Date Transaction Nov. 5 Mr. Mario Cruz invested P1,500,000 and a truck with fair market value of P1,800,000 in the business. 8 Paid an annual insurance for the truck, P48,000. 10 Paid taxes and licenses, P5,500. 11 Hired an office secretary and a driver with P8,000 and P10,000 each monthly salary to start work tomorrow. 12 Called Acer Book Store to order office supplies worth P2,000. 14 Office supplies delivered by Acer Book Store was paid in cash. 18 Purchased office furniture and fixtures on account, 12,000. 20 Bought office equipment for cash, P21,000. 25 Refilled fuel for P9,800. 25 Delivered cargo to La Union for Mr. Val Montero. 50% of the total service of P35,000 was received for trucking services rendered. 26 Received a call from Mr. Jose for next month's delivery service. Dec. 1 Trucking services rendered to B2B Trading on account, P33,000. 3 Partial payment for furniture and fixtures, P6,000. 5 Received a note from B2B Trading for one-third of the account. 10 Delivered cargo to Isabela for Mr. William Jose on credit, P55,000. 10 Incurred a gas expense of P12,850 for the delivery in Isabela. 12 Paid secretary's and driver's salary for one month, P18,000. 15 Paid P3,500 for utilities. 18 Proceeds of loan from Allied Bank P500,000. 20 Mr. Cruz withdrew P50,000 for holiday personal use. 24 Remaining accounts receivable from B2B Trading was received. 24 Received utilities bill for payment on January 3, P5,000. 27 Mr. William Jose cleared his debts. 28 Received P37,500 for a delivery service for IM Architectural Firm. 29 Received remaining receivables from Mr. Val Montero. 30 Delivered P12,700 worth of goods to IM Architectural Firm.

Name: Please make a T-Account and General Journal of the Transaction given b
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Description: Please make a T-Account and General Journal of the Transaction given below. Use the image below and the details below this text. Trucking Services Chart of Accounts: Cash 100 Accounts Receivable 110 Notes Receivable 120 Allowance for Bad Debts 130 Pr

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please make a T-Account and General Journal of the Transaction given below. Use the image below and the details below this text. Trucking Services Chart of Accounts: Cash 100 Accounts Receivable 110 Notes Receivable 120 Allowance for Bad Debts 130 Prepaid Insurance 140 Office Supplies 150 Office Equipment 160 Accumulated Depreciation-Office Equipment 165 Furnitures and Fixtures 170 Accumulated Depreciation-Furnitures and Fixtures 175 Delivery Equipment-Truck 180 Accumulated Depreciation-Delivery Equipment-Truck 185 Accounts Payable 210 Utilities Payable 220 Loan Payable 230 Unearned Delivery Income 310 Cruz,Capital 320 Cruz,Drawing 330 Income Summary 340 Delivery Income 410 Salaries Expenses 500 Utilities Expenses 510 Taxes and Licenses Expenses 520 Insurance Expenses 530 Supplies Expenses 540 Gas Expenses 550 Bad Debts Expenses 660 THANK YOU!

Date
Transaction
Nov. 5 Mr. Mario Cruz invested P1,500,000 and a truck with fair market value of P1,800,000 in the business.
8 Paid an annual insurance for the truck, P48,000.
10 Paid taxes and licenses, P5,500.
11 Hired an office secretary and a driver with P8,000 and P10,000 each monthly salary to start work tomorrow.
12 Called Acer Book Store to order office supplies worth P2,000.
14 Office supplies delivered by Acer Book Store was paid in cash.
18 Purchased office furniture and fixtures on account, 12,000.
20 Bought office equipment for cash, P21,000.
25 Refilled fuel for P9,800.
25 Delivered cargo to La Union for Mr. Val Montero. 50% of the total service of P35,000 was received for trucking services rendered.
26 Received a call from Mr. Jose for next month's delivery service.
Dec.
1
Trucking services rendered to B2B Trading on account, P33,000.
3 Partial payment for furniture and fixtures, P6,000.
5 Received a note from B2B Trading for one-third of the account.
10 Delivered cargo to Isabela for Mr. William Jose on credit, P55,000.
10 Incurred a gas expense of P12,850 for the delivery in Isabela.
12 Paid secretary's and driver's salary for one month, P18,000.
15 Paid P3,500 for utilities.
18 Proceeds of loan from Allied Bank P500,000.
20 Mr. Cruz withdrew P50,000 for holiday personal use.
24 Remaining accounts receivable from B2B Trading was received.
24 Received utilities bill for payment on January 3, P5,000.
27 Mr. William Jose cleared his debts.
28 Received P37,500 for a delivery service for IM Architectural Firm.
29 Received remaining receivables from Mr. Val Montero.
30 Delivered P12,700 worth of goods to IM Architectural Firm.

Additional information on the accounting process:
1. The company uses the following Chart of Accounts found on the next worksheet.
2.
For t-accounts, enter numerical values with the month first before the date.
3. The company uses the expense method in recording prepayments and the income method in recording deferrals.
Additional information at the end of the year.
1. Office supplies has a P575 balance at the end of the year.
2. The truck has an economic life of 15 years with an estimated salvage value of P98,700.
3.
Estimated doubtful accounts is P3,500.

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