Give its Journal Entry, ledgers, Trial Balance and Financial Statements Mr. Edgar Espatagueca is a professional accountant. He ventured in a milling business to serve the needs offarmers in the rural areas of Dipolog City. With a given chart of accounts, record in a General Journal thetransactions for the first month af operation on April 2014.Dipolog Rice MillChart of AccountsAccountParticularsAccountParticularsNo.No.AssetsOwner's EquityCash in BankE. Esparaguera, CapitalE. Esparaguera, Drawing101з01102Petty Cash Fund302103Accounts Receivable104Advances to EmployeesIncome105Milling IncomeOther IncomeDiesoline lnventory401106Satake Rice Mill401-A107Furniture and FixturesЕxpensesSalaries and WagesLiabilities501Accounts PayableUnearned Milling Income201502Taxes and Licenses202503Repairs and Maintenance504 | Light and WaterTransactions for the Month:April 1-Mr. Edgar Esparaguera invests cash of P100,000. He deposited the P99,000 in Land Bank andkept theP1,000 as petty cash fund to pay for small expenses. He also invests a Satake Rice Mill which ipcludesiostallaticacost worth P950,Q00 and Furniture amounting to P80,000 for a total investments of P1,130,000.3- Purchased diesoline worth P15,000 account from Caltex Philippines.5- Paid licenses and business permits to the city government, P24007- Salary advance of an employee deductible from payrall, P3,000.a - Paid minor repairs, P500. This was taken from the Petty Cash Fund.14 - Received cash for milling services, P9,00018 - Withdrew Pa000 cash for personal use.20 - Rendered milling services to Zamboanga Traders an account, P1800023 - Paid in full the account with Caltex Philippines, P15,000.27 - Collected partially the account of Zamboanga Traders, P10.00028 - Received cash in advance but service is still to be rendered, P7400.29 - Paid light and water for the month, PaA0030 - Total payrol for the manth, P15.000 less salary advance of P3,000.- Biled Dipolog Farms for milling services rendered, P25,000.

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Mr. Edgar EspaAgueca is a professional accountant. He ventured in a milling business to serve the needs of farmers in the rural areas of Dipolog. City. With a given chart of accounts, record in a General Journal the transactions for the first month of operation on April 2014. Dipolog Rice Mill Chart of Accounts Account Particulars Account Particulars No. No. Assets Owner's Equity 301 E. Esparaguera, Capital sрaragueraа, Drawing 101 Cash in Bank Petty Cash Fund Accounts Receivable Advances to Employees Diesoline inventory Satake Rice Mill Furniture and Fixtures 102 302 103 104 Income 105 401 Milling Income 106 401-A Other Income 107 Expenses Salaries and Wages 502 Taxes and Licenses 503 Repairs and Maintenance Light and Water Liabilities 501 201 Accounts Payable 202 Unearned Milling Income 504 Transactiona for the Month: April 1 Mr. Edgar Esparaguera invests cash of P100,000 He deposited the P99000 in Land Bank and 000 as petty cash fund to pay for small expenses. He also invests a Satake Rice Mill which ipsludesiostalatioa kept theP1, cost worth P950.000 and Furniture amounting to P80,000 for a total investments of P1,130,000. 3- Purchased diesoline worth P15,000 account from Caltex Philippines. 5- Paid licenses and business permits to the city government, P2A00 7- Salary advance of an employee deductible from payroll P3,000. a - Paid minor repairs, P500. This was taken from the Petty Cash Fund. 14 - Received cash for miling services, PIA00 18 - Withdrew PI000 cash for personal use. 20 - Rendered miling services to Zamboanga Traders on account, P18A00. 23 - Paid in full the account with Caltex Philippines, P15,000. 27 - Collected partially the account of Zamboanga Traders, P10000 28 - Received cash in advance but service is stil to be rendered, P7A00. 29 - Paid light and water for the month, Pa000 30 - Total payroll for the manth, P15,000 less salary advance of P3,000. -Biled Dipolog Farms for miling services rendered, P25,000

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q