1. Prepare Journal Entry2. Prepare Financial Position 14. Cely Kalaw started a new business in advertising called the Straight and Truc AdvertisingThe following are the transactions for February which you are required to summarizeusing the format you did in Exercise no. 13. Extract the balances only after the lasttransaction. Use the following accounts and provide a moncy column for cach: Cash. ArtSupplies, Office Supplies, Equipment, Furniture and Fixtures. Accounts Payable, NotesPayable and Kalaw, Capital.5 Cely transferred half of her P300,000 personal savings to the account of the business.9 She purchased and paid P15,000 in cash for supplies such as illustration boards, artpapers, and coloring materials.16She purchased photo equipment at a cost of P105,000 from Camera Work. She paidone third and issued a note promising to pay before the end of the month.20A friend, Lisa, bought a fax machine a year ago for P10,000. She sold this to Cely lessa discount of P4,000. Cely promised to pay her after thirty days.22She purchased paper for the fax machine and paid cash of P1,500.25She purchased furniture and fixtures from Ideal Furniture Store on credit for P8,00028 She paid another one third of the account owing to Camera Work

Journal Entry is the primary step to record the transaction in the books of accounts. Statement of…

14. Cely Kalaw started a new business in advertising called the Straight and Truc Advertising The following are the transactions for February which you are required to summarize using the format you did in Exercise no. 13. Extract the balances only after the last transaction. Use the following accounts and provide a money column for cach: Cash. Art Supplies, Office Supplies, Equipment, Furniture and Fixtures. Accounts Payable, Notes Payable and Kalaw, Capital. 5 Cely transferred half of her P300,000 personal savings to the account of the business. She purchased and paid P15,000 in cash for supplies such as illustration boards, art papers, and coloring materials. 9 16 She purchased photo equipment at a cost of P105,000 from Camera Work. She paid one third and issued a note promising to pay before the end of the month. 20 A friend, Lisa, bought a fax machine a year ago for P10,000. She sold this to Cely less a discount of P4,000. Cely promised to pay her after thirty days. 22 She purchased paper for the fax machine and paid cash of P1,500. 25 She purchased furniture and fixtures from Ideal Furniture Store on credit for P8,000 28 She paid another one third of the account owing to Camera Work

14. Cely Kalaw started a new business in advertising called the Straight and Truc Advertising The following are the transactions for February which you are required to summarize using the format you did in Exercise no. 13. Extract the balances only after the last transaction. Use the following accounts and provide a money column for cach: Cash. Art Supplies, Office Supplies, Equipment, Furniture and Fixtures. Accounts Payable, Notes Payable and Kalaw, Capital. 5 Cely transferred half of her P300,000 personal savings to the account of the business. She purchased and paid P15,000 in cash for supplies such as illustration boards, art papers, and coloring materials. 9 16 She purchased photo equipment at a cost of P105,000 from Camera Work. She paid one third and issued a note promising to pay before the end of the month. 20 A friend, Lisa, bought a fax machine a year ago for P10,000. She sold this to Cely less a discount of P4,000. Cely promised to pay her after thirty days. 22 She purchased paper for the fax machine and paid cash of P1,500. 25 She purchased furniture and fixtures from Ideal Furniture Store on credit for P8,000 28 She paid another one third of the account owing to Camera Work

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 1MP: During the month of October 20--, The Pink Petal flower shop engaged in the following transactions:...

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