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

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
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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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.
Transcribed Image Text: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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