Mr Ventura engaged in a Milling business to serve the needs of farmers in the rural areas of Tacloban City. Below are given the charts of accounts for the first month of operations on June 2020; VENTURA MILLING COMPANY Chart of Accounts ASSETS Cash in bank OWNER"S EQUITY Mr. Ventura, Capital MR. Ventura, Drawing Accounts Receivable Diesoline Inventory Machinery-Nasuki Rice Mill Furniture and Fixtures INCOME Milling Income LIABILITIES Accounts payable SSS Premium Payable Philhelath premium payable EXPENSES Salaries and Wages Taxes and Licenses SSS Contribution Philhealth Contribution Transaction for the month; Mr. Ventura purchased Machinery from Japan and invest it in his business worth P1,000,000. He also invest cash of P100,000 and furniture and fixtures worth P50,000. Purchased diesoline worth P20,000 on account from Shell Company. Paid licenses and business permits to the City Government P2,800. Received cash for milling services P20,000. Withdrew P10,000 cash for personal use. Rendered milling services to Catiklan Traders on Account P28,000. Paid in full the account with Shell Company P20,000. Collected partially the account of Catiklan Traders P20,000. Paid salaries and wages for the month: June 1; 2; 5: 10; 18: 20; 23; 27; 30: Salaries and wages Less; Deductions; SSS Premium P17,500.00 583.50 Philhealth Premium 187.50 771.00 P16,729.00 Net Payroll 30: Employer share; SSS P936.50 and Philhealth P187.50. Requirements; 1. Prepare journal entries. 2. Make the T-account and prepare Trial balance
Mr Ventura engaged in a Milling business to serve the needs of farmers in the rural areas of Tacloban City. Below are given the charts of accounts for the first month of operations on June 2020; VENTURA MILLING COMPANY Chart of Accounts ASSETS Cash in bank OWNER"S EQUITY Mr. Ventura, Capital MR. Ventura, Drawing Accounts Receivable Diesoline Inventory Machinery-Nasuki Rice Mill Furniture and Fixtures INCOME Milling Income LIABILITIES Accounts payable SSS Premium Payable Philhelath premium payable EXPENSES Salaries and Wages Taxes and Licenses SSS Contribution Philhealth Contribution Transaction for the month; Mr. Ventura purchased Machinery from Japan and invest it in his business worth P1,000,000. He also invest cash of P100,000 and furniture and fixtures worth P50,000. Purchased diesoline worth P20,000 on account from Shell Company. Paid licenses and business permits to the City Government P2,800. Received cash for milling services P20,000. Withdrew P10,000 cash for personal use. Rendered milling services to Catiklan Traders on Account P28,000. Paid in full the account with Shell Company P20,000. Collected partially the account of Catiklan Traders P20,000. Paid salaries and wages for the month: June 1; 2; 5: 10; 18: 20; 23; 27; 30: Salaries and wages Less; Deductions; SSS Premium P17,500.00 583.50 Philhealth Premium 187.50 771.00 P16,729.00 Net Payroll 30: Employer share; SSS P936.50 and Philhealth P187.50. Requirements; 1. Prepare journal entries. 2. Make the T-account and prepare Trial balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Mr Ventura engaged in a Milling business to serve the needs of farmers in the rural areas of
Tacloban City. Below are given the charts of accounts for the first month of operations on June
2020;
VENTURA MILLING COMPANY
Chart of Accounts
ASSETS
Cash in bank
OWNER"S EQUITY
Mr. Ventura, Capital
MR. Ventura, Drawing
Accounts Receivable
Diesoline Inventory
Machinery-Nasuki Rice Mill
Furniture and Fixtures
INCOME
Milling Income
LIABILITIES
Accounts payable
SSS Premium Payable
Philhelath premium payable
EXPENSES
Salaries and Wages
Taxes and Licenses
SSS Contribution
Philhealth Contribution
Transaction for the month;
Mr. Ventura purchased Machinery from Japan and invest it in his business worth
P1,000,000. He also invest cash of P100,000 and furniture and fixtures worth
P50,000.
Purchased diesoline worth P20,000 on account from Shell Company.
Paid licenses and business permits to the City Government P2,800.
Received cash for milling services P20,000.
Withdrew P10,000 cash for personal use.
Rendered milling services to Catiklan Traders on Account P28,000.
Paid in full the account with Shell Company P20,000.
Collected partially the account of Catiklan Traders P20,000.
Paid salaries and wages for the month:
June
1;
23B
5:
10;
18:
20;
23;
27;
30:
Salaries and wages
Less; Deductions;
SSS Premium
P17,500.00
583.50
Philhealth Premium
187.50
771.00
Net Payroll
P16,729.00
30: Employer share; SSS P936.50
and Philhealth P187.50.
Requirements;
1. Prepare journal entries.
2. Make the T-account and prepare Trial balance
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