Mr. Ave Tor opened a laundry business namedAVETOR Laundromat.During the first month ofoperation, he recorded all the events that took place in hisbusiness but the records were disorganized. He doesn'teven know the result of his business operation if well ornot because he does not have knowledge in any of theaccounting process.You were hired by Mr. Ave Tor as a bookkeeper tokeep track of his economic activities in the first month ofoperation. You were also tasked to make an analysispaper to show the results and the financial condition of hisYou need to present to Mr. Ave Tor theorganized records and accurate results in less than a week.business.The following transactions you gathered from the notso organized records of Mr. Ave Tor:August 7 Bought furniture on credit P45,000.1 Opened an account with Metrobank under AVE TOR Laundromat business name in theamount of P1,500,000. Invested in a computer worth P100,000 with a fair market value ofP90,000,2 Paid municipal taxes of P5,500 including license to operate.13 Additional investment of P500,000 and equipment worth P60,000 with an unpaid balance ofP10,000,15 Withdrew P75,000 and office supplies worth P500 for personal use.5 Bought P900,000 condominium for his office paying P500,000 down payment and signing amortgage with BDO payable in 10 years for the balance.19 Rendered laundry services on account, P45,000.30 Collected P30,000 from laundry services rendered last August 19.20 Paid utilities for the month, P37,000.8 Returned P7,000 worth of furniture bought due to wrong specifications.9 Bought cash register, P24,000 paid in cash.18 Collected laundry services from various customers amounting to P200,000.12 Bought a P600,000 van from Toyota Motors for use in the business. Terms: 25% cash, 40%thru a 30 day note, and the balance on account.10 Bought P5,600 office supplies paid in cash.16 Paid the salary of the office secretary P7,600.11 Paid furniture and fixtures purchased on account.17 Paid the note issued to Toyota Motors.14 Returned damaged supplies worth P880.

Journal is a book in which all the business transactions are recorded first, therefore journal book…

Answered: The following transactions you gathered…

Business

Accounting

The following transactions you gathered from the not so organized records of Mr. Ave Tor:

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter6: Work Sheet And Adjusting Entries For A Service Business

Section: Chapter Questions

Problem 1CP

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