Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please, help me to solve this by giving me a journal entry for each transaction, their trial balance, income statement and balance sheet. Thank you.
Please, help me to solve this by giving me a journal entry for each transaction, their trial balance, income statement and balance sheet. Thank you.
a Purchased furniture, for cash P
b Paid the light and water bills of the previous month, PA
c Bought from Times Engineerlng Company some shop tools, P Paid P in cash, in the
balance is on credit term.
d Complained to Times Engineering Company about some defective tools. Instead of returning
tools, a price reduction rebate of P was given by seller
e Receive P income for services rendered during the month.
g Paid the salary of the technician, P
h Bought shop supplies for cash P
i Rendered services to Vicente Castro, P Castro made a partial payment of P balance on credit term.
j Paid half of the month owed to Times Engineering Corp.
k Andres Gaerlan, the proprietor, withdrew cash for personal use, P
l Collected half of the amount due from Vicente Castro.
m Obtained a P loan from the bankin exchange for a promissory note.
n Paid oneyear fire insurances premium, P
o Andres Gaerlan, the proprietor increased his capital by P
p Signed a contract with Velfast Construction Co an independent construction, for the construction of a shop, which is expected to cost P The building will be used by Andres Gaerlan, in the early part of the following year.
q Andres Gaerlan bought home a table valued at P for the use of his child.
r Settled in full the promissory note payable to the bank. Interest on the loan amounted to P
s Collected in full the balance of Vicente Castro.
t Bought additional shop supplies on credit term, P
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