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I. Journalize the transactions and post the transactions to the T-account. Use the Journal and Ledger sheet. ACCOUNT TITLES Cash Prepaid Rent Notes Payable Office Supplies Wages Expense Accounts Receivable Unearned Revenue Equipment Accounts Payable Service Revenue Miscellaneous Expense Dividends Electricity Expense Utilities Payable Common Stock Telephone Expense Date Transaction Jan 2 An amount of P36,000 was paid as advance rent for three months. Jan 3 Paid P60,000 cash on the purchase of equipment costing P80,000. The remaining amount was recognized as a one year note payable with an interest rate of 9%. Jan 4 Purchased office supplies costing P17,600 on account. Jan 13 Provided services to its customers and received P28,500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for the first two weeks of January, aggregating P19,100. Jan 18 Provided P54,100 worth of services to its customers. They paid P32,900 and promised to pay the remaining amount. Jan 23 Received P15,300 from customers for the services provided on January 18. Jan 25 Received P4,000 as an advance payment from customers. Jan 26 Purchased office supplies costing P5,200 on account. Jan 28 Paid wages to its employees for the third and fourth week of January: P19,100. Jan 31 Paid P5,000 as dividends. Jan 31 Received an electricity bill of P2,470. Jan 31 Received a telephone bill of P1,494. Jan 31 Miscellaneous expenses paid during the month totaled P3,470

I. Journalize the transactions and post the transactions to the T-account. Use the Journal and Ledger sheet. ACCOUNT TITLES Cash Prepaid Rent Notes Payable Office Supplies Wages Expense Accounts Receivable Unearned Revenue Equipment Accounts Payable Service Revenue Miscellaneous Expense Dividends Electricity Expense Utilities Payable Common Stock Telephone Expense Date Transaction Jan 2 An amount of P36,000 was paid as advance rent for three months. Jan 3 Paid P60,000 cash on the purchase of equipment costing P80,000. The remaining amount was recognized as a one year note payable with an interest rate of 9%. Jan 4 Purchased office supplies costing P17,600 on account. Jan 13 Provided services to its customers and received P28,500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for the first two weeks of January, aggregating P19,100. Jan 18 Provided P54,100 worth of services to its customers. They paid P32,900 and promised to pay the remaining amount. Jan 23 Received P15,300 from customers for the services provided on January 18. Jan 25 Received P4,000 as an advance payment from customers. Jan 26 Purchased office supplies costing P5,200 on account. Jan 28 Paid wages to its employees for the third and fourth week of January: P19,100. Jan 31 Paid P5,000 as dividends. Jan 31 Received an electricity bill of P2,470. Jan 31 Received a telephone bill of P1,494. Jan 31 Miscellaneous expenses paid during the month totaled P3,470

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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I. Journalize the transactions and post the transactions to the T-account. Use the Journal and Ledger sheet. ACCOUNT TITLES Cash Prepaid Rent Notes Payable Office Supplies Wages Expense Accounts Receivable Unearned Revenue Equipment Accounts Payable Service Revenue Miscellaneous Expense Dividends Electricity Expense Utilities Payable Common Stock Telephone Expense Date Transaction Jan 2 An amount of P36,000 was paid as advance rent for three months. Jan 3 Paid P60,000 cash on the purchase of equipment costing P80,000. The remaining amount was recognized as a one year note payable with an interest rate of 9%. Jan 4 Purchased office supplies costing P17,600 on account. Jan 13 Provided services to its customers and received P28,500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for the first two weeks of January, aggregating P19,100. Jan 18 Provided P54,100 worth of services to its customers. They paid P32,900 and promised to pay the remaining amount. Jan 23 Received P15,300 from customers for the services provided on January 18. Jan 25 Received P4,000 as an advance payment from customers. Jan 26 Purchased office supplies costing P5,200 on account. Jan 28 Paid wages to its employees for the third and fourth week of January: P19,100. Jan 31 Paid P5,000 as dividends. Jan 31 Received an electricity bill of P2,470. Jan 31 Received a telephone bill of P1,494. Jan 31 Miscellaneous expenses paid during the month totaled P3,470
Transcribed Image Text:I. Journalize the transactions and post the transactions to the T-account. Use the Journal and Ledger sheet. ACCOUNT TITLES Cash Prepaid Rent Notes Payable Office Supplies Wages Expense Accounts Receivable Unearned Revenue Equipment Accounts Payable Service Revenue Miscellaneous Expense Dividends Electricity Expense Utilities Payable Common Stock Telephone Expense Date Transaction Jan 2 An amount of P36,000 was paid as advance rent for three months. Jan 3 Paid P60,000 cash on the purchase of equipment costing P80,000. The remaining amount was recognized as a one year note payable with an interest rate of 9%. Jan 4 Purchased office supplies costing P17,600 on account. Jan 13 Provided services to its customers and received P28,500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for the first two weeks of January, aggregating P19,100. Jan 18 Provided P54,100 worth of services to its customers. They paid P32,900 and promised to pay the remaining amount. Jan 23 Received P15,300 from customers for the services provided on January 18. Jan 25 Received P4,000 as an advance payment from customers. Jan 26 Purchased office supplies costing P5,200 on account. Jan 28 Paid wages to its employees for the third and fourth week of January: P19,100. Jan 31 Paid P5,000 as dividends. Jan 31 Received an electricity bill of P2,470. Jan 31 Received a telephone bill of P1,494. Jan 31 Miscellaneous expenses paid during the month totaled P3,470
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