Problem #3 - Journalizing, Posting, and Preparing a Trial Balance ABM Lang Malakas Communications is a public relations firm. During the month of August 2021, the entity completed the following transactions: Aug. 1 The owner invested P100,000 cash to the business. 2 Advanced payment of rent for August, P6,500. 3 Received cash from customers for services rendered, P23,000. 7 Ordered supplies, P3,800. 10 Billed customers for services rendered, P28,000. 12 Purchased a computer on accounts payable, P11,000. 14 Received the supplies ordered on August 7 and agreed to pay in thirty days, P3,800. 15 Paid salaries for the first half of August, P19,000. 19 Received cash from a customer for services rendered, P48,000. 24 Paid the electric and water bill for August, P1,600. 25 Paid the telephone bil for August, P1,200. Received a bill, to be paid in September, for advertisements placed in a national newspaper 26 during the month of August to promote the company, P7,000. 29 Billed a customer for services rendered, P27,000. 30 Paid salaries for the second half of August, P19,000. 31 Withdrew cash for personal use, P12,000. Required: 1. Prepare the journal entries for the August transactions using GJ page 22 for August 1 to 15 transactions, and GJ page 23 for August 16 to 31 transactions. Indicate no entry, if appropriate. 2. Open the following accounts in the ledger: Cash (111); Accounts Receivable (113): Supplies (115); Office Equipment (117); Prepaid Rent (119); Accounts Payable (211); ABM, Capital (311),. P179,100; ABM, Withdrawals (312); Public Relations Revenues (411); Salaries Expense (511): Utilities Expense (512):; and Advertising Expense (513). 3. Post the entries to the ledger accounts. Make the appropriate posting references in the joumal and ledger. 4. Prepare a trial balance.

Name: ABM Lang Malakas Communications is a public relations firm. During the
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Description: ABM Lang Malakas Communications is a public relations firm. During the month of August 2021, the entity completed the following transactions: Aug. 1 The owner invested P100,000 cash to the business. 2 Advanced payment of rent for August,

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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ABM Lang Malakas Communications is a public relations firm. During the month of August 2021, the entity completed the following transactions: Aug. 1 The owner invested P100,000 cash to the business. 2 Advanced payment of rent for August, P6,500. 3 Received cash from customers for services rendered, P23,000. 7 Ordered supplies, P3,800. 10 Billed customers for services rendered, P28,000. 12 Purchased a computer on accounts payable, P11,000. 14 Received the supplies ordered on August 7 and agreed to pay in thirty days, P3,800. 15 Paid salaries for the first half of August, P19,000. 19 Received cash from a customer for services rendered, P48,000. 24 Paid the electric and water bill for August, P1,600. 25 Paid the telephone bill for August, P1,200. 26 Received a bill, to be paid in September, for advertisements placed in a national newspaper during the month of August to promote the company, P7,000. 29 Billed a customer for services rendered, P27,000. 30 Paid salaries for the second half of August, P19,000. 31 Withdrew cash for personal use, P12,000. Required: 1. Prepare the journal entries for the August transactions using GJ page 22 for August 1 to 15 transactions, and GJ page 23 for August 16 to 31 transactions. Indicate no entry, if appropriate. 2. Open the following accounts in the ledger: Cash (111); Accounts Receivable (113); Supplies (115); Office Equipment (117); Prepaid Rent (119); Accounts Payable (211); ABM, Capital (311),; ABM, Withdrawals (312); Public Relations Revenues (411); Salaries Expense (511); Utilities Expense (512); and Advertising Expense (513). 3. Post the entries to the ledger accounts. Make the appropriate posting references in the journal and ledger. 4. Prepare a trial balance.

Problem #3 – Journalizing, Posting, and Preparing a Trial Balance
ABM Lang Malakas Communications is a public relations firm. During the month of August 2021, the entity
completed the following transactions:
Aug. 1
The owner invested P100,000 cash to the business.
2
Advanced payment of rent for August, P6,500.
3
Received cash from customers for services rendered, P23,000.
7
Ordered supplies, P3,800.
10
Billed customers for services rendered, P28,000.
12
Purchased a computer on accounts payable, P11,000.
14
Received the supplies ordered on August 7 and agreed to pay in thirty days, P3,800.
Paid salaries for the first half of August, P19,000.
15
19
Received cash from a customer for services rendered, P48,000.
24
Paid the electric and water bill for August, P1,600.
25
Paid the telephone bill for August, P1,200.
Received a bill, to be paid in September, for advertisements placed in a national newspaper
26
during the month of August to promote the company, P7,000.
29
Billed a customer for services rendered, P27,000.
30
Paid salaries for the second half of August, P19,000.
31
Withdrew cash for personal use, P12,000.
Required:
1. Prepare the journal entries for the August transactions using GJ page 22 for August 1 to 15
transactions, and GJ page 23 for August 16 to 31 transactions. Indicate no entry, if appropriate.
2. Open the following accounts in the ledger: Cash (111); Accounts Receivable (113); Supplies (115);
Office Equipment (117); Prepaid Rent (119); Accounts Payable (211); ABM, Capital (311),
P179,100; ABM, Withdrawals (312); Public Relations Revenues (411); Salaries Expense (511);
Utlities Expense (512); and Advertising Expense (513).
3. Post the entries to the ledger accounts. Make the appropriate posting references in the joumal and
ledger.
4. Prepare a trial balance.

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