Question: Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section
Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section. I hope you can help me and surely I will give you full positive feedback
.


Mr. A opened a barber shop called "Ace Barber Shop" on February 1, 2018. The following were the transactions during the first month of operations. February Transaction 1 Provided P300,000 cash as initial investment to the business 2 Acquired used furniture and fixtures for P200,000 on account from Basco Furniture 5 Purchased supplies for P30,000 which is good for 6 months 7 Rendered services worth P20,000 on cash basis 8 Rendered services worth P30,000 for prisoners. Billed Bureau of Corrections. 10 Paid ABC company P10,000 for the signage of the business. 15 Paid commissions for the employee for P10,000 total. 20 Rendered services worth P25,000 on cash 21 Paid rent for the month for 15,000. 24 Paid Basco Furniture partially for P50,000. 25 Received the payment from the BOC. However, there is a discrepancy of actual number of prisoners serviced. BOC dispute a total of P5,000 from the bill due to the billing error. 28 Paid Meralco for P5,000 and Prime Water for P3,000 29 Mr. A took P10,000 from the cashier for his personal use.2 Acquired used furniture and fixtures for P200,000 on account from Basco Furniture 5 Purchased supplies for P30,000 which is good for 6 months 7 Rendered services worth P20,000 on cash basis 8 Rendered services worth P30,000 for prisoners. Billed Bureau of Corrections. 10 Paid ABC company P10,000 for the signage of the business. 15 Paid commissions for the employee for P10,000 total. 20 Rendered services worth P25,000 on cash 21 Paid rent for the month for 15,000. 24 Paid Basco Furniture partially for P50,000. 25 Received the payment from the BOC. However, there is a discrepancy of actual number of prisoners serviced. BOC dispute a total of P5,000 from the bill due to the billing error. 28 Paid Meralco for P5,000 and Prime Water for P3,000 29 Mr. A took P10,000 from the cashier for his personal use. Required: 1. Journal Entries. 2. Posting (Ledger) 3. Unadjusted Trial Balance as of February 29, 2018 with proper heading
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
