Instructions. 1. Prepare the general journal entries DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to his business. The trade name of the business was "MR. LABANDERO" 1/3/16 Hired Allan and Allie who will manage his business 1/4/16 Collections from various customers for the day - PHP3,000 1/5/16 Purchase store supplies from Labada Store - PHP10,000 1/7/16 Collections from various customers for the day-PHP8,000 1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will do all the laundry of the hotel. 1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will be made on January 20, 2016. 1/10/16 Collections from various customers for the day- PHP12,000 1/12/16 Purchase a washing machine amounting to PHP50,000 1/15/16 Collections from various customers for the day - PHP20,000 1/19/16 Paid electricity bill for the month amounting to PHP18,000 1/20/16 Received payment from Sikat Hotel amounting to PHP15,000 1/21/16 Paid salaries of Allan and Allie - PHP15,000 1/22/16 Mr. Laban Deyro needed money for the hospitalization of his son. He withdrew PHP18,000 from the business. 1/25/16 Paid airfare ticket of PHP1,500 for the travel of Mr. Deyro to Manila to negotiate a contract with Sosyal Hotel 1/26/16 Paid taxes to the City of Iloilo, PHP4,000 1/27/16 Purchased office supplies amounting to PHP12,500 1/28/16 Collections from various customer for the day - PHP5,000 1/29/16 Sosyal Hotel availed the services of MR. LABANDERO amounting to PHP15,000 payable on Feb 25, 2016.
Instructions. 1. Prepare the general journal entries DATE TRANSACTIONS 1/2/16 Invested PHP500,000 to his business. The trade name of the business was "MR. LABANDERO" 1/3/16 Hired Allan and Allie who will manage his business 1/4/16 Collections from various customers for the day - PHP3,000 1/5/16 Purchase store supplies from Labada Store - PHP10,000 1/7/16 Collections from various customers for the day-PHP8,000 1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will do all the laundry of the hotel. 1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will be made on January 20, 2016. 1/10/16 Collections from various customers for the day- PHP12,000 1/12/16 Purchase a washing machine amounting to PHP50,000 1/15/16 Collections from various customers for the day - PHP20,000 1/19/16 Paid electricity bill for the month amounting to PHP18,000 1/20/16 Received payment from Sikat Hotel amounting to PHP15,000 1/21/16 Paid salaries of Allan and Allie - PHP15,000 1/22/16 Mr. Laban Deyro needed money for the hospitalization of his son. He withdrew PHP18,000 from the business. 1/25/16 Paid airfare ticket of PHP1,500 for the travel of Mr. Deyro to Manila to negotiate a contract with Sosyal Hotel 1/26/16 Paid taxes to the City of Iloilo, PHP4,000 1/27/16 Purchased office supplies amounting to PHP12,500 1/28/16 Collections from various customer for the day - PHP5,000 1/29/16 Sosyal Hotel availed the services of MR. LABANDERO amounting to PHP15,000 payable on Feb 25, 2016.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Instructions.
1. Prepare the general journal entries
DATE TRANSACTIONS
1/2/16 Invested PHP500,000 to his business. The trade name of the business was "MR.
LABANDERO"
1/3/16 Hired Allan and Allie who will manage his business
1/4/16 Collections from various customers for the day- PHP3,000
1/5/16 Purchase store supplies from Labada Store - PHP10,000
1/7/16 Collections from various customers for the day - PHP8,000
1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will
do all the laundry of the hotel.
1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will
be made on January 20, 2016.
1/10/16 Collections from various customers for the day - PHP12,000
1/12/16 Purchase a washing machine amounting to PHP50,000
1/15/16 Collections from various customers for the day - PHP20,000
1/19/16 Paid electricity bill for the month amounting to PHP18,000
1/20/16 Received payment from Sikat Hotel amounting to PHP15,000
1/21/16 Paid salaries of Allan and Allie - PHP15,000
1/22/16 Mr. Laban Deyro needed money for the hospitalization of his son. He withdrew PHP18,000
from the business.
1/25/16 Paid airfare ticket of PHP1,500 for the travel of Mr. Deyro to Manila to negotiate a contract
with Sosyal Hotel
1/26/16 Paid taxes to the City of Iloilo, PHP4,000
1/27/16 Purchased office supplies amounting to PHP12,500
1/28/16 Collections from various customer for the day - PHP5,000
1/29/16 Sosyal Hotel availed the services of MR. LABANDERO amounting to PHP15,000 payable on
Feb 25, 2016.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8c53329f-0d1f-45df-a981-824ae7f25ee1%2Fb045b784-337b-4ab9-823a-f46a3e672337%2Fhd40dxp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Instructions.
1. Prepare the general journal entries
DATE TRANSACTIONS
1/2/16 Invested PHP500,000 to his business. The trade name of the business was "MR.
LABANDERO"
1/3/16 Hired Allan and Allie who will manage his business
1/4/16 Collections from various customers for the day- PHP3,000
1/5/16 Purchase store supplies from Labada Store - PHP10,000
1/7/16 Collections from various customers for the day - PHP8,000
1/8/16 MR. LABANDERO entered into an exclusive contract with Sikat Hotel where the business will
do all the laundry of the hotel.
1/9/16 Sikat Hotel availed the services of MR. LABANDERO amounting to PHP15,000. Payment will
be made on January 20, 2016.
1/10/16 Collections from various customers for the day - PHP12,000
1/12/16 Purchase a washing machine amounting to PHP50,000
1/15/16 Collections from various customers for the day - PHP20,000
1/19/16 Paid electricity bill for the month amounting to PHP18,000
1/20/16 Received payment from Sikat Hotel amounting to PHP15,000
1/21/16 Paid salaries of Allan and Allie - PHP15,000
1/22/16 Mr. Laban Deyro needed money for the hospitalization of his son. He withdrew PHP18,000
from the business.
1/25/16 Paid airfare ticket of PHP1,500 for the travel of Mr. Deyro to Manila to negotiate a contract
with Sosyal Hotel
1/26/16 Paid taxes to the City of Iloilo, PHP4,000
1/27/16 Purchased office supplies amounting to PHP12,500
1/28/16 Collections from various customer for the day - PHP5,000
1/29/16 Sosyal Hotel availed the services of MR. LABANDERO amounting to PHP15,000 payable on
Feb 25, 2016.
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