Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help me please Transactions Prepare the general journal entries to record the following transactions for the business for the month of May 2021 May 1
help me please
Transactions Prepare the general journal entries to record the following transactions for the business for the month of May 2021 May 1 3 5 5 6 7 9 Owner deposited P500,000 of his own money into the business' bank account. Employed a part-time worker to begin work on the first Monday of next month, earning a salary of P4,500 per week. Purchased office supplies for P800 and a laptop for P25,000, both on credit. Bought P80,000 worth of new inventory on credit to be sold in the shop. Paid rent of P9,000 Received P20,000 cash from a client for services provided. Sold inventory for P17,500 cash, and P41,500 on credit. The inventory had cost the business P40,000 A short-term bank loan of P100,000 was taken out to help with some equipment purchases. Owner took home P15,000 for personal use Invoiced a client for P21,000 for services provided. Paid electricity of P4,120. Paid P20,000 of accounts payable Received cash for P30,000 of accounts receivable Paid P3,000 off the loan principal and P350 interest. Office supplies used this month total P380. 10 12 19 21 23 25 30 31 CHART OF ACCOUNTS ASSETS Cash in Bank Accounts Receivable Inventory Office Supplies Office Equipment LIABILITIES Accounts Payable Loans Payable CAPITAL Owner's Capital Owner's Drawing INCOME Sales Service Revenue EXPENSES Cost of Goods Sold Electricity Expense Office Supplies Expense Rent Expense Interest ExpenseStep 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