Problem 8 For each transaction below, tell which account is debited and which account is credited. May 2 Gobyerno, started a computer programming business, Gobyerno' Programming Service, Inc., by investing P50,000 in exchange for ordinary shares. 5 Purchased a computer for P25,000 in cash. 7 Purchased supplies on credit for P3,000. 19 Received cash for programming services performed, P5,000. 22 Received cash for programming services to be performed, P6,000. 25 Paid the rent for May, P6,500. 31 Billed a customer for programming services performed, P2,500.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Problem 8
For each transaction below, tell which account is debited and which account is credited.
May
2 Gobyerno, started a computer programming business, Gobyerno' Programming Service, Inc.,
by investing P50,000 in exchange for ordinary shares.
5 Purchased a computer for P25,000 in cash.
7 Purchased supplies on credit for P3,000.
19 Received cash for programming services performed, P5,000.
22 Received cash for programming services to be performed, P6,000.
25 Paid the rent for May, P6,500.
31 Billed a customer for programming services performed, P2,500.
a. Journalize each transaction.
b. Setup T-accounts and record each transaction above. Determine the balance of each account.
c. From the T-accounts created, prepare a trial balance dated May 31, 2022.
Required:
Transcribed Image Text:Problem 8 For each transaction below, tell which account is debited and which account is credited. May 2 Gobyerno, started a computer programming business, Gobyerno' Programming Service, Inc., by investing P50,000 in exchange for ordinary shares. 5 Purchased a computer for P25,000 in cash. 7 Purchased supplies on credit for P3,000. 19 Received cash for programming services performed, P5,000. 22 Received cash for programming services to be performed, P6,000. 25 Paid the rent for May, P6,500. 31 Billed a customer for programming services performed, P2,500. a. Journalize each transaction. b. Setup T-accounts and record each transaction above. Determine the balance of each account. c. From the T-accounts created, prepare a trial balance dated May 31, 2022. Required:
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