Transactions for the month of December 2020 are as follows:1-DecRey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000. He also invested in a computer worth P100,000 with a fair market value of P90,000.2Paid municipal taxes of P5,500 including his license to operate.5Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance.7Bought furniture on credit from Furniture World, P45,000.8Returned P7,000 worth of furniture bought due to wrong specifications.9Bought cash register P24,000 paid in cash.10Paid furniture and fixtures purchased account.11Bought P5,600 office supplies paid in cash.12Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account.13Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading. The business will assume liability.14Returned damaged supplies worth P880.15Withdrew P75,000 cash and office supplies worth P500 for personal use.16Paid the salary of the office secretary, P7,600.17Paid utilities, P1,200.18Collected laundry services from various customers, P200,000. 19Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000.20Paid repairs, P2,000.30Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000. The company's Chart of Accounts follow:Account CodeAccount Title101Cash102Accounts Receivable102aAllowance for Bad Debts103Office Supplies201Office Condominium201aAccumulated Depreciation - Office Condominium202Equipment202aAccumulated Depreciation - Equipment203Furniture and Fixtures203аAccumulated Depreciation - Furniture and Fixtures204Vehicle204aAccumulated Depreciation - Vehicle301Accounts Payable302Notes PayableInterest PayableSalaries PayableMortgage Payable303304305401Millora, Capital402Millora, Personal501Laundry Service Income601Bad Debts Expense602Depreciation Expense603Taxes and Licenses604Salaries Expense605Utilities Expense606Repairs and Maintenance607Supplies Expense608Interest Expense Requirements:1 Journalize the December transactions using a general journal and theaccount titles given in the chart of accounts.2 Post the journal entries to the General Ledger.3 Extract the balances of each account in the General Ledger andprepare a trial balance, Accounts Receivable Schedule and Accounts Payable Schedule.

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Answered: Requirements: 1 Journalize the December…

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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	Transactions for the month of December 2020 are as follows:
1-Dec	Rey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000. He also invested in a computer worth P100,000 with a fair market value of P90,000.
2	Paid municipal taxes of P5,500 including his license to operate.
5	Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance.
7	Bought furniture on credit from Furniture World, P45,000.
8	Returned P7,000 worth of furniture bought due to wrong specifications.
9	Bought cash register P24,000 paid in cash.
10	Paid furniture and fixtures purchased account.
11	Bought P5,600 office supplies paid in cash.
12	Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account.
13	Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading. The business will assume liability.
14	Returned damaged supplies worth P880.
15	Withdrew P75,000 cash and office supplies worth P500 for personal use.
16	Paid the salary of the office secretary, P7,600.
17	Paid utilities, P1,200.
18	Collected laundry services from various customers, P200,000.
19	Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000.
20	Paid repairs, P2,000.
30	Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000.

Requirements: 1 Journalize the December transactions using a general journal and the account titles given in the chart of accounts.