The following transactions were taken from the books of Cartago Repair Shopfor the month of May 2018: Мay ales,Inc for P11,Cartago invested P20,000 cash in the business. Paid rent for the month,P1,000. Bought Office supplies for cash,P500. Purchased a typewriter from Equipment Sales,Inc for P11,500 on account. Receipts for 10 days amounted to P3,000 for services rendered. Paid one half of the account with with Equipment Sales,Inc. Paid Salaries,P1,500. Billed a customer for services rendered,P7,000. Bought office furniture for P5,000 from Nenita Furniture Store. Terms,P2,500 Down, the balance on account. 4 6. 8 10 12 15 17 20 25 Collected the May 17,2018 bill. Paid salaries: Gross P2,000,SSS Premium P60,Medicares,P12, withholding taxes,P30. 30 REQUIRED: 1. Prepare the necessary journal entries to record the above transactions. 2. Post it to the ledger 3. Prepare a Trial Balance

The following transactions were taken from the books of Cartago Repair Shopfor the month of May 2018: Мay ales,Inc for P11,Cartago invested P20,000 cash in the business. Paid rent for the month,P1,000. Bought Office supplies for cash,P500. Purchased a typewriter from Equipment Sales,Inc for P11,500 on account. Receipts for 10 days amounted to P3,000 for services rendered. Paid one half of the account with with Equipment Sales,Inc. Paid Salaries,P1,500. Billed a customer for services rendered,P7,000. Bought office furniture for P5,000 from Nenita Furniture Store. Terms,P2,500 Down, the balance on account. 4 6. 8 10 12 15 17 20 25 Collected the May 17,2018 bill. Paid salaries: Gross P2,000,SSS Premium P60,Medicares,P12, withholding taxes,P30. 30 REQUIRED: 1. Prepare the necessary journal entries to record the above transactions. 2. Post it to the ledger 3. Prepare a Trial Balance

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. Feb. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Mar. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11Received from Bradford & Co. the amount due on the note of March 12. May 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek…