Jackielyn Magpantay organized Eternal Images, a photography and portrait studio on October 1, 2018. The studio completed the following transactions during the month: October 1 Deposited P350,000 in a bank account in the name of the business. 3 Paid two month's rent deposit and one-month advance, P40,500. Invested to the business personal photography equipment valued at P129,000. 7 Bought additional photography equipment, P75,000 on account. 8. Purchased office equipment for Cash, P54,000. 10 Received and paid for the photography equipment ordered on October 7, P75,000. 12 Purchased photography supplies on credit, P21,000. 13 Received cash for service rendered, P11,400. 17 Billed customers for portraits, P22,500. 19 Paid fifty percent of the supplies purchased on October 12, P10,500. 25 Paid the electricity bill for October, P3,600. 26 Paid telephone bill for October, P2,100. 28 Received payments from the customers billed on October 17, P7,500. 29 Paid salaries to personnel, P12,000. 30 Received an advance payment from a customer, P1,500. Chart of Accounts- Cash; Accounts Receivable; Prepaid Rent; Supplies; Photography Equipment; Office Equipment; Magpantay Capital; Magpantay Drawings; Accounts Payable; Service Income; Utilities Expense; Communication Ex Salaries nse Requirements: 1. Prepare the journal entries 2. Prepare the general ledger 3. Prepare the preliminary trial balance
Jackielyn Magpantay organized Eternal Images, a photography and portrait studio on October 1, 2018. The studio completed the following transactions during the month: October 1 Deposited P350,000 in a bank account in the name of the business. 3 Paid two month's rent deposit and one-month advance, P40,500. Invested to the business personal photography equipment valued at P129,000. 7 Bought additional photography equipment, P75,000 on account. 8. Purchased office equipment for Cash, P54,000. 10 Received and paid for the photography equipment ordered on October 7, P75,000. 12 Purchased photography supplies on credit, P21,000. 13 Received cash for service rendered, P11,400. 17 Billed customers for portraits, P22,500. 19 Paid fifty percent of the supplies purchased on October 12, P10,500. 25 Paid the electricity bill for October, P3,600. 26 Paid telephone bill for October, P2,100. 28 Received payments from the customers billed on October 17, P7,500. 29 Paid salaries to personnel, P12,000. 30 Received an advance payment from a customer, P1,500. Chart of Accounts- Cash; Accounts Receivable; Prepaid Rent; Supplies; Photography Equipment; Office Equipment; Magpantay Capital; Magpantay Drawings; Accounts Payable; Service Income; Utilities Expense; Communication Ex Salaries nse Requirements: 1. Prepare the journal entries 2. Prepare the general ledger 3. Prepare the preliminary trial balance
Chapter1: Financial Statements And Business Decisions
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