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
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E Let's Have Exercises
Exercise 1
On May 15, 2016, Too Ly San opens Too Ly Security Service. Presented below are
the transactions for the month of May, Journalize the transactions 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 P500,000 for use in the business
27
Paid P25,000 as partial payment for the office equipment
31
Too Ly San withdrew P10,000 cash for personal use.
Transcribed Image Text:E Let's Have Exercises Exercise 1 On May 15, 2016, Too Ly San opens Too Ly Security Service. Presented below are the transactions for the month of May, Journalize the transactions 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 P500,000 for use in the business 27 Paid P25,000 as partial payment for the office equipment 31 Too Ly San withdrew P10,000 cash for personal use.
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