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.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PB: Lavender Company started its business on April 1, 2019. The following are the transactions that...
Related questions
Question
2.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT