Trial Balance

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
4-2. Rudy Jones, an attorney, decided to establish his own practice. The following
are his transactions for November 19A.
November
1 - Invested cash, P20,000.00 and library, P5,000.00.
2
23
3
4
5
10
12
13
15
17
18
20
21
25
29
30
Required:
-
-
-
-
-
-
-
-
Purchased office furniture from Nicfur Co. on credit, P15,000.00.
Bought and paid stationery, stamps, and other supplies, P500.00.
Paid the office rent for the month, P2,000.00.
Bought a typewriter for cash, P5,000.00.
Received P7,000.00 cash for legal consultation services rendered. (Credit
Legal Fees Income)
Billed Roland Lim for professional services, P5,000.00.
Purchased a new filing cabinet for cash, P2,000.00.
Received 14,000.00 for professional services rendered in a tax case.
Billed Bong Coo, P5,000.00, for professional services rendered.
Paid P500.00 cash to Buddy Cheng for legal research service.
Paid the half month's salary of the secretary, P750.00.
Billed the Luzon Mining Co., P8,000.00, for professional services rendered.
Collected P5,000.00 cash from Roland Lim as full settlement of his account
on the 4th.
Paid P10,000.00 to Nicfur Co. to apply on account due to them.
Withdrew P1,000.00 cash for personal use.
Received P6,000.00 cash for professional services rendered to Fidel Felix.
Paid telephone bill, P200.00.
Paid the half month's salary of the secretary, P750.00.
Paid the Legal Press, 1700.00 for printing cost of legal briefs.
a. Journal entries
b. Posting to the ledger
C. Trial Balance
d. Income Statement
e. Balance Sheet
Transcribed Image Text:4-2. Rudy Jones, an attorney, decided to establish his own practice. The following are his transactions for November 19A. November 1 - Invested cash, P20,000.00 and library, P5,000.00. 2 23 3 4 5 10 12 13 15 17 18 20 21 25 29 30 Required: - - - - - - - - Purchased office furniture from Nicfur Co. on credit, P15,000.00. Bought and paid stationery, stamps, and other supplies, P500.00. Paid the office rent for the month, P2,000.00. Bought a typewriter for cash, P5,000.00. Received P7,000.00 cash for legal consultation services rendered. (Credit Legal Fees Income) Billed Roland Lim for professional services, P5,000.00. Purchased a new filing cabinet for cash, P2,000.00. Received 14,000.00 for professional services rendered in a tax case. Billed Bong Coo, P5,000.00, for professional services rendered. Paid P500.00 cash to Buddy Cheng for legal research service. Paid the half month's salary of the secretary, P750.00. Billed the Luzon Mining Co., P8,000.00, for professional services rendered. Collected P5,000.00 cash from Roland Lim as full settlement of his account on the 4th. Paid P10,000.00 to Nicfur Co. to apply on account due to them. Withdrew P1,000.00 cash for personal use. Received P6,000.00 cash for professional services rendered to Fidel Felix. Paid telephone bill, P200.00. Paid the half month's salary of the secretary, P750.00. Paid the Legal Press, 1700.00 for printing cost of legal briefs. a. Journal entries b. Posting to the ledger C. Trial Balance d. Income Statement e. Balance Sheet
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education