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Business

Accounting

Journalize each transaction 2. Post each journal entry to their separate ledgers using the running balance format

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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Laurente Services was established in February 2021 for cleaning services. Some of the transactions for February are presented below: Feb. 2 Billed customers P18,600 for cleaning sevices rendered. 3 - Acquired cleaning supplies on account, P15,600 8 - Received payment from previously billed customers, P10,000 9 - Paid rent, P8,000 10 - Received P6,200 for cleaning services rendered. Instructions: 1. Journalize each transaction 2. Post each journal entry to their separate ledgers using the running balance format

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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