Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions occurred during the month of July. July 1 Mhay contributed P150,000 cash. After which, she then purchased office desks and chairs amounting to P10,000 to be used in the business. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Bought two sets of computer for 10,000 pesos each using the business' money. After buying the computers, Ms. Mhay brought one set to their home for her son's personal use. (Use the business entity concept in interpreting this 2 3 transaction) 3 Paid P15,000 for office rent for the month Paid Phasign P2,500 for banners in promoting the business. Delivery services amounted to P44,000, half on account. Cash of P2,000 withdrawn by Mhay Purchased supplies for P1,500 on account Received cash of P12,500 for services provided on June 5. Purchased gasoline for P7,500 on account. Received P15,000 from customers for delivery services rendered. Made a cash payment of P25,000 on notes payable Paid P2,500 for utilities 4 12 15 17 20 23 26 29 Paid partial payment of P2,500 for the gasoline purchased on account July 17. Paid P30,000 for employee salaries. 30

Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions occurred during the month of July. July 1 Mhay contributed P150,000 cash. After which, she then purchased office desks and chairs amounting to P10,000 to be used in the business. Purchased a used van for deliveries for P120,000 by paying P20,000 cash and signed a two-year notes payable for the remaining balance Bought two sets of computer for 10,000 pesos each using the business' money. After buying the computers, Ms. Mhay brought one set to their home for her son's personal use. (Use the business entity concept in interpreting this 2 3 transaction) 3 Paid P15,000 for office rent for the month Paid Phasign P2,500 for banners in promoting the business. Delivery services amounted to P44,000, half on account. Cash of P2,000 withdrawn by Mhay Purchased supplies for P1,500 on account Received cash of P12,500 for services provided on June 5. Purchased gasoline for P7,500 on account. Received P15,000 from customers for delivery services rendered. Made a cash payment of P25,000 on notes payable Paid P2,500 for utilities 4 12 15 17 20 23 26 29 Paid partial payment of P2,500 for the gasoline purchased on account July 17. Paid P30,000 for employee salaries. 30

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 4.8C

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