Journal, t-account, trial balance
D On September 1, 2020, May Ang launched a computer D services company called Tarpographics Compusystems, which is organized as a sole Instructions. proprietorship and provides consulting services, computer system installations, and custom program 1. Prepare journal entries to record each of the development. May adopts the calendar year for following transactions for Tarpographics reporting purposes and expects to prepare the Compusystems. Explanations may be omitted. If the company's first set of financial statements on transaction is a personal or non-economic event then December 31, 2020. The company's initial chart of indicate "no journal entry is required" corresponding accounts, their account codes and the balance of to the date. 30 points accounts as of September 30, 2020 (all normal balances) are as follows: 2. Open ledger accounts (T Account format) and post Code Account Amount Code Account Amount the journal entries. 20 points 101 Cash Accounts Php119,140 301 M Ang, Capital Php340.000 106 Receivable Computer 70,000 302 M. Ang. Drawing 126 Supplies a Computer Services 8,000 96,420 3. Prepare a trial balance as of the end of November. 128 Prepaid Insurance 623 Salaries Expense 17,500 20 points 131 Prepaid rent Advertising Expense 163 Office Equipment 20,000 676 Transportation expense 167 equipment 200.000 684 Computer 201 Accounts Payable | 11.600 699 Miscellaneous Exper Oct 1 May Ang made an additional investment of Oct 20 Paid P 38,800 cash for advertisement in the P1,100,000 cash, P400,000 computer systems, and a Sunday Punch a local newspaper. P160,000 of office equipment in the business. Oct 22 Received P28,000 cash from EASY CREDIT on Oct 2 Paid P 66,000 cash for four months' rent. its account. Oct 3 Purchased P28,400 of computer supplies on Oct 28 Billed Grupo Bimbo P 104,160 for services credit from Lim Pan Office supplies. performed. Oct 4 Received P70,000 on account. Oct 31 Paid P17,500 cash for Cherry Sto Domingo's Oct 5 Paid P 44,400 cash for one year's premium on salaries for seven days work. property and liability insurance policy. Oct 31 May withdrew P72,000 cash for personal use. Oct 6 Billed EASY CREDIT P96,000 for services Nov 1 Reimbursed May in cash for business car usage performed in installing a new Web server. (May logged 1,000 kilometers at P6.40 per kilometer) Oct 8 Paid P 28,400 cash for computer supplies Nov 2 Received P92,660 cash from Chocolate Farm purchased from Lim Pan on October 3 for computer services performed. Oct 10 Hired Cherry Sto Domingo as part time Nov 5 Purchased computer supplies for P 22,500 cash assistant for P 2,500 per day as needed. from Lim Pan Office Supply. Oct 12 Billed EASY CREDIT another P28,000 for Nov 8 Billed KrispyKreme P 113,360 for services performed. services performed. Oct 15 Received P 96,000 cash from EASY CREDIT on Nov 13 Received notification from Wilan Engineering its account. Co. that Tarpographics Compusystems' bid of P79,000 for an upcoming project is accepted. Oct 16 Paid P 11,600 on account Nov 18 Received P44,160 cash Grupo Bimbo as Oct 17 Paid P16,100 cash to repair computer partial payment of the October 28 bill. equipment damaged when moving it. Nov 22 Donated P5,000 cash to the WWF Philippines in the company's name. The company wanted to be part of this organization's conservation efforts in the Web of Life. They got caught by the Dalai Lama's quote" Because we all share this small planet Earth, we have to learn to live in harmony and peace with each other and with nature. This is not just a dream, but a necessity. Nov 24 Completed work for Wilan Engineering Co. and sent it a bill for P79,000. Nov 25 Sent another bill to Grupo Bimbo for the past due amount of P60,000. Nov 28 Reimbursed May in cash for business car usage ( May logged 1,200 kilometers at P6.40 per kilometer) Nov 30 Paid P35,000 cash for Cherry Sto. Domingo's salaries for 14 days work. Nov 30 May withdrew P40,000 cash for personal use
