PDE IM-MODULE-3-Account X + file:///C:/Users/user/Documents/QUIJANO,%20JAN%20CLEO%20C/ACCOUNTING/IM-MODULE-3-Accounting-Fundamentals-P1-M.Chan%20(1).pdf Journalizing, Posting and Preparing a Trial Balance After several years with a large accounting firm, Virgie Dal decided to establish her own accounting practice. The following transactions of Virgie Dal, CPA, were completed during May 2012: May 2 Transferred P92,500 cash from a personal savings account to a checking account, Virgie Dal, CPA. Acquired office equipment on account from Gicain Furniture, P36,800. Acquired office supplies on account from Lorenzo Office Supply Company, P17,100. Performed accounting services for Cayaco Computer Company and submitted a bill of P29,200 for those services. Paid for accounting and tax books for use in the practice, P19,500. Paid Lorenzo Office Supply Company, P4,100 on account. Acquired a condominium unit for the accounting practice, P265,000. A down payment of P38,000 was made and issued a note payable for the 3 7 10 remaining P227,000. Paid salaries, P14,200. Received P9,750 from Cayaco Computer Company, billed on May 6. Paid telephone expense, P650. Received cash in the amount of P14,600 from Ponferada Book Company for accounting services rendered for the month. Acquired office supplies on account from Lorenzo Office Supply Company, P4,650. Withdrew P8,150 for personal use. Paid salaries, P10,300. Billed Bosante Exporters P31,600 for accounting services rendered. Paid PICPA-Tacloban P5,500 for professional dues. Paid P3,250 rent on an office-copying machine. 12 13 16 19 22 23 25 26 27 28 9:28 AM 03/12/2021
PDE IM-MODULE-3-Account X + file:///C:/Users/user/Documents/QUIJANO,%20JAN%20CLEO%20C/ACCOUNTING/IM-MODULE-3-Accounting-Fundamentals-P1-M.Chan%20(1).pdf Journalizing, Posting and Preparing a Trial Balance After several years with a large accounting firm, Virgie Dal decided to establish her own accounting practice. The following transactions of Virgie Dal, CPA, were completed during May 2012: May 2 Transferred P92,500 cash from a personal savings account to a checking account, Virgie Dal, CPA. Acquired office equipment on account from Gicain Furniture, P36,800. Acquired office supplies on account from Lorenzo Office Supply Company, P17,100. Performed accounting services for Cayaco Computer Company and submitted a bill of P29,200 for those services. Paid for accounting and tax books for use in the practice, P19,500. Paid Lorenzo Office Supply Company, P4,100 on account. Acquired a condominium unit for the accounting practice, P265,000. A down payment of P38,000 was made and issued a note payable for the 3 7 10 remaining P227,000. Paid salaries, P14,200. Received P9,750 from Cayaco Computer Company, billed on May 6. Paid telephone expense, P650. Received cash in the amount of P14,600 from Ponferada Book Company for accounting services rendered for the month. Acquired office supplies on account from Lorenzo Office Supply Company, P4,650. Withdrew P8,150 for personal use. Paid salaries, P10,300. Billed Bosante Exporters P31,600 for accounting services rendered. Paid PICPA-Tacloban P5,500 for professional dues. Paid P3,250 rent on an office-copying machine. 12 13 16 19 22 23 25 26 27 28 9:28 AM 03/12/2021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:PDE IM-MODULE-3-Account X
+
file:///C:/Users/user/Documents/QUIJANO,%20JAN%20CLEO%20C/ACCOUNTING/IM-MODULE-3-Accounting-Fundamentals-P1-M.Chan%20(1).pdf
Journalizing, Posting and Preparing a Trial Balance
After several years with a large accounting firm, Virgie Dal decided to establish her own
accounting practice. The following transactions of Virgie Dal, CPA, were completed
during May 2012:
May 2
Transferred P92,500 cash from a personal savings account to a checking
account, Virgie Dal, CPA.
Acquired office equipment on account from Gicain Furniture, P36,800.
Acquired office supplies on account from Lorenzo Office Supply
Company, P17,100.
Performed accounting services for Cayaco Computer Company and
submitted a bill of P29,200 for those services.
Paid for accounting and tax books for use in the practice, P19,500.
Paid Lorenzo Office Supply Company, P4,100 on account.
Acquired a condominium unit for the accounting practice, P265,000. A
down payment of P38,000 was made and issued a note payable for the
3
7
10
remaining P227,000.
Paid salaries, P14,200.
Received P9,750 from Cayaco Computer Company, billed on May 6.
Paid telephone expense, P650.
Received cash in the amount of P14,600 from Ponferada Book Company
for accounting services rendered for the month.
Acquired office supplies on account from Lorenzo Office Supply
Company, P4,650.
Withdrew P8,150 for personal use.
Paid salaries, P10,300.
Billed Bosante Exporters P31,600 for accounting services rendered.
Paid PICPA-Tacloban P5,500 for professional dues.
Paid P3,250 rent on an office-copying machine.
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19
22
23
25
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28
9:28 AM
03/12/2021
Expert Solution
Step 1
In the initial stages of accounting cycle process, first transactions are recorded into journal by applying debit and credit rules. Then, those recorded entries are posted into general ledger accounts. Then, summary of general ledger account balances is shown in form of trial balance.
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