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PERFORMANCE TASK Using your columnar paper, Prepare a General Journal and Ledger given the transaction below. Ms. Kim Pora established an enterprise to be known as KP Repair Services in April 2019. The following are transactions during the first month of operations of the business: April 2 Ms Kim Pora invested P200, 000 cash in the enterprise. Purchased repair equipment worth P70, 000. Paid a down payment of P30,000 and the balance on account. Purchased repair supplies for cash, P7, 400. Paid taxes and licenses, P2, 900. 4 7 8 Repair services totaled P50, 000 cash. Purchased additional repair supplies on account, P12, 700. Rendered repair services on account, P36, 000. Returned some defective repair supplies purchased on April 11 worth P2,500. Paid the salaries of the employees amounting to P37, 000. Received payment from customers for completed services, P40, 000. Received payment from credit customers, P20, 000. Ms. Pora withdrew P14, 000 for personal use. Issued check in payment for the repair supplies purchased on account on April 11, less the return made on May 15. Received Meralco Bill payable next month, P17, 580. Paid rent for the period amounting to P8, 000. Paid salaries to employees, P37, 000. The gross payroll amount to P41, 000. The deductions in the employee's payroll were: Withholding tax, P2, 400; SSS Contributions, P1,000; Philhealth Contributions, P600. These deductions are made every end of the month. 10 11 14 15 15 18 21 23 24 25 29 30 Account Titles Account No. Account Titles Account No. K. Capital K. Drawing Cash 111 311 Accounts Receivable 112 312 Repair Supplies 113 Repair Fees Earned 411 Repair Equipment 114 Salaries Expense 511 Accounts Payable 211 Rent Expense 512 Withholding Tax Payable 213 Utilities Expense 513 sss Contributions 213 Taxes & Licenses 514 Philhealth Contributions 214 Miscellanegus Expense 515

PERFORMANCE TASK Using your columnar paper, Prepare a General Journal and Ledger given the transaction below. Ms. Kim Pora established an enterprise to be known as KP Repair Services in April 2019. The following are transactions during the first month of operations of the business: April 2 Ms Kim Pora invested P200, 000 cash in the enterprise. Purchased repair equipment worth P70, 000. Paid a down payment of P30,000 and the balance on account. Purchased repair supplies for cash, P7, 400. Paid taxes and licenses, P2, 900. 4 7 8 Repair services totaled P50, 000 cash. Purchased additional repair supplies on account, P12, 700. Rendered repair services on account, P36, 000. Returned some defective repair supplies purchased on April 11 worth P2,500. Paid the salaries of the employees amounting to P37, 000. Received payment from customers for completed services, P40, 000. Received payment from credit customers, P20, 000. Ms. Pora withdrew P14, 000 for personal use. Issued check in payment for the repair supplies purchased on account on April 11, less the return made on May 15. Received Meralco Bill payable next month, P17, 580. Paid rent for the period amounting to P8, 000. Paid salaries to employees, P37, 000. The gross payroll amount to P41, 000. The deductions in the employee's payroll were: Withholding tax, P2, 400; SSS Contributions, P1,000; Philhealth Contributions, P600. These deductions are made every end of the month. 10 11 14 15 15 18 21 23 24 25 29 30 Account Titles Account No. Account Titles Account No. K. Capital K. Drawing Cash 111 311 Accounts Receivable 112 312 Repair Supplies 113 Repair Fees Earned 411 Repair Equipment 114 Salaries Expense 511 Accounts Payable 211 Rent Expense 512 Withholding Tax Payable 213 Utilities Expense 513 sss Contributions 213 Taxes & Licenses 514 Philhealth Contributions 214 Miscellanegus Expense 515

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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Create a General Journal. 

PERFORMANCE TASK Using your columnar paper, Prepare a General Journal and Ledger given the transaction below. Ms. Kim Pora established an enterprise to be known as KP Repair Services in April 2019. The following are transactions during the first month of operations of the business: April 2 Ms Kim Pora invested P200, 000 cash in the enterprise. Purchased repair equipment worth P70, 000. Paid a down payment of P30,000 and the balance on account. Purchased repair supplies for cash, P7, 400. Paid taxes and licenses, P2, 900. 4 7 8 Repair services totaled P50, 000 cash. Purchased additional repair supplies on account, P12, 700. Rendered repair services on account, P36, 000. Returned some defective repair supplies purchased on April 11 worth P2,500. Paid the salaries of the employees amounting to P37, 000. Received payment from customers for completed services, P40, 000. Received payment from credit customers, P20, 000. Ms. Pora withdrew P14, 000 for personal use. Issued check in payment for the repair supplies purchased on account on April 11, less the return made on May 15. Received Meralco Bill payable next month, P17, 580. Paid rent for the period amounting to P8, 000. Paid salaries to employees, P37, 000. The gross payroll amount to P41, 000. The deductions in the employee's payroll were: Withholding tax, P2, 400; SSS Contributions, P1,000; Philhealth Contributions, P600. These deductions are made every end of the month. 10 11 14 15 15 18 21 23 24 25 29 30 Account Titles Account No. Account Titles Account No. K. Capital K. Drawing Cash 111 311 Accounts Receivable 112 312 Repair Supplies 113 Repair Fees Earned 411 Repair Equipment 114 Salaries Expense 511 Accounts Payable 211 Rent Expense 512 Withholding Tax Payable 213 Utilities Expense 513 sss Contributions 213 Taxes & Licenses 514 Philhealth Contributions 214 Miscellaneous Expense 515
Transcribed Image Text:PERFORMANCE TASK Using your columnar paper, Prepare a General Journal and Ledger given the transaction below. Ms. Kim Pora established an enterprise to be known as KP Repair Services in April 2019. The following are transactions during the first month of operations of the business: April 2 Ms Kim Pora invested P200, 000 cash in the enterprise. Purchased repair equipment worth P70, 000. Paid a down payment of P30,000 and the balance on account. Purchased repair supplies for cash, P7, 400. Paid taxes and licenses, P2, 900. 4 7 8 Repair services totaled P50, 000 cash. Purchased additional repair supplies on account, P12, 700. Rendered repair services on account, P36, 000. Returned some defective repair supplies purchased on April 11 worth P2,500. Paid the salaries of the employees amounting to P37, 000. Received payment from customers for completed services, P40, 000. Received payment from credit customers, P20, 000. Ms. Pora withdrew P14, 000 for personal use. Issued check in payment for the repair supplies purchased on account on April 11, less the return made on May 15. Received Meralco Bill payable next month, P17, 580. Paid rent for the period amounting to P8, 000. Paid salaries to employees, P37, 000. The gross payroll amount to P41, 000. The deductions in the employee's payroll were: Withholding tax, P2, 400; SSS Contributions, P1,000; Philhealth Contributions, P600. These deductions are made every end of the month. 10 11 14 15 15 18 21 23 24 25 29 30 Account Titles Account No. Account Titles Account No. K. Capital K. Drawing Cash 111 311 Accounts Receivable 112 312 Repair Supplies 113 Repair Fees Earned 411 Repair Equipment 114 Salaries Expense 511 Accounts Payable 211 Rent Expense 512 Withholding Tax Payable 213 Utilities Expense 513 sss Contributions 213 Taxes & Licenses 514 Philhealth Contributions 214 Miscellaneous Expense 515
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