*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 aThe following were the narrated transactions of Atty Li Xian, a practicing lawyer for the month of April2019.April 2Made an additional investment of P5,000.00Received cash for legal sevices rendered to a client, PI0,000.00promissory note for the balance11Bought 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 useReceived cash for legal services rendered to a client, P15.000.00Paid office rental for the month, P2,500.001719252729Received P5,000.00 from a client company as retainer (Retainer Income)Paid salaries to his clerk, P5.000.0030SalariesP5,000.00Less:SSS266.60PhilHealth100.00Withholding Tax 350.00 716.604,283.40Net Payroll30Employer's share: SSS P425.40; PhilHealth P100.00Record the transactions using a general journal. Create your own account title that will appropriatelydescribe the exchanges of values. Post in T-Accounts and compute the total Assets, Liabilities and Equity

Meaning of T-account A casual form of a ledger is called as a T account because the structure of the…

: 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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