Question
DMS Consulting Laura Dimos started her own consulting firm, Dmos Consulting, on May 2015. The following transactions occurred during the month of May: May 1
DMS Consulting
Laura Dimos started her own consulting firm, Dmos Consulting, on May 2015. The following transactions occurred during the month of May:
May 1 | Dimos invested P160,000 cash in the business |
2 | Paid P16,000 for office rent for the month |
3 | Purchased P10,000 of supplies on account |
5 | Paid P1,000 to advertise in the Daily News |
9 | Received P60,000 cash for services provided |
12 | Withdrew P14,000 cash for personal use |
15 | Performed P66,000 of services on account |
17 | Paid 60,000 for employee salaries |
20 | Paid for the supplies purchased on account on 3 May. |
23 | Received cash payment of P40,000 for services provided on account on 15 May |
26 | Borrowed P100,000 from the bank on a note payable. |
29 | Purchase office equipment for P48,000 on account |
30 | Paid P3,000 utilities |
X
Instructions:
Include explanation for any changes in the L. Dimos, Capital account in your analysis
Prepare a statement of financial position as at 31 May 2015.
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