Tasks 8-9. Application. Prepare the journal entries of the transaction below and post them to the necessary ledger books. Write your answer on a separate sheet of paper. Olson Sala Company completed the following sales transactions during the month of June 2015. All credit sales have terms of 3/10, n/30 and all invoices are dated as at the transaction date. June 1 Olson Sala invested Php 52,000 of his funds in the business. 1 Sold merchandise on account to R. Bituin, Php 32,000. Invoice no. 377 Sold merchandise on account to A. Perdales, Php 54,000. Invoice no. 378 3 4 Sold merchandise for cash, Php 46,000. 7. Received payment from R. Bltuin less discounts. Received payment from A. Perdales less discounts. 9. Required: 1. Record the transactions in the general journal. 2. Post to the accounts receivable ledger. 3. Prepare a schedule of accounts receivable.

Question Hyun Bin opened his computer repair services shop on November 30, 2018. The following transactions happened during the operations of the business since the opening of the shop. The business uses a calendar accounting period.Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3 Bought office supplies for P25,000. Expense method is used.Dec 5 Billed various customers for services rendered, P80,000.Dec 8 Paid rent for three months at P15,000 per month. Asset method is used.Dec 10 Paid taxes and licenses, P8,000.Dec 14 Received partial payment of billing on December 5, P50,000.Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18 Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20 Paid advertising expenses for 6 months, P42,000. Expense method is…

c. Pass the transactions to balance Accounting Equation for the month of January 2021: January 1: Star Co started a business with $70000 cash in hand and $50000 cash at bank. January 3: Purchased furniture $15000 and building $25000 and paid cash. January 4: Purchased office supplies and raw material for $5000 and $10000 respectively on account. January 5: Star co. issued additional capital of $25000 by depositing in bank account. January 11: Purchased equipment by issuing 30 days notes payable for S10000, January 12: Sold raw material of $5500 equal to the original cost on account. January 15: Received cash of $4500 in settlement of account receivables. January 20: Paid utility expenses for $5000 in cash.