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Part 1 see the attached photo. Instruction : Make the journal entries and make the unadjusted trial balance. Kwong invested P70,000 in the firm. Paid
Part 1 see the attached photo.
Instruction : Make the journal entries and make the unadjusted trial balance.
Kwong invested P70,000 in the firm. Paid one-year premium on insurance policy. P10,800. Paid December rent, P9.000 Purchased supplies for cash, P6.800. Acquired office furniture and fixtures on account, P57.000. Paid P30,000 on account for furniture and fixtures acquired. Paid assistant's salary for two weeks, P7.000. Performed legal services for ensh, P12,000. Paid assistant's salary for two weeks, P7,000. Billed clients for legal work completed during the month, P36,000. Kwong withdrew PS.000 from the business,Supplies on hand on December 31 amounted to P5,600. Accrued salaries on December 31 is P2,100. Depreciation is P400 for December. Kwong has spent 25 hours on an estate case during December. When completed in January, her work will be billed at P600 per hour. Note: The firm uses the account Fees Receivable to reflect amounts earned but not yet billed. Prepaid insurance at December 31 is P9.900Step by Step Solution
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