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Using the following General Journal activity sheets, record the above transaction of CCS for the month of December, 2020. December 1 transaction was done for your example on how to record

Using the following General Journal activity sheets, record the above transaction of CCS for the month of December, 2020. December 1 transaction was done for your example on how to record

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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Make a general journal of the following problem below
(Charts of accounts and transactions are provided)

CHART OF ACCOUNTS Account Number Account Title ASSETS 101 Cash in Bank Petty Cash Fund Accounts Receivable 102 103 103-A Allowance for Bad Debts Notes Receivable Advances to Employees Interest Receivable Sewing Supplies on Hand 104 105 106 107 201 Land 202 Buildings Accumulated Depreciation - Building Shop Equipment Accumulated Depreciation - Shop Equipment Furniture and Fixture Accumulated Depreciation- Furniture and Fixture 202-A 203 203-A 204 204-A LIABILITIES Accounts Payable Notes Payable Withholding Taxes Payable Utilities Payable Interest Payable Unearned Service Income Income Tax Payable Mortgage Payable 301 302 303 304 305 306 309 310 OWNER'S EQUITY Charito, Capital Charito, Drawing 401 401-A REVENUES Service Income Interest Income 501 502 EXPENSES Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Sewing Supplies Expense Transportation Expense Repairs and Maintenance Expense SSS, Philhealth, and Pag-ibig Expense Bad Debts Expense Miscellaneous Expense Interest Expense 610 611 612 613 614 615 616 617 618 619 630
Transcribed Image Text:CHART OF ACCOUNTS Account Number Account Title ASSETS 101 Cash in Bank Petty Cash Fund Accounts Receivable 102 103 103-A Allowance for Bad Debts Notes Receivable Advances to Employees Interest Receivable Sewing Supplies on Hand 104 105 106 107 201 Land 202 Buildings Accumulated Depreciation - Building Shop Equipment Accumulated Depreciation - Shop Equipment Furniture and Fixture Accumulated Depreciation- Furniture and Fixture 202-A 203 203-A 204 204-A LIABILITIES Accounts Payable Notes Payable Withholding Taxes Payable Utilities Payable Interest Payable Unearned Service Income Income Tax Payable Mortgage Payable 301 302 303 304 305 306 309 310 OWNER'S EQUITY Charito, Capital Charito, Drawing 401 401-A REVENUES Service Income Interest Income 501 502 EXPENSES Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Sewing Supplies Expense Transportation Expense Repairs and Maintenance Expense SSS, Philhealth, and Pag-ibig Expense Bad Debts Expense Miscellaneous Expense Interest Expense 610 611 612 613 614 615 616 617 618 619 630
The following is the list summarizing the various transactions of CCS for the month of December, 2020 which you are asked to record. Dec. 1 Received 5%, 3-month, P30,000 note from Maffy for the party gown that CCs designed and delivered for the former today. 2 CCS purchased buttons, threads, and ribbons from Luz Sewing Supplies Store amounting to P 14,800 paying 50% down and the balance on account. 3 Romy, the master cutter in the shop made salary advances amounting to P3,000. 4 Michelle, a frequent customer of CCS paid P52,000 for the balance of the gown she requested Charito to specially design for her two months ago. 5 Charito withdrew buttons, ribbons, and threads amounting to P500 for her personal use at home. 6 Paid Efren Repair Service Center P1,500 for the repair of one of the sewing machines. 7 Delivered the debut gown of Rose and collected P25,000. 8 Paid the transportation fare of Rene, the liaison officer of CCS amounting to P750. 9 Paid the P18,000 accounts payable to Jose Building Maintenance Company. 10 Charito withdrew P20,000 cash permanently from the business fund. 18 CCS entered into a P350,000 contract of designing all the gowns for the wedding entourage of Joy and Rafael on June, 2021. The couple paid 20% down payment. 20 Paid the internet and telephone December bill received from GlobeSmart Telecom amounting to P1,200. 27 Billed Mary Renee Dance Company for P75,000 for the costumes designed and sewed for their theater actors and actresses. 31 CCS paid December salaries of its employees amounting to P89,700. Note: SSS, Philhealth, Pag-ibig, and withholding tax deductions were not included in this transaction to simplify reviewing Step 1– Journalizing of the accounting cycle. Required: Using the following General Journal activity sheets, record the above transaction of CCS for the month of December, 2020. December 1 transaction was done for your example on how to record business transactions using the general journal.
Transcribed Image Text:The following is the list summarizing the various transactions of CCS for the month of December, 2020 which you are asked to record. Dec. 1 Received 5%, 3-month, P30,000 note from Maffy for the party gown that CCs designed and delivered for the former today. 2 CCS purchased buttons, threads, and ribbons from Luz Sewing Supplies Store amounting to P 14,800 paying 50% down and the balance on account. 3 Romy, the master cutter in the shop made salary advances amounting to P3,000. 4 Michelle, a frequent customer of CCS paid P52,000 for the balance of the gown she requested Charito to specially design for her two months ago. 5 Charito withdrew buttons, ribbons, and threads amounting to P500 for her personal use at home. 6 Paid Efren Repair Service Center P1,500 for the repair of one of the sewing machines. 7 Delivered the debut gown of Rose and collected P25,000. 8 Paid the transportation fare of Rene, the liaison officer of CCS amounting to P750. 9 Paid the P18,000 accounts payable to Jose Building Maintenance Company. 10 Charito withdrew P20,000 cash permanently from the business fund. 18 CCS entered into a P350,000 contract of designing all the gowns for the wedding entourage of Joy and Rafael on June, 2021. The couple paid 20% down payment. 20 Paid the internet and telephone December bill received from GlobeSmart Telecom amounting to P1,200. 27 Billed Mary Renee Dance Company for P75,000 for the costumes designed and sewed for their theater actors and actresses. 31 CCS paid December salaries of its employees amounting to P89,700. Note: SSS, Philhealth, Pag-ibig, and withholding tax deductions were not included in this transaction to simplify reviewing Step 1– Journalizing of the accounting cycle. Required: Using the following General Journal activity sheets, record the above transaction of CCS for the month of December, 2020. December 1 transaction was done for your example on how to record business transactions using the general journal.
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