The following are the transactions of J. Lo, owner of "LABANGO", a laundry shop, for the month of June 2020. June 1-J. Lo invested cash P50,000 and Laundry Equipment worth P20,000. June 3-Purchase supplies on account from Pili Trading worth P15,000. June 5- Performed service to J. Credo and received P10,000. June 10- Paid utilities, P8,000 June 13- Billed customer, K. Lopez, for service performed worth P16,000. June 14-Withdraws P7,000 for personal use. June 17-Received payment form K. Lopez for service rendered last June 13. June 30- Paid employee salaries, P21,000. Prepare the following: 1. Chart of accounts AMA
The following are the transactions of J. Lo, owner of "LABANGO", a laundry shop, for the month of June 2020. June 1-J. Lo invested cash P50,000 and Laundry Equipment worth P20,000. June 3-Purchase supplies on account from Pili Trading worth P15,000. June 5- Performed service to J. Credo and received P10,000. June 10- Paid utilities, P8,000 June 13- Billed customer, K. Lopez, for service performed worth P16,000. June 14-Withdraws P7,000 for personal use. June 17-Received payment form K. Lopez for service rendered last June 13. June 30- Paid employee salaries, P21,000. Prepare the following: 1. Chart of accounts AMA
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ASSIGNMENT
The following are the transactions of J. Lo, owner of "LABANGO", a laundry shop, for
the month of June 2020.
June 1- J. Lo invested cash P50,000 and Laundry Equipment worth P20,000.
June 3- Purchase supplies on account from Pili Trading worth P15,000.
June 5 - Performed service to J. Credo and received P10,.000.
June 10 - Paid utilities, P8,000
June 13 - Billed customer, K. Lopez, for service performed worth P16,000.
June 14 - Withdraws P7,000 for personal use.
June 17 - Received payment form K. Lopez for service rendered last June 13.
June 30 - Paíd employee salaries, P21,000.
Prepare the following:
1. Chart of accounts
2. Joumal entries
3. Ledger/T-account
4. Trial balance
AMARINE
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