Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

kindly help me with these instruction: For the month of March 2020: (1) journalize, (2) post, and (3) prepare the trial balance for the following

kindly help me with these

image text in transcribedimage text in transcribed
instruction: For the month of March 2020: (1) journalize, (2) post, and (3) prepare the trial balance for the following transactions of J.A. Construction. Use aseparate sheet of paper for your answer. Instead of a formal ledger format, use T-accounts for the posting of the transactions. A. Construction is the name of the professional architectural enterprises owned and operated by Jaime Aranda, a licensed professional architect. The organization plans and directs the construction of buildings. Al transactions occurred during the month of March 2020. March 1 Mr. Aranda placed his copying machine to be used in the professional architectural practice. On the date it was placed in use, it was estimated to have a fair market value of P50,000. 3 Purchased supplies, blueprint masters, and drawing forms for P12,000 on account from Java Blueprint. 5 Computed architectural plans for the Bello Company, received cash P60,000 for this service. 9 Paid United Systems Company P1,000 in cash for minor repairs to the blueprint copying machine. 12 Paid Caltex Phil. P2,200 for gasoline and lubricants. 16 Completed architectural plans for Maramba and Company billing them P70,000 for this service. 20 Paid Java Blueprint Company for the supplies purchased on account on March 3.24 Received P40,000 cash as payment from customers architectural work completed. 25 Paid in cash, rent, P4,000; utilities, P1,700. 26 Mr. Aranda withdrew P20,000 from the business for personal use 28 Paid P400 for postage and mailing for the month (charge this miscellaneous expense). 31 Paid total salaries P52,000 for one secretary and two associates fo the month of March. The firm uses the following general ledger accounts in its accounting system: Use the following chart of accounts: Assets: Income: 101 Cash 301 Service income 102 Accounts receivable 122 Office equipment Expense: 124 Delivery equipment 401 Supplies expense 403 Salary expense Liabilities: 420 Equipment maintenance 201 Accounts payable expense 421 Automobile expense Proprietorship: 422 501 J. Aranda, capital Utilities expense 423 502 J. Aranda, withdrawals Rent expense 424 Miscellaneous expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Interpreting And Analyzing Financial Statements

Authors: Karen P Schoenebeck, Mark P Holtzman

5th Edition

0136121985, 9780136121985

More Books

Students also viewed these Accounting questions

Question

In which two situations do decision tables work best?

Answered: 1 week ago

Question

Explain the concept of individual product decisions

Answered: 1 week ago