Listed below are the charts of accounts of Rash Castillo Consultancy :

101 CASH

102 ACCOUNT RECEIVABLES

103 NOTES RECEIVABLES

104 OFFICE SUPPLIES

105 LAND

106 BUILDING

107 OFFICE FURNITURE AND FIXTURES

108 OFFICE EQUIPMENT

201 ACCOUNTS PAYABLE

301 RASH CASTILLO, CAPITAL

302 RASH CASTILLO, DRAWING

401 PROFESSIONAL INCOME

501 SALARIES EXPENSE

502 RENT EXPENSE

503 COMMUNICATION EXPENSE

504 UTILITIES EXPENSE

505 REPAIR EXPENSE

506 TAXES AND LICENSE

TRANSACTIONS FOR THE MONTH OF MARCH 2011 AS FOLLOWS :

GJ-1

MARCH

2 Rash Castillo invested 1,500,000 cash, Land amounting to 500,000 and building worth 800,000.

3 Paid business permit taxes and licenses 4,550

4 Purchased office furniture worth 84,560 on account from office ware company.

5 Paid rent for the month, 18,000

7 Rendered services to customers on account 176,590

8 Purchased office supplies for cash 6,580

9 Purchased a computer for 50,000 paying 50% down.

10 Received cash for the services rendered, 67,700

11 Received 120,000 from customer on account.

GJ-2

March

15 Paid semi-monthly salaries of employees, 18,200

16 Rendered services to customers 60,000. The customer pays 30% and issued a note for the balance payable after 30 days.

18 The owner withdrew 350,000 for personal use

19 Paid telephone 8,300

20 Paid the utilities 36,000

22 Paid office ware company 40,000

25 Paid the repairman for fixing the faucet 900

30 Paid salaries for the second half of MARCH, 11,000

REQUIRED :

PREPARE JOURNAL ENTRIES TO RECORD THE ABOVE TRANSACTIONS.

USE THE ACCOUNT TITLE LISTED. PREPARE THE GENERAL LEDGER AND THE TRIAL BALANCE, INCOME STATEMENT, FINANCIAL POSITION AND OWNERS EQUITY.

Answer rating: 100% (QA)

CASH AC Debit Credit Capital 1500000 Business permit I 4550 Sales 67700 Rent paid 18000 sales 18000 Supplies 6580 debtors 120000 Computers 25000 salar... View the full answer