Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please read the following transactions Maria Wing began a professional practice system analyst on July 1. She plans to prepare monthly financial statements. During July,

please read the following transactions

Maria Wing began a professional practice system analyst on July 1. She plans to prepare monthly financial statements. During July, the owner completed the following transactions:

July

01 Owner invested P50,000 cash along with furniture and fixtures that had a P20,000 market value two years ago but was now worth P10,000 only.

02 Paid P25,000 cash for July rent (including P500 water bill) of a fully furnished office space at the Madrigal Building.

04 Purchased P120,000 worth of state-of-the-art equipment on credit for thirty monthly installment payments.

06 Purchased office supplies for cash, P2,500.

08 Completed work for a client and immediately collected the P32,000 cash earned.

10 Completed work for a client and sent a bill for P27,000 to be paid within thirty days.

15 Paid an assistant P6,200 cash as wages for 15 days.

18 Collected P15,000 cash on the amount owed by the client.

25 Completed work for another client who paid only P40,000 or 40% of the total computerized system. The client promised to pay the balance in thirty days.

28 Owner withdrew p5,000 cash for personal use.

28 Paid the first installment to settle the liability on the equipment purchased.

30 Paid salary of assistant.

31 Received PLDT bill, P1800 and Meralco bill, P3,800.

31 Used up P2,000 worth of supplies.

requirements:

  1. Please make the journal entries.
  2. please make the ledger
  3. please make the trial balance
  4. please make income statement
  5. please make financial position
  6. please make statement of Owner's Equity
  7. please make the statement of cash flows

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

Financial Accounting

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

5th edition

1259914895, 978-1259914898

More Books

Students also viewed these Accounting questions

Question

Did the researcher use negative case analysis?

Answered: 1 week ago

Question

A greater tendency to create winwin situations.

Answered: 1 week ago