JOURNALIZING AND POSTING TRANSACTIONS Ricardo Perez established a Management Consultancy firm. RP Consultancy Services. The following is the partial Chart of Account of the newly-established business: 101 Cash 102 Accounts Receivable 103 Notes Receivable 104 Advances to Employees 105 Office Supplies 201 Office Equipment 202 Furniture and Fixture 301 Accounts Payable 302 Notes Payable 303 Unearned Service Income 401 Perez, Capital 401-A Perez, Drawing 501 Service Income 601 Taxes and Licenses Expense 602 Representation and Entertainment Expense 603 Utilities Expense 604 Salaries and Wages Expense Ricardo Perez established a management consultancy firm, RP Consultancy Services. He invested the following assets in the business which he acquired at the following amount: computer for P40,000 and tables and chairs for P25,000. At the time of investment, the Jun-01 following are the fair market value of the said assets: computer, 25,000; tables and chairs, P20,000. The computer was purchased from ACER Marketing has an outstanding liability of P5,000 which will be assumed by the business. He also deposited an amount with Winner Bank and Trust Company for P300,000 under the firm's name. 2 Paid municipal and barangay permit for P20,000 in establishing the business Purchased various office supplies from Alemar's Book Store for P12,000. Terms: 25% down payment, balance on account Billed a client for services rendered, P30,000 5 Ricardo Perez was introduced to new clients over dinner. Ricardo Perez is to take over these clients. The bill was for $3,500. 3 4 JOURNALIZING AND POSTING TRANSACTIONS Ricardo Perez established a Management Consultancy firm. RP Consultancy Services. The following is the partial Chart of Account of the newly-established business: 101 Cash 102 Accounts Receivable 103 Notes Receivable 104 Advances to Employees 105 Office Supplies 201 Office Equipment 202 Furniture and Fixture 301 Accounts Payable 302 Notes Payable 303 Unearned Service Income 401 Perez, Capital 401-A Perez, Drawing 501 Service Income 601 Taxes and Licenses Expense 602 Representation and Entertainment Expense 603 Utilities Expense 604 Salaries and Wages Expense Ricardo Perez established a management consultancy firm, RP Consultancy Services. He invested the following assets in the business which he acquired at the following amount: computer for P40,000 and tables and chairs for P25,000. At the time of investment, the Jun-01 following are the fair market value of the said assets: computer, 25,000; tables and chairs, P20,000. The computer was purchased from ACER Marketing has an outstanding liability of P5,000 which will be assumed by the business. He also deposited an amount with Winner Bank and Trust Company for P300,000 under the firm's name. 2 Paid municipal and barangay permit for P20,000 in establishing the business Purchased various office supplies from Alemar's Book Store for P12,000. Terms: 25% down payment, balance on account Billed a client for services rendered, P30,000 5 Ricardo Perez was introduced to new clients over dinner. Ricardo Perez is to take over these clients. The bill was for $3,500. 3 4
