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Required: 1. Prepare the journal entries. 2. Post the journal entries to t-accounts.

Required: 1. Prepare the journal entries. 2. Post the journal entries to t-accounts.

FINANCIAL ACCOUNTING
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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Matipirang Laundry entered into the following transactions in January, 2017: January 1 Owner invested P150,000 cash into the business. January 3 Borrowed B40,000 from the bank on a note. January 4 Purchased laundry equipment for #25,000 cash. January 6 Performed services for customers who promised to pay later, P16,000. January 10 Collections were made for the services performed on August 6, P3,200. January 15 Supplies were purchased on account P3,000. January 17 A bill of 400 was received for utilities this month but was not yet paid. January 25 Laundıy services were performed for customers who paid immediately, P22,000. January 31 Paid employees salaries, P6,000. January 31 Paid this month's rent on a building, #2,800. Required: 1. Prepare the journal entries. 2. Post the journal entries to t-accounts.
Transcribed Image Text:Matipirang Laundry entered into the following transactions in January, 2017: January 1 Owner invested P150,000 cash into the business. January 3 Borrowed B40,000 from the bank on a note. January 4 Purchased laundry equipment for #25,000 cash. January 6 Performed services for customers who promised to pay later, P16,000. January 10 Collections were made for the services performed on August 6, P3,200. January 15 Supplies were purchased on account P3,000. January 17 A bill of 400 was received for utilities this month but was not yet paid. January 25 Laundıy services were performed for customers who paid immediately, P22,000. January 31 Paid employees salaries, P6,000. January 31 Paid this month's rent on a building, #2,800. Required: 1. Prepare the journal entries. 2. Post the journal entries to t-accounts.
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