Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.
Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below are the transactions of Weirdo Beauty Salon for the month of January.
2020
Jan.
5 Received P25,500 from various customers as salon income
7 Purchased salon equipment on account, P7,500
8 Bought salon chairs and reception table from Plums Trading on account, P12,000
10 Returned defective chair to Plums Trading valued at P1,000
11 Made partial payment to Plums Trading P2,500
12 Purchased salon supplies paying P3,000 cash
15 The owner, Ms. Matutina, invested a table worth P1,750
Required:
(a) Prepare the
(b) Prepare the T-Accounts.
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