Ricardo Perez issued his personal check in paying in full the liability to Alemar's Book Store.Gave a cash advance to the office assistant, P2,500Ricardo Perez used the business fund in paying for his outstanding debt of P40,000 withthe bank. He did this in anticipation of future profits.68Purchased two units of computer worth P30,000 each from ACER Marketing. Terms: 50% down payment, balance on accountRicardo Perez withdrew P50,000 permanently from the business' fund.Odilo, a client, issued a 30-day, 10%, P50,000 note for the services rendered by Ricardo Perez.Issued a 120-day, 12% note for P100,000 loan granted by UNITED BANKReceived P25,000 from Joseph, a customer representing advance payment for the servicesto be rendered by BM Consultancy Services next monthPaid MECO electricity bill amounting to P17,500101112131415Paid salary of the office assistant for P20,000. Deduction was made for the advances made on June 7.Required:a.) Prepare general journal entries to record the above transaction. Open the accounts listed in the partial chart of accounts onRP Consultancy Services in the general ledger where you will be posting the entries recorded using the running trial balanceformat. b) Post the adjusting journal entries to the ledger accounts and compute the balance after posting it. Put it also in theworksheetRequired: General Journal, General Ledger, Trial Balance, Adjusting Entries and Worksheet JOURNALIZING AND POSTING TRANSACTIONSRicardo Perez established a Management Consultancy firm. RP Consultancy Services.The following is the partial Chart of Account of the newly-established business:CashAccounts ReceivableNotes ReceivableAdvances to EmployeesOffice Suppliesloffice EquipmentFurniture and FixtureAccounts PayableNotes PayableUnearned Service IncomePerez, CapitalPerez, DrawingService IncomeTaxes and Licenses ExpenseRepresentation and Entertainment ExpenseUtilities ExpenseSalaries and Wages Expense101102103104105201202301302303401401-A501601602603604Ricardo Perez established a management consultancy firm, RP Consultancy Services.He invested the following assets in the business which he acquired at the following amount:computer for P40,000 and tables and chairs for P25,000. At the time of investment, theJun-01 following are the fair market value of the said assets: computer, P25,000; tables and chairs,P20,000. The computer was purchased from ACER Marketing has an outstanding liability ofP5,000 which will be assumed by the business. He also deposited an amount with WinnerBank and Trust Company for P300,000 under the firm's name.2|Paid municipal and barangay permit for P20,000 in establishing the business3Purchased various office supplies from Alemar's Book Store for P12,000. Terms: 25% down payment, balance on accountBilled a client for services rendered, P30,00054Ricardo Perez was introduced to new clients over dinner. Ricardo Perez is to take over these clients. The bill was for P3,500.

Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

Required: a.) Prepare general journal entries to record the above transaction. Open the accounts listed in the partial chart of accounts on RP Consultancy Services in the general ledger where you will be posting the entries recorded using the running trial balance format. b) Post the adjusting journal entries to the ledger accounts and compute the balance after posting it. Put it also in the worksheet Required: General Journal, General Ledger, Trial Balance, Adjusting Entries and Worksheet

Required: a.) Prepare general journal entries to record the above transaction. Open the accounts listed in the partial chart of accounts on RP Consultancy Services in the general ledger where you will be posting the entries recorded using the running trial balance format. b) Post the adjusting journal entries to the ledger accounts and compute the balance after posting it. Put it also in the worksheet Required: General Journal, General Ledger, Trial Balance, Adjusting Entries and Worksheet

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.3: Transactions Affecting Owner’s Equity And Asset Accounts

Problem 1OYO

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