Feb. 1 Mr. Dela Cruz invested P50,000 cash in his laundry busihes Rented office space and paid P1,000 cash for the February rent. Purchased laundry equipment for P25,000 with P10,000 as downpayment and the balances on equal installment for 5 months. Purchase office supplies by paying P1,000 cash. Completed laundry service and collected 550 cash. Purchased P1,550 office equipment on credit. 15 Completed laundry service on credit in the amount of P5,000. 17 Purchased P500 office supplies on credit. 19 Paid cash on the office equipment purchased on February 6, 2020. 23 Billed client for P2, 500 for service completed and balance will due in 30 days. 26 Received P2,500 cash for the service rendered on February 15, 2020. 28 Paid assistant's salary of P1,500 cash for this month. 5

Feb. 1 Mr. Dela Cruz invested P50,000 cash in his laundry busihes Rented office space and paid P1,000 cash for the February rent. Purchased laundry equipment for P25,000 with P10,000 as downpayment and the balances on equal installment for 5 months. Purchase office supplies by paying P1,000 cash. Completed laundry service and collected 550 cash. Purchased P1,550 office equipment on credit. 15 Completed laundry service on credit in the amount of P5,000. 17 Purchased P500 office supplies on credit. 19 Paid cash on the office equipment purchased on February 6, 2020. 23 Billed client for P2, 500 for service completed and balance will due in 30 days. 26 Received P2,500 cash for the service rendered on February 15, 2020. 28 Paid assistant's salary of P1,500 cash for this month. 5

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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a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February. e. Bought and received $1,550 of supplies on account. f. Received utility bill for January for $1,960, due February 15. g. Consulted for customers in January for fees totaling $19,600, due in February. h. Received $14,300 cash for consulting services rendered in December. i. Paid $775 toward supplies purchased in (e). E3-19 (Algo) Creating an Unadjusted Trial Balance [LO 3-4) Required: Prepare an unadjusted trial balance for Tongo, Incorporated for the month ended January 31. Account Name TONGO, INCORPORATED Unadjusted Trial Balance Debit Credit +
Journal entries?
Looking for subsections 7 and 8 please!
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Journal entries
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Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.
Yolanda is a cash basis taxpayer with the following tranasctions during the year: Cash received from sales of products $70,000 Cash paid for expenses (except rent and interest) $40,000 Rent prepaid on a leased building for 18 monts beginning December 1 $48,600 Prepaid interest on a bank loan, paid on December 31 for the next 3 months 5,000 Calculate Yolanda's income from her business for this calendar year.
REQUIREMENT: JOURNAL ENTRIES