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Sophia Waltson has decided to go into business for herself as a professional photographer and the following transactions transpired in October. a. She invested P300,000 to open the Waltson Photo Arts b. Paid rental for the month, P12,000 c. Purchased for cash camera equipment worth P220,000 d. Bought photo and developing supplies worth P18,000 on account e. Bought office equipment worth P45,000 on credit from Burroughs Company f. Received P25,000 for photography services rendered g. Sophia Waltson invested a computer valued at P30,000, in the business h. Sophia Waltson withdrew P12,000 from the business for her personal use i. Paid Burrooughs Company P30,000 as partial payment of account j. Took wedding pictures and agreed to accept payment fifteen days later, P12,000 k. Paid salary of assistant for the month, P6,000 I. Bought for cash another Photo supplies for the month, P4,000

Sophia Waltson has decided to go into business for herself as a professional photographer and the following transactions transpired in October. a. She invested P300,000 to open the Waltson Photo Arts b. Paid rental for the month, P12,000 c. Purchased for cash camera equipment worth P220,000 d. Bought photo and developing supplies worth P18,000 on account e. Bought office equipment worth P45,000 on credit from Burroughs Company f. Received P25,000 for photography services rendered g. Sophia Waltson invested a computer valued at P30,000, in the business h. Sophia Waltson withdrew P12,000 from the business for her personal use i. Paid Burrooughs Company P30,000 as partial payment of account j. Took wedding pictures and agreed to accept payment fifteen days later, P12,000 k. Paid salary of assistant for the month, P6,000 I. Bought for cash another Photo supplies for the month, P4,000

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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What is the journal entry and trial balance of he following accounts and transaction?
Sophia Waltson has decided to go into business for herself as a professional photographer and the following transactions transpired in October. a. She invested P300,000 to open the Waltson Photo Arts b. Paid rental for the month, P12,000 c. Purchased for cash camera equipment worth P220,000 d. Bought photo and developing supplies worth P18,000 on account e. Bought office equipment worth P45,000 on credit from Burroughs Company f. Received P25,000 for photography services rendered g. Sophia Waltson invested a computer valued at P30,000, in the business h. Sophia Waltson withdrew P12,000 from the business for her personal use i. Paid Burrooughs Company P30,000 as partial payment of account j. Took wedding pictures and agreed to accept payment fifteen days later, P12,000 k. Paid salary of assistant for the month, P6,000 I. Bought for cash another Photo supplies for the month, P4,000 Use the following accounts to record these transactions: Cash, Accounts Receivable, Photo Supplies, Camera Equipment, Office Equipment, Accounts Payable, S. Waltson, Capital, S. Waltson, Withdrawal, Photography Revenues, Salaries Expense, Rent Expense, Supplies Expense
Transcribed Image Text:Sophia Waltson has decided to go into business for herself as a professional photographer and the following transactions transpired in October. a. She invested P300,000 to open the Waltson Photo Arts b. Paid rental for the month, P12,000 c. Purchased for cash camera equipment worth P220,000 d. Bought photo and developing supplies worth P18,000 on account e. Bought office equipment worth P45,000 on credit from Burroughs Company f. Received P25,000 for photography services rendered g. Sophia Waltson invested a computer valued at P30,000, in the business h. Sophia Waltson withdrew P12,000 from the business for her personal use i. Paid Burrooughs Company P30,000 as partial payment of account j. Took wedding pictures and agreed to accept payment fifteen days later, P12,000 k. Paid salary of assistant for the month, P6,000 I. Bought for cash another Photo supplies for the month, P4,000 Use the following accounts to record these transactions: Cash, Accounts Receivable, Photo Supplies, Camera Equipment, Office Equipment, Accounts Payable, S. Waltson, Capital, S. Waltson, Withdrawal, Photography Revenues, Salaries Expense, Rent Expense, Supplies Expense
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