Learning Task 2: Mr. Santos opened a barber shop called "Gupitan Shop" on February 1, 20X3. The following were the transactions during the first week of operations: February Transactions 1 Provided P300,000 cash as initial investment to the business. 2 Acquired furniture and fixture for P200,00 cash. 4 Purchased supplies for P30,000 cash. Rendered services worth P20,000 on cash basis 7 Paid P10,000 salaries of employees Requirement: A. Provide the journal entries B. Post the entries to the ledger (use T-accounts) C. Prepare the unadjusted trial balance

Learning Task 2: Mr. Santos opened a barber shop called "Gupitan Shop" on February 1, 20X3. The following were the transactions during the first week of operations: February Transactions 1 Provided P300,000 cash as initial investment to the business. 2 Acquired furniture and fixture for P200,00 cash. 4 Purchased supplies for P30,000 cash. Rendered services worth P20,000 on cash basis 7 Paid P10,000 salaries of employees Requirement: A. Provide the journal entries B. Post the entries to the ledger (use T-accounts) C. Prepare the unadjusted trial balance

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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REQUIRED: JOURNAL ENTRIES AND TRIAL BALANCE
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