The following transactions of MORALES Accounting Firm during the first month of Operations: April 1 Mr. Morales invested P30,000 cash in his firm. Bought supplies for cash P1,200. Purchased equipment from Tagumpay Enterprises on account,P9,000. Received P5,000 in fees earned during the week. Paid the office rent for the month,P1,500. Paid salaris, P1,000. Paid P2,000 to Tagumpay Enterprise. Billed a client for services rendered,P2,000. Withdrew cash,P500 for personal use. Paid Meralco and PLDT bills amounting to P500 and P250, respectively. 5 8 10 15 18 22 24 30 30 REQUIRED: 1. Prepare the necessary journal entries to record the above transactions. 2. Post it to the ledger 3. Prepare a Trial Balance.

The following transactions of MORALES Accounting Firm during the first month of Operations: April 1 Mr. Morales invested P30,000 cash in his firm. Bought supplies for cash P1,200. Purchased equipment from Tagumpay Enterprises on account,P9,000. Received P5,000 in fees earned during the week. Paid the office rent for the month,P1,500. Paid salaris, P1,000. Paid P2,000 to Tagumpay Enterprise. Billed a client for services rendered,P2,000. Withdrew cash,P500 for personal use. Paid Meralco and PLDT bills amounting to P500 and P250, respectively. 5 8 10 15 18 22 24 30 30 REQUIRED: 1. Prepare the necessary journal entries to record the above transactions. 2. Post it to the ledger 3. Prepare a Trial Balance.

Name: The following transactions of MORALES Accounting Firm during the firs
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Description: The following transactions of MORALES Accounting Firm during the first month of Operations:April 1Mr. Morales invested P30,000 cash in his firm.Bought supplies for cash P1,200.Purchased equipment from Tagumpay Enterprises on account,P9,000.Received

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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