal work from R. Moore on credit and billed him, P45, 000. 15 Rents Eamed Due to ABC Co. Paid the salary of the secretary, P5, 000. ww 18 Paid Hernan's trading. P60.000 P2,000 P12,000 60,000 25 Received P15, 000 from R. Moore as partial settlement of his account. 28 Atty. Evangelista withdrew P8, 000 cash for personal use. 30 Billed R. Moore P10, 500 for additional legal service rendered. Advertisements P2,500 1,250 Utilities Earned P5,000. 2,500 31 Paid the salary of the secretary P5, 000. LACAT Required: Garbage Expense P1.100 General Expense P2,550, Insurance Expense P2,480 Journalize the foregoing transactions using a general journal. 2. Mr. Leo Cruz opened a car rental business; transactions for the first month of the operation are the following: 1,100 Interest Expense P1.200 Salaries and Wages Repairs 1 - Mr. Leo Cruz invested P80, 000 cash and five automobiles worth P200, 000 each. Notes payable to Grand Prix Motor Co. worth P600, 000 were due on the three PB.000 Oct. P5,000 5,000 Superintendence P6,000 -Supplies uşed Taxes Expense P2,500 cars. 3- P1,550. Paid a local newspaper for advertising the opening of the businessP150. Paid office rent for the month P8, 000. 4- E.T Co. capital 7- Cash received from customers for the week, P42, 000. 9 - Gas and oil bills paid, P4, 200. P650,000 10 Partial payments on notes payable, P50, 000 14 ar rental received, P38, 000. Instruction: Gas and oil bills paid, P3, 800. 19 Ofice supplies bought for cash, P1, 800. 08 15 - 20 - Car rental received, P35, 000. Get the balances of each account and prepare a trial balance for E.T Co. 21 Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding. 23 - Gas and oil bills paid, P1, 800. 25 Paid P15, 000 for repairs of automobiles. 28 Cash received from customers for the week, P31, 000. 4. The Following accounts balances are found in the ledger of Virgil Dry Cleaning on December 31, 200_ P 4,000 15,000 3,500 8,000 19,700 12,500 Licenses and Taxes 29 CollectedP1, 000 from R. Hernandez as partial settlement of his account. 30 Paid the attendant's salary, P4, 000. 31 Leo Cruz withdrew P6, 000 from the business from personal use. Required: a. Journal entries b. Posting to the general ledger. Notes Receivable Office Expense Rent Expense Office Equipment Accounts Payable - XYZ Co. Accounts Receivable - Regency Hotel 9,000 3. The following are the ledger balances of E.T Co. owner of an apartment building. Prepare a Accounts Receivable - Medical trail balance from these ledger balances: City Accounts Receivable - City Hotel 7,000 5,000 Furniture &
PAMPANGA Virgilio Inlavo, capital Virgilio lolavo, personal 327,000 30,000 5,000 50,000 200,000 Cash on Hand Cash in Bank Cleaning Equipment Insurance Expense Notes Payable Delivery Truck Cleaning Supplies Used 1,500 20,000 78,000 21,000 5,000 48,000 8,900 159,100 Utilities Salaries Gas and Oil Expense Dry Cleaning Income CIT Required: Create the Trial Balance 5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor- Shop". Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business. 6 – Bought for cash repair equipment worth P45, 000 7- Paid P3, 550 for repair supplies bought. 9- Cash of P2, 500 was received from a costumer for repair service done on his automobile. 12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck. 15 – Paid for the tools ordered and received, P4, 550. 17 - Paid the wages of the shop helper, P2, 500. 20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit. 22 - Collected P2, 500 from R. Fernandez as partial settlement of his account. 25 – Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it. 29 – Received P25, 000 from various customers for repair services rendered. 30 - Paid the rent of the shop, P8, 000. 30 – Paid the wages of the shop helper, P2, 500. Required: 1. Journal Entries 2. Postings to the General Ledger 2008 3. Trial Balance
Transcribed Image Text:PAMPANGA Virgilio Inlavo, capital Virgilio lolavo, personal 327,000 30,000 5,000 50,000 200,000 Cash on Hand Cash in Bank Cleaning Equipment Insurance Expense Notes Payable Delivery Truck Cleaning Supplies Used 1,500 20,000 78,000 21,000 5,000 48,000 8,900 159,100 Utilities Salaries Gas and Oil Expense Dry Cleaning Income CIT Required: Create the Trial Balance 5. The following transactions occurred in the first month of operation of the "At-Your-Service Motor- Shop". Jan. 2- The owner, A. Moreno, invested P10, 000 cash to start the business. 6 – Bought for cash repair equipment worth P45, 000 7- Paid P3, 550 for repair supplies bought. 9- Cash of P2, 500 was received from a costumer for repair service done on his automobile. 12 - Sent a bill for P9, 500 to R. Fernandez for repair work done on his delivery truck. 15 – Paid for the tools ordered and received, P4, 550. 17 - Paid the wages of the shop helper, P2, 500. 20 – Bought repairs supplies, from ABC Trading worth P7, 800 on credit. 22 - Collected P2, 500 from R. Fernandez as partial settlement of his account. 25 – Gave P2, 800 cash to ABC Trading as partial settlement of the account due to it. 29 – Received P25, 000 from various customers for repair services rendered. 30 - Paid the rent of the shop, P8, 000. 30 – Paid the wages of the shop helper, P2, 500. Required: 1. Journal Entries 2. Postings to the General Ledger 2008 3. Trial Balance
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