Homework Help is Here – Start Your Trial Now!
Business
Accounting
Problem #18 Journalizing, Posting and Preparing establish her own accounting practice. Capistrano, CPA, were completed during May 2004: The following transactions of Salvacion account, Salvacion Capistrano, CPA. Acquired office equipment on account from Gicain Furniture, P36.800 May 2 Acquired office supplies on account from Lorenzo Office Supply 4 Company, P17,100. Performed accounting services for Cayaco Computer Company and 6. submitted a bill of P29,200 for those services. Paid for accounting and tax books for use in the practice, P19,500. Paid Lorenzo Ofice Supply Company, P4,100 on account. Acquired a condominium unit for the accounting practice, P265,000. A 10 down payment of P38,000 was made and issued a note payable for the remaining P227,000. Paid salaries, P14,200. Received P9,750 from Cayaco Computer Company, billed on May 6. Paid telephone expense, P650. 12 13 16 19 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. 23 25 26 27 28 Required: 1. Prepare the journal entries for the May transactions. 2. Post the entries to the ledger accounts, using account numbers for cross-reference and using journal page number 1. The following accounts will be needed: Cash (110); Accounts Receivable (120); Office Supplies (130): Office Condominium (140); Office Equipment (150); Accounting Library (160); Notes Payable (210); Accounts Payable (220); Capistrano, Capital (310); Capistrano, Withdrawals (320); Accounting. Revenues (410); Salaries Expense (510); Rent Expense (520); Telephone Expense- (530) and Professional Dues Expense (540). 3. Prepare a trial balance. 22

Problem #18 Journalizing, Posting and Preparing establish her own accounting practice. Capistrano, CPA, were completed during May 2004: The following transactions of Salvacion account, Salvacion Capistrano, CPA. Acquired office equipment on account from Gicain Furniture, P36.800 May 2 Acquired office supplies on account from Lorenzo Office Supply 4 Company, P17,100. Performed accounting services for Cayaco Computer Company and 6. submitted a bill of P29,200 for those services. Paid for accounting and tax books for use in the practice, P19,500. Paid Lorenzo Ofice Supply Company, P4,100 on account. Acquired a condominium unit for the accounting practice, P265,000. A 10 down payment of P38,000 was made and issued a note payable for the remaining P227,000. Paid salaries, P14,200. Received P9,750 from Cayaco Computer Company, billed on May 6. Paid telephone expense, P650. 12 13 16 19 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. 23 25 26 27 28 Required: 1. Prepare the journal entries for the May transactions. 2. Post the entries to the ledger accounts, using account numbers for cross-reference and using journal page number 1. The following accounts will be needed: Cash (110); Accounts Receivable (120); Office Supplies (130): Office Condominium (140); Office Equipment (150); Accounting Library (160); Notes Payable (210); Accounts Payable (220); Capistrano, Capital (310); Capistrano, Withdrawals (320); Accounting. Revenues (410); Salaries Expense (510); Rent Expense (520); Telephone Expense- (530) and Professional Dues Expense (540). 3. Prepare a trial balance. 22

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter2: Analyzing Transactions: The Accounting Equation
Section: Chapter Questions
Problem 8SPB: SERIES B PROBLEMS THE ACCOUNTING EQUATION Dr. Patricia Parsons is a dentist. As of January 31,...
See similar textbooks
icon
Related questions
Question
100%
Problem #18 Journalizing, Posting and Preparing a Trial Balance establish her own accounting practice. Capistrano, CPA, were completed during May 2004: The following transactions of Salvacion May 2 account, Salvacion Capistrano, CPA. 3. Acquired office supplies on account from Lorenzo Office Supply Company, P17,100. Performed accounting services for Cayaco Computer Company and 4 6. 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 10 down payment of P38,000 was made and issued a note payable for the 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. 12 13 16 19 22 23 25 26 27 28 Required: 1. Prepare the journal entries for the May transactions. 2. Post the entries to the ledger accounts, using account numbers for cross-reference and using journal page number 1. The following accounts will be needed: Cash (110); Accounts Receivable (120); Office Supplies (130); Office Condominium (140); Office Equipment (150); Accounting Library (160); Notes Payable (210); Accounts Payable (220); Capistrano, Capital (310); Capistrano, Withdrawals (320); Accounting Revenues (410); Salaries Expense (510); Rent Expense (520); Telephone Expense (530) and Professional Dues Expense (540). 3. Prepare a trial balance.
Transcribed Image Text:Problem #18 Journalizing, Posting and Preparing a Trial Balance establish her own accounting practice. Capistrano, CPA, were completed during May 2004: The following transactions of Salvacion May 2 account, Salvacion Capistrano, CPA. 3. Acquired office supplies on account from Lorenzo Office Supply Company, P17,100. Performed accounting services for Cayaco Computer Company and 4 6. 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 10 down payment of P38,000 was made and issued a note payable for the 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. 12 13 16 19 22 23 25 26 27 28 Required: 1. Prepare the journal entries for the May transactions. 2. Post the entries to the ledger accounts, using account numbers for cross-reference and using journal page number 1. The following accounts will be needed: Cash (110); Accounts Receivable (120); Office Supplies (130); Office Condominium (140); Office Equipment (150); Accounting Library (160); Notes Payable (210); Accounts Payable (220); Capistrano, Capital (310); Capistrano, Withdrawals (320); Accounting Revenues (410); Salaries Expense (510); Rent Expense (520); Telephone Expense (530) and Professional Dues Expense (540). 3. Prepare a trial balance.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Accounting (Text Only)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS