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Requirements:                         a. Record the transactions in the journal.                         b. Post the transaction in the ledger                         c. Prepare the unadjusted trial balance on December 31, 2019

Requirements:                         a. Record the transactions in the journal.                         b. Post the transaction in the ledger                         c. Prepare the unadjusted trial balance on December 31, 2019

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.4E: Transaction Analysis Pollys Cards $ Gifts Shop had the following transactions during the year:...
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You opened a novelty store called "The Awesome Shop" on January 1, 2019. The following were the transactions during the year.
                        
1. Provided P100,000 cash as an initial investment
                        
2. Obtained a P50,000 loan.
                        
3. Acquired furniture and fixtures for P80,000 cash
                        
4. Acquired inventory on account for P60,000 (use perpetual inventory system)
                        
5. Sold goods on a cash basis for P200,000.The cost of sales is P20,000
                        
6. Sold goods on account for P300,000. The cost of sales is P30,000
                        
7. Paid supplies to expense for P20,000 cash.
                        
8. Paid rent expense of P180,000
                        
9. Paid utility expense of P40,000
                        
10. Collected P240,000 accounts receivable.
                        
11. Paid P30,000 accounts payable
                        
12. Made total drawings of P25,000.
                        
                         
Requirements:
                        
a. Record the transactions in the journal.
                        
b. Post the transaction in the ledger
                        
c. Prepare the unadjusted trial balance on December 31, 2019
                        
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