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

See similar textbooks

Related questions

Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…

A: Journal Entry 1) Bank/Cash A/c ......Dr PHP 150,000 TO Lopez, Capital PHP…

Q: In January of 2020 Jack Daniels invested $ 200 000 from his private savings account into his…

A: BALANCE SHEETThe balance sheet is one of the important financial statements of the company. Balance…

Q: que

A: Required AJan 18 - debit cash to increase it; credit capital stock to increase it due to the…

Q: Anthony Clement is applying for a car loan. The lending institution requires a personal net worth…

A: Net worth: It is a difference between total assets and total liabilities. The high net worth of the…

Q: Tim Carla Vista

A: Closing entries are journal entries posted at the end of an accounting period to reset…

Q: On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in…

A: Cost of Goods sold under cash basis Vs Accrual basisWhen we buy finished goods or raw materials, we…

Q: King Miser, who collected coins, joined a coin club, Local Coin Shop. The club would send coins to…

A: Sale or return is an arrangement where the buyer of the goods is able to return the unsold goods to…

Q: Throughout the month of January 2023, the sole trader, Mhlanga, undertook the following…

A: Asset:An asset is something valuable that an individual, corporation, or country owns or controls…

Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…

A: Book Keeping Recording of all financial transactions incurred by a business is called Book…

Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on…

A: Cash flows statement is one of the financial statement being used for the purpose of analysing cash.…

Question

100%

3. Prepare a trial
JAMILI LANDSCAPING SERVICE
8.
9.
10
11
1
Evangeline Jamili has the following completed transactions during the month of March:
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.
fi

12. Performed landscaping services on account for Gucela Company, P16,250.
13. Received and paid the telephone bill, P1,860
14. Paid the salaries of the employees, P13,400.
15. Jamili withdrew cash for personal use, P14,000
16. Collected accounts from Gucela Company, P16,250.
17. Performed landscaping services on account for Monila Company. The customer issued a
promissory note, P34,500.
18. Paid our account from Office Décor, P2,400
19. Bought supplies on account from Office shop, P3,500.
20. Borrowed money from the bank for the business, P78,900.
CHART OF ACCOUNTS
Salaries Expense:
Rent Expense.
Gas and Oil Expense
Supplies Expense.
Cash
Accounts Receivable:
Prepaid Insurance
Equipment
ccoun Accounts Payable
Notes Payable.
Jamili, Capital
Jamili, Drawings
Utilities Expense
Miscellaneous Expense.
he tria
or no Landscaping Revenue
racy i
Requirements:
Tole
lournalize every transaction in the General Journal

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Record the following transaction in the transaction analysis chart: Shawna Portia bought a new piece of computer equipment for $25,000, paying $6,000 down and charging the rest.
3
On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
Of the following transactions, which should be recorded as income? Of the following transactions, which should be recorded as income? Harry's Hats sold inventory on credit for $ 3000. Chandler & Co Plumbing's owner contributes $10 000 of personal funds to the business. M. Witham borrowed $80 000 from the bank. T. O'Toole pays $5500 for goods sold to her on credit last month.