You opened a novelty store called "The Awesome Shop" on January 2,2018. The following were the transactions during the year:1. Provided P100,000 cash as initial investment.2. Obtained a P50,000 loan.3. Acquired furniture and fixtures for P80,000 cash.4. Acquired inventory on account for P60,000.5. Sold goods on cash basis for P200,000. The cost of sales is P20,000.6. Sold goods on account for P300,000. The cost of sales is P30,000.7. Paid supplies expense for P20,00o cash.8. Paid rent expense of P180,00o.9. Paid utilities expense of P40,000.10. Collected P240,000 accounts receivable.11. Paid P30,000 accounts payable.12. Made total drawings of P25,000.REQUIREMENTS:a. Record the transactions in thejournal.b. Post the transactions in theledger.c. Prepare the unadjusted trialbalance on December 31, 2018.

The journal entries are attached below. You may kindly note that all amounts are in P.

Answered: You opened a novelty store called "The…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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