QUESTIONS: Direction: Journalize the following transactions and post the accounts to the general ledger (Use T-accounts only). In September of the current year, Reno Mo began a business he called Furniture Repair Shop and completed the following transactions during the month: September 1 - Invested P300,000 to start the business. 2- Paid P10,000 for the rent of the shop building. 3 - Purchased P80,000 of shop machinery, giving P30,000 cash and a promissory note in payment of the balance. 5 - Purchased P9,500 of shop supplies from R. Sonora on credit. 9- Collected cash on delivery of a cabinet to a customer, P20,000. 13- Completed and delivered sofa bed to J. Belmonte P13,000 on credit. 15 - Paid wages of shop helpers, P15,000. 15 - Paid the delivery services rendered by AKO TRUCKING, P8,000. 18 - Paid the account due to R. Sonora. 20 - Took P1,000 worth of shop supplies for use in his carport. 23 - Received P5,000 from J. Belmonte in partial payment of her account. 25 - Withdrew P5,000 for personal expenses. 28 - Collected P5,000 on the delivery of small chairs. 30 - Paid P8,000 for the delivery service on the second half of the month. 30 - Paid the wages of the shop helpers, P15,000. 30 - Paid MERALCO bills, P3,500.
QUESTIONS: Direction: Journalize the following transactions and post the accounts to the general ledger (Use T-accounts only). In September of the current year, Reno Mo began a business he called Furniture Repair Shop and completed the following transactions during the month: September 1 - Invested P300,000 to start the business. 2- Paid P10,000 for the rent of the shop building. 3 - Purchased P80,000 of shop machinery, giving P30,000 cash and a promissory note in payment of the balance. 5 - Purchased P9,500 of shop supplies from R. Sonora on credit. 9- Collected cash on delivery of a cabinet to a customer, P20,000. 13- Completed and delivered sofa bed to J. Belmonte P13,000 on credit. 15 - Paid wages of shop helpers, P15,000. 15 - Paid the delivery services rendered by AKO TRUCKING, P8,000. 18 - Paid the account due to R. Sonora. 20 - Took P1,000 worth of shop supplies for use in his carport. 23 - Received P5,000 from J. Belmonte in partial payment of her account. 25 - Withdrew P5,000 for personal expenses. 28 - Collected P5,000 on the delivery of small chairs. 30 - Paid P8,000 for the delivery service on the second half of the month. 30 - Paid the wages of the shop helpers, P15,000. 30 - Paid MERALCO bills, P3,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:QUESTIONS:
Direction: Journalize the following transactions and post the accounts to the general ledger
(Use T-accounts only).
In September of the current year, Reno Mo began a business he called Furniture Repair Shop and
completed the following transactions during the month:
September 1 - Invested P300,000 to start the business.
2 - Paid P10,000 for the rent of the shop building.
3 - Purchased P80,000 of shop machinery, giving P30,000 cash and a promissory note in
payment of the balance.
5 - Purchased P9,500 of shop supplies from R. Sonora on credit.
9 - Collected cash on delivery of a cabinet to a customer, P20,000.
13 - Completed and delivered sofa bed to J. Belmonte P13,000 on credit.
15 - Paid wages of shop helpers, P15,000.
15 - Paid the delivery services rendered by AKO TRUCKING, P8,000.
18 - Paid the account due to R. Sonora.
20 - Took P1,000 worth of shop supplies for use in his carport.
23 - Received P5,000 from J. Belmonte in partial payment of her account.
25 - Withdrew P5,000 for personal expenses.
28 - Collected P5,000 on the delivery of small chairs.
30 - Paid P8,000 for the delivery service on the second half of the month.
30 - Paid the wages of the shop helpers, P15,000.
30 - Paid MERALCO bills, P3,500.
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