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PROBLEM: The following transactions of Willy, an attorney, took place during January 20_: January Manalo, Started his own professional practice with a cash deposit of
PROBLEM: The following transactions of Willy, an attorney, took place during January 20_: January Manalo, Started his own professional practice with a cash deposit of P90,000.00 Paid rent for the month of January, P2,500.00. Purchased office furniture from Charm Furniture Co. P30,000.00 on account. sent a bill to Polly Trading Corp for professional services rendered, P10,000.00. Sent a bill to Ralph Co. for professional services rendered, P3,000.00. 15 Paid Charm Furniture Co., P20,000.00, and gave them a 60-day, noninterest-bearing Note for the balance due 23 Received check from Polly Trading Corp. in payment of bill rendered on January 9. 24 Withdrew P4,000.00 for personal use. 30 Received check from Ralph Co. in payment of bill rendered on January 12. 31 Paid salaries, P5,000.00. (ignore deductions for payroll taxes) Required: a. Record the following transactions in the general journal. Used the following account titles (1) Cash (7) Willy Manalo, Capital (2) Polly Trading Corp. (8) Willy Manalo, Drawing (3) Ralph Co. (9) Income from Fees (4) Office Furniture (10) Rent (5) Notes payable (11) Salaries (6) Charm Furniture Co.| b. Transfer information from general Journal to general ledger. c. Prepare a six column worksheet d. Prepare an income statement and a balance sheet e. Record the closing entries in a general journal f. Posting the closing entries in a general ledger. g. Prepare a Post -Closing trial balance
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