Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 Cash of P2,000 withdrawn by Mhay Purchased supplies for P1,500 on account Received cash of P12,500 for services provided on June 5.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

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 Cash of P2,000 withdrawn by Mhay Purchased supplies for P1,500 on account Received cash of P12,500 for services provided on June 5.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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS