FUNDAMENTALS OF ACCOUNTANCY,

BUSINESS & MANAGEMENT 1

Answer in the Long bond paper (HAND WRITTEN)

PREPARATION OF FINANCIAL STATEMENTS

22 Paid for the office supplies bought on April 8. 23 Acquired office supplies on account, P15, 600. 25 Received utility bill amounting to P3, 970. 27 Withdrew cash for personal use, P14, 000. 29 Received P20, 000 cash payment of customer billed on April 19. Additional Information: a. The bank loan has a 34 monthly interest to be paid at maturity date. b. The office equipment acquired on April 1 has a salvage value of P3, 200 and 2 years useful life. C. Accrued salaries of employees as of April 30 amounts to P11, 800. d. Only P3, 190 of office supplies remains as of April 30.Daenerys of the House Targaryen, the First of Her Name, The Unburnt, Queen of the Andals, the Rhoynar and the First Men, Queen of Meereen, Khaleesi of the Great Grass Sea, Protector of the Realm, Lady Regent of the Seven Kingdoms, Breaker of Chains, and Mother of Dragons established her own business: Dragon Rental Services. The following transactions were completed during the month of April 2021. April 1 Transferred P92, 500 cash from personal savings account to a checking account of Dragon Rental Services Took a bank loan amounting to P100, 000 to be paid after 1 year. Acquired office equipment on account, P36, 800 and office supplies for P12, 200 cash. Paid P120, 000 in advance for one year's rent of a land to be used as parking space for the dragons. 7 Completed a rent service and billed the customer P24, 700. Acquired additional office supplies on account, P5, 450. 10 Paid half of the amount of office equipment bought on April 1. 12 Received P16, 100 cash for rent services. 14 Received P24, 700 cash from the customer billed on April 7. 15 Paid P4, 300 for 1 month insurance covering April 15 . May 15, 2021. 16 Paid salaries of employees, P12, 400. 19 Completed a rent service and billed the customer P41, 790. 20 Paid for the remaining balance of office equipment bought on April