CASE 2: Margarita Gonzales Law Office (THIS IS THE ONLY CASE I NEED HELP) :((Margarita Gonzales Law office was established on January 1, 2X20, and the following events occurred during the first month of operation:Margarita invested P100,000 cash as working capital to start her businessPurchase of furniture’s for P30,000, 50% paid in cash and 50% taken as a creditShe signed two (2) service contracts:with XYZ for services performed during the month in the amount of P4,000; andwith ABC for services that will be performed during the first week of next month for P5,000. Margarita received an advance of P20,000 with the signature of this contract.The furniture bought has a useful life of 30-month and should be depreciated straight line.Margarita agreed to pay her assistant P15,000 for the service performed of which she paid already P10,000XYZ paid P20,000Rent for the month of P10,000 was paid through a bank transferAn electricity bill for P3,000 was received by mailRequirement: Based on the given information, PLEASE DO THE FOLLOWING. :(.Necessary journal entries; andStatement of financial position for the month ending January 31, 2020.

Name: CASE 2: Margarita Gonzales Law Office (THIS IS THE ONLY CASE I NEED HE
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Description: CASE 2: Margarita Gonzales Law Office (THIS IS THE ONLY CASE I NEED HELP) :((Margarita Gonzales Law office was established on January 1, 2X20, and the following events occurred during the first month of operation:Margarita invested P100,000 cash as w

SOLUTION- Financial statement: Financial information is a written record of an organization and…

Answered: Margarita Gonzales Law Office (THIS IS…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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CASE 2: Margarita Gonzales Law Office (THIS IS THE ONLY CASE I NEED HELP) :((

Margarita Gonzales Law office was established on January 1, 2X20, and the following events occurred during the first month of operation:

Margarita invested P100,000 cash as working capital to start her business
Purchase of furniture’s for P30,000, 50% paid in cash and 50% taken as a credit
She signed two (2) service contracts:
1. with XYZ for services performed during the month in the amount of P4,000; and
2. with ABC for services that will be performed during the first week of next month for P5,000. Margarita received an advance of P20,000 with the signature of this contract.
The furniture bought has a useful life of 30-month and should be depreciated straight line.
Margarita agreed to pay her assistant P15,000 for the service performed of which she paid already P10,000
XYZ paid P20,000
Rent for the month of P10,000 was paid through a bank transfer
An electricity bill for P3,000 was received by mail

Requirement: Based on the given information, PLEASE DO THE FOLLOWING. :(.

Necessary journal entries; and
Statement of financial position for the month ending January 31, 2020.

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