Mr. Y started a business with the Name YANKA INTERPRISES. The Company was stablished and duly registered at the Securities and Exchange Commission (SEC) in January 2020. The business maintains its accounting period using the calendar year. The following transactions ocurred during its business operation for the year 2020. 1. Mr. Y the owner invested an initial capital of cash, P500, 000. O0, office equipment P100, 000.00 respectively. 2. Paid rent in advance amounting to P75, 000 for the period of three (3) months. (Jan to March). 3. On October 1, Bought supplies P150,000 for 6 months on cash from A&B business ventures, the supplier. 4. Received P100,000 cash from customer for the service tendered. 5. Paid salaries to employees P50, 000 6. Paid light and water expenses for P30, 000 7. Bought 3 units of computer on Account for P150,000 from the supplier. 8. Paid insurance in advance for 1 year from the month of June 2020 amounting to P120, 000. 9. Paid 50% of the accounts payable in transaction no. 7 10. Received from customer P150, 000 for the service rendered on account. Instructions : A. Journaluze the transactions using the following chart of accounts. 1. Cash 2. Accounts Receivable 3. Office equipment. 4. Office supplies. 5. Owners Capital 6. Service income 7. Prepaid Insurance/ Insurance expenses 8. Prepaid Rent. / Rent expense 9 Accounts payable
Mr. Y started a business with the Name YANKA INTERPRISES. The Company was stablished and duly registered at the Securities and Exchange Commission (SEC) in January 2020. The business maintains its accounting period using the calendar year.
The following transactions ocurred during its business operation for the year 2020.
1. Mr. Y the owner invested an initial capital of cash, P500, 000. O0, office equipment P100, 000.00 respectively.
2. Paid rent in advance amounting to
P75, 000 for the period of three (3) months. (Jan to March).
3. On October 1, Bought supplies P150,000 for 6 months on cash from A&B business ventures, the supplier.
4. Received P100,000 cash from customer for the service tendered.
5. Paid salaries to employees P50, 000
6. Paid light and water expenses for P30, 000
7. Bought 3 units of computer on Account for P150,000 from the supplier.
8. Paid insurance in advance for 1 year from the month of June 2020 amounting to P120, 000.
9. Paid 50% of the accounts payable in transaction no. 7
10. Received from customer P150, 000 for the service rendered on account.
Instructions :
A. Journaluze the transactions using the following chart of accounts.
1. Cash
2.
3. Office equipment.
4. Office supplies.
5. Owners Capital
6. Service income
7. Prepaid Insurance/ Insurance expenses
8. Prepaid Rent. / Rent expense
9 Accounts payable
B. Record the entries into the ledger accounts using T accounts.
C. Use the six columns worksheet to present the panoramic view from
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