JOURNAL ENTRIES SAMPLE ONE-MONTH TRANSACTIONS Miguelito Barrios Jr, Attorney-at-law, opened his office on Sept. 1,2020, naming the business Barrios Legal Consultancy. The following transactions were completed during the month. Sept. 1 Deposited P210,000 in the bank in the name of the business. 2 Bought office equipment on account from Espadilla Corp., P147,000. 4 Invested his personal law library into the business, P57,000. 7 Paid office rent for the month, P7,600. 10 Bought office supplies for cash, P8,850. 11 Paid the premium for a one-year fire insurance policy on the equipment and the library, P1,860. 12 Received professional fees for services rendered, P24,600. 14 Received and paid bill for the use of a landline and internet, P2,280. 15 Paid salaries of two part-time legal researchers, P9,600. 18 Paid transportation expense, P2,880. 20 Billed Willem Van Eeken for the rendered professional services on account, P21,200.
JOURNAL ENTRIES SAMPLE ONE-MONTH TRANSACTIONS Miguelito Barrios Jr, Attorney-at-law, opened his office on Sept. 1,2020, naming the business Barrios Legal Consultancy. The following transactions were completed during the month. Sept. 1 Deposited P210,000 in the bank in the name of the business. 2 Bought office equipment on account from Espadilla Corp., P147,000. 4 Invested his personal law library into the business, P57,000. 7 Paid office rent for the month, P7,600. 10 Bought office supplies for cash, P8,850. 11 Paid the premium for a one-year fire insurance policy on the equipment and the library, P1,860. 12 Received professional fees for services rendered, P24,600. 14 Received and paid bill for the use of a landline and internet, P2,280. 15 Paid salaries of two part-time legal researchers, P9,600. 18 Paid transportation expense, P2,880. 20 Billed Willem Van Eeken for the rendered professional services on account, P21,200.
JOURNAL ENTRIES SAMPLE ONE-MONTH TRANSACTIONS Miguelito Barrios Jr, Attorney-at-law, opened his office on Sept. 1,2020, naming the business Barrios Legal Consultancy. The following transactions were completed during the month. Sept. 1 Deposited P210,000 in the bank in the name of the business. 2 Bought office equipment on account from Espadilla Corp., P147,000. 4 Invested his personal law library into the business, P57,000. 7 Paid office rent for the month, P7,600. 10 Bought office supplies for cash, P8,850. 11 Paid the premium for a one-year fire insurance policy on the equipment and the library, P1,860. 12 Received professional fees for services rendered, P24,600. 14 Received and paid bill for the use of a landline and internet, P2,280. 15 Paid salaries of two part-time legal researchers, P9,600. 18 Paid transportation expense, P2,880. 20 Billed Willem Van Eeken for the rendered professional services on account, P21,200.
What are the journal entry, t-account, and balance sheet of the following;
Transcribed Image Text:6:59 ilil
MIGUELITO B...
JOURNAL ENTRIES SAMPLE ONE-MONTH TRANSACTIONS
Miguelito Barrios Jr, Attorney-at-law, opened his office on Sept. 1,2020, naming the business Barrios
Legal Consultancy. The following transactions were completed during the month.
Sept. 1 Deposited P210,000 in the bank in the name of the business.
2 Bought office equipment on account from Espadilla Corp., P147,000.
4
Invested his personal law library into the business, P57,000.
Paid office rent for the month, P7,600.
10 Bought office supplies for cash, P8,850.
11 Paid the premium for a one-year fire insurance policy on the equipment and
the library, P1,860.
12 Received professional fees for services rendered, P24,600.
14 Received and paid bill for the use of a landline and internet, P2,280.
15 Paid salaries of two part-time legal researchers, P9,600.
18 Paid transportation expense, P2,880.
20 Billed Willem Van Eeken for the rendered professional services on account,
P21,200.
Transcribed Image Text:22 Received water and electric bill for the month P4,200 due on October 5,2020.
25 Paid Espadilla Corp of the amount owed for the acquisition of the office
equipment recorded earlier, P15,000.
26 Acquired a service vehicle in the amount of P195,000 paying a down payment
of P50,000 and issued promissory notes for the balance.
27 Received advance payment from Mark Peter Villanueva for legal consultancy
to be rendered next month, P6,000
30 Miguelito Barrios withdrew cash for personal use, P20,750.
Required:
Journalize transactions,prepare general ledger and trial balance for the month of September 2020.
Use the following accounts:
110
Cash
120
Accounts Receivable
130
Office Supplies
140
Prepaid Insurance
150
Office Equipment
510
Salaries Expense
160
Professional Library
520
Transportation Expense
170
Vehicle
530
Telecommunication Expense
210
Accounts Payable
540
Rent Expense
220
Notes Payable
550
Utilities Expense
230
Utilities Payable
240
Unearned Legal Services Revenue
310
M.Barrios, Capital
320
M.Barrios, Drawing
410
Legal Services Revenue
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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