Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions occurred during the month of July. July 1 Mhay contributed P150,000 cash. After which, she then purchased office desks and chairs amounting to P10,000 to be used in the business. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Bought two sets of computer for 10,000 pesos each using the business' money. After buying the computers, Ms. Mhay brought one set to their home for her son's personal use. (Use the business entity concept in interpreting this 2 3 transaction) 3 Paid P15,000 for office rent for the month Paid Phasign P2,500 for banners in promoting the business. Delivery services amounted to P44,000, half on account. Cash of P2,000 withdrawn by Mhay Purchased supplies for P1,500 on account Received cash of P12,500 for services provided on June 5. Purchased gasoline for P7,500 on account. Received P15,000 from customers for delivery services rendered. Made a cash payment of P25,000 on notes payable Paid P2,500 for utilities 4 12 15 17 20 23 26 29 Paid partial payment of P2,500 for the gasoline purchased on account July 17. Paid P30,000 for employee salaries. 30

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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Requirement 2. Prepare Trial Balance for the month of July 31, 2020. Present the Trial Balance
in the correct format
Transcribed Image Text:Requirement 2. Prepare Trial Balance for the month of July 31, 2020. Present the Trial Balance in the correct format
Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following
transactions occurred during the month of July.
July 1
Mhay contributed P150,000 cash. After which, she then purchased office desks
and chairs amounting to P10,000 to be used in the business.
Purchased a used van for deliveries for P120,000 by paying P20,000 cash and
signed a two-year notes payable for the remaining balance
Bought two sets of computer for 10,000 pesos each using the business' money.
After buying the computers, Ms. Mhay brought one set to their home for her
son's personal use. (Use the business entity concept in interpreting this
2
3
transaction)
3
Paid P15,000 for office rent for the month
4
Paid Phasign P2,500 for banners in promoting the business.
Delivery services amounted to P44,000, half on account.
Cash of P2,000 withdrawn by Mhay
9
12
Purchased supplies for P1,500 on account
Received cash of P12,500 for services provided on June 5.
Purchased gasoline for P7,500 on account.
Received P15,000 from customers for delivery services rendered.
Made a cash payment of P25,000 on notes payable
15
17
20
23
26
Paid P2,500 for utilities
29
Paid partial payment of P2,500 for the gasoline purchased on account July 17.
Paid P30,000 for employee salaries.
30
Transcribed Image Text:Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions occurred during the month of July. July 1 Mhay contributed P150,000 cash. After which, she then purchased office desks and chairs amounting to P10,000 to be used in the business. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Bought two sets of computer for 10,000 pesos each using the business' money. After buying the computers, Ms. Mhay brought one set to their home for her son's personal use. (Use the business entity concept in interpreting this 2 3 transaction) 3 Paid P15,000 for office rent for the month 4 Paid Phasign P2,500 for banners in promoting the business. Delivery services amounted to P44,000, half on account. Cash of P2,000 withdrawn by Mhay 9 12 Purchased supplies for P1,500 on account Received cash of P12,500 for services provided on June 5. Purchased gasoline for P7,500 on account. Received P15,000 from customers for delivery services rendered. Made a cash payment of P25,000 on notes payable 15 17 20 23 26 Paid P2,500 for utilities 29 Paid partial payment of P2,500 for the gasoline purchased on account July 17. Paid P30,000 for employee salaries. 30
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