Prepare the necessary journal entries and statement of financial position for the month ending January 31, 2020 CASE 2: Margarita Gonzales Law OfficeMargarita Gonzales Law office was established on January 1, 2X20, and the following events occurred duringhe first month of operation:Margarita invested P100,000 cash as working capital to start her businessPurchase of furniture's for P30,000, 50% paid in cash and 50% taken as a creditShe signed two (2) service contracts:1) with XYZ for services performed during the month in the amount of P4,000; and2) with ABC for services that will be performed during the first week of next month forP5,000. Margarita received an advance of P20,000 with the signature of this contract.The furniture bought has a useful life of 30-month and should be depreciated straight line.Margarita agreed to pay her assistant P15,000 for the service performed of which she paid alreadyP10,000XYZ paid P20,000Rent for the month of P10,000 was paid through a bank transferAn electricity bill for P3,000 was received by mail

Date / S.NO Particular Debit Credit 1 Cash and bank 100,000 To capital 100,000…

Answered: Prepare the necessary journal entries…

Business

Accounting

Prepare the necessary journal entries and statement of financial position for the month ending January 31, 2020

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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