On April 1, 2016, Nels Ferrer organized a business called Friendly Trucking. During April, the company...
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On April 1, 2016, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Apr 15 Apr 18 Apr 20 Apr 25 Apr 29 Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2016 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2016 Paid salaries of drivers, Php10,000 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance on April 20 Paid electric bills for the month, Php2,000 Collected from Joshua the balance of his April 15 account Purchased office supplies, Php2,300 Earned and collected trucking income from Jay, Php 18,000 Instructions: a. Journalize the above transactions b. Post to ledger using the T-account format c. Prepare the unadjusted trial balance, as of April 30, 2016 On April 1, 2016, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Apr 15 Apr 18 Apr 20 Apr 25 Apr 29 Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2016 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2016 Paid salaries of drivers, Php10,000 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance on April 20 Paid electric bills for the month, Php2,000 Collected from Joshua the balance of his April 15 account Purchased office supplies, Php2,300 Earned and collected trucking income from Jay, Php 18,000 Instructions: a. Journalize the above transactions b. Post to ledger using the T-account format c. Prepare the unadjusted trial balance, as of April 30, 2016
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a Journal Entries April 1 2016 Cash 500000 Capital 500000 Owners initial investment of Php500000 cas... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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