Transactions for the month of December 2020 are as follows:1-DecRey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000. He also invested in a computer worth P100,000 with a fair market value of P90,000.2Paid municipal taxes of P5,500 including his license to operate.5Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance.7Bought furniture on credit from Furniture World, P45,000.8Returned P7,000 worth of furniture bought due to wrong specifications.9Bought cash register P24,000 paid in cash.10Paid furniture and fixtures purchased account.11Bought P5,600 office supplies paid in cash.12Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account.13Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading. The business will assume liability.14Returned damaged supplies worth P880.15Withdrew P75,000 cash and office supplies worth P500 for personal use.16Paid the salary of the office secretary, P7,600.17Paid utilities, P1,200.18Collected laundry services from various customers, P200,000. 19Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000.20Paid repairs, P2,000.30Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000. The company's Chart of Accounts follow:Account CodeAccount Title101Cash102Accounts Receivable102aAllowance for Bad Debts103Office Supplies201Office Condominium201aAccumulated Depreciation - Office Condominium202Equipment202aAccumulated Depreciation - Equipment203Furniture and Fixtures203аAccumulated Depreciation - Furniture and Fixtures204Vehicle204aAccumulated Depreciation - Vehicle301Accounts Payable302Notes PayableInterest PayableSalaries PayableMortgage Payable303304305401Millora, Capital402Millora, Personal501Laundry Service Income601Bad Debts Expense602Depreciation Expense603Taxes and Licenses604Salaries Expense605Utilities Expense606Repairs and Maintenance607Supplies Expense608Interest Expense Requirements:1 Journalize the December transactions using a general journal and theaccount titles given in the chart of accounts.2 Post the journal entries to the General Ledger.3 Extract the balances of each account in the General Ledger andprepare a trial balance, Accounts Receivable Schedule and Accounts Payable Schedule.

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Answered: Requirements: 1 Journalize the December…

Principles of Accounting Volume 1

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ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 3PB: Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers)...

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SCHEDULE OF ACCOUNTS PAYABLE Based on the information provided in Problem 11-11A, prepare a schedule of accounts payable for Franks Fantasy as of July 31, 20--. Verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total.
GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up general ledger accounts using the chart of accounts provided in Exercise 4-4A. Post the transactions from Exercise 4-4A to the general ledger accounts and prepare a trial balance.
GENERAL LEDGER ACCOUNTS Set up T accounts for each of the general ledger accounts needed for Exercise 4-2A and post debits and credits to the accounts. Foot the accounts and enter the balances. Prove that total debits equal total credits.
Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers) the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of Accounts Payable.
Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.
SCHEDULE OF ACCOUNTS PAYABLE Based on the information provided in Problem 11-11B, prepare a schedule of accounts payable for Debbies Doll House as of July 31, 20--. Verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total.
The first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.
Arrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.
Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000
Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. Table 3.20
Piedmont Inc. has the following transactions for its first month of business: A. What are the individual account balances, and the total balance, in the accounts payable subsidiary ledger? B. What is the balance in the Accounts Payable general ledger account?
Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500

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	Transactions for the month of December 2020 are as follows:
1-Dec	Rey Millora opened an account with Union Bank under Rey's Laundromat business name in the amount of P1,500,000. He also invested in a computer worth P100,000 with a fair market value of P90,000.
2	Paid municipal taxes of P5,500 including his license to operate.
5	Bought a P900,000 condominium for his office paying a P500,000 down payment and signing a mortgage with Metro Bank payable in 10 years for the balance.
7	Bought furniture on credit from Furniture World, P45,000.
8	Returned P7,000 worth of furniture bought due to wrong specifications.
9	Bought cash register P24,000 paid in cash.
10	Paid furniture and fixtures purchased account.
11	Bought P5,600 office supplies paid in cash.
12	Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30-day, 10% note, and the balance on the account.
13	Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000 to Baguio Trading. The business will assume liability.
14	Returned damaged supplies worth P880.
15	Withdrew P75,000 cash and office supplies worth P500 for personal use.
16	Paid the salary of the office secretary, P7,600.
17	Paid utilities, P1,200.
18	Collected laundry services from various customers, P200,000.
19	Rendered laundry services on account to the following customers: Gabriel - P20,000; Michael - P10,000; Daniel - P8,000; Uriel - P7,000.
20	Paid repairs, P2,000.
30	Collected from laundry services rendered last December 19 from the following customers: Gabriel - P5,000; Michael - P10,000; Daniel - P5,000; Uriel - P4,000.

Requirements: 1 Journalize the December transactions using a general journal and the account titles given in the chart of accounts.