The accounting practice of George Ongkeko, CPA opened on December 1, 2019. It had the following transactions in its first month of operations: Ongkeko deposited Php 120,000 cash in the business bank account; Paid office rent for the month, Php 15,000; Purchased furniture and fixture for Php 80,000 paying Php 40,000 in cash and issuing a notes payable for the balance; Bought office supplies on credit, Php 10,000; Rendered bookkeeping services for cash, Php 25,000; Paid salaries expense, Php 12,000; Received utility bills for the month, Php 6,000; Billed clients for audit job completed, Php 35,000; Paid creditor on account, Php 6,000; Received cash on accounts, Php 15,000; Paid personal expenses from the business bank account, Php 16,000; Received cash for tax services rendered, Php 10,000. REQUIRED: Use the following accounts: Cash; Accounts Receivable; Office Supplies; Furniture & Fixture; Accounts Payable; Notes Payable; G. Ongkeko, Capital; G. Ongkeko, Withdrawal; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense Record the transactions in a journal using the account titles above. Post the transactions to its individual ledger accounts. Prepare the unadjusted trial balance as of December 31, 2019.

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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The accounting practice of George Ongkeko, CPA opened on December 1, 2019. It had the following transactions in its first month of operations:

Ongkeko deposited Php 120,000 cash in the business bank account;
Paid office rent for the month, Php 15,000;
Purchased furniture and fixture for Php 80,000 paying Php 40,000 in cash and issuing a notes payable for the balance;
Bought office supplies on credit, Php 10,000;
Rendered bookkeeping services for cash, Php 25,000;
Paid salaries expense, Php 12,000;
Received utility bills for the month, Php 6,000;
Billed clients for audit job completed, Php 35,000;
Paid creditor on account, Php 6,000;
Received cash on accounts, Php 15,000;
Paid personal expenses from the business bank account, Php 16,000;
Received cash for tax services rendered, Php 10,000.

REQUIRED:

Use the following accounts: Cash; Accounts Receivable; Office Supplies; Furniture & Fixture; Accounts Payable; Notes Payable; G. Ongkeko, Capital; G. Ongkeko, Withdrawal; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense

Record the transactions in a journal using the account titles above.
Post the transactions to its individual ledger accounts.
Prepare the unadjusted trial balance as of December 31, 2019.

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