Required: Prepare the comple iF mal entries (inclu X] plete general jor re ; g j ies (including ¢; Planation) y the dates. - Be ‘ Alice Leynes opened her Analyze the transactions an inerease or decrease * business called Linis Janitorial and. Maing, ven below as to what values are affected, wits 5. cd whether the account should be debited or creatine the of ie y Oct. 1 Miss Leynes made a cash investment of P200,000, ; Purchased furniture and fixtures from Bless on account, p39 000 P15,000, the balance on account. 12 Borrowed P100,000 from Philippine Bank and signed a 90. 1S Paid for salaries of clerks and janitors, P80,000 in cash 18 Received a bill for printing of leaflets to promote her busin, 20 Received P30,000 in cash as payment for maintenance coni 21 Paid Avesco in full of account. 24 Billing for janitorial services, to date: M. Y. San for P50,009 25 Billing for janitorial services, to date: SPUM P50,000 of which 59 26 Paid P17,500 for utilities. ~ 30 SPUM paid 50% of the balance owing to Leynes. Purchased from Avesco office equipment and was Tequired to Pay 54) W, m ht, -day note ess, P50) tracts, 7602s lags Use the following accounts: Cash, Accounts Receivable, Fumiture & Fisting Equipment, Accounts Payable, Notes Payable, Leynes, Capital, Leynes, Personal, at Of Maintenance Service Foes, Advertising Expense, Salaries and Wages, Utilities Expona "U8 See to it that there should be at least two accounts involved following the Venetian, M For example, to illustrate October 1: lo Oct.1 Asset increase, debit cash P200,000. ‘Owner’s Equity increase, credit Leynes, Capital P200,000 (You should analyze for the debit side first) On April 5, Timothy established an interior decorating business, Tim’s Design, wi cash investment of P200,000. Timothy completed the following transactions for April 4 6 Paid rent for the month, P8,000 7 Purchased from Delta Co office equipment, P55,000, using his credit card, 8 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan the remainder. 10 Purchased supplies and materials for cash, P11,315 12. Received cash from Miss Laura for job completed in her condo, P57,500, Supls were used up amounting to P8,250. 20 Purchased materials and supplies on credit, P15,000. 23 Recorded job completed for Mr. Ferrer. Term: on account 10 days, P14,950. Supplies were used up amounting to P3,500. 24 Received an invoice for repairs on car and paid P4,500. 25 Paid utilities expense, P1,750. 26 Paid P20,000 on the bank loan. 27 Received cash from Mr. Ferrer, P10,000. 28 Paid salary of worker, P5,000. 29 Paid Delta a portion of the amount owed for equipment, P5,000. 30 Withdrew cash for personal use, P3,500 Scanned with CamScanner8. 1 2 3 6 8 0 12 15 17 20 22 28 29 30 31 Required: a, Record cach transaction in a journal, Refer to the following chart of accounts in selecting the accounts to be debited and credited ed Cash 3h oo 1) pecoumnts Reecivable 2 tm pana 13 Supplies 41 Service Fees Earned 14 Prepaid Insurance 51 Sala 16 Equipment 53 Rent F ig. Truck 54 Repai 21 Bank Loan Payable 35 22 Accounts Payable 59 b. Post the journal to the ledger, foot and extract the balances Prepare a trial balance for Timothy Designs as of April 30. c. On October 1, Sancho Dy, business consultant, opened Business Solutions Company. A range of consulting services is provided but his expertise lies in computer system jasiallation and customer program development. The following transactions took place: Mr. Dy invested P50,000 cash, 2 P20,000 computer system, and P80,000 office equipment Signed a contract with Peter Lee, lessor, to lease an office space for P 15,000 a month. Purchased P8,420 of computer supplies on credit from Office Warchouse. Billed Easy Internet P4,800 for services performed in installing a new Web server. Paid in full for the computer supplies purchased from Office Warchouse Hired Adel Po as a part-time assistant for P250 per day starting immediately. Billed Fast Internet Shop P 14,000 for computer system installation. Received cash from Easy Internet 50% of its account. Paid P1,500 cash to repair the damage on the computer equipment when it was relocated Paid P1,750 cash for advertising brochures. Received cash from Easy Internet to apply on the balance of its account. Billed IMC Company P15,200 for consulting services performed. A 50% down payment was received. Received two bills rent and utilities for a total of P22,200. The rent bill was paid. Mr. Dy withdrew P3,000 worth of computer supplies Only 2,020 worth of supplies remained on hand. Paid Adel’s wages for a 20-day work done this month. Required: a) b) °) dj Prepare your own Chart of Accounts. Start with account no.1 for assets, 11 for plant, property and equipment, 20 for liabilities, 30 for equity, 40 for revenue, and 50 for expenses. Record in a two column journal. Open the general ledger, post, insert appropriate posting references as each item is posted, foot and extract the balances. Prepare a trial balance. Scanned with CamScanner