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Required: a.) Prepare general journal entries to record the above transaction. Open the accounts listed in the partial chart of accounts on RP Consultancy Services in the general ledger where you will be posting the entries recorded using the running trial balance format. b) Post the adjusting journal entries to the ledger accounts and compute the balance after posting it. Put it also in the worksheet Required: General Journal, General Ledger, Trial Balance, Adjusting Entries and Worksheet

Required: a.) Prepare general journal entries to record the above transaction. Open the accounts listed in the partial chart of accounts on RP Consultancy Services in the general ledger where you will be posting the entries recorded using the running trial balance format. b) Post the adjusting journal entries to the ledger accounts and compute the balance after posting it. Put it also in the worksheet Required: General Journal, General Ledger, Trial Balance, Adjusting Entries and Worksheet

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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Ricardo Perez issued his personal check in paying in full the liability to Alemar's Book Store. Gave a cash advance to the office assistant, P2,500 Ricardo Perez used the business fund in paying for his outstanding debt of P40,000 with the bank. He did this in anticipation of future profits. 6 8 Purchased two units of computer worth P30,000 each from ACER Marketing. Terms: 50% down payment, balance on account Ricardo Perez withdrew P50,000 permanently from the business' fund. Odilo, a client, issued a 30-day, 10%, P50,000 note for the services rendered by Ricardo Perez. Issued a 120-day, 12% note for P100,000 loan granted by UNITED BANK Received P25,000 from Joseph, a customer representing advance payment for the services to be rendered by BM Consultancy Services next month Paid MECO electricity bill amounting to P17,500 10 11 12 13 14 15 Paid salary of the office assistant for P20,000. Deduction was made for the advances made on June 7. Required: a.) Prepare general journal entries to record the above transaction. Open the accounts listed in the partial chart of accounts on RP Consultancy Services in the general ledger where you will be posting the entries recorded using the running trial balance format. b) Post the adjusting journal entries to the ledger accounts and compute the balance after posting it. Put it also in the worksheet Required: General Journal, General Ledger, Trial Balance, Adjusting Entries and Worksheet
Transcribed Image Text:Ricardo Perez issued his personal check in paying in full the liability to Alemar's Book Store. Gave a cash advance to the office assistant, P2,500 Ricardo Perez used the business fund in paying for his outstanding debt of P40,000 with the bank. He did this in anticipation of future profits. 6 8 Purchased two units of computer worth P30,000 each from ACER Marketing. Terms: 50% down payment, balance on account Ricardo Perez withdrew P50,000 permanently from the business' fund. Odilo, a client, issued a 30-day, 10%, P50,000 note for the services rendered by Ricardo Perez. Issued a 120-day, 12% note for P100,000 loan granted by UNITED BANK Received P25,000 from Joseph, a customer representing advance payment for the services to be rendered by BM Consultancy Services next month Paid MECO electricity bill amounting to P17,500 10 11 12 13 14 15 Paid salary of the office assistant for P20,000. Deduction was made for the advances made on June 7. Required: a.) Prepare general journal entries to record the above transaction. Open the accounts listed in the partial chart of accounts on RP Consultancy Services in the general ledger where you will be posting the entries recorded using the running trial balance format. b) Post the adjusting journal entries to the ledger accounts and compute the balance after posting it. Put it also in the worksheet Required: General Journal, General Ledger, Trial Balance, Adjusting Entries and Worksheet
JOURNALIZING AND POSTING TRANSACTIONS Ricardo Perez established a Management Consultancy firm. RP Consultancy Services. The following is the partial Chart of Account of the newly-established business: Cash Accounts Receivable Notes Receivable Advances to Employees Office Supplies loffice Equipment Furniture and Fixture Accounts Payable Notes Payable Unearned Service Income Perez, Capital Perez, Drawing Service Income Taxes and Licenses Expense Representation and Entertainment Expense Utilities Expense Salaries and Wages Expense 101 102 103 104 105 201 202 301 302 303 401 401-A 501 601 602 603 604 Ricardo Perez established a management consultancy firm, RP Consultancy Services. He invested the following assets in the business which he acquired at the following amount: computer for P40,000 and tables and chairs for P25,000. At the time of investment, the Jun-01 following are the fair market value of the said assets: computer, P25,000; tables and chairs, P20,000. The computer was purchased from ACER Marketing has an outstanding liability of P5,000 which will be assumed by the business. He also deposited an amount with Winner Bank and Trust Company for P300,000 under the firm's name. 2 |Paid municipal and barangay permit for P20,000 in establishing the business 3 Purchased various office supplies from Alemar's Book Store for P12,000. Terms: 25% down payment, balance on account Billed a client for services rendered, P30,000 5 4 Ricardo Perez was introduced to new clients over dinner. Ricardo Perez is to take over these clients. The bill was for P3,500.
Transcribed Image Text:JOURNALIZING AND POSTING TRANSACTIONS Ricardo Perez established a Management Consultancy firm. RP Consultancy Services. The following is the partial Chart of Account of the newly-established business: Cash Accounts Receivable Notes Receivable Advances to Employees Office Supplies loffice Equipment Furniture and Fixture Accounts Payable Notes Payable Unearned Service Income Perez, Capital Perez, Drawing Service Income Taxes and Licenses Expense Representation and Entertainment Expense Utilities Expense Salaries and Wages Expense 101 102 103 104 105 201 202 301 302 303 401 401-A 501 601 602 603 604 Ricardo Perez established a management consultancy firm, RP Consultancy Services. He invested the following assets in the business which he acquired at the following amount: computer for P40,000 and tables and chairs for P25,000. At the time of investment, the Jun-01 following are the fair market value of the said assets: computer, P25,000; tables and chairs, P20,000. The computer was purchased from ACER Marketing has an outstanding liability of P5,000 which will be assumed by the business. He also deposited an amount with Winner Bank and Trust Company for P300,000 under the firm's name. 2 |Paid municipal and barangay permit for P20,000 in establishing the business 3 Purchased various office supplies from Alemar's Book Store for P12,000. Terms: 25% down payment, balance on account Billed a client for services rendered, P30,000 5 4 Ricardo Perez was introduced to new clients over dinner. Ricardo Perez is to take over these clients. The bill was for P3,500.
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