PROBLEM SOLVINGDirections: Read and analyze the problem Journalıze and post the transactions then prepare atrial balanceThe following transactions of Willy Manalo, an attorney, took place during January 2016January 2 - Manalo started his own professional practice with a cash deposit of P90,0003 - Paid rent for the month of January, P2,5005 - Purchased office furniture from Charm Furniture Co on account, P30,000.9 - Sent bill to Polly Trading Corp for professional services rendered, P10,000.12 - Sent bill to Ralph Co for professional services rendered, P3,000.15 - Paid Charn Furniture Co, P20,000, and gave them a 60-day, non-interest bearingnote for the balance due.23 - Received check from Polly Tradıng Corp. in payment of bill rendered on Jan 924Withdrew P4,000 for personal use30 - Received check from Ralph Co. in payment of bill rendered on January 1231 Paid salaries, P5,000Required1) Journalize and post the above transactions usıng the following chart of accountsManalo, CapitalManalo, Drawing301101 Cash111 Accounts ReceivableOffice Furmiture340424Income from Fees162Salaries ExpenseRent Expense520201 Accounts Payable202 Notes Payable5242) Prepare a trial balance

Name: PROBLEM SOLVINGDirections: Read and analyze the problem Journalıze an
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Description: PROBLEM SOLVINGDirections: Read and analyze the problem Journalıze and post the transactions then prepare atrial balanceThe following transactions of Willy Manalo, an attorney, took place during January 2016January 2 - Manalo started his own profess

Journal entries records the transaction in such a way that there are 2 effects in the financial…

Business

Accounting

The following transactions of Willy Manalo, an attorney, took place during January 2016 Manalo started his own professional practice with a cash deposit of P90,000 3 - Paid rent for the month of January, P2,500. 5 - Purchased office furniture from Charm Furniture Co on account, P30,000. 9 - Sent bill to Polly Trading Corp for professional services rendered, P10,000 12 - Sent bill to Ralph Co for professional services rendered, P3,000. 15 - Paid Charm Furniture Co , P20,000, and gave them a 60-day, non-interest bearıng January 2 note for the balance due 23 - Received check from Polly Tradıng Corp in payment of bill rendered on Jan 9 Withdrew P4,000 for personal use Received check from Ralph Co in payment of bill rendered on January 12 24 30 31 - Paid salaries, P5,000 Required 1) Journalize and post the above transactions using the following chart of accounts Manalo, Capital Manalo, Drawing 101 Cash 301 111 Accounts Receivable 340 Income from Fees Salaries Expense Rent Expense 162 Office Furniture 424 520 Accounts Payable Notes Payable 201 524 202 2) Prepare a trial balance

The following transactions of Willy Manalo, an attorney, took place during January 2016 Manalo started his own professional practice with a cash deposit of P90,000 3 - Paid rent for the month of January, P2,500. 5 - Purchased office furniture from Charm Furniture Co on account, P30,000. 9 - Sent bill to Polly Trading Corp for professional services rendered, P10,000 12 - Sent bill to Ralph Co for professional services rendered, P3,000. 15 - Paid Charm Furniture Co , P20,000, and gave them a 60-day, non-interest bearıng January 2 note for the balance due 23 - Received check from Polly Tradıng Corp in payment of bill rendered on Jan 9 Withdrew P4,000 for personal use Received check from Ralph Co in payment of bill rendered on January 12 24 30 31 - Paid salaries, P5,000 Required 1) Journalize and post the above transactions using the following chart of accounts Manalo, Capital Manalo, Drawing 101 Cash 301 111 Accounts Receivable 340 Income from Fees Salaries Expense Rent Expense 162 Office Furniture 424 520 Accounts Payable Notes Payable 201 524 202 2) Prepare a trial balance

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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