Mr. Ramirez has started operating as a service business in 2019. His company, EN- Company, is engaged in providing services to its clients. The following were EN- Company's transactions in April 2019. Prepare journal entry April 1 Invested P700,000 in the business. April 3 Went to various government agencies to register the business. EN- Company paid P10,000. April 6 Purchased supplies worth P100,000, paid in cash. April 7 Purchased supplies worth P20,000, on account. April 11 Rendered services to various clients for P60,000, received in cash. April 12 Rendered services to various clients for P20,000, on account. April 14 Paid the salary of employee for the first half of the month, P4,000. April 17 Paid the supplier half of the total amount in April 7 transaction. April 21 Received a promissory note from the client on April 12 transaction, who was not able to pay within eight days from the date of the transaction. Principal amount of P20,000 wih interest of P2,000. April 25 Received payment on the promissory note of April 21. April 29 Purchased equipment worth P100,000 by issuing a promissory note. April 30 Paid the salary of employee for the second half of the month, P4,000. April 31 Paid Meralco and Maynilad for the utility bills totaling P5,000. April 31 Withdrew P12,000 from the business for personal use.
Mr. Ramirez has started operating as a service business in 2019. His company, EN- Company, is engaged in providing services to its clients. The following were EN- Company's transactions in April 2019.
Prepare
April 1 Invested P700,000 in the business.
April 3 Went to various government agencies to register the business. EN- Company paid P10,000.
April 6 Purchased supplies worth P100,000, paid in cash.
April 7 Purchased supplies worth P20,000, on account.
April 11 Rendered services to various clients for P60,000, received in cash.
April 12 Rendered services to various clients for P20,000, on account.
April 14 Paid the salary of employee for the first half of the month, P4,000.
April 17 Paid the supplier half of the total amount in April 7 transaction.
April 21 Received a promissory note from the client on April 12 transaction, who was not able to pay within eight days from the date of the transaction. Principal amount of P20,000 wih interest of P2,000.
April 25 Received payment on the promissory note of April 21.
April 29 Purchased equipment worth P100,000 by issuing a promissory note.
April 30 Paid the salary of employee for the second half of the month, P4,000.
April 31 Paid Meralco and Maynilad for the utility bills totaling P5,000.
April 31 Withdrew P12,000 from the business for personal use.
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