Question
Consider the given transactions below and provide the required items (see pic) On November 1, 2020, Aleli Gomuna purchased a pest control company from its
Consider the given transactions below and provide the required items (see pic) On November 1, 2020, Aleli Gomuna purchased a pest control company from its previous owner. Aleli paid 220,000 from her personal checking account for assets consisting of pesticides supplies, 75,000 and spraying equipment, 145,000. The company is to operate under the name of Lily Gomuna Pest Control. The following transactions occurred during the month of November:
a. Aleli invested additional 230,000 in the business.
b. Pest control service for customers was done on account, 42,000.
c. Pesticide supplies were acquired on account, 39,500.
d. Spraying equipment costing 67,000 was acquired on account.
e. Pest control service was rendered for cash, 87,000.
f. Repairs were made to the equipment; 28,500 was paid in cash.
g. Paid 17,000 for pesticide supplies recently acquired
h. Rendered pest control service for customers on account, 63,000.
i. Purchase pesticide supplies on account, 54,500
j. Paid for utilities, 20,500.
k. Paid 56,500 for the salaries of personnel.
l. Withdrew 60,000 for personal use.
m. Collected 22,000 from the customers account.
n. Settle some obligations amounting to 75,000
o. Received cash, 85,000 as advanced payment of customer for the service to be rendered next month.
REQUIED: 1. Record the transaction in Financial Transaction Worksheet. 2. With the aid of T-account, record also the transactions listed above. 3. Using also the T - account analysis, compute for the ending balance of each account. Use the following accounts respectively; ACCOUNTS PAYABLE UNEARNED REVENUE GOMUNA, CAPITAL GOMUNA, DRAWINGS CASH ACCOUNTS RECEIVABLE PESTICIDE SUPPLIES SPRAYING EQUIPMENT SERVICE REVENUE UTILITIES EXPENSE SALARIES EXPENSE REPAIRS EXPENSE 4. Prepare the UNADJUSTED TRIAL BALANCE for the month ended November 30, 2020Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started