Mr. Simon Valve, a dentist, started Valve Dental Company on January 1, 2021. The following transactions occurred dđuring the month. January 1 The owner invested PS50,000 cash. 3 Paid one month rent P20,000. 5 Paid insurance P36,000, period covered February 2021 to February 2022. 6 Bought dental supplies on credit P4,300. Owner invested dental equipment valued at P90,000. 8 Purchased furniture, P69,000; paying 1/3 of the amount and the remaining balance on account. 9 Rendered services to account customers, P10,000. 10 Paid the balance on the furniture. 12 Owner withdrew P15,000 cash for personal use. 13 Rendered services for cash, P68,000. 15 Billed Ms. Lesley P9,000 for services rendered. 16 Owner withdrew P2,000 worth of dental supplies for personal use. 19 Collected P9,000 from Ms. Lesley. 20 Rendered services on credit to Mr. Granger, P8,800. 21 Paid secretary's salary, P7,700. 22 Received bill from Globe for internet services, P999. 24 Mr. Granger issued a note in lieu of his account. Paid Globe bill. 26 27 Owner made additional investment of P100,000. 31 Mr. Granger paid the note. Instructions: 1 Journalize the following transactions. 2. After journalizing, post the accounts to T-accounts. 3. Prepare the Unadjusted Trial Balance for the month ending January 2021.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journal Entries, T accounts and unadjusted balances
Quiz-FABM1-Step1to4-Acctng-Cycle - Word
Juliana Belmonte
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12.11.1X.1·1.1·2.1·3.1- 4-1.5. 1· 6.1. 7.1.8. 1.9.1. 10- 1 -11·1 ·12. 1· 13. 1-14. 1 15. 1· 16. 17. 1 18. 1 19
Mr. Simon Valve, a dentist, started Valve Dental Company on January 1, 2021. The following
transactions occurred during the month.
January 1
The owner invested P550,000 cash.
3
Paid one month rent P20,000.
Paid insurance P36,000, period covered February 2021 to February 2022.
6.
Bought dental supplies on credit P4,300.
7
Owner invested dental equipment valued at P90,000.
8
Purchased furniture, P69,000; paying 1/3 of the amount and the remaining balance on
account.
9
Rendered services to account customers, P10,000.
10
Paid the balance on the furniture.
12
Owner withdrew P15,000 cash for personal use.
13
Rendered services for cash, P68,000.
15
Billed Ms. Lesley P9,000 for services rendered.
16
Owner withdrew P2,000 worth of dental supplies for personal use.
19
Collected P9,000 from Ms. Lesley.
20
Rendered services on credit to Mr. Granger, P8,800.
21
Paid secretary's salary, P7,700.
22
Received bill from Globe for internet services, P999.
24
Mr. Granger issued a note in lieu of his account.
26
Paid Globe bill.
27
Owner made additional investment of P100,000.
31
Mr. Granger paid the note.
Instructions:
1. Journalize the following transactions.
2. After journalizing, post the accounts to T-accounts.
3. Prepare the Unadjusted Trial Balance for the month ending January 2021.
Page 1 of 1
204 words
e English (United States)
+ 80%
Transcribed Image Text:Quiz-FABM1-Step1to4-Acctng-Cycle - Word Juliana Belmonte File Home Review O Tell me what you want to do & Share Insert Design Layout References Mailings View Help 12.11.1X.1·1.1·2.1·3.1- 4-1.5. 1· 6.1. 7.1.8. 1.9.1. 10- 1 -11·1 ·12. 1· 13. 1-14. 1 15. 1· 16. 17. 1 18. 1 19 Mr. Simon Valve, a dentist, started Valve Dental Company on January 1, 2021. The following transactions occurred during the month. January 1 The owner invested P550,000 cash. 3 Paid one month rent P20,000. Paid insurance P36,000, period covered February 2021 to February 2022. 6. Bought dental supplies on credit P4,300. 7 Owner invested dental equipment valued at P90,000. 8 Purchased furniture, P69,000; paying 1/3 of the amount and the remaining balance on account. 9 Rendered services to account customers, P10,000. 10 Paid the balance on the furniture. 12 Owner withdrew P15,000 cash for personal use. 13 Rendered services for cash, P68,000. 15 Billed Ms. Lesley P9,000 for services rendered. 16 Owner withdrew P2,000 worth of dental supplies for personal use. 19 Collected P9,000 from Ms. Lesley. 20 Rendered services on credit to Mr. Granger, P8,800. 21 Paid secretary's salary, P7,700. 22 Received bill from Globe for internet services, P999. 24 Mr. Granger issued a note in lieu of his account. 26 Paid Globe bill. 27 Owner made additional investment of P100,000. 31 Mr. Granger paid the note. Instructions: 1. Journalize the following transactions. 2. After journalizing, post the accounts to T-accounts. 3. Prepare the Unadjusted Trial Balance for the month ending January 2021. Page 1 of 1 204 words e English (United States) + 80%
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