MAKE THE JOURNAL ENTRIES, T-ACCOUNT ,TRIAL BALANCE AND STATEMENT OF FINANCIAL POSITIO FOR THE FOLLOWING INFORMATION. Ms.

MAKE THE JOURNAL ENTRIES, T-ACCOUNT ,TRIAL BALANCE AND STATEMENT OF FINANCIAL POSITIO FOR THE FOLLOWING INFORMATION.

 

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Ms. Kim Salvador established an enterprise to be known as KS Repair Services in April 2014. The following are transactions during the first month of operations of the business: April 2 Ms. Kim Salvador invested P 200,000 cash in the enterprise. 4 Purchased repair equipment worth P 70,000. Paid a down payment of P 30,000 and the balance on account. 7 Purchased repair supplies for cash, P 7,400. 8 Paid taxes and licenses, P 2,900. 10 Repair services totaled P 50,000 cash. 11 Purchased additional repair supplies on account, P 12,700. 14 Rendered repair services on account, P 36,000. 15 Returned some defective repair supplies purchased on April 11 worth P 2,500. 15 Paid the salaries of the employees amounting to P 37,000. 18 Received payment from customers for completed services, P 40,000. 21 Received payment from credit customers, P 20,000. 23 Ms. Salvador withdrew P 14,000 for personal use. Ms. Kim Salvador established an enterprise to be known as KS Repair Services in April 2014. The following are transactions during the first month of operations of the business: April 2 Ms. Kim Salvador invested P 200,000 cash in the enterprise. 4 Purchased repair equipment worth P 70,000. Paid a down payment of P 30,000 and the balance on account. 7 Purchased repair supplies for cash, P 7,400. 8 Paid taxes and licenses, P 2,900. 10 Repair services totaled P 50,000 cash. 11 Purchased additional repair supplies on account, P 12,700. 14 Rendered repair services on account, P 36,000. 15 Returned some defective repair supplies purchased on April 11 worth P 2,500. 15 Paid the salaries of the employees amounting to P 37,000. 18 Received payment from customers for completed services, P 40,000. 21 Received payment from credit customers, P 20,000. 23 Ms. Salvador withdrew P 14,000 for personal use.

Answer rating: 100% (QA)

To record the transactions and prepare the necessary financial statements we will create journal entries Taccounts a trial balance and a statement of financial position Here are the journal entries fo... View the full answer