Journalize the transaction and post to ledger using T-account format. (Please refer to the picture.)
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Journalize the transaction and post to ledger using T-account format.
(Please refer to the picture.)
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- Journalized the following transactions. 1. Received a lot worth Php 300,000.00 from Mr. Mat. Tiaga as his initial investment in a Photo Shop. 2. Paid the license fee of Php 2,000.00 to the municipal treasurer. 3. Bought 3 units of camera for Php 25,000.00 each from SM payable in 3 months 4. Photo services was rendered to cash customers Php 15,500.00 5. Paid the utilities for the month -Php 5,000.00 6. Billed a customer Mr. Santos for Php 20,000.00 7. Signed a contract to St, Thomas Academy with a monthly payment of Php 3,000.00 for one year for Photo services 8. Paid SM Marketing for Php 60,000.00 only and issued a 30-day promissory note for the balance 9. Collected the payment of Mr. Santos 10. Received the first month fee from General HospitalKim invested Php 500,000.00 cash and equipinent amounting to She bought tables and chairs from Maginhawa Furnitures and worksheet indicated on the next page. Write your answers on a Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction separate sheet of paper. Kim invested Php 500,000.00 cash and equipinent amountinS June 1 Php100,000.00 to open Chinita Girl Spa. 2 She borrowved Php 50,000.00 cash from Bamba Bank to be used for her business. She bought tables and chairs from Maginhawa Furnitures 7 paid Php 20,000.00 cash. Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00. 15 18 She made a withdrawal of Php 10,000.00 for her personal use 20 The account due to Beauty Shoppy was paid in cash. 21 Chinita Girl Spa Services was hired. The cash of Php 10.000.00 was received from the customer. 22 Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid…The following is the business transaction for August 2020: August 1 Invested cash of RM15000 as a capital to start the business. 1 Rented office and dark room fittings for RM800 in cash for 2 months, August and September. 2 Purchased photography supplies on credit worth RM1920 from Moonlight Enterprise with a credit term of 3/10, n/30. 5 Finished a few job for customers and collected payment of RM150. 6 Received a credit memo amounting to RM120 form Moonlight Enterprise for photography supplies returned due to damage. 8 Finished a photography assignment for Asher's wedding worth RM500 on credit with credit terms of 2/10, n/30. 11 Settled debt to Moonlight Enterprise in full. 16 Withdrew cash of RM200 for personal use. 17 Received full payment from Asher. 20 Completed a photography assignment for Haby Nursery worth RM700 with cash. 25 Received a deposit of RM500 from Women's Club for a booking of photography assignment, which will be held on 20 October 2020 30 Paid wages to the shop…
- A. Instructions: Create the T-accounts of the following set of transactions. 1. Mrs. Bautista started a business of her own with a cash investment of Php 500,000.00 2. The business bought merchandise worth Php 40,000.00 in cash 3. She paid the rent of Php 10,000.00 for the month. 4. She purchased merchandise worth Php 50,000.00 on account 5. She withdrew Php 25,000.00 in cash for personal usePrepare the journal entries for the following transactions: Transaction Date Transaction June 1, 2020 Brawd Feet opened his own management consulting firm, Rapachel Business Consulting. He invested a total of Php45,550,000 to the company. The breakdown of his investment are as follows: cash worth Php40,525,000; 6 computers worth 105,600 each, a server worth Php695,000; Php1,000,000 worth of chairs and tables; two vehicles worth Php2,500,000 and; Php25,000 worth of office supplies. Monday June 2, 2020 Tuesday Rapachel is about to enter into a contract with Elim Realty for an 18-month lease of a 125 square meter office located in Ortigas. The monthly rent of the office space is Php17,000. Elim Realty allowed Rapachel to use the office space starting today provided the company pays 18- months of rent in advance on or before June 5 and paying today a non-refundable fee equivalent to 1-month worth of rent. agreement by paying cash to Elim Realty. The company satisfied the non-refundable fee…Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed a systems library valued at P390,000 to start a business.2. Paid office rent for the month, P36,000.3. Acquired computer equipment for cash, P700,000.4. Purchased computer supplies on credit, P60,000.5. Received payment from a client for programing done, P280,000.6. Billed a client on completion of a programming project, P71,000.7. Paid salaries, P80,000.8. Received a partial payment from the client billed, P61,000.9. Withdrew P25,000 for personal expenses.10. Made partial payment on the supplies purchased, P30,000
- Journalize the transactions for July 2020 in a two-column journal (general journal) page1. Just omit the explanations in making your journal entries. 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. 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 office furniture on credit (due within 30 days).July 8. Completed a work 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 supplies for Php 4,000 in cash.July 15. Paid an assistant Php 6,200 cash as salaries for 15 days.July 18. Collected Php 15,000 on the amount owed by the…*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.
- Ms. Ang put up an accounting firm on Nov. 1, 2021. The registered name of the business is "Ang Accounting Firm." The following were the transactions during the months of November and December, 2021. 1. The owner provided ₱300,000 cash as initial investment to the business on December 1, 2021. 2. Obtained a 12%, one year, bank loan for ₱50,000 on November 1, 2021. Principal and interest are due at maturity date. 3. On December 1, 2021, She purchased office supplies worth ₱60,000 for cash during the period. (the firm uses asset method). 4. The business acquired computer equipment for ₱150,000 cash on November 1, 2021, which has a useful life of 5 years with a residual value of ₱30,000. 5. On December 1, 2021, the business took one year insurance for ₱42,000 covering the months of December, 2021 to February, 2022. The business uses expense method in recording this transaction. 6. As of December 31, 2021, rendered services billed to clients are worth ₱280,000 for cash and ₱200,000 on…Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper. June 1 Kim invested Php 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa. She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. She bought tables and chairs from Maginhawa Furnitures and paid Php 20,000.00 cash. Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00. 15 18 She made a withdrawal of Php 10,000.00 for her personal use. 20 The account due to Beauty Shoppy was paid in cash. 21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00 was received from the customer. Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid in a cash transaction. 22 Service was hired again by a customer for Php 15,000.00 but this time the customer was only…On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec. 1 4 58 11 16 17 23 24 30 Acquired supplies on account, P67,000. Acquired videotapes costing P235,000, on account. Paid P85,000 to creditors.. Received P78,000 cash from ACA Video for rental fees. Billed Video City for video rentals, P105,000. Paid salaries, P65,000. Collected P77,000 from Video City. Victorino withdrew P47,000 from the business. Paid rent for the month, P41,500. Paid utilities bill for the month, P17,500. Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Videotapes; Accounts Payable; and Victorino, Capital.