The following transactions occurred in YVONE IRIS Laundry Shop, owned and managed by yvone iris, fo month ended December 31, 2016:

Dec. 1 Invested the following in the business:

-Cash in bank P460,000

-Laundry equipment 200,000

- Bought laundry supplies for cash, P 25,000.

2 Paid the rent for six months, P30,000.

5 Received cash for laundry services, P90,000.

8 Billed the customers for laundry services, P80,000.

10 Paid the following:

-Taxes and licenses P12,000

-Advertising for 5 months 10,000

12 Collected 50% of the billing on December 8.

15 Paid the salaries of the staff, P15,000

-Received a 10%, 30-day note from the customer for services rendered, P 60.000

- Purchased office furniture on account, P 60,000

25 Services rendered for cash, P80,000.

28 Partial payment on office furniture, P40,000.

-Received billing for the utilities, P 28,000.

30 Paid the salaries of the staff, P12,000.

-Withdrew P5,000 for personal use.

Additional information:

1. The business uses the expense method in recording prepayment.

2. The laundry equipment has an estimated useful life of five years with a salvage value of P5,000.

3. The office furniture has an estimated useful life of five years with a residual value of P4,000.

4. Unused laundry supplies, P6,000.

5. Doubtful accounts are 5% of outstanding accounts receivable.

Required

Accounting Cycle

journal entry

ledger

unadjusted trial balnce

adjusted trial balance