On May 15, 2016, Too Ly San opens Too Ly Security Service. Presented below are the transactions for the month of May. Journalize the transacetions and post them to the T-accounts. Then, prepare a chart of accounts. 2016 Mr. Too Ly San deposited P400,000 of personal funds under the bank account of Too Ly Security Service. May 15 18 Paid P18,000 office rent for the month 21 Purchased office equipment P50,000 on account 25 Paid cash for transportation equipment P 500,000 for use in the businmess 27 Paid P25,000 as partial payment for the office equipment 31 Too Ly San withdrew P10,000 cash for personal use.

On May 15, 2016, Too Ly San opens Too Ly Security Service. Presented below are the transactions for the month of May. Journalize the transacetions and post them to the T-accounts. Then, prepare a chart of accounts. 2016 Mr. Too Ly San deposited P400,000 of personal funds under the bank account of Too Ly Security Service. May 15 18 Paid P18,000 office rent for the month 21 Purchased office equipment P50,000 on account 25 Paid cash for transportation equipment P 500,000 for use in the businmess 27 Paid P25,000 as partial payment for the office equipment 31 Too Ly San withdrew P10,000 cash for personal use.

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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