Learning Task 2: Mr. Santos opened a barber shop called "Gupitan Shop" on February 1, 20X3. The following were the transactions during the first week of operations: February Transactions 1 Provided P300,000 cash as initial investment to the business. 2 Acquired furniture and fixture for P200,00 cash. 4 Purchased supplies for P30,000 cash. Rendered services worth P20,000 on cash basis 7 Paid P10,000 salaries of employees Requirement: A. Provide the journal entries B. Post the entries to the ledger (use T-accounts) C. Prepare the unadjusted trial balance

Learning Task 2: Mr. Santos opened a barber shop called "Gupitan Shop" on February 1, 20X3. The following were the transactions during the first week of operations: February Transactions 1 Provided P300,000 cash as initial investment to the business. 2 Acquired furniture and fixture for P200,00 cash. 4 Purchased supplies for P30,000 cash. Rendered services worth P20,000 on cash basis 7 Paid P10,000 salaries of employees Requirement: A. Provide the journal entries B. Post the entries to the ledger (use T-accounts) C. Prepare the unadjusted trial balance

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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(Learning Objective 4: Journalize transactions) After operating for several months,architect Donovan Freeman completed the following transactions during the latter part of July:Borrowed $64,000 from the bank, signing a note payable.Performed services on account for clients totaling $17,300.Received $16,000 cash on account from clients.Received and paid a utility bill of $1,800.Paid monthly salaries of $10,000 to employees.Jul 1522282931Journalize the transactions of Donovan Freeman, Architect. Include an explanation with eachjournal entry.
(Learning Objective 2: Show the impact of business transactions on the accounting equation) Dr. Helen Samoa opened a medical practice specializing in physical therapy.During the first month of operation (December), the business, titled Dr. Helen Samoa, Professional Corporation (P.C.), experienced the following events:Samoa invested $150,000 in the business, which in turn issued its commonstock to her.The business paid cash for land costing $64,000. Samoa plans to buildan oce building on the land.The business purchased medical supplies for $2,400 on account.Dr. Helen Samoa, P.C., ocially opened for business.During the rest of the month, Samoa treated patients and earned servicerevenue of $9,800, receiving cash for half the revenue earned.The business paid cash expenses: employee salaries, $3,600; ocerent, $900; utilities, $400.The business sold medical supplies to another physician for cost of $1,000 andreceived cash.The business borrowed $34,000, signing a note payable to the…
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