On December 1. 2021 Ebenezer Buenaventura opened EB Computer Shop, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec 1 Acquired supplies on account, P67.000 4 Acquired computer equipment costing P235,000, on account 5 Paid P85,000 to creditors, 8 Received P78,000 cash from computer rental fees 11 Billed MGM for computer rentals, P105,000 16 Pald salaries, P65,000 17 Collected P77,000 from MGM 23 Buenaventura withdrew P47,000 from the business 24 Paid rent for the month, P41,500 30 Paid utilities bill for the month, P17,500 Required: 1. Journalize and post in T accounts the transactions. Use the following accounts: Cash, Accounts Receivable, Supplies, Computer Equipment, Accounts Payable, and Buenaventura, Capital, Rental Income, Buenaventura, Withdrawals, Rent Expense, Utilities Expense, Salaries Expense. 2. Prepare a trial balance for December 31, 2021.
On December 1. 2021 Ebenezer Buenaventura opened EB Computer Shop, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec 1 Acquired supplies on account, P67.000 4 Acquired computer equipment costing P235,000, on account 5 Paid P85,000 to creditors, 8 Received P78,000 cash from computer rental fees 11 Billed MGM for computer rentals, P105,000 16 Pald salaries, P65,000 17 Collected P77,000 from MGM 23 Buenaventura withdrew P47,000 from the business 24 Paid rent for the month, P41,500 30 Paid utilities bill for the month, P17,500 Required: 1. Journalize and post in T accounts the transactions. Use the following accounts: Cash, Accounts Receivable, Supplies, Computer Equipment, Accounts Payable, and Buenaventura, Capital, Rental Income, Buenaventura, Withdrawals, Rent Expense, Utilities Expense, Salaries Expense. 2. Prepare a trial balance for December 31, 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2.
Transcribed Image Text:On December 1. 2021 Ebenezer Buenaventura opened EB
Computer Shop, by investing P250,000 cash from her
personal savings account. During the month of December,
the following transactions took place:
Dec 1 Acquired supplies on account, P67.000
4 Acquired computer equipment costing P235,000,
on account
5 Paid P85,000 to creditors,
8 Received P78,000 cash from computer rental
fees
11 Billed MGM for computer rentals, P105,000
16 Pald salaries, P65,000
17 Collected P77,000 from MGM
23 Buenaventura withdrew P47,000 from the
business
24 Paid rent for the month, P41,500
30 Paid utilities bill for the month, P17,500
Required:
1. Journalize and post in T accounts the transactions.
Use the following accounts: Cash, Accounts
Receivable, Supplies, Computer Equipment, Accounts
Payable, and Buenaventura, Capital, Rental Income,
Buenaventura, Withdrawals, Rent Expense, Utilities
Expense, Salaries Expense.
2. Prepare a trial balance for December 31, 2021.
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