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Instructions: analyze the transaction using Copy Clear Format post it to the ledger Income Statement

Instructions: analyze the transaction using Copy Clear Format post it to the ledger Income Statement

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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Instructions:

  • analyze the transaction using Copy Clear Format
  • post it to the ledger
  • Income Statement
Mr. Kita had the following transactions for his newly opened Kaoraoke Bar: 1. Mr. Kita paid Php 5,000 for advertising his newly opened business. 2. A one year rent was signed and the 1st and last month rent was paid for Php 20,000 3. Office furniture purchased for Php 30,000 paying Php 10,000 cash and the balance on account 4. Mr. Kita put Php 100,000 in cash, Php 30,000 in supplies and Php 20,000 equipment in the business. 5. Purchased of inventory was made for Php 70,000 paying Php 30,000 in cash and balanced on account. 6. Sales made for Php 75,000 in cash and Php 35,000 on credit. 7. Inventory costing Php 50,000 was used for the sales. 8. Water bill of Php 3,000 and electric bill of Php 7,000 were both received by the company. 9. The owner took Php 5,000 worth of inventory and Php 5,000 in cash for personal use. 10. Mr. Kita borrowed monry from the bank Php 50,000 on account and another php 20,000 with a promissory note. 11. Mr. Kita paid supplier Php 20,000 in cash 12. Salaries of Php 15,000 was paid.
Transcribed Image Text:Mr. Kita had the following transactions for his newly opened Kaoraoke Bar: 1. Mr. Kita paid Php 5,000 for advertising his newly opened business. 2. A one year rent was signed and the 1st and last month rent was paid for Php 20,000 3. Office furniture purchased for Php 30,000 paying Php 10,000 cash and the balance on account 4. Mr. Kita put Php 100,000 in cash, Php 30,000 in supplies and Php 20,000 equipment in the business. 5. Purchased of inventory was made for Php 70,000 paying Php 30,000 in cash and balanced on account. 6. Sales made for Php 75,000 in cash and Php 35,000 on credit. 7. Inventory costing Php 50,000 was used for the sales. 8. Water bill of Php 3,000 and electric bill of Php 7,000 were both received by the company. 9. The owner took Php 5,000 worth of inventory and Php 5,000 in cash for personal use. 10. Mr. Kita borrowed monry from the bank Php 50,000 on account and another php 20,000 with a promissory note. 11. Mr. Kita paid supplier Php 20,000 in cash 12. Salaries of Php 15,000 was paid.
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