Recording Transactions in T-Accounts and Preparing a Trial Balance Myrna Mallari recently established her own business, which she called Mallari Delivery Service. During the first month of business in October 2001, the following transactions were completed. Oct. 1 2 Deposited P19,500 of personal savings in an account at the Tarlac Development Bank in the name of Mallari Delivery Service. Acquired a second-hand service vehicle costing P63,000, paying P7,000 in cash, and financing the remaining P56,000 by issuing a note payable. 4 5 Paid rent for the month, P2,950. Acquired supplies on account P8,200. 6 Paid for three months' insurance and recorded prepaid insurance in the amount of P4,500. Received P13,900 cash for delivery work done for the Pascua 8 Corporation. Acquired additional supplies for cash, P2,050. 10 13 16 Paid salaries, P3,900. Completed an assignment for Luisita Company and billed the company P15,250. Paid P2,300 of the amount owed from the Oct. 5 transaction.. Paid miscellaneous expenses, P1,700. 17 19 Withdrew cash from the business, P6,150. 21 22 24 Collected P9,500 on account from Luisita Company. Paid salaries, P4,200. Paid utilities expense, P800. Billed the Cojuangco Company for delivery services rendered, P13,400. Required: 1. Establish the following T-accounts: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Service Vehicle; Notes Payable; Accounts Payable; Mallari, Capital; Mallari, Withdrawals; Delivery Revenues; Salaries Expense; Rent Expense; Utilities Expense; and Miscellaneous Expense. 2. Record the transactions directly into the T-accounts, using the dates transactions to identify each transaction. 3. Prepare a trial balance. of the

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Description: Recording Transactions in T-Accounts and Preparing a Trial Balance Myrna Mallari recently established her own business, which she called Mallari Delivery Service. During the first month of business in October 2001, the following transactions were com

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Recording Transactions in T-Accounts and Preparing a Trial Balance Myrna Mallari recently established her own business, which she called Mallari Delivery Service. During the first month of business in October 2001, the following transactions were completed. Oct. 1 2 Deposited P19,500 of personal savings in an account at the Tarlac Development Bank in the name of Mallari Delivery Service. Acquired a second-hand service vehicle costing P63,000, paying P7,000 in cash, and financing the remaining P56,000 by issuing a note payable. 4 5 Paid rent for the month, P2,950. Acquired supplies on account P8,200. 6 Paid for three months' insurance and recorded prepaid insurance in the amount of P4,500. Received P13,900 cash for delivery work done for the Pascua 8 Corporation. Acquired additional supplies for cash, P2,050. 10 13 16 Paid salaries, P3,900. Completed an assignment for Luisita Company and billed the company P15,250. Paid P2,300 of the amount owed from the Oct. 5 transaction.. Paid miscellaneous expenses, P1,700. 17 19 Withdrew cash from the business, P6,150. 21 22 24 Collected P9,500 on account from Luisita Company. Paid salaries, P4,200. Paid utilities expense, P800. Billed the Cojuangco Company for delivery services rendered, P13,400. Required: 1. Establish the following T-accounts: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Service Vehicle; Notes Payable; Accounts Payable; Mallari, Capital; Mallari, Withdrawals; Delivery Revenues; Salaries Expense; Rent Expense; Utilities Expense; and Miscellaneous Expense. 2. Record the transactions directly into the T-accounts, using the dates transactions to identify each transaction. 3. Prepare a trial balance. of the

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