Required: 1. Prepare the journal entries for the February transactions. 2. Post the entries to the ledger accounts. Be sure to make the appropriate posting references in the journal and ledger as you post. The following are the other accounts used by the company: Supplies (130); Ventic, Withdrawals (320); School Revenues (410); Salaries Expense (510); Rent Expense (520); Gas and Oil Expense (530) and Utilities Expense (540). 3. Prepare a trial balance as at Feb. 28, 2014.
Required: 1. Prepare the journal entries for the February transactions. 2. Post the entries to the ledger accounts. Be sure to make the appropriate posting references in the journal and ledger as you post. The following are the other accounts used by the company: Supplies (130); Ventic, Withdrawals (320); School Revenues (410); Salaries Expense (510); Rent Expense (520); Gas and Oil Expense (530) and Utilities Expense (540). 3. Prepare a trial balance as at Feb. 28, 2014.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Required: 1. Prepare the
![Claro Ventic operates the Ventic Nursery School. It provides day-care, school bus
service and learning programs to pre-school children. On Jan. 31, 2014, the company's
trial balance is as follows:
Ventic Nursery School
Trial Balance
Jan. 31, 2014
Cash (110)
Accounts Receivable (120)
Equipment (140)
Service Vehicles (150)
Notes Payable (210)
Accounts Payable (220)
Ventic, Capital (310)
P 187,000
170,000
104,000
1,740,000
P1,500,000
164,000
537,000
P2,201,000
P2,201,000
During the month of February, the company completed the following transactions:
Paid this month's rent, P27,000.
Received fees for this month's services, P65,000.
Feb. 2
3
Purchased supplies on account, P8,500.
Paid for oil change on a service vehicle, P4,000.
Ordered playground equipment, P100,000.
Made payments on account, P17,000.
Collected from customers on account, P120,000.
Billed customers who had not yet paid for this month's services,
P70,000.
Paid for the supplies purchased on February 4.
Received and paid for the playground equipment ordered on
February 6, P100,000.
Purchased equipment on account, P29,000.
Paid this month's utility bill, P14,500.
Received cash for one month's services from customers previously
billed, P50,000.
Paid salaries of staff, P46,000.
Received statement of account for gas and oil used by the service
vehicles during the month, P32,500.
Made a cash withdrawal of P11,000.
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Transcribed Image Text:Claro Ventic operates the Ventic Nursery School. It provides day-care, school bus
service and learning programs to pre-school children. On Jan. 31, 2014, the company's
trial balance is as follows:
Ventic Nursery School
Trial Balance
Jan. 31, 2014
Cash (110)
Accounts Receivable (120)
Equipment (140)
Service Vehicles (150)
Notes Payable (210)
Accounts Payable (220)
Ventic, Capital (310)
P 187,000
170,000
104,000
1,740,000
P1,500,000
164,000
537,000
P2,201,000
P2,201,000
During the month of February, the company completed the following transactions:
Paid this month's rent, P27,000.
Received fees for this month's services, P65,000.
Feb. 2
3
Purchased supplies on account, P8,500.
Paid for oil change on a service vehicle, P4,000.
Ordered playground equipment, P100,000.
Made payments on account, P17,000.
Collected from customers on account, P120,000.
Billed customers who had not yet paid for this month's services,
P70,000.
Paid for the supplies purchased on February 4.
Received and paid for the playground equipment ordered on
February 6, P100,000.
Purchased equipment on account, P29,000.
Paid this month's utility bill, P14,500.
Received cash for one month's services from customers previously
billed, P50,000.
Paid salaries of staff, P46,000.
Received statement of account for gas and oil used by the service
vehicles during the month, P32,500.
Made a cash withdrawal of P11,000.
4
5
6
8
9
10
11
13
17
19
22
26
27
28
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