Requirements: a. Record the transactions in the journal. b. Post the transaction in the ledger c. Prepare the unadjusted trial balance on December 31, 2019
Requirements: a. Record the transactions in the journal. b. Post the transaction in the ledger c. Prepare the unadjusted trial balance on December 31, 2019
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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You opened a novelty store called "The Awesome Shop" on January 1, 2019. The following were the transactions during the year.
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1. Provided P100,000 cash as an initial investment
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2. Obtained a P50,000 loan.
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3. Acquired furniture and fixtures for P80,000 cash
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4. Acquired inventory on account for P60,000 (use perpetual inventory system)
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5. Sold goods on a cash basis for P200,000.The cost of sales is P20,000
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6. Sold goods on account for P300,000. The cost of sales is P30,000
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7. Paid supplies to expense for P20,000 cash.
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8. Paid rent expense of P180,000
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9. Paid utility expense of P40,000
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10. Collected P240,000
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11. Paid P30,000 accounts payable
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12. Made total drawings of P25,000.
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Requirements:
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a. Record the transactions in the journal.
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b.
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c. Prepare the unadjusted
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