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Journalize the transaction and post to ledger using T-account format.   (Please refer to the picture.)

Journalize the transaction and post to ledger using T-account format.   (Please refer to the picture.)

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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Journalize the transaction and post to ledger using T-account format.

 

(Please refer to the picture.)

Question Juan de la Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions (PHP = Philippine Peso, currency of Philippines): July 1. Owner invested PHp 500,000 cash along with computer equipment that had a market value of php. 120,000 two years ago but was now worth Php. 100,000 only. July 2. Paid php. 15,000 cash for the rent of office space for the month. July 4. Purchased php. 12,000 of additional equipment on credit (due within 30 days). July 8. Completed awork for a client and immediately collected the php. 32,000 cash. July 10. Completed work for a client and sent a bill for php. 27,000 to be paid within 30 days. July 12. Purchased additional equipment for php. 8,000 in cash. July 15. Paid an assistant php. 6,200 cash as wages for 15 days. July 18. Collected php. 15,000 on the amount owed by the client. July 25. Paid php. 12,000 cash to settle the liability on the equipment purchased. July 28. Owner withdrew php. 500 cash for personal use. July 30. Completed work for another client who paid only php. 40,000 for 50% of the system design. July 31. Paid salary of assistant php. 700. July 31. Received PLDT bill, php. 1,800 and Meralco bill php. 3,800.
Transcribed Image Text:Question Juan de la Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions (PHP = Philippine Peso, currency of Philippines): July 1. Owner invested PHp 500,000 cash along with computer equipment that had a market value of php. 120,000 two years ago but was now worth Php. 100,000 only. July 2. Paid php. 15,000 cash for the rent of office space for the month. July 4. Purchased php. 12,000 of additional equipment on credit (due within 30 days). July 8. Completed awork for a client and immediately collected the php. 32,000 cash. July 10. Completed work for a client and sent a bill for php. 27,000 to be paid within 30 days. July 12. Purchased additional equipment for php. 8,000 in cash. July 15. Paid an assistant php. 6,200 cash as wages for 15 days. July 18. Collected php. 15,000 on the amount owed by the client. July 25. Paid php. 12,000 cash to settle the liability on the equipment purchased. July 28. Owner withdrew php. 500 cash for personal use. July 30. Completed work for another client who paid only php. 40,000 for 50% of the system design. July 31. Paid salary of assistant php. 700. July 31. Received PLDT bill, php. 1,800 and Meralco bill php. 3,800.
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