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REQUIRED: a) Prepare the journal entries to record the above transactions. Use the account titles found in the general ledger. b) Post the journal entries with the use of the given ledger accounts. Indicate the sources of posting.

REQUIRED: a) Prepare the journal entries to record the above transactions. Use the account titles found in the general ledger. b) Post the journal entries with the use of the given ledger accounts. Indicate the sources of posting.

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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Comprehensive Problem – Journalizing, Posting. Trial Balance Ulysses Dela Cruz established an enterprise he registered with the DTI under the name: The Storm Decorators, on May 1, 2020. During the month he completed the following transactions: 01 - Mr. Ulysses Dela Cruz transferred cash from a personal bank account to an account to be used for the business, P31,000. 02 - Purchased supplies for cash, P750. 02 - Paid P1,230 worth of local government taxes and business permits. 02 - Purchased tools on account from Tonyo General Merchandise, P4,600. 03 - Purchased a second-hand van from Bagyo Used Cars Inc. for P48,000, paying P8,00 cash and giving a note payable in 3 months for the remainder. 05 - Paid rent of the office space for the month, P2,250. 06 – Received cash for a job completed, P8,600. 08 – Purchased supplies on account from Tonyo General Merchandise, P2,450. 10 - Paid premiums on property insurance, P2,440. 12 - Paid in full creditor for the tools purchased on May 2. 14 - Paid salaries of employees, P7,000. 17 - Completed another job on account (Mr. Rolly Gomez - customer) and sent the corresponding invoice to the customer, P12,500. 17 - Received cash for another job competed, P7,120. The service revenue had not been recorded previously. 19 - Paid utilities expense P3,300. 21- Received invoice for minor repairs on the van to be paid on June 15, P1,670. 24 - Paid miscellaneous expenses, P440. 24 - Received cash from Mr. Rolly Gomez as partial payment of the amount due from him, P7,450. 24 - Withdrew cash for personal use, P8,000. 26 - Transferred to the business a personal furniture worth P12,000. 27 - Completed another job contracted by Ms. Sioni Daza. Total contract price is P12,500. The company received cash amounting to P4,300, with the remaining balance payable with 30 days. 29 - Paid salaries of employees, P7,000. 30 - Received the telephone bill for the month, P2,100, to be paid on June 10. 31- Received P3,200 from Ms. Sioni Daza as partial payment of the amount of the receivable from her. REQUIRED: a) Prepare the journal entries to record the above transactions. Use the account titles found in the general ledger. b) Post the journal entries with the use of the given ledger accounts. Indicate the sources of posting. c) Prepare a trial balance as of May 31.
Transcribed Image Text:Comprehensive Problem – Journalizing, Posting. Trial Balance Ulysses Dela Cruz established an enterprise he registered with the DTI under the name: The Storm Decorators, on May 1, 2020. During the month he completed the following transactions: 01 - Mr. Ulysses Dela Cruz transferred cash from a personal bank account to an account to be used for the business, P31,000. 02 - Purchased supplies for cash, P750. 02 - Paid P1,230 worth of local government taxes and business permits. 02 - Purchased tools on account from Tonyo General Merchandise, P4,600. 03 - Purchased a second-hand van from Bagyo Used Cars Inc. for P48,000, paying P8,00 cash and giving a note payable in 3 months for the remainder. 05 - Paid rent of the office space for the month, P2,250. 06 – Received cash for a job completed, P8,600. 08 – Purchased supplies on account from Tonyo General Merchandise, P2,450. 10 - Paid premiums on property insurance, P2,440. 12 - Paid in full creditor for the tools purchased on May 2. 14 - Paid salaries of employees, P7,000. 17 - Completed another job on account (Mr. Rolly Gomez - customer) and sent the corresponding invoice to the customer, P12,500. 17 - Received cash for another job competed, P7,120. The service revenue had not been recorded previously. 19 - Paid utilities expense P3,300. 21- Received invoice for minor repairs on the van to be paid on June 15, P1,670. 24 - Paid miscellaneous expenses, P440. 24 - Received cash from Mr. Rolly Gomez as partial payment of the amount due from him, P7,450. 24 - Withdrew cash for personal use, P8,000. 26 - Transferred to the business a personal furniture worth P12,000. 27 - Completed another job contracted by Ms. Sioni Daza. Total contract price is P12,500. The company received cash amounting to P4,300, with the remaining balance payable with 30 days. 29 - Paid salaries of employees, P7,000. 30 - Received the telephone bill for the month, P2,100, to be paid on June 10. 31- Received P3,200 from Ms. Sioni Daza as partial payment of the amount of the receivable from her. REQUIRED: a) Prepare the journal entries to record the above transactions. Use the account titles found in the general ledger. b) Post the journal entries with the use of the given ledger accounts. Indicate the sources of posting. c) Prepare a trial balance as of May 31.
GENERAL JOURNAL Page 1 Date May1 Cash Particulars Credit -- 31000 00 PR Debit 3100000 Ulysses Dela Druz, Capital GENERAL JOURNAL Page 2 Date Particulars PR Debit Credi
Transcribed Image Text:GENERAL JOURNAL Page 1 Date May1 Cash Particulars Credit -- 31000 00 PR Debit 3100000 Ulysses Dela Druz, Capital GENERAL JOURNAL Page 2 Date Particulars PR Debit Credi
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