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EXERCISES -17. Mr. Ermin Navalta, 007. The businessfiled its business registrataou ending December 31 as its accounting perlod. The business for the month of December

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EXERCISES -17. Mr. Ermin Navalta, 007. The businessfiled its business registrataou ending December 31 as its accounting perlod. The business for the month of December were the followin graduate, established the "Unicorn computers and computer supplies on December 1, financial activities of the Computer Sale", a trading store for a BSICS graduate a ndar ar rs with the Invested the following: Cash of P25,000 Computers for resale valued at P36,000 Office equipment valued at P14,000 aid rent of store for the months of December and January P10, 000 Paid taxes and licenses, P650. Paid for repairs of store facilities P2r850 Bought on account computer supplies, P8,500; 2/10, n/30 Bought office supplies, P370.60. Returned some computer supplies bought on the 5th, P500 Paid for advertisement, P580 2 3 10 13 Sales of 1 computer on account, P23, 000: 3/10, n/30 14 Paid the account of the 5th 15 Paid salaries of store helpers, P1,000 16 Bought 2 computers on account, P40, 000. A 60-day, 8% note, dated December 16, 2007 was issued for the purchase. sold 1 computer-at'P2 3,500. The buyer issued a 90- day 12% note, dated December 16, 2007 22 Cash sales of computer supplies, P3,500 Collected the account on the 13th. Donated P200 for a local Christmas fund drive. Cash sales of computer supplies, P2, 025 Paid salaries and Christmas bonuses of helpers, P2,000. The owner withdrew P5, 000 for his personal use. 29 31 Required ournalize and post the financial activities of the "Unicorn Computer Sales" for the month. The financial activities of the business are to be recorded in accordance with the following chart of accounts of the business: Cash Accounts Receivable Notes Receivable Merchandise Inventory, Beg. office Equipment Purchases Prepaid Rent Accounts Payable and Allowances Furchase Returns Notes Payable E. Navalta, Capital E. Navalta, Drawing Purchase Discounts Taxes and Licenses Office Supplies Expense pg. 41

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