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Transactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000.  He also invested in a computer worth P100,000 with a fair market value of P90,000. 2 Paid municipal taxes of P5,500 including his license to operate. 5 Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance. 7 Bought furniture on credit from Furniture World, P45,000. 8 Returned P7,000 worth of furniture bought due to wrong specifications. 9 Bought cash register P24,000 paid in cash. 10 Paid furniture and fixtures purchased account. 11 Bought P5,600 office supplies paid in cash. 12 Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account. 13 Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading.  The business will assume liability. 14 Returned damaged supplies worth P880. 15 Withdrew P75,000  cash and office supplies worth P500 for personal use. 16 Paid the salary of the office secretary, P7,600. 17 Paid utilities, P1,200. 18 Collected laundry services from various customers, P200,000.   19 Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000. 20 Paid repairs, P2,000. 30 Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000.

Transactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000.  He also invested in a computer worth P100,000 with a fair market value of P90,000. 2 Paid municipal taxes of P5,500 including his license to operate. 5 Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance. 7 Bought furniture on credit from Furniture World, P45,000. 8 Returned P7,000 worth of furniture bought due to wrong specifications. 9 Bought cash register P24,000 paid in cash. 10 Paid furniture and fixtures purchased account. 11 Bought P5,600 office supplies paid in cash. 12 Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account. 13 Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading.  The business will assume liability. 14 Returned damaged supplies worth P880. 15 Withdrew P75,000  cash and office supplies worth P500 for personal use. 16 Paid the salary of the office secretary, P7,600. 17 Paid utilities, P1,200. 18 Collected laundry services from various customers, P200,000.   19 Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000. 20 Paid repairs, P2,000. 30 Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000.

FINANCIAL ACCOUNTING
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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Transactions for the month of December 2020 are as follows:
1-Dec Rey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000.  He also invested in a computer worth P100,000 with a fair market value of P90,000.
2 Paid municipal taxes of P5,500 including his license to operate.
5 Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance.
7 Bought furniture on credit from Furniture World, P45,000.
8 Returned P7,000 worth of furniture bought due to wrong specifications.
9 Bought cash register P24,000 paid in cash.
10 Paid furniture and fixtures purchased account.
11 Bought P5,600 office supplies paid in cash.
12 Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account.
13 Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading.  The business will assume liability.
14 Returned damaged supplies worth P880.
15 Withdrew P75,000  cash and office supplies worth P500 for personal use.
16 Paid the salary of the office secretary, P7,600.
17 Paid utilities, P1,200.
18 Collected laundry services from various customers, P200,000.  
19 Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000.
20 Paid repairs, P2,000.
30 Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000.
Requirements: 1 Jeurnalizethe D ember transacuralaISIato r- ------- ar anathe Laccount tifles given in the chart of acc Ust the joumarenthetole GuaAledae 3 Extract the balances of each account in the General Ledger and prepare a trial balance, Accounts Receivable Schedule and Accounts Payable Schedule.
Transcribed Image Text:Requirements: 1 Jeurnalizethe D ember transacuralaISIato r- ------- ar anathe Laccount tifles given in the chart of acc Ust the joumarenthetole GuaAledae 3 Extract the balances of each account in the General Ledger and prepare a trial balance, Accounts Receivable Schedule and Accounts Payable Schedule.
The company's Chart of Accounts follow: Account Code Account Title 101 Cash 102 Accounts Receivable 102a Allowance for Bad Debts 103 Office Supplies 201 Office Condominium 201a Accumulated Depreciation - Office Condominium 202 Equipment 202a Accumulated Depreciation - Equipment 203 Furniture and Fixtures 203а Accumulated Depreciation - Furniture and Fixtures 204 Vehicle 204a Accumulated Depreciation - Vehicle 301 Accounts Payable 302 Notes Payable Interest Payable Salaries Payable Mortgage Payable 303 304 305 401 Millora, Capital 402 Millora, Personal 501 Laundry Service Income 601 Bad Debts Expense 602 Depreciation Expense 603 Taxes and Licenses 604 Salaries Expense 605 Utilities Expense 606 Repairs and Maintenance 607 Supplies Expense 608 Interest Expense
Transcribed Image Text:The company's Chart of Accounts follow: Account Code Account Title 101 Cash 102 Accounts Receivable 102a Allowance for Bad Debts 103 Office Supplies 201 Office Condominium 201a Accumulated Depreciation - Office Condominium 202 Equipment 202a Accumulated Depreciation - Equipment 203 Furniture and Fixtures 203а Accumulated Depreciation - Furniture and Fixtures 204 Vehicle 204a Accumulated Depreciation - Vehicle 301 Accounts Payable 302 Notes Payable Interest Payable Salaries Payable Mortgage Payable 303 304 305 401 Millora, Capital 402 Millora, Personal 501 Laundry Service Income 601 Bad Debts Expense 602 Depreciation Expense 603 Taxes and Licenses 604 Salaries Expense 605 Utilities Expense 606 Repairs and Maintenance 607 Supplies Expense 608 Interest Expense
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