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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.

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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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.
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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