Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLEASE ANSWER. GENERAL LEDGER COMPLETE ANSWER. THANKYOU Jan Masipag Repair Shop was organized by Mr Mario Masipag on January 2 2019. The business accepts repairs
PLEASE ANSWER. GENERAL LEDGER COMPLETE ANSWER. THANKYOU
Jan Masipag Repair Shop was organized by Mr Mario Masipag on January 2 2019. The business accepts repairs of shoes and offers other allied services Ai the start, Mr. Masipag invested the following Cash P 30.000 Machine 50,000 Shop Supplies 5,000 3. R 5 The following transactions occurred in January 2018, Jan. 3 - Paid Taxes and licenses P3,000. 4- Bought additional shop supplies for cash P6,000 5 - Paid advertising cost to the Star News to promote his business, P1,500. Jan 3 - Paid the rental for three months, P3,000 6 - Paid Lucas Lapar P1,000 as commission for soliciting clients. 8 - Received P5,000 for repairing military shoes 9-Several bags were repaired for which cash of P5,000 was received 10 - Repair of Tricycle "toldas" on account for P15,000 12 - Rendered repair services to Mr. Pedro Penduko amounting to P10,500 for which 50% down payment was received and the balance payable at the end of the month 15 - Paid wages of helpers, P 4,000, 17 - Bought a new machine from Singer Sewing Machine Co., on installment P70,000 paying P10,000 and the balance with a note. Jan. 19-Received P15,000 from customers for repair services 20 - Paid commission of P500. To a soliciting Agent 22 - Receipts for the week, P10,000 Jan. 25 - Paid P1,000 for the repairs of a machine. 27 - Bought a typewriter for P3,000 for office use for cash 30 - Paid light and water, P500 31 - Received full payment of Mr. Penduko's account. 31 - Paid salaries P3,000. REQUIREMENTS: 1 Using 4 columns Columnar Paper, prepare the following: a.) Journal entries for Masipag Repair Shop for the month of January 2018. b.) Post to T-Account c.) Prepare a Trial Balance. d.) Income Statement e.) Balance Sheet II Compute the cost of goods available for sale and the cost of goods in the correct format using these data: Purchases Sales Merchandise Inventory Beginning Merchandise Inventory End Operating Expenses P 3,000 P 5,000 800 1,000 1,000
Step 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