Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011: The owner provided P30,000 cash as initial investment to the business on November 1, 2011. Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date. Purchased office supplies worth P60,000 for cash during the period. Rendered services worth P280,000 for cash during the period. Paid utilities expense of P4,000. The owner withdrew a total of P100,000 cash from the business during the period. Additional information: Unused office supplies on December 31, 2011 amounted to P5,000. With the given information: 1. Provide the Journal Entries 2. Post the entries to the ledger
Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011: The owner provided P30,000 cash as initial investment to the business on November 1, 2011. Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date. Purchased office supplies worth P60,000 for cash during the period. Rendered services worth P280,000 for cash during the period. Paid utilities expense of P4,000. The owner withdrew a total of P100,000 cash from the business during the period. Additional information: Unused office supplies on December 31, 2011 amounted to P5,000. With the given information: 1. Provide the Journal Entries 2. Post the entries to the ledger
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011:
- The owner provided P30,000 cash as initial investment to the business on November 1, 2011.
- Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date.
- Purchased office supplies worth P60,000 for cash during the period.
- Rendered services worth P280,000 for cash during the period.
- Paid utilities expense of P4,000.
- The owner withdrew a total of P100,000 cash from the business during the period.
Additional information:
- Unused office supplies on December 31, 2011 amounted to P5,000.
With the given information:
1. Provide the
2.
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