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The following transactions took place in May 2021. May 1-5C's began the business by investing P 100,000 in cash. 1- Purchased Word Processing Equipment from ABC Co. for P60,000, paying P10,000 and promising to pay the balance within 30 days. 1-Rented office space paying P12,000 in advance for the first three months. 3- Purchased office supplies from Office Depot Co. on account, P6,000. 7-Completed sales promotion flyers for a client and immediately collected P30,000. 13- paid Office salaries, P6,500. 18 - Advertising bill from Balita Co. comes in but is not paid, P2,500. 20-5C's wrote a check on the bank account of the business as personal withdrawal of cash to pay his home mortgage of P6,250. 22- Billed Luzonian Co for a special word processing job, P 50,000 28- Paid Half of the amount owed for Word Processing Equipment purchased on May 1 from ABC Co., P25,000. 29 Received and paid telephone bill, P2,200. 30-On this date, the accountant: (a) Found out that company had only P1,000 worth supplies on hand. (b) Realized that the company has two months prepaid rent (c) Determined that the computer equipment should be depreciated over its 5-year useful life with estimated residual salvage value of P12,000 (d) Determined that unpaid salary of P3,500 has not recorded. Requirements: 1. Analyze and journalize the transactions for the May, 2021 of 5C's Computer Center. 2. Post journal entries to the ledger 3. Prepare Unadjusted Trial Balance as of May 31, 2021.

The following transactions took place in May 2021. May 1-5C's began the business by investing P 100,000 in cash. 1- Purchased Word Processing Equipment from ABC Co. for P60,000, paying P10,000 and promising to pay the balance within 30 days. 1-Rented office space paying P12,000 in advance for the first three months. 3- Purchased office supplies from Office Depot Co. on account, P6,000. 7-Completed sales promotion flyers for a client and immediately collected P30,000. 13- paid Office salaries, P6,500. 18 - Advertising bill from Balita Co. comes in but is not paid, P2,500. 20-5C's wrote a check on the bank account of the business as personal withdrawal of cash to pay his home mortgage of P6,250. 22- Billed Luzonian Co for a special word processing job, P 50,000 28- Paid Half of the amount owed for Word Processing Equipment purchased on May 1 from ABC Co., P25,000. 29 Received and paid telephone bill, P2,200. 30-On this date, the accountant: (a) Found out that company had only P1,000 worth supplies on hand. (b) Realized that the company has two months prepaid rent (c) Determined that the computer equipment should be depreciated over its 5-year useful life with estimated residual salvage value of P12,000 (d) Determined that unpaid salary of P3,500 has not recorded. Requirements: 1. Analyze and journalize the transactions for the May, 2021 of 5C's Computer Center. 2. Post journal entries to the ledger 3. Prepare Unadjusted Trial Balance as of May 31, 2021.

Century 21 Accounting General Journal
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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Prepare the necessary requirements and use journal, ledger Owner's Equity (300-399) 311 5C's, Capital 312 5C's, Drawing 313 Income Summary Revenue (400-499) 411 Word Process Fees Expenses (500-599) 511 Office Salaries Expense 512 Advertising Expense 513 Telephone Expense 514 Office Supplies Expense 515 Rent Expense 516 Depreciation Expense - Word The Chart of Accounts for 5C's Computer Center appears below: 5C's Computer Center Chart of Accounts Assets (100- 199) 111 Cash 112 Accounts Receivable 114 Office Supplies 115 Prepaid Rent 121 Word Processing Equipment 122 Accumulated Depreciation- Word Processing Equipment Liabilities (200 - 299) 211 Accounts Payable 212 Salaries Payable Processing Equipment The following transactions took place in May 2021. May 1-5C's began the business by investing P 100,000 in cash. 1- Purchased Word Processing Equipment from ABC Co. for P60,000, paying P10,000 and promising to pay the balance within 30 days. 1 - Rented office space paying P12,000 in advance for the first three months. 3- Purchased office supplies from Office Depot Co. on account, P6,000. 7- Completed sales promotion flyers for a client and immediately collected P30,000. 13- paid Office salaries, P6,500. 18 - Advertising bill from Balita Co. comes in but is not paid, P2,500. 20-5C's wrote a check on the bank account of the business as personal withdrawal of cash to pay his home mortgage of P6,250. 22 - Billed Luzonian Co for a special word processing job, P 50,000 28- Paid Half of the amount owed for Word Processing Equipment purchased on May 1 from ABC Co., P25,000. 29- Received and paid telephone bill, P2,200. 30 On this date, the accountant: (a) Found out that company had only P1,000 worth supplies on hand. (b) Realized that the company has two months prepaid rent (c) Determined that the computer equipment should be depreciated over its 5-year useful life with estimated residual salvage value of P12,000 (d) Determined that unpaid salary of P3,500 has not recorded. Requirements: 1. Analyze and journalize the transactions for the May, 2021 of 5C's Computer Center. 2. Post journal entries to the ledger 3. Prepare Unadjusted Trial Balance as of May 31, 2021. 4. Journalize the necessary adjusting entries. 5. Prepare Worksheet 6. Prepare the financial statements: a) Income Statement b) Statement of Changes in Owner's Equity c) Balance Sheet 7. Prepare Closing entries 8. Prepare the Post-closing Trial Balance
Transcribed Image Text:Prepare the necessary requirements and use journal, ledger Owner's Equity (300-399) 311 5C's, Capital 312 5C's, Drawing 313 Income Summary Revenue (400-499) 411 Word Process Fees Expenses (500-599) 511 Office Salaries Expense 512 Advertising Expense 513 Telephone Expense 514 Office Supplies Expense 515 Rent Expense 516 Depreciation Expense - Word The Chart of Accounts for 5C's Computer Center appears below: 5C's Computer Center Chart of Accounts Assets (100- 199) 111 Cash 112 Accounts Receivable 114 Office Supplies 115 Prepaid Rent 121 Word Processing Equipment 122 Accumulated Depreciation- Word Processing Equipment Liabilities (200 - 299) 211 Accounts Payable 212 Salaries Payable Processing Equipment The following transactions took place in May 2021. May 1-5C's began the business by investing P 100,000 in cash. 1- Purchased Word Processing Equipment from ABC Co. for P60,000, paying P10,000 and promising to pay the balance within 30 days. 1 - Rented office space paying P12,000 in advance for the first three months. 3- Purchased office supplies from Office Depot Co. on account, P6,000. 7- Completed sales promotion flyers for a client and immediately collected P30,000. 13- paid Office salaries, P6,500. 18 - Advertising bill from Balita Co. comes in but is not paid, P2,500. 20-5C's wrote a check on the bank account of the business as personal withdrawal of cash to pay his home mortgage of P6,250. 22 - Billed Luzonian Co for a special word processing job, P 50,000 28- Paid Half of the amount owed for Word Processing Equipment purchased on May 1 from ABC Co., P25,000. 29- Received and paid telephone bill, P2,200. 30 On this date, the accountant: (a) Found out that company had only P1,000 worth supplies on hand. (b) Realized that the company has two months prepaid rent (c) Determined that the computer equipment should be depreciated over its 5-year useful life with estimated residual salvage value of P12,000 (d) Determined that unpaid salary of P3,500 has not recorded. Requirements: 1. Analyze and journalize the transactions for the May, 2021 of 5C's Computer Center. 2. Post journal entries to the ledger 3. Prepare Unadjusted Trial Balance as of May 31, 2021. 4. Journalize the necessary adjusting entries. 5. Prepare Worksheet 6. Prepare the financial statements: a) Income Statement b) Statement of Changes in Owner's Equity c) Balance Sheet 7. Prepare Closing entries 8. Prepare the Post-closing Trial Balance
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