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SITUATIONAL PROBLEM Prepare the Accounting Equation and necessary Journal Entries of the following transactions with complete headings and explanations: Miley Citrus has started her own business, Flowers Nature Trips. The transactions for the month of September, 2023 are as follows: Sept. Deposited in a bank account for the business, P5,500,000 Paid Mayor's permits and other related taxes, P19,430 Acquired a second-hand service vehicle for P900,000. Paying P100,000 down payment Paid six-months rent, P75,000 per month 02 03 04 06 07 08 09 10 11 12 13 14 15 16 16 17 18 19 20 21 23 27 28 29 30 30 Acquired two computer sets on account amounting to P36,000 each with 20% partial payment Bought gardening supplies on account, P390,000, with partial payment of P20,000 Acquired office supplies amounting to P139,400 on account with partial payment of P10,000 Reimbursement of gasoline receipts amounting to P5,000 Received cash from clients for service performed, P170,000 Acquired tables, chairs and cabinets amounting to P380,000 with 10% down payment Paid a one-year insurance premium on the service vehicle, P24,000 Reimbursement of transportation allowances, P3,240 Paid salaries, P155,000 Performed services for client on account, P580,000 receiving 20% down payment Received Meralco bill - P11,200; PLDT bill - P3,400; Water bill - P3,500 Performed services for clients on account, P156,000 Paid half of the gardening supplies acquired on September 8 Paid Meralco, PLDT and water bills Ms. Citrus withdrew cash for personal expenses, P150,000 Collected P100,000 from client of September 16 Received cash from clients for services performed on account on September 17, P56,000 Made partial payment on office supplies bought on September 9, P50,000 Services was performed amounted to P950,000: P320,000 for cash and the balance on account Bought gardening supplies for cash, P17,000 Performed services in cash, P38,900 Paid salaries. P185,000.

SITUATIONAL PROBLEM Prepare the Accounting Equation and necessary Journal Entries of the following transactions with complete headings and explanations: Miley Citrus has started her own business, Flowers Nature Trips. The transactions for the month of September, 2023 are as follows: Sept. Deposited in a bank account for the business, P5,500,000 Paid Mayor's permits and other related taxes, P19,430 Acquired a second-hand service vehicle for P900,000. Paying P100,000 down payment Paid six-months rent, P75,000 per month 02 03 04 06 07 08 09 10 11 12 13 14 15 16 16 17 18 19 20 21 23 27 28 29 30 30 Acquired two computer sets on account amounting to P36,000 each with 20% partial payment Bought gardening supplies on account, P390,000, with partial payment of P20,000 Acquired office supplies amounting to P139,400 on account with partial payment of P10,000 Reimbursement of gasoline receipts amounting to P5,000 Received cash from clients for service performed, P170,000 Acquired tables, chairs and cabinets amounting to P380,000 with 10% down payment Paid a one-year insurance premium on the service vehicle, P24,000 Reimbursement of transportation allowances, P3,240 Paid salaries, P155,000 Performed services for client on account, P580,000 receiving 20% down payment Received Meralco bill - P11,200; PLDT bill - P3,400; Water bill - P3,500 Performed services for clients on account, P156,000 Paid half of the gardening supplies acquired on September 8 Paid Meralco, PLDT and water bills Ms. Citrus withdrew cash for personal expenses, P150,000 Collected P100,000 from client of September 16 Received cash from clients for services performed on account on September 17, P56,000 Made partial payment on office supplies bought on September 9, P50,000 Services was performed amounted to P950,000: P320,000 for cash and the balance on account Bought gardening supplies for cash, P17,000 Performed services in cash, P38,900 Paid salaries. P185,000.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 15EA: Journalize for Harper and Co. each of the following transactions or state no entry required and...
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SITUATIONAL PROBLEM Prepare the Accounting Equation and necessary Journal Entries of the following transactions with complete headings and explanations: Miley Citrus has started her own business, Flowers Nature Trips. The transactions for the month of September, 2023 are as follows: Sept. Deposited in a bank account for the business, P5,500,000 Paid Mayor's permits and other related taxes, P19,430 02 03 04 06 07 08 09 10 11 12 13 14 15 16 16 17 18 19 20 21 23 27 28 29 30 30 Acquired a second-hand service vehicle for P900,000. Paying P100,000 down payment Paid six-months rent, P75,000 per month Acquired two computer sets on account amounting to P36,000 each with 20% partial payment Bought gardening supplies on account, P390,000, with partial payment of P20,000 Acquired office supplies amounting to P139,400 on account with partial payment of P10,000 Reimbursement of gasoline receipts amounting to P5,000 Received cash from clients for service performed, P170,000 Acquired tables, chairs and cabinets amounting to P380,000 with 10% down payment Paid a one-year insurance premium on the service vehicle, P24,000 Reimbursement of transportation allowances, P3,240 Paid salaries, P155,000 Performed services for client on account, P580,000 receiving 20% down payment Received Meralco bill - P11,200; PLDT bill - P3,400; Water bill - P3,500 Performed services for clients on account, P156,000 Paid half of the gardening supplies acquired on September 8 Paid Meralco, PLDT and water bills Ms. Citrus withdrew cash for personal expenses, P150,000 Collected P100,000 from client of September 16 Received cash from clients for services performed on account on September 17, P56,000 Made partial payment on office supplies bought on September 9, P50,000 Services was performed amounted to P950,000: P320,000 for cash and the balance on account Bought gardening supplies for cash, P17,000 Performed services in cash, P38,900 Paid salaries, P185,000.
Transcribed Image Text:SITUATIONAL PROBLEM Prepare the Accounting Equation and necessary Journal Entries of the following transactions with complete headings and explanations: Miley Citrus has started her own business, Flowers Nature Trips. The transactions for the month of September, 2023 are as follows: Sept. Deposited in a bank account for the business, P5,500,000 Paid Mayor's permits and other related taxes, P19,430 02 03 04 06 07 08 09 10 11 12 13 14 15 16 16 17 18 19 20 21 23 27 28 29 30 30 Acquired a second-hand service vehicle for P900,000. Paying P100,000 down payment Paid six-months rent, P75,000 per month Acquired two computer sets on account amounting to P36,000 each with 20% partial payment Bought gardening supplies on account, P390,000, with partial payment of P20,000 Acquired office supplies amounting to P139,400 on account with partial payment of P10,000 Reimbursement of gasoline receipts amounting to P5,000 Received cash from clients for service performed, P170,000 Acquired tables, chairs and cabinets amounting to P380,000 with 10% down payment Paid a one-year insurance premium on the service vehicle, P24,000 Reimbursement of transportation allowances, P3,240 Paid salaries, P155,000 Performed services for client on account, P580,000 receiving 20% down payment Received Meralco bill - P11,200; PLDT bill - P3,400; Water bill - P3,500 Performed services for clients on account, P156,000 Paid half of the gardening supplies acquired on September 8 Paid Meralco, PLDT and water bills Ms. Citrus withdrew cash for personal expenses, P150,000 Collected P100,000 from client of September 16 Received cash from clients for services performed on account on September 17, P56,000 Made partial payment on office supplies bought on September 9, P50,000 Services was performed amounted to P950,000: P320,000 for cash and the balance on account Bought gardening supplies for cash, P17,000 Performed services in cash, P38,900 Paid salaries, P185,000.
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