No 2 Post the transaction February 1Nicole transferred cash of P300,000 from her personal bank account to an account to beused for her business. She also invested the following: digital camera: P45,000; manualcamera: P25,000; desktop computer: P28,000; photo papers and ink: P14,000; and herpersonal debts evidenced by a note which would be assumed by the business, P12,000.February 4Paid six-month advance rent to Sevs Commercial Complex, P30,000.February 6Received a statement of account from Brian News for advertising this month, P5,500.February 8Bought photo enhancing and editing equipment for Mitz Outlet for P40,000. Shekinahpaid 30% down payment and the balance on account.February 12Hired office assistant with a monthiy salary of P6,000. The office assistant officialiy startedon February 16, 2019.February 13Photography services rendered totaled P18,000. Terms: 25% cash and the balance settledon account.February 14 Purchased office sofa set from Renz Designs for P30,000 on account. - Paid various operating expenses during the month: Meeting potential clients: P4,000;Electricity: P23,000; Telephone expense: P6,000 and Repairs expense:February 15P2,500.Februdi y 18 i Photogiapiny services rendered ioidieu P180,000, oí wiich 25% was seitied withh aninterest-bearing note and the balance on account.february 20 Received photography advanccs from a couple for a prenuptiäl coverage to be renderednext month, P60,000.February 22 Collected 90% of the outstanding receivable from Februery 13February 24Paid in full the statement of account received last February 6February 26Paid 80% of the outstanding obligation to Mitz Outlet and for the remaining balance, sheissued an interest-bearing note.February 27Paid half of the outstanding obligation to Renz Designs.February 28Paid salary of the office assistant, P3,097.Shekinah Photography uses the foliowing account titles:Furniture andCachPhotography EquipmentSalaries PayablcFixturesAccounts PayablePhotography Supplies Office EquipmentDelivery VehicieAdvertising ExpenseLoan PayableSalaries ExperseAccounts ReceivablePhotography ServicesAdvances fromNotes PayableUtilities FxpenseRevenueClientsRepairs ExpenseRepresentation expenseNotes ReceivableInterest ReceivableShekinah, DrawingShekinah, Capital| Prepaid RentInsuranceExpenseRequired:1. Journalize the given transactions.2.Post the transactions.3. Prepare TRIAL BALANCE.

Name: No 2 Post the transaction February 1Nicole transferred cash of P300,00
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Description: No 2 Post the transaction February 1Nicole transferred cash of P300,000 from her personal bank account to an account to beused for her business. She also invested the following: digital camera: P45,000; manualcamera: P25,000; desktop computer: P28,00

T Accounts or general ledger accounts are used for posting of transactions into relevant accounts.…

Answered: No 2 Post the transaction

Business

Accounting

No 2 Post the transaction

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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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…
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