: 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
*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.

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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