1. Prepare the journal entries for the following transactions of Sun and Moon Resort for the month of May. Post the journal entries to the T-accounts and show the ending balance of each account. May 1, 2022 - The owner invested Php 500,000 cash in the resort. May 7, 2022 - The cost of furniture and fixtures invested by the owner in the resort amounted to Php 32 000. May 11, 2022 - The owner paid Php 12,500.00 for outdoor and on-site billboards to advertise the resort. May 16, 2022 - The total cash receipts from guests reached Php130 500. May 24, 2022 - The owner paid bills for telephone, light, and water totaling Php 22,750. May 30, 2022 - The payroll for resort office staff and workers totaled Php 75,400.00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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REQUIRED: • Journal entries • T-accounts (with ending balance) IMPORTANT NOTE: FOLLOW THE FORMAT OF T-ACCOUNTS ON THE PHOTO ATTACHED. Strictly no to handwritten. Please make it typewritten. Thank you
SAMPLE FORMAT FOR
WITH
T-ACCOUNTS
ENDING BALANCE
ACCOUNTS RECEIVABLE
March 24 30,000 30,000 March 30
March 29 40,000
= 40,000
CASH
PPE
ASSETS =
ACCOUNTS RECEIVABLE
1,054,500
CASH
March 1 400,000 50,000 March 8
March 3 100,000 10,000 March 17
March 21 25,000 60,000 March 20
March 30 30,000 4,500 March 23
1,000 March 25
25,000 March 31
= 404,500
LIABILITIES +
EQUITY
ACCOUNTS PAYABLE CAPITAL
BANK LOAN PAYABLE DRAWING
REVENUE
EXPENSES
100,000
954,500
||
Transcribed Image Text:SAMPLE FORMAT FOR WITH T-ACCOUNTS ENDING BALANCE ACCOUNTS RECEIVABLE March 24 30,000 30,000 March 30 March 29 40,000 = 40,000 CASH PPE ASSETS = ACCOUNTS RECEIVABLE 1,054,500 CASH March 1 400,000 50,000 March 8 March 3 100,000 10,000 March 17 March 21 25,000 60,000 March 20 March 30 30,000 4,500 March 23 1,000 March 25 25,000 March 31 = 404,500 LIABILITIES + EQUITY ACCOUNTS PAYABLE CAPITAL BANK LOAN PAYABLE DRAWING REVENUE EXPENSES 100,000 954,500 ||
1. Prepare the journal entries for the following transactions of
Sun and Moon Resort for the month of May. Post the
journal entries to the T-accounts and show the ending
balance of each account.
May 1, 2022 - The owner invested Php 500,000 cash in the
resort.
May 7, 2022 - The cost of furniture and fixtures invested by
the owner in the resort amounted to Php 32 000.
May 11, 2022 - The owner paid Php 12,500.00 for outdoor
and on-site billboards to advertise the resort.
May 16, 2022 - The total cash receipts from guests reached
Php130 500.
May 24, 2022 - The owner paid bills for telephone, light,
and water totaling Php 22,750.
May 30, 2022 - The payroll for resort office staff and
workers totaled Php 75,400.00
Transcribed Image Text:1. Prepare the journal entries for the following transactions of Sun and Moon Resort for the month of May. Post the journal entries to the T-accounts and show the ending balance of each account. May 1, 2022 - The owner invested Php 500,000 cash in the resort. May 7, 2022 - The cost of furniture and fixtures invested by the owner in the resort amounted to Php 32 000. May 11, 2022 - The owner paid Php 12,500.00 for outdoor and on-site billboards to advertise the resort. May 16, 2022 - The total cash receipts from guests reached Php130 500. May 24, 2022 - The owner paid bills for telephone, light, and water totaling Php 22,750. May 30, 2022 - The payroll for resort office staff and workers totaled Php 75,400.00
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