The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and P100,000 of office equipment to open Team Payaman Company. 1 paid rent for three months in advance, P30,000. 4 Purchased office equipment on account, P15,000. 8 Bought office supplies for cash, P4,000. 10 Collected P90,000 for service rendered. 12 Wilson paid his home electric bill from the company checkbook, P2,000. 14 Provided P10,000 worth of services to clients who will not pay till next month. 16 Paid salaries, P16,000. 18 Advertising bill received for P17,000 but will not be paid until next month. 2 The adjustment data on January 31, 2020 include: a. Supplies on Hand b. Rent Expired c. Depreciation, Office Equipment d. Salaries Accrued P 1,000 P10,00 P 3,000 P 5,000
The business transactions for January, 2020 follow: Jan. 1 Wilson invested P500,000 cash and P100,000 of office equipment to open Team Payaman Company. 1 paid rent for three months in advance, P30,000. 4 Purchased office equipment on account, P15,000. 8 Bought office supplies for cash, P4,000. 10 Collected P90,000 for service rendered. 12 Wilson paid his home electric bill from the company checkbook, P2,000. 14 Provided P10,000 worth of services to clients who will not pay till next month. 16 Paid salaries, P16,000. 18 Advertising bill received for P17,000 but will not be paid until next month. 2 The adjustment data on January 31, 2020 include: a. Supplies on Hand b. Rent Expired c. Depreciation, Office Equipment d. Salaries Accrued P 1,000 P10,00 P 3,000 P 5,000
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter4: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 9E: Determine on which financial statement each account listed below is reported. Use the following...
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