Problem 1 Yuhom had the following transactions in its September 2020 operation: Sept. 1 Parah Yuhom started a beauty saloon business by depositing Php600,000 into her business 'Yuhom Palangga'. Sept. 2 Paid Php8,000 to cover her first months rent. Sept. 2 Ordered beauty saloon equipment worth Php150,000. Sept. 5 Purchased beauty supplies Php10,000 on account. Sept. 7 Saloon equipment is receive paying Php50,000 cash, and the balance in two equal monthly installment. Sept. 7 A full time worker is hired. The employee will work 40 hours per week starting Sept. 8 at a rate of Php80 per hour. Sept. 15 Paid employee Php6,400 for a week of work. Sept. 20 Finished jobs for the week earning Php30,000, receiving Php17,000 cash and the balance to be billed. Sept. 22 Received Php18,000 down payment for a wedding job in October 2020 Sept. 29 Received cash Php10,000 from customers billed on Sept. 20. Sept. 30 Makeup and hairstyling job finished receiving cash of Php40,000. Sept. 30 Received water and electric bill Php12,000 Sept. 30 Beauty supplies used for the month Php10000. Required: a) Prepare necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why. Use two columns columnar paper or its equivalent properly formatted to look like a two columns columnar paper. b) Prepare a T-account for the accounts Cash and Service Revenue, and post all transaction affecting these accounts, then compute the accounts ending balances. Use these account titles: Cash; Accounts Receivable; Prepaid Rent; Beauty Supplies; Saloon Equipment; Accounts Payable; Salaries Payable; Unearned Service Revenue; Parah Yuhom, Drawings; Parah Yuhom, Capital; Service Revenue; Rent Expense; Beauty Supplies Expense; Salaries Expense; and Utility Expense.
Problem 1 Yuhom had the following transactions in its September 2020 operation: Sept. 1 Parah Yuhom started a beauty saloon business by depositing Php600,000 into her business 'Yuhom Palangga'. Sept. 2 Paid Php8,000 to cover her first months rent. Sept. 2 Ordered beauty saloon equipment worth Php150,000. Sept. 5 Purchased beauty supplies Php10,000 on account. Sept. 7 Saloon equipment is receive paying Php50,000 cash, and the balance in two equal monthly installment. Sept. 7 A full time worker is hired. The employee will work 40 hours per week starting Sept. 8 at a rate of Php80 per hour. Sept. 15 Paid employee Php6,400 for a week of work. Sept. 20 Finished jobs for the week earning Php30,000, receiving Php17,000 cash and the balance to be billed. Sept. 22 Received Php18,000 down payment for a wedding job in October 2020 Sept. 29 Received cash Php10,000 from customers billed on Sept. 20. Sept. 30 Makeup and hairstyling job finished receiving cash of Php40,000. Sept. 30 Received water and electric bill Php12,000 Sept. 30 Beauty supplies used for the month Php10000. Required: a) Prepare necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why. Use two columns columnar paper or its equivalent properly formatted to look like a two columns columnar paper. b) Prepare a T-account for the accounts Cash and Service Revenue, and post all transaction affecting these accounts, then compute the accounts ending balances. Use these account titles: Cash; Accounts Receivable; Prepaid Rent; Beauty Supplies; Saloon Equipment; Accounts Payable; Salaries Payable; Unearned Service Revenue; Parah Yuhom, Drawings; Parah Yuhom, Capital; Service Revenue; Rent Expense; Beauty Supplies Expense; Salaries Expense; and Utility Expense.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 1
Yuhom had the following transactions in its September 2020 operation:
Parah Yuhom started a beauty saloon business by depositing Php600,000 into her business 'Yuhom
Palangga'.
Sept. 1
Sept. 2
Paid Php8,000 to cover her first months rent.
Sept. 2
Ordered beauty saloon equipment worth Php150,000.
Sept. 5
Purchased beauty supplies Php10,000 on account.
Sept. 7
Saloon equipment is receive paying Php50,000 cash, and the balance in two equal monthly installment.
A full time worker is hired. The employee will work 40 hours per week starting Sept. 8 at a rate of Php80
per hour.
Sept. 7
Sept. 15
Paid employee Php6,400 for a week of work.
Sept. 20
Finished jobs for the week earning Php30,000, receiving Php17,000 cash and the balance to be billed.
Sept. 22
Received Php18,000 down payment for a wedding job in October 2020
Sept. 29
Received cash Php10,000 from customers billed on Sept. 20.
Sept. 30
Makeup and hairstyling job finished receiving cash of Php40,000.
Sept. 30
Received water and electric bill Php12,000
Sept. 30
Beauty supplies used for the month Php10000.
Required: a) Prepare necessary journal entries to record these transactions. If an entry is not required for any of
these transactions, state this and explain why. Use two columns columnar paper or its equivalent
properly formatted to look like a two columns columnar paper.
b) Prepare a T-account for the accounts Cash and Service Revenue, and post all transaction affecting these
accounts, then compute the accounts ending balances.
Use these account titles: Cash; Accounts Receivable; Prepaid Rent; Beauty Supplies; Saloon Equipment;
Accounts Payable; Salaries Payable; Unearned Service Revenue; Parah Yuhom, Drawings; Parah Yuhom,
Capital; Service Revenue; Rent Expense; Beauty Supplies Expense; Salaries Expense; and Utility Expense.
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