The following transactions were taken from the books of Cartago Repair Shopfor the month of May 2018: Мay ales,Inc for P11,Cartago invested P20,000 cash in the business. Paid rent for the month,P1,000. Bought Office supplies for cash,P500. Purchased a typewriter from Equipment Sales,Inc for P11,500 on account. Receipts for 10 days amounted to P3,000 for services rendered. Paid one half of the account with with Equipment Sales,Inc. Paid Salaries,P1,500. Billed a customer for services rendered,P7,000. Bought office furniture for P5,000 from Nenita Furniture Store. Terms,P2,500 Down, the balance on account. 4 6. 8 10 12 15 17 20 25 Collected the May 17,2018 bill. Paid salaries: Gross P2,000,SSS Premium P60,Medicares,P12, withholding taxes,P30. 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 were taken from the books of Cartago Repair Shopfor the month of May 2018: Мay ales,Inc for P11,Cartago invested P20,000 cash in the business. Paid rent for the month,P1,000. Bought Office supplies for cash,P500. Purchased a typewriter from Equipment Sales,Inc for P11,500 on account. Receipts for 10 days amounted to P3,000 for services rendered. Paid one half of the account with with Equipment Sales,Inc. Paid Salaries,P1,500. Billed a customer for services rendered,P7,000. Bought office furniture for P5,000 from Nenita Furniture Store. Terms,P2,500 Down, the balance on account. 4 6. 8 10 12 15 17 20 25 Collected the May 17,2018 bill. Paid salaries: Gross P2,000,SSS Premium P60,Medicares,P12, withholding taxes,P30. 30 REQUIRED: 1. Prepare the necessary journal entries to record the above transactions. 2. Post it to the ledger 3. 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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am. 295.
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