Requirements: a. Record the transactions in the journal. b. Post the transaction in the ledger c. Prepare the unadjusted trial balance on December 31, 2019
Requirements: a. Record the transactions in the journal. b. Post the transaction in the ledger c. Prepare the unadjusted trial balance on December 31, 2019
Requirements: a. Record the transactions in the journal. b. Post the transaction in the ledger c. Prepare the unadjusted trial balance on December 31, 2019
You opened a novelty store called "The Awesome Shop" on January 1, 2019. The following were the transactions during the year.
1. Provided P100,000 cash as an initial investment
2. Obtained a P50,000 loan.
3. Acquired furniture and fixtures for P80,000 cash
4. Acquired inventory on account for P60,000 (use perpetual inventory system)
5. Sold goods on a cash basis for P200,000.The cost of sales is P20,000
6. Sold goods on account for P300,000. The cost of sales is P30,000
7. Paid supplies to expense for P20,000 cash.
8. Paid rent expense of P180,000
9. Paid utility expense of P40,000
10. Collected P240,000 accounts receivable.
11. Paid P30,000 accounts payable
12. Made total drawings of P25,000.
Requirements:
a. Record the transactions in the journal.
b. Post the transaction in the ledger
c. Prepare the unadjusted trial balance on December 31, 2019
Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
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.
