Homework Help is Here – Start Your Trial Now!
Business
Accounting
PERFORMANCE TASK Using your columnar paper, Prepare a General Journal and Ledger given the transaction below. Ms. Kim Pora established an enterprise to be known as KP Repair Services in April 2019. The following are transactions during the first month of operations of the business: April 2 Ms Kim Pora invested P200, 000 cash in the enterprise. Purchased repair equipment worth P70, 000. Paid a down payment of P30,000 and the balance on account. Purchased repair supplies for cash, P7, 400. Paid taxes and licenses, P2, 900. 4 7 8 Repair services totaled P50, 000 cash. Purchased additional repair supplies on account, P12, 700. Rendered repair services on account, P36, 000. Returned some defective repair supplies purchased on April 11 worth P2,500. Paid the salaries of the employees amounting to P37, 000. Received payment from customers for completed services, P40, 000. Received payment from credit customers, P20, 000. Ms. Pora withdrew P14, 000 for personal use. Issued check in payment for the repair supplies purchased on account on April 11, less the return made on May 15. Received Meralco Bill payable next month, P17, 580. Paid rent for the period amounting to P8, 000. Paid salaries to employees, P37, 000. The gross payroll amount to P41, 000. The deductions in the employee's payroll were: Withholding tax, P2, 400; SSS Contributions, P1,000; Philhealth Contributions, P600. These deductions are made every end of the month. 10 11 14 15 15 18 21 23 24 25 29 30 Account Titles Account No. Account Titles Account No. K. Capital K. Drawing Cash 111 311 Accounts Receivable 112 312 Repair Supplies 113 Repair Fees Earned 411 Repair Equipment 114 Salaries Expense 511 Accounts Payable 211 Rent Expense 512 Withholding Tax Payable 213 Utilities Expense 513 sss Contributions 213 Taxes & Licenses 514 Philhealth Contributions 214 Miscellanegus Expense 515

PERFORMANCE TASK Using your columnar paper, Prepare a General Journal and Ledger given the transaction below. Ms. Kim Pora established an enterprise to be known as KP Repair Services in April 2019. The following are transactions during the first month of operations of the business: April 2 Ms Kim Pora invested P200, 000 cash in the enterprise. Purchased repair equipment worth P70, 000. Paid a down payment of P30,000 and the balance on account. Purchased repair supplies for cash, P7, 400. Paid taxes and licenses, P2, 900. 4 7 8 Repair services totaled P50, 000 cash. Purchased additional repair supplies on account, P12, 700. Rendered repair services on account, P36, 000. Returned some defective repair supplies purchased on April 11 worth P2,500. Paid the salaries of the employees amounting to P37, 000. Received payment from customers for completed services, P40, 000. Received payment from credit customers, P20, 000. Ms. Pora withdrew P14, 000 for personal use. Issued check in payment for the repair supplies purchased on account on April 11, less the return made on May 15. Received Meralco Bill payable next month, P17, 580. Paid rent for the period amounting to P8, 000. Paid salaries to employees, P37, 000. The gross payroll amount to P41, 000. The deductions in the employee's payroll were: Withholding tax, P2, 400; SSS Contributions, P1,000; Philhealth Contributions, P600. These deductions are made every end of the month. 10 11 14 15 15 18 21 23 24 25 29 30 Account Titles Account No. Account Titles Account No. K. Capital K. Drawing Cash 111 311 Accounts Receivable 112 312 Repair Supplies 113 Repair Fees Earned 411 Repair Equipment 114 Salaries Expense 511 Accounts Payable 211 Rent Expense 512 Withholding Tax Payable 213 Utilities Expense 513 sss Contributions 213 Taxes & Licenses 514 Philhealth Contributions 214 Miscellanegus Expense 515

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 15EA: Journalize for Harper and Co. each of the following transactions or state no entry required and...
See similar textbooks
icon
Related questions
Question

Create a General Journal. 

PERFORMANCE TASK Using your columnar paper, Prepare a General Journal and Ledger given the transaction below. Ms. Kim Pora established an enterprise to be known as KP Repair Services in April 2019. The following are transactions during the first month of operations of the business: April 2 Ms Kim Pora invested P200, 000 cash in the enterprise. Purchased repair equipment worth P70, 000. Paid a down payment of P30,000 and the balance on account. Purchased repair supplies for cash, P7, 400. Paid taxes and licenses, P2, 900. 4 7 8 Repair services totaled P50, 000 cash. Purchased additional repair supplies on account, P12, 700. Rendered repair services on account, P36, 000. Returned some defective repair supplies purchased on April 11 worth P2,500. Paid the salaries of the employees amounting to P37, 000. Received payment from customers for completed services, P40, 000. Received payment from credit customers, P20, 000. Ms. Pora withdrew P14, 000 for personal use. Issued check in payment for the repair supplies purchased on account on April 11, less the return made on May 15. Received Meralco Bill payable next month, P17, 580. Paid rent for the period amounting to P8, 000. Paid salaries to employees, P37, 000. The gross payroll amount to P41, 000. The deductions in the employee's payroll were: Withholding tax, P2, 400; SSS Contributions, P1,000; Philhealth Contributions, P600. These deductions are made every end of the month. 10 11 14 15 15 18 21 23 24 25 29 30 Account Titles Account No. Account Titles Account No. K. Capital K. Drawing Cash 111 311 Accounts Receivable 112 312 Repair Supplies 113 Repair Fees Earned 411 Repair Equipment 114 Salaries Expense 511 Accounts Payable 211 Rent Expense 512 Withholding Tax Payable 213 Utilities Expense 513 sss Contributions 213 Taxes & Licenses 514 Philhealth Contributions 214 Miscellaneous Expense 515
Transcribed Image Text:PERFORMANCE TASK Using your columnar paper, Prepare a General Journal and Ledger given the transaction below. Ms. Kim Pora established an enterprise to be known as KP Repair Services in April 2019. The following are transactions during the first month of operations of the business: April 2 Ms Kim Pora invested P200, 000 cash in the enterprise. Purchased repair equipment worth P70, 000. Paid a down payment of P30,000 and the balance on account. Purchased repair supplies for cash, P7, 400. Paid taxes and licenses, P2, 900. 4 7 8 Repair services totaled P50, 000 cash. Purchased additional repair supplies on account, P12, 700. Rendered repair services on account, P36, 000. Returned some defective repair supplies purchased on April 11 worth P2,500. Paid the salaries of the employees amounting to P37, 000. Received payment from customers for completed services, P40, 000. Received payment from credit customers, P20, 000. Ms. Pora withdrew P14, 000 for personal use. Issued check in payment for the repair supplies purchased on account on April 11, less the return made on May 15. Received Meralco Bill payable next month, P17, 580. Paid rent for the period amounting to P8, 000. Paid salaries to employees, P37, 000. The gross payroll amount to P41, 000. The deductions in the employee's payroll were: Withholding tax, P2, 400; SSS Contributions, P1,000; Philhealth Contributions, P600. These deductions are made every end of the month. 10 11 14 15 15 18 21 23 24 25 29 30 Account Titles Account No. Account Titles Account No. K. Capital K. Drawing Cash 111 311 Accounts Receivable 112 312 Repair Supplies 113 Repair Fees Earned 411 Repair Equipment 114 Salaries Expense 511 Accounts Payable 211 Rent Expense 512 Withholding Tax Payable 213 Utilities Expense 513 sss Contributions 213 Taxes & Licenses 514 Philhealth Contributions 214 Miscellaneous Expense 515
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
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
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
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
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS