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: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.

: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.

FINANCIAL ACCOUNTING
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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*Required: Record the transactions using a general journal. Create your own account titles that will appropriately describe the exchanges of values. Post in T-accounts and compute the total assets, liabilities, and equity.

Bought a new computer costing P60,000.00, paying 20% down payment and issued a The following were the narrated transactions of Atty Li Xian, a practicing lawyer for the month of April 2019. April 2 Made an additional investment of P5,000.00 Received cash for legal sevices rendered to a client, PI0,000.00 promissory note for the balance 11 Bought various supplies in cash for office usc, P1,500.00 (expense) Paid light and water bill, P360.00 (utilities expense) Withdrew P20,000.00 cash for his personal use Received cash for legal services rendered to a client, P15.000.00 Paid office rental for the month, P2,500.00 17 19 25 27 29 Received P5,000.00 from a client company as retainer (Retainer Income) Paid salaries to his clerk, P5.000.00 30 Salaries P5,000.00 Less: SSS 266.60 PhilHealth 100.00 Withholding Tax 350.00 716.60 4,283.40 Net Payroll 30 Employer's share: SSS P425.40; PhilHealth P100.00 Record the transactions using a general journal. Create your own account title that will appropriately describe the exchanges of values. Post in T-Accounts and compute the total Assets, Liabilities and Equity
Transcribed Image Text:Bought a new computer costing P60,000.00, paying 20% down payment and issued a The following were the narrated transactions of Atty Li Xian, a practicing lawyer for the month of April 2019. April 2 Made an additional investment of P5,000.00 Received cash for legal sevices rendered to a client, PI0,000.00 promissory note for the balance 11 Bought various supplies in cash for office usc, P1,500.00 (expense) Paid light and water bill, P360.00 (utilities expense) Withdrew P20,000.00 cash for his personal use Received cash for legal services rendered to a client, P15.000.00 Paid office rental for the month, P2,500.00 17 19 25 27 29 Received P5,000.00 from a client company as retainer (Retainer Income) Paid salaries to his clerk, P5.000.00 30 Salaries P5,000.00 Less: SSS 266.60 PhilHealth 100.00 Withholding Tax 350.00 716.60 4,283.40 Net Payroll 30 Employer's share: SSS P425.40; PhilHealth P100.00 Record the transactions using a general journal. Create your own account title that will appropriately describe the exchanges of values. Post in T-Accounts and compute the total Assets, Liabilities and Equity
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