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. Claro Ventic operates the Ventic Nursery School. It provides day-care, school busservice and learning programs to pre-school children. On Jan. 31, 2014, the company'strial balance is as follows:Ventic Nursery SchoolTrial BalanceJan. 31, 2014Cash (110)Accounts Receivable (120)Equipment (140)Service Vehicles (150)Notes Payable (210)Accounts Payable (220)Ventic, Capital (310)P 187,000170,000104,0001,740,000P1,500,000164,000537,000P2,201,000P2,201,000During 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. 23Purchased 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 onFebruary 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 previouslybilled, P50,000.Paid salaries of staff, P46,000.Received statement of account for gas and oil used by the servicevehicles during the month, P32,500.Made a cash withdrawal of P11,000.45689101113171922262728

A journal entry is a form of accounting entry that is used to report a business transaction in a…

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.

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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