After several years with a large accounting firm, Virgie Dal decided to establish her own accounting practice. The following transactions of Virgie Dal, CPA were completed during 2012: May 2 – Transferred of ₱92,500 cash from a personal savings account to a checking account, Virgie Dal ,CPA. 3- Acquired office equipment on account from Gicain Furnitire, ₱36,800. 4- Acquired office supplies on account from Lorenzo Office Supply Company ₱17,100. 6- Performed accounting services for Cayao Computer Company and submitted bill of ₱29,200 for those services. 7- Paid for accounting and tax books for use in the practice, ₱19,500. 8- Paid Lorenzo Office Supply Company, ₱ 4,100 on account. 10- Acquired a condominium unit for the accounting practice, 265,000. A down payment of ₱38,000 was made and issued a note payable for the remaining ₱227,000. 12-Paid salaries, ₱14,200 13- Received ₱9,750 from Cayao Computer Company, billed on May 6. 16- Paid telephone expense, ₱650. 19- Received cash in the amount of ₱14,600 from Ponferada Book Company for accounting service rendered for the month. 22-Acquired office supplies on account from Lorenzo Office Supply Company, ₱ 4,650. 23- Withdraw ₱8,150 for personal use 25- Paid salaries, ₱10,300 26-Billed Bosante Exporters ₱31, 600 for accounting services rendered. 27- Paid PICPA-Tacloban ₱5,500 for professional dues. 28- Paid ₱3,250 rent on an office- copying machine. Required: 1. Prepare the journal entries for May transactions. 2. Post the entries to the ledger accounts, using the account numbers for cross-reference and using journal page number 1. The following accounts will be needed: 110 Cash; 120 Accounts Receivable;130 Office Supplies; 140 Office Condominium;150 Office Equipment; 160 Accounting Library;210 Notes payable; Accounts Payable 220; 310 Dal, Capital; 320 Dal, Withdrawals; 410 Accounting Revenues;510 Salaries Expense; 520 Rent Expense, 530 Telephone Expense; 540 Professional Dues Expense. 3. Prepare a trial balance

After several years with a large accounting firm, Virgie Dal decided to establish her own accounting practice. The following transactions of Virgie Dal, CPA were completed during 2012: May 2 – Transferred of ₱92,500 cash from a personal savings account to a checking account, Virgie Dal ,CPA. 3- Acquired office equipment on account from Gicain Furnitire, ₱36,800. 4- Acquired office supplies on account from Lorenzo Office Supply Company ₱17,100. 6- Performed accounting services for Cayao Computer Company and submitted bill of ₱29,200 for those services. 7- Paid for accounting and tax books for use in the practice, ₱19,500. 8- Paid Lorenzo Office Supply Company, ₱ 4,100 on account. 10- Acquired a condominium unit for the accounting practice, 265,000. A down payment of ₱38,000 was made and issued a note payable for the remaining ₱227,000. 12-Paid salaries, ₱14,200 13- Received ₱9,750 from Cayao Computer Company, billed on May 6. 16- Paid telephone expense, ₱650. 19- Received cash in the amount of ₱14,600 from Ponferada Book Company for accounting service rendered for the month. 22-Acquired office supplies on account from Lorenzo Office Supply Company, ₱ 4,650. 23- Withdraw ₱8,150 for personal use 25- Paid salaries, ₱10,300 26-Billed Bosante Exporters ₱31, 600 for accounting services rendered. 27- Paid PICPA-Tacloban ₱5,500 for professional dues. 28- Paid ₱3,250 rent on an office- copying machine. Required: 1. Prepare the journal entries for May transactions. 2. Post the entries to the ledger accounts, using the account numbers for cross-reference and using journal page number 1. The following accounts will be needed: 110 Cash; 120 Accounts Receivable;130 Office Supplies; 140 Office Condominium;150 Office Equipment; 160 Accounting Library;210 Notes payable; Accounts Payable 220; 310 Dal, Capital; 320 Dal, Withdrawals; 410 Accounting Revenues;510 Salaries Expense; 520 Rent Expense, 530 Telephone Expense; 540 Professional Dues Expense. 3. Prepare a trial balance

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.1: Subsidiary Ledgers And Controlling Accounts

Problem 1OYO

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After several years with a large accounting firm, Virgie Dal decided to establish her own accounting practice. The following transactions of Virgie Dal, CPA were completed during 2012:

May 2 – Transferred of ₱92,500 cash from a personal savings account to a checking account, Virgie Dal ,CPA.

3- Acquired office equipment on account from Gicain Furnitire, ₱36,800.

4- Acquired office supplies on account from Lorenzo Office Supply Company ₱17,100.

6- Performed accounting services for Cayao Computer Company and submitted bill of ₱29,200 for those services.

7- Paid for accounting and tax books for use in the practice, ₱19,500.

8- Paid Lorenzo Office Supply Company, ₱ 4,100 on account.

10- Acquired a condominium unit for the accounting practice, 265,000. A down payment of ₱38,000 was made and

issued a note payable for the remaining ₱227,000.

12-Paid salaries, ₱14,200

13- Received ₱9,750 from Cayao Computer Company, billed on May 6.

16- Paid telephone expense, ₱650.

19- Received cash in the amount of ₱14,600 from Ponferada Book Company for accounting service rendered for the

month.

22-Acquired office supplies on account from Lorenzo Office Supply Company, ₱ 4,650.

23- Withdraw ₱8,150 for personal use

25- Paid salaries, ₱10,300

26-Billed Bosante Exporters ₱31, 600 for accounting services rendered.

27- Paid PICPA-Tacloban ₱5,500 for professional dues.

28- Paid ₱3,250 rent on an office- copying machine.

Required:

1. Prepare the journal entries for May transactions.

2. Post the entries to the ledger accounts, using the account numbers for cross-reference and using journal page

number 1. The following accounts will be needed: 110 Cash; 120 Accounts Receivable;130 Office Supplies; 140

Office Condominium;150 Office Equipment; 160 Accounting Library;210 Notes payable; Accounts Payable 220;

310 Dal, Capital; 320 Dal, Withdrawals; 410 Accounting Revenues;510 Salaries Expense; 520 Rent Expense, 530

Telephone Expense; 540 Professional Dues Expense.

3. Prepare a trial balance

PDE IM-MODULE-3-Account X
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file:///C:/Users/user/Documents/QUIJANO,%20JAN%20CLEO%20C/ACCOUNTING/IM-MODULE-3-Accounting-Fundamentals-P1-M.Chan%20(1).pdf
Journalizing, Posting and Preparing a Trial Balance
After several years with a large accounting firm, Virgie Dal decided to establish her own
accounting practice. The following transactions of Virgie Dal, CPA, were completed
during May 2012:
May 2
Transferred P92,500 cash from a personal savings account to a checking
account, Virgie Dal, CPA.
Acquired office equipment on account from Gicain Furniture, P36,800.
Acquired office supplies on account from Lorenzo Office Supply
Company, P17,100.
Performed accounting services for Cayaco Computer Company and
submitted a bill of P29,200 for those services.
Paid for accounting and tax books for use in the practice, P19,500.
Paid Lorenzo Office Supply Company, P4,100 on account.
Acquired a condominium unit for the accounting practice, P265,000. A
down payment of P38,000 was made and issued a note payable for the
3
7
10
remaining P227,000.
Paid salaries, P14,200.
Received P9,750 from Cayaco Computer Company, billed on May 6.
Paid telephone expense, P650.
Received cash in the amount of P14,600 from Ponferada Book Company
for accounting services rendered for the month.
Acquired office supplies on account from Lorenzo Office Supply
Company, P4,650.
Withdrew P8,150 for personal use.
Paid salaries, P10,300.
Billed Bosante Exporters P31,600 for accounting services rendered.
Paid PICPA-Tacloban P5,500 for professional dues.
Paid P3,250 rent on an office-copying machine.
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13
16
19
22
23
25
26
27
28
9:28 AM
03/12/2021

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