Problem illustration: Assume that the following are the transactions of Cardo Tailoring Shop for the Month of January 2021: Mr. Cardo made the following investment: P B0,000 20,000 January 1 Cash Sewing Machine Purchased furniture for cash, P10,000. Purchased supplies for cash, P3,000. Paid the January 2021 rent,P2,000. Acquired additional equipment (two sewing machine at P15,000 each).Terms: P10,000 Down, the balance of six monthly installment. paid the semi-monthly payroll,P2,000 which include ( SSS premium Payable of P 66, Medicare P12.00, Withholding taxes payable P14.00,respectively.) Received cash for services rendered,p15,000. Sent a bill to customer amounting to P5,000, Received a note from a customer for services rendered,P5,000. Purchased supplies for cash,P500. Paid salaries for two weeks,P2,000 (pls refer to Problem January 15 for inclusions.) Mr. Cardo withdrew cash for personal use,P500. 5. 7. 15 15 20 22 27 31 31 Required: Prepare the following: 1. Journal Entries (You may use a 2-column columnar pad or you may use excel) 2. Post it to the General Ledger (you may.create your own ledger following the standard) 3. Trial Balance en un 7 8o

Problem illustration: Assume that the following are the transactions of Cardo Tailoring Shop for the Month of January 2021: Mr. Cardo made the following investment: P B0,000 20,000 January 1 Cash Sewing Machine Purchased furniture for cash, P10,000. Purchased supplies for cash, P3,000. Paid the January 2021 rent,P2,000. Acquired additional equipment (two sewing machine at P15,000 each).Terms: P10,000 Down, the balance of six monthly installment. paid the semi-monthly payroll,P2,000 which include ( SSS premium Payable of P 66, Medicare P12.00, Withholding taxes payable P14.00,respectively.) Received cash for services rendered,p15,000. Sent a bill to customer amounting to P5,000, Received a note from a customer for services rendered,P5,000. Purchased supplies for cash,P500. Paid salaries for two weeks,P2,000 (pls refer to Problem January 15 for inclusions.) Mr. Cardo withdrew cash for personal use,P500. 5. 7. 15 15 20 22 27 31 31 Required: Prepare the following: 1. Journal Entries (You may use a 2-column columnar pad or you may use excel) 2. Post it to the General Ledger (you may.create your own ledger following the standard) 3. Trial Balance en un 7 8o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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