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March 5 Computer equipment costing P145,000 is acquired on cash basis. Mar. 9 Computer supplies in the amount of P25,000 are purchased on account. Mar. 11 Medina Graphics Design collected P88,000 in cash for designing interactive web sites for two exporters based inside the Davao Ecozone. Medina paid P18,000 to Bills Express, a one-stop bills payment service company, for the semi-monthly utilities. March 16 Mar. 17 The entity has service agreements with several Netpreneurs to maintain and update their web sites weekly. Medina billed these clients P35,000 for services already rendered during the month Medina made a partial payment of P17,000 for the Mar. 9 purchase on account. Mar. 19 Checks totaling P25,000 were received from clients for billings dated Mar. 17. Mar. 20 Medina withdrew P20,000 from Mar. 21 the business for his personal use March 27 Loqueloque Publishing submitted a bill to Medina for P8,000 worth ofnewspaper advertisements for this month. Medina will pay this bill nex month. Mar. 31 Medina paid his assistant designer salaries of P15,000 for the month.

March 5 Computer equipment costing P145,000 is acquired on cash basis. Mar. 9 Computer supplies in the amount of P25,000 are purchased on account. Mar. 11 Medina Graphics Design collected P88,000 in cash for designing interactive web sites for two exporters based inside the Davao Ecozone. Medina paid P18,000 to Bills Express, a one-stop bills payment service company, for the semi-monthly utilities. March 16 Mar. 17 The entity has service agreements with several Netpreneurs to maintain and update their web sites weekly. Medina billed these clients P35,000 for services already rendered during the month Medina made a partial payment of P17,000 for the Mar. 9 purchase on account. Mar. 19 Checks totaling P25,000 were received from clients for billings dated Mar. 17. Mar. 20 Medina withdrew P20,000 from Mar. 21 the business for his personal use March 27 Loqueloque Publishing submitted a bill to Medina for P8,000 worth ofnewspaper advertisements for this month. Medina will pay this bill nex month. Mar. 31 Medina paid his assistant designer salaries of P15,000 for the month.

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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March 5 Computer equipment costing P145,000 is acquired on cash basis. Mar. 9 P25,000 are purchased on account. Computer supplies in the amount of Mar. 11 Medina Graphics Design collected P88,000 in cash for designing interactive web sites for two exporters based inside the Davao Ecozone. Medina paid P18,000 to Bills Express, a one-stop bills payment service company, for the semi-monthly utilities. March 16 Mar. 17 with several Netpreneurs to maintain and update their web sites weekly. Medina billed these clients P35,000 for services already rendered during the month The entity has service agreements Medina made a partial payment of P17,000 for the Mar. 9 purchase on account. Mar. 19 Mar. 20 received from clients for billings dated Mar. 17. Checks totaling P25,000 were Mar. 21 Medina withdrew P20,000 from the business for his personal use March 27 Loqueloque Publishing submitted a bill to Medina for P8,000 worth ofnewspaper advertisements for this month. Medina will pay this bill nex month. Mar. 31 Medina paid his assistant designer salaries of P15,000 for the month.
Transcribed Image Text:March 5 Computer equipment costing P145,000 is acquired on cash basis. Mar. 9 P25,000 are purchased on account. Computer supplies in the amount of Mar. 11 Medina Graphics Design collected P88,000 in cash for designing interactive web sites for two exporters based inside the Davao Ecozone. Medina paid P18,000 to Bills Express, a one-stop bills payment service company, for the semi-monthly utilities. March 16 Mar. 17 with several Netpreneurs to maintain and update their web sites weekly. Medina billed these clients P35,000 for services already rendered during the month The entity has service agreements Medina made a partial payment of P17,000 for the Mar. 9 purchase on account. Mar. 19 Mar. 20 received from clients for billings dated Mar. 17. Checks totaling P25,000 were Mar. 21 Medina withdrew P20,000 from the business for his personal use March 27 Loqueloque Publishing submitted a bill to Medina for P8,000 worth ofnewspaper advertisements for this month. Medina will pay this bill nex month. Mar. 31 Medina paid his assistant designer salaries of P15,000 for the month.
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