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Give its general ledgers and financial statements

Give its general ledgers and financial statements

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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Give its general ledgers and financial statements 

Vilma Cuneta recently established her own business, which she called Cuneta Delivery Service. During the first month of business in December 2018, the folowing transactions were completed. Deposited P20,500 of personal savings in an account at the Makati Development Bank in the name of Cuneta Delivery Service. Acquired a second-hand service vehicle costing P64,000, paying P6,000 in cash, and financing the remaining P58,000 by issuing a note payable. Paid rent for the month, P3,000. Acquired supplies on account, P9,000. Paid for three months' insurance and recorded prepaid insurance in the amount of P5,500. Received P14,900 cash for delivery work done for the Pangilinan Corporation. Acquired additional supplies for cash, P4,050. Paid salaries, P5,000. Completed a delivery work for Nora Company on account, P16,000. Paid P4,300 of the amount owed from the Dec.5 transaction. Paid miscellaneous expenses, P2,600. Withdrew cash from the business, P4,450. Collected P9,500 on account from Nora Company. Paid salaries, P5,200. Paid utilities expense, P1,000. Rendered delivery services on account to Recto Company, P12,400. Dec. 1 4 5 6 8 10 16 17 19 21 22 24 25 27 CHART OF ACCOUNTS Cash Accounts Payable Notes Payable Cuneta, Capital Cuneta, Withdrawals Delivery Revenues Supplies Expense Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Accounts Receivable Prepaid Insurance Service Vehicle 2.
Transcribed Image Text:Vilma Cuneta recently established her own business, which she called Cuneta Delivery Service. During the first month of business in December 2018, the folowing transactions were completed. Deposited P20,500 of personal savings in an account at the Makati Development Bank in the name of Cuneta Delivery Service. Acquired a second-hand service vehicle costing P64,000, paying P6,000 in cash, and financing the remaining P58,000 by issuing a note payable. Paid rent for the month, P3,000. Acquired supplies on account, P9,000. Paid for three months' insurance and recorded prepaid insurance in the amount of P5,500. Received P14,900 cash for delivery work done for the Pangilinan Corporation. Acquired additional supplies for cash, P4,050. Paid salaries, P5,000. Completed a delivery work for Nora Company on account, P16,000. Paid P4,300 of the amount owed from the Dec.5 transaction. Paid miscellaneous expenses, P2,600. Withdrew cash from the business, P4,450. Collected P9,500 on account from Nora Company. Paid salaries, P5,200. Paid utilities expense, P1,000. Rendered delivery services on account to Recto Company, P12,400. Dec. 1 4 5 6 8 10 16 17 19 21 22 24 25 27 CHART OF ACCOUNTS Cash Accounts Payable Notes Payable Cuneta, Capital Cuneta, Withdrawals Delivery Revenues Supplies Expense Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Accounts Receivable Prepaid Insurance Service Vehicle 2.
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