Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month ofJanuary 2017 and POST IT TO THE LEDGER.1Mr. Dalisay made the following investment:i. CashP80,00020,000ii. SEWING Machine3Purchased furniture for cash , P10,000.Purchased supplies for cash,P3,000.Paid the January 2017 rent, P2,000.Acquired additional equipment (two sewing machine @ P15,000 each). Terms: P10,000 down,the balance78On six monthly installment.15 Paid the semi-monthly payroll,P2,000 with the following deductions; SSS Premium Payable,P66.00,Medicare Payable,P12,00, With holding Taxes Payable,P14.00.15 Received cash for services rendered,P15,000.20 Sent a bill to customer for services rendered,P5,000.22 Received a note for a customer for services rendered,P5,000.27 Purchased supplies for cash,P500.31 Paid salaries for two weeks,P2,000. (use same deductions on January 15,2017)31 Withdrew cash for personal use, P500.00.

A Journal is a book in which business transactions are recorded in the order in which they occur,…

Answered: Prepare the JOURNAL ENTRY to record the…

Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of anuary 2017 and POST IT TO THE LEDGER.

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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Question

Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of
January 2017 and POST IT TO THE LEDGER.
1
Mr. Dalisay made the following investment:
i. Cash
P80,000
20,000
ii. SEWING Machine
3
Purchased furniture for cash , P10,000.
Purchased supplies for cash,P3,000.
Paid the January 2017 rent, P2,000.
Acquired additional equipment (two sewing machine @ P15,000 each). Terms: P10,000 down,the balance
7
8
On six monthly installment.
15 Paid the semi-monthly payroll,P2,000 with the following deductions; SSS Premium Payable,P66.00,
Medicare Payable,P12,00, With holding Taxes Payable,P14.00.
15 Received cash for services rendered,P15,000.
20 Sent a bill to customer for services rendered,P5,000.
22 Received a note for a customer for services rendered,P5,000.
27 Purchased supplies for cash,P500.
31 Paid salaries for two weeks,P2,000. (use same deductions on January 15,2017)
31 Withdrew cash for personal use, P500.00.

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