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

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...
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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
ii. SEWING Machine
P80,000
20,000
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
3
5
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 ii. SEWING Machine P80,000 20,000 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 3 5 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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