PROBLEM 3: WORKSHEET On January 1, 20x1, Ms. Yama Ha opened a guitar repair shop called "Guitar Doc." The following were the transactions during the year: 1. Ms. Yama invested P100,000 cash to the business. 2. The business purchased supplies worth P60,000. Guitar Doc uses the expense method. 3. Total service fees billed to clients, on account, amounted to P400,000 4 Total collections on accounts receivable amounted to "270,000. 5. Ms. Yama took P60,000 cash from the business. 6. Total salaries paid amounted to P180,000. StuDocu.com ngs to respective a PIRRUS der buying the orig Chapte 315 Additional information a. Billy Sheehan, one of the debtors, is undergoing financial difficulties. Of the total P50,000 accounts receivable from Billy Sheehan, only P40,000 is sure of collection; P10,000 is doubtful b. Unused supplies at the end of the period amounted to 920.000 c Unpaid employee salaries amounted to P30,000. 327 / 60 Requirements: a. Provide the journal entries. b. Post the entries to the ledger. c. Prepare the unadjusted trial balance
PROBLEM 3: WORKSHEET On January 1, 20x1, Ms. Yama Ha opened a guitar repair shop called "Guitar Doc." The following were the transactions during the year: 1. Ms. Yama invested P100,000 cash to the business. 2. The business purchased supplies worth P60,000. Guitar Doc uses the expense method. 3. Total service fees billed to clients, on account, amounted to P400,000 4 Total collections on accounts receivable amounted to "270,000. 5. Ms. Yama took P60,000 cash from the business. 6. Total salaries paid amounted to P180,000. StuDocu.com ngs to respective a PIRRUS der buying the orig Chapte 315 Additional information a. Billy Sheehan, one of the debtors, is undergoing financial difficulties. Of the total P50,000 accounts receivable from Billy Sheehan, only P40,000 is sure of collection; P10,000 is doubtful b. Unused supplies at the end of the period amounted to 920.000 c Unpaid employee salaries amounted to P30,000. 327 / 60 Requirements: a. Provide the journal entries. b. Post the entries to the ledger. c. Prepare the unadjusted trial balance
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 6SEA: TRANSACTION ANALYSIS Linda Kipp starred a business on May 1, 20--. Analyze the following...
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PROBLEM 3: WORKSHEET On January 1, 20x1, Ms. Yama Ha opened a guitar repair shop called "Guitar Doc." The following were the transactions during the year: 1. Ms. Yama invested P100,000 cash to the business. 2. The business purchased supplies worth P60,000. Guitar Doc uses the expense method. 3. Total service fees billed to clients, on account, amounted to P400,000 4 Total collections on accounts receivable amounted to "270,000. 5. Ms. Yama took P60,000 cash from the business. 6. Total salaries paid amounted to P180,000. StuDocu.com ngs to respective a PIRRUS der buying the orig Chapte 315 Additional information a. Billy Sheehan, one of the debtors, is undergoing financial difficulties. Of the total P50,000 accounts receivable from Billy Sheehan, only P40,000 is sure of collection; P10,000 is doubtful b. Unused supplies at the end of the period amounted to 920.000 c Unpaid employee salaries amounted to P30,000. 327 / 60 Requirements: a. Provide the journal entries. b. Post the entries to the ledger. c. Prepare the unadjusted trial balance . d. Provide the adjusting entries .
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