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Mr. Edgar Esparaguera 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 No. Particulars No. Assets Owner's Equity E. Esparaguera, Capital E. Esparaguera, Drawing 101 Cash in Bank 301 102 103 Accounts Receivable Petty Cash Fund 302 104 Advances to Employees 105 Diesoline Inventory 106 Satake Rice Mill 107 Furniture and Fixtures Income Milling Income 401-A Other Income 401 Expenses Liabilities Salaries and Wages 201 Accounts Payable 202 Unearned Milling Income 501 502 Taxes and Licenses 503 Repairs and Maintenance 504 | Light and Water Transactions for the Month: April 1 - Mr. Edgar Esparaguera invests cash of P100 ,000. He deposited the P99,000 in Land Bank and kept theP1,000 as petty cash fund to pay for small expenses. He also invests a Satake Rice Mill which includesinstallation 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, P2,800. 7- Salary advance of an employee deductible from payroll, P3,000. 8 - Paid minor repairs, P500. This was taken from the Petty Cash Fund. 14 - Received cash for milling services, P9,000. 18 - Withdrew P8,000 cash for personal use. 20 - Rendered milling

Mr. Edgar Esparaguera 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 No. Particulars No. Assets Owner's Equity E. Esparaguera, Capital E. Esparaguera, Drawing 101 Cash in Bank 301 102 103 Accounts Receivable Petty Cash Fund 302 104 Advances to Employees 105 Diesoline Inventory 106 Satake Rice Mill 107 Furniture and Fixtures Income Milling Income 401-A Other Income 401 Expenses Liabilities Salaries and Wages 201 Accounts Payable 202 Unearned Milling Income 501 502 Taxes and Licenses 503 Repairs and Maintenance 504 | Light and Water Transactions for the Month: April 1 - Mr. Edgar Esparaguera invests cash of P100 ,000. He deposited the P99,000 in Land Bank and kept theP1,000 as petty cash fund to pay for small expenses. He also invests a Satake Rice Mill which includesinstallation 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, P2,800. 7- Salary advance of an employee deductible from payroll, P3,000. 8 - Paid minor repairs, P500. This was taken from the Petty Cash Fund. 14 - Received cash for milling services, P9,000. 18 - Withdrew P8,000 cash for personal use. 20 - Rendered milling

FINANCIAL ACCOUNTING
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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4:14 4G 1 4 39% Mr. Edgar Esparaguera 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. Owner's Equity E. Esparaguera, Capital E. Esparaguera, Drawing Assets 101 Cash in Bank 301 102 Petty Cash Fund 302 103 Accounts Receivable 104 Advances to Employees Income Milling Income Other Income 105 Diesoline Inventory 401 106 Satake Rice Mill 401-A 107 Furniture and Fixtures Expenses Liabilities 501 Salaries and Wages Taxes and Licenses Repairs and Maintenance 504 | Light and Water 201 Accounts Payable 502 202 Unearned Milling Income 503 Transactions for the Month: April 1 - Mr. Edgar Esparaguera invests cash of P100 ,000. He deposited the P99,000 in Land Bank and kept theP1,000 as petty cash fund to pay for small expenses. He also invests a Satake Rice Mill which includesinstallation cost worth P950,000 and Furniture amounting to P80,000 for total a 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, P2,800. 7- Salary advance of an employee deductible from рayroll, P3,000. 8 - Paid minor repairs, P500. This was taken from the Petty Cash Fund. 14 - Received cash for milling services, P9,000. 18 - Withdrew P8,000 cash for personal use. 20 - Rendered milling
Transcribed Image Text:4:14 4G 1 4 39% Mr. Edgar Esparaguera 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. Owner's Equity E. Esparaguera, Capital E. Esparaguera, Drawing Assets 101 Cash in Bank 301 102 Petty Cash Fund 302 103 Accounts Receivable 104 Advances to Employees Income Milling Income Other Income 105 Diesoline Inventory 401 106 Satake Rice Mill 401-A 107 Furniture and Fixtures Expenses Liabilities 501 Salaries and Wages Taxes and Licenses Repairs and Maintenance 504 | Light and Water 201 Accounts Payable 502 202 Unearned Milling Income 503 Transactions for the Month: April 1 - Mr. Edgar Esparaguera invests cash of P100 ,000. He deposited the P99,000 in Land Bank and kept theP1,000 as petty cash fund to pay for small expenses. He also invests a Satake Rice Mill which includesinstallation cost worth P950,000 and Furniture amounting to P80,000 for total a 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, P2,800. 7- Salary advance of an employee deductible from рayroll, P3,000. 8 - Paid minor repairs, P500. This was taken from the Petty Cash Fund. 14 - Received cash for milling services, P9,000. 18 - Withdrew P8,000 cash for personal use. 20 - Rendered milling
20 - Rendered milling services to Zamboanga Traders on account, P18,000 23 - Paid in full the account with Caltex Philippines, P 15,000. 27 - Collected partially the account of Zamboanga Tr aders, P10,000. 28 - Received cash in advance but service is still to be rendered, P7,000. 29 - Paid light and water for the month, P8,000. 30 - Total payroll for the month, P15,000 less salary advance of P3,000. - Billed Dipolog Farms for milling services rendered, P25,000. Instruction: Perfrom Journalizing up to Preparation of four (4) basic financial statements.
Transcribed Image Text:20 - Rendered milling services to Zamboanga Traders on account, P18,000 23 - Paid in full the account with Caltex Philippines, P 15,000. 27 - Collected partially the account of Zamboanga Tr aders, P10,000. 28 - Received cash in advance but service is still to be rendered, P7,000. 29 - Paid light and water for the month, P8,000. 30 - Total payroll for the month, P15,000 less salary advance of P3,000. - Billed Dipolog Farms for milling services rendered, P25,000. Instruction: Perfrom Journalizing up to Preparation of four (4) basic financial statements.
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