Homework Help is Here – Start Your Trial Now!
Business
Accounting
Jackielyn Magpantay organized Eternal Images, a photography and portrait studio on October 1, 2018. The studio completed the following transactions during the month: October 1 Deposited P350,000 in a bank account in the name of the business. 3 Paid two month's rent deposit and one-month advance, P40,500. Invested to the business personal photography equipment valued at P129,000. 7 Bought additional photography equipment, P75,000 on account. 8. Purchased office equipment for Cash, P54,000. 10 Received and paid for the photography equipment ordered on October 7, P75,000. 12 Purchased photography supplies on credit, P21,000. 13 Received cash for service rendered, P11,400. 17 Billed customers for portraits, P22,500. 19 Paid fifty percent of the supplies purchased on October 12, P10,500. 25 Paid the electricity bill for October, P3,600. 26 Paid telephone bill for October, P2,100. 28 Received payments from the customers billed on October 17, P7,500. 29 Paid salaries to personnel, P12,000. 30 Received an advance payment from a customer, P1,500. Chart of Accounts- Cash; Accounts Receivable; Prepaid Rent; Supplies; Photography Equipment; Office Equipment; Magpantay Capital; Magpantay Drawings; Accounts Payable; Service Income; Utilities Expense; Communication Expense; Salaries Expense Requirements: 1. Prepare the journal entries 2. Prepare the general ledger 3. Prepare the preliminary trial balance

Jackielyn Magpantay organized Eternal Images, a photography and portrait studio on October 1, 2018. The studio completed the following transactions during the month: October 1 Deposited P350,000 in a bank account in the name of the business. 3 Paid two month's rent deposit and one-month advance, P40,500. Invested to the business personal photography equipment valued at P129,000. 7 Bought additional photography equipment, P75,000 on account. 8. Purchased office equipment for Cash, P54,000. 10 Received and paid for the photography equipment ordered on October 7, P75,000. 12 Purchased photography supplies on credit, P21,000. 13 Received cash for service rendered, P11,400. 17 Billed customers for portraits, P22,500. 19 Paid fifty percent of the supplies purchased on October 12, P10,500. 25 Paid the electricity bill for October, P3,600. 26 Paid telephone bill for October, P2,100. 28 Received payments from the customers billed on October 17, P7,500. 29 Paid salaries to personnel, P12,000. 30 Received an advance payment from a customer, P1,500. Chart of Accounts- Cash; Accounts Receivable; Prepaid Rent; Supplies; Photography Equipment; Office Equipment; Magpantay Capital; Magpantay Drawings; Accounts Payable; Service Income; Utilities Expense; Communication Expense; Salaries Expense Requirements: 1. Prepare the journal entries 2. Prepare the general ledger 3. Prepare the preliminary trial balance

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 3PA: S. Davis, a graphic artist, opened a studio for her professional practice on August 1. The account...
See similar textbooks
icon
Related questions
Topic Video
Question
Jackielyn Magpantay organized Eternal Images, a photography and portrait studio on October 1, 2018. The studio completed the following transactions during the month: October 1 Deposited P350,000 in a bank account in the name of the business. 3 Paid two month's rent deposit and one-month advance, P40,500. Invested to the business personal photography equipment valued at P129,000. 7 Bought additional photography equipment, P75,000 on account. 8. Purchased office equipment for Cash, P54,000. 10 Received and paid for the photography equipment ordered on October 7, P75,000. 12 Purchased photography supplies on credit, P21,000. 13 Received cash for service rendered, P11,400. 17 Billed customers for portraits, P22,500. 19 Paid fifty percent of the supplies purchased on October 12, P10,500. 25 Paid the electricity bill for October, P3,600. 26 Paid telephone bill for October, P2,100. 28 Received payments from the customers billed on October 17, P7,500. 29 Paid salaries to personnel, P12,000. 30 Received an advance payment from a customer, P1,500. Chart of Accounts- Cash; Accounts Receivable; Prepaid Rent; Supplies; Photography Equipment; Office Equipment; Magpantay Capital; Magpantay Drawings; Accounts Payable; Service Income; Utilities Expense; Communication Expense; Salaries Expense Requirements: 1. Prepare the journal entries 2. Prepare the general ledger 3. Prepare the preliminary trial balance
Transcribed Image Text:Jackielyn Magpantay organized Eternal Images, a photography and portrait studio on October 1, 2018. The studio completed the following transactions during the month: October 1 Deposited P350,000 in a bank account in the name of the business. 3 Paid two month's rent deposit and one-month advance, P40,500. Invested to the business personal photography equipment valued at P129,000. 7 Bought additional photography equipment, P75,000 on account. 8. Purchased office equipment for Cash, P54,000. 10 Received and paid for the photography equipment ordered on October 7, P75,000. 12 Purchased photography supplies on credit, P21,000. 13 Received cash for service rendered, P11,400. 17 Billed customers for portraits, P22,500. 19 Paid fifty percent of the supplies purchased on October 12, P10,500. 25 Paid the electricity bill for October, P3,600. 26 Paid telephone bill for October, P2,100. 28 Received payments from the customers billed on October 17, P7,500. 29 Paid salaries to personnel, P12,000. 30 Received an advance payment from a customer, P1,500. Chart of Accounts- Cash; Accounts Receivable; Prepaid Rent; Supplies; Photography Equipment; Office Equipment; Magpantay Capital; Magpantay Drawings; Accounts Payable; Service Income; Utilities Expense; Communication Expense; Salaries Expense Requirements: 1. Prepare the journal entries 2. Prepare the general ledger 3. Prepare the preliminary trial balance
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS