Problem # 2. Recording Transactions. Journalize the following transactions. Remedios is an experienced events planner. The transactions and accounts for the business are as follows: a. Invested P100, 000 in cash to start her own business. b. Paid P5,000 for one month's rent. c. Bought office furniture for P15,000 in cash. d. Received delivery of laptop computer P54,000. Paid 50% down, balance due in 30 days. e. Performed services for P12,000 in cash. f. Performed services for P10,800 on credit. g. Acquired a fax machine for P7,500; paid 3,000 in cash, balance due in 10 days. h. Received 5, 400 from clients on account. i. Paid P10,000 for salaries. j. Settled in full the P4,500 balance for the fax machine. k. Received P7,000 in cash for services performed. I. Performed services for P12,000 on credit. m. Paid P1,350 for the monthly telephone bill. n. Paid P2,400 or the electric and water bills. o. Collected P2,000 from clients on account. p. Palaganas withdrew P7,000 in cash for personal expenses.

Problem # 2. Recording Transactions. Journalize the following transactions. Remedios is an experienced events planner. The transactions and accounts for the business are as follows: a. Invested P100, 000 in cash to start her own business. b. Paid P5,000 for one month's rent. c. Bought office furniture for P15,000 in cash. d. Received delivery of laptop computer P54,000. Paid 50% down, balance due in 30 days. e. Performed services for P12,000 in cash. f. Performed services for P10,800 on credit. g. Acquired a fax machine for P7,500; paid 3,000 in cash, balance due in 10 days. h. Received 5, 400 from clients on account. i. Paid P10,000 for salaries. j. Settled in full the P4,500 balance for the fax machine. k. Received P7,000 in cash for services performed. I. Performed services for P12,000 on credit. m. Paid P1,350 for the monthly telephone bill. n. Paid P2,400 or the electric and water bills. o. Collected P2,000 from clients on account. p. Palaganas withdrew P7,000 in cash for personal expenses.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 2PA: B. Kelso established Computer Wizards during November of this year. The accountant prepared the...

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