3. Prepare a trialJAMILI LANDSCAPING SERVICE8.9.10111Evangeline Jamili has the following completed transactions during the month of March:March1. Jamili deposited P200,000 in a bankaccount in the name of the business.2. Jamili invested personal gardening equipment, with a fair market value of P10,000 in thebusiness.3. Bought a used tailer on account from Sala Sales, P8,500.4 Paid the rent for the month, P6,000.5. Bought a used backhoe from Mobile Equipment, P62,000 paying P30,000 in cash and the balanceon account.6. Bought liability insurance for one year, P9,000.7. Performed landscaping services on account for Tinody Company, P34,2008. Bought supplies on account from Office Décor, P2,400.9. Performed landscaping services for Calimpusan on Cash basis, P18,800.10. Paid accounts to Sala Sales, P4,000.11. Collected accounts from Tindoy Company, P7,000.fi 12. Performed landscaping services on account for Gucela Company, P16,250.13. Received and paid the telephone bill, P1,86014. Paid the salaries of the employees, P13,400.15. Jamili withdrew cash for personal use, P14,00016. Collected accounts from Gucela Company, P16,250.17. Performed landscaping services on account for Monila Company. The customer issued apromissory note, P34,500.18. Paid our account from Office Décor, P2,40019. Bought supplies on account from Office shop, P3,500.20. Borrowed money from the bank for the business, P78,900.CHART OF ACCOUNTSSalaries Expense:Rent Expense.Gas and Oil ExpenseSupplies Expense.CashAccounts Receivable:Prepaid InsuranceEquipmentccoun Accounts PayableNotes Payable.Jamili, CapitalJamili, DrawingsUtilities ExpenseMiscellaneous Expense.he triaor no Landscaping Revenueracy iRequirements:Tolelournalize every transaction in the General Journal

Journal entries are used to record the transactions of the business in a chronological order.

March 1. Jamili deposited P200,000 in a bank account in the name of the business. 2. Jamili invested personal gardening equipment, with a fair market value of P10,000 in the business. 3. Bought a used tailer on account from Sala Sales, P8,500. 4 Paid the rent for the month, P6,000. 5. Bought a used backhoe from Mobile Equipment, P62,000 paying P30,000 in cash and the balance on account. 6. Bought liability insurance for one year, P9,000. 7. Performed landscaping services on account for Tinody Company, P34,200 8. Bought supplies on account from Office Décor, P2,400. 9. Performed landscaping services for Calimpusan on Cash basis, P18,800. 10. Paid accounts to Sala Sales, P4,000. 11. Collected accounts from Tindoy Company, P7,000.

March 1. Jamili deposited P200,000 in a bank account in the name of the business. 2. Jamili invested personal gardening equipment, with a fair market value of P10,000 in the business. 3. Bought a used tailer on account from Sala Sales, P8,500. 4 Paid the rent for the month, P6,000. 5. Bought a used backhoe from Mobile Equipment, P62,000 paying P30,000 in cash and the balance on account. 6. Bought liability insurance for one year, P9,000. 7. Performed landscaping services on account for Tinody Company, P34,200 8. Bought supplies on account from Office Décor, P2,400. 9. Performed landscaping services for Calimpusan on Cash basis, P18,800. 10. Paid accounts to Sala Sales, P4,000. 11. Collected accounts from Tindoy Company, P7,000.

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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