Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on June of the 2021. During the month, she completed the following business transactions: June 1 – Ms. Marikit deposited cash for the business, P500,000. 5 – Purchased supplies for cash, P25,000. 7 – Purchased equipment on account, P30,000. 9 – Purchased truck for P`150,000, paying P80,000 cash and issued a promissory note for the balance. 11 – Paid rent for the period of one month, P5,000. 13 – Received cash for job completed, P200,000. 14 – Purchased supplies on account, P40,000. 15 – Paid wages of workers, P60,000. 17 – Paid premium of property and casualty insurance, P2,000. 19 – Paid creditor for equipment purchased on June 7, P15,000. 20 – Recorded services to customers on account and sent invoices to customers, P250,000. June 21 – Received cash for job completed, P90,000. 24 – Received an invoice for truck repairs, P4,000. 25 – Paid utilities expense, P1,500. 27 – Paid miscellaneous expense, P500. 28 – Received cash from customer on account, P100,000. 30 – Paid wages of workers, P75,000. 30 – Withdraw cash for personal use, P20,000. Required: Prepare the following Chart of accounts to be used to record the above transactions. Journal entries in a two-column journal. Ledger posting from the journal inserting appropriate posting reference.
(Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on June of the 2021. During the month, she completed the following business transactions:
June 1 – Ms. Marikit deposited cash for the business, P500,000.
5 – Purchased supplies for cash, P25,000.
7 – Purchased equipment on account, P30,000.
9 – Purchased truck for P`150,000, paying P80,000 cash and issued a promissory note for the balance.
11 – Paid rent for the period of one month, P5,000.
13 – Received cash for job completed, P200,000.
14 – Purchased supplies on account, P40,000.
15 – Paid wages of workers, P60,000.
17 – Paid premium of property and casualty insurance, P2,000.
19 – Paid creditor for equipment purchased on June 7, P15,000.
20 – Recorded services to customers on account and sent invoices to customers, P250,000.
June 21 – Received cash for job completed, P90,000.
24 – Received an invoice for truck repairs, P4,000.
25 – Paid utilities expense, P1,500.
27 – Paid miscellaneous expense, P500.
28 – Received cash from customer on account, P100,000.
30 – Paid wages of workers, P75,000.
30 – Withdraw cash for personal use, P20,000.
Required: Prepare the following
- Chart of accounts to be used to record the above transactions.
Journal entries in a two-column journal.Ledger posting from the journal inserting appropriate posting reference.
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