Homework Help is Here – Start Your Trial Now!
Business
Accounting
ACTIVITY 5: LET'S PUT IT ALL TOGETHER! Now you're ready to accomplish the JOURNAL, LEDGER and TRIAL BALANCE of G. Pineda Accounting Firm. Recall the directions and mechanics on the first page for you to be guided. Gifern Pineda, a CPA put up an accounting firm on December 1, 2019. The following transactions were completed during the month: Dec. 1 1 1 1 2 3 4 8 301 302 10 15 15 18 20 31 31 31 31 G. Pineda invested P200,000 as initial capital for his accounting firm Paid office rent for the month P16,400 Bought office supplies for cash P15.500 Bought computer from Mabuhay Equipment Corp. P80,000, paying 50% down and the balance payable in 90 days Office tables and chairs were purchased for cash, P12,500. Received cash from a client for accounting services rendered P5,600. Paid Meralco, P4,000 Billed several clients for services rendered, P38,000 Borrowed money from Metrobank, P20,000 Received a 60-day note from a client for services rendered P12,000. Paid salaries of the employees, P16,500 Assets 101 102 103 Note Receivable 104 105 Note Payable Loan Payable Owner's Equity G. Pineda withdrew P10,000 cash for his personal use Bought filing cabinets from Leeman Trading P15,000, terms 30 days. Issued a promissory note to Cortez Trading P32,000 for a copying machine Bought. Paid municipal license, P3,000 Paid the salaries of the employees P14,250 Paid Leeman Trading Corp. partially P4,000 Partial collection of the accounts of clients P12,800 Chart of Accounts Cash Accounts Receivable Furniture and Fixtures Office Equipment Liabilities 201 Accounts Payable 202 203 G. Pineda, Capital G. Pineda, Drawing Income 401 Professional Fees Expenses 501 502 503 504 505 Rent Expense Office Supplies Expense Light and Water Expense Salaries Expense Taxes and Licenses Expense

ACTIVITY 5: LET'S PUT IT ALL TOGETHER! Now you're ready to accomplish the JOURNAL, LEDGER and TRIAL BALANCE of G. Pineda Accounting Firm. Recall the directions and mechanics on the first page for you to be guided. Gifern Pineda, a CPA put up an accounting firm on December 1, 2019. The following transactions were completed during the month: Dec. 1 1 1 1 2 3 4 8 301 302 10 15 15 18 20 31 31 31 31 G. Pineda invested P200,000 as initial capital for his accounting firm Paid office rent for the month P16,400 Bought office supplies for cash P15.500 Bought computer from Mabuhay Equipment Corp. P80,000, paying 50% down and the balance payable in 90 days Office tables and chairs were purchased for cash, P12,500. Received cash from a client for accounting services rendered P5,600. Paid Meralco, P4,000 Billed several clients for services rendered, P38,000 Borrowed money from Metrobank, P20,000 Received a 60-day note from a client for services rendered P12,000. Paid salaries of the employees, P16,500 Assets 101 102 103 Note Receivable 104 105 Note Payable Loan Payable Owner's Equity G. Pineda withdrew P10,000 cash for his personal use Bought filing cabinets from Leeman Trading P15,000, terms 30 days. Issued a promissory note to Cortez Trading P32,000 for a copying machine Bought. Paid municipal license, P3,000 Paid the salaries of the employees P14,250 Paid Leeman Trading Corp. partially P4,000 Partial collection of the accounts of clients P12,800 Chart of Accounts Cash Accounts Receivable Furniture and Fixtures Office Equipment Liabilities 201 Accounts Payable 202 203 G. Pineda, Capital G. Pineda, Drawing Income 401 Professional Fees Expenses 501 502 503 504 505 Rent Expense Office Supplies Expense Light and Water Expense Salaries Expense Taxes and Licenses Expense

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Required: • General Journal • Ledger (Pls follow the format)
ACTIVITY 5: LET'S PUT IT ALL TOGETHER! Now you're ready to accomplish the JOURNAL, LEDGER and TRIAL BALANCE of G. Pineda Accounting Firm. Recall the directions and mechanics on the first page for you to be guided. Gifern Pineda, a CPA put up an accounting firm on December 1, 2019. The following transactions were completed during the month: Dec. 1 3 4 8 10 15 15 18 20 31 31 31 31 G. Pineda invested P200,000 as initial capital for his accounting firm Paid office rent for the month P16,400 Bought office supplies for cash P15,500 Bought computer from Mabuhay Equipment Corp. P80,000, paying 50% down and the balance payable in 90 days Office tables and chairs were purchased for cash, P12,500. Received cash from a client for accounting services rendered P5,600. Paid Meralco, P4,000 Billed several clients for services rendered, P38,000 Owner's Equity 301 302 Borrowed money from Metrobank, P20,000 Received a 60-day note from a client for services rendered P12,000. Paid salaries of the employees, P16,500 G. Pineda withdrew P10,000 cash for his personal use Bought filing cabinets from Leeman Trading P15,000, terms 30 days. Issued a promissory note to Cortez Trading P32,000 for a copying machine Bought. Paid municipal license, P3,000 Paid the salaries of the employees P14,250 Paid Leeman Trading Corp. partially P4,000 Partial collection of the accounts of clients P12,800 Chart of Accounts Assets 101 102 103 104 105 Office Equipment Cash Accounts Receivable Note Receivable Furniture and Fixtures Liabilities 201 Accounts Payable Note Payable 202 203 Loan Payable G. Pineda, Capital G. Pineda, Drawing Income 401 Professional Fees Expenses 501 502 Rent Expense Office Supplies Expense 503 Light and Water Expense 504 Salaries Expense 505 Taxes and Licenses Expense
Transcribed Image Text:ACTIVITY 5: LET'S PUT IT ALL TOGETHER! Now you're ready to accomplish the JOURNAL, LEDGER and TRIAL BALANCE of G. Pineda Accounting Firm. Recall the directions and mechanics on the first page for you to be guided. Gifern Pineda, a CPA put up an accounting firm on December 1, 2019. The following transactions were completed during the month: Dec. 1 3 4 8 10 15 15 18 20 31 31 31 31 G. Pineda invested P200,000 as initial capital for his accounting firm Paid office rent for the month P16,400 Bought office supplies for cash P15,500 Bought computer from Mabuhay Equipment Corp. P80,000, paying 50% down and the balance payable in 90 days Office tables and chairs were purchased for cash, P12,500. Received cash from a client for accounting services rendered P5,600. Paid Meralco, P4,000 Billed several clients for services rendered, P38,000 Owner's Equity 301 302 Borrowed money from Metrobank, P20,000 Received a 60-day note from a client for services rendered P12,000. Paid salaries of the employees, P16,500 G. Pineda withdrew P10,000 cash for his personal use Bought filing cabinets from Leeman Trading P15,000, terms 30 days. Issued a promissory note to Cortez Trading P32,000 for a copying machine Bought. Paid municipal license, P3,000 Paid the salaries of the employees P14,250 Paid Leeman Trading Corp. partially P4,000 Partial collection of the accounts of clients P12,800 Chart of Accounts Assets 101 102 103 104 105 Office Equipment Cash Accounts Receivable Note Receivable Furniture and Fixtures Liabilities 201 Accounts Payable Note Payable 202 203 Loan Payable G. Pineda, Capital G. Pineda, Drawing Income 401 Professional Fees Expenses 501 502 Rent Expense Office Supplies Expense 503 Light and Water Expense 504 Salaries Expense 505 Taxes and Licenses Expense
DATE PARTICULARS PR DATE PARTICULARS GENERAL LEDGER DATE PARTICULARS PR DEBIT FORMAT DEBIT Account no.: DATE PARTICULARS PR DATE Account no.: PARTICULARS PR CREDIT CREDIT CREDIT
Transcribed Image Text:DATE PARTICULARS PR DATE PARTICULARS GENERAL LEDGER DATE PARTICULARS PR DEBIT FORMAT DEBIT Account no.: DATE PARTICULARS PR DATE Account no.: PARTICULARS PR CREDIT CREDIT CREDIT
Expert Solution
steps

Step by step

Solved in 3 steps with 6 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS