Persia Sicat is a financial planning consultant. She completed the following transactions during the month of December 31, 2022. December 1 3 4 7 12 14 17 20 21 24 27 Sicat invested cash in the business P200,000 28 Paid December office rent, P10,000 Received P25,000 from a client, Paz Gamino for services rendered Received P20,000 from Tereso Campillo, a client for services rendered Paid cash to Shell Super Service for gasoline purchases, P600 Paid cash to Tulungan Manpower Services in payment for contractual secretarial services during the past two weeks, P6,000 Bought office supplies on account, P2,800 Paid telephone bills, P1,000 Sicat withdrew cash for personal use, P11,000 Donated cash to the Phil National Red Cross, P1,000 Received P20,000 from Teresa Medina, a client for services rendered. Paid cash to Tulungan Manpower Services in payment for contractual secretarial services during the past two weeks, P6,000 28 Paid electric bill, P750 29 Made partial payment on supplies purchased on account, P1,000 Required: 1. Prepare the journal entries for the December transaction. 2. Set up the following ledger account and post all the journal entries: Cash; Account Receivable; Office supplies; Account payable; Sicat capital; Sicat Withdrawals; Consulting revenue; rent expense; salaries expense; utilities expense; gasoline expense; and Charitable Contribution Expense 3. Prepare trial Balance..
Persia Sicat is a financial planning consultant. She completed the following transactions during the month of December 31, 2022. December 1 3 4 7 12 14 17 20 21 24 27 Sicat invested cash in the business P200,000 28 Paid December office rent, P10,000 Received P25,000 from a client, Paz Gamino for services rendered Received P20,000 from Tereso Campillo, a client for services rendered Paid cash to Shell Super Service for gasoline purchases, P600 Paid cash to Tulungan Manpower Services in payment for contractual secretarial services during the past two weeks, P6,000 Bought office supplies on account, P2,800 Paid telephone bills, P1,000 Sicat withdrew cash for personal use, P11,000 Donated cash to the Phil National Red Cross, P1,000 Received P20,000 from Teresa Medina, a client for services rendered. Paid cash to Tulungan Manpower Services in payment for contractual secretarial services during the past two weeks, P6,000 28 Paid electric bill, P750 29 Made partial payment on supplies purchased on account, P1,000 Required: 1. Prepare the journal entries for the December transaction. 2. Set up the following ledger account and post all the journal entries: Cash; Account Receivable; Office supplies; Account payable; Sicat capital; Sicat Withdrawals; Consulting revenue; rent expense; salaries expense; utilities expense; gasoline expense; and Charitable Contribution Expense 3. Prepare trial Balance..
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Persia Sicat is a financial planning consultant. She completed the following transactions during the month of December 31, 2022.
December
1
3
4
7
12
14
17
20
21
24
27
28
Sicat invested cash in the business P200,000
29
Paid December office rent, P10,000
Received P25,000 from a client, Paz Gamino for services rendered
Received P20,000 from Tereso Campillo, a client for services rendered
Paid cash to Shell Super Service for gasoline purchases, P600
Paid cash to Tulungan Manpower Services in payment for contractual secretarial services during the past
two weeks, P6,000
Paid cash to Tulungan Manpower Services in payment for contractual secretarial services during the past two
weeks, P6,000
28 Paid electric bill, P750
Made partial payment on supplies purchased on account, P1,000
Required:
1. Prepare the journal entries for the December transaction.
2. Set up the following ledger account and post all the journal entries: Cash; Account Receivable; Office supplies; Account payable;
Sicat capital; Sicat Withdrawals; Consulting revenue; rent expense; salaries expense; utilities expense; gasoline expense; and
Charitable Contribution Expense
3. Prepare trial Balance.
Bought office supplies on account, P2,800
Paid telephone bills, P1,000
Sicat withdrew cash for personal use, P11,000
Donated cash to the Phil National Red Cross, P1,000
Received P20,000 from Teresa Medina, a client for services rendered.
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