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

See similar textbooks

Similar questions

Journal entries?
Looking for subsections 7 and 8 please!
Journal entries
Mary Smith took a car loan of $25,000 to pay back in 72 monthly installments at an interest rate of 12%. Compute the loan balance immediately after the 48th payment. $18,560 $8,132 $10,383 $12,500
gujhj
Tax Drill-Credit for Child and Dependent Care Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $28,000 and incurred $9,100 of child care expenses. Click here to access the percentage chart to us for this problem. Ivanna and Sergio's credit for child and dependent care expenses is s 4
22 )
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.
Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June: 6/1 Quark invests 24,000 into the business. 6/3 Purchased 2,100 of equipment on account. 6/4 Paid 400 premium for a two-year insurance policy. 6/6 Purchased office supplies for cash, 220. 6/9 Purchased a new computer for 6,000. Paid 30% cash agreed to pay the remainder in 30 days. 6/10 Billed student Rashid Ali 30 for tutorial services that were performed. 6/14 Paid for the equipment purchased on June 3rd. 6/15 the owner suggested to purchased new building for his company by 10,000 6/25 Received $35 cash from student Mohammed Nasir for tutorial services performed. 6/30 Student billed on June 10 pays the amount due to Quark. 6/30 Quark withdraws 200 for personal use. Required: Prepare the _journal entries to transactions. record these
REQUIREMENT: JOURNAL ENTRIES
The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations 1. Peyton Smith made an additional investment in PS Music by depositing $5,000 in PS Music's checking account July 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, $1,750. 1. Paid a premium of $2,700 for a comprehensive insurance policy covering liabil- ity, theft, and fire. The policy covers a one-year period. 2. Received $1,000 cash from customers on account 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. In…
Dog