09:10 86 cdn.fbsbx.com Done p 1. Transactions Chart of Accounts Step 2. Journal Entry Step 3....

 

Transcribed Image Text:

09:10 86 cdn.fbsbx.com Done p 1. Transactions Chart of Accounts Step 2. Journal Entry Step 3. Post Date May 1, 2009 Transactions Initial Investment (Source of Assets) Virginia Yacapin is a cultured woman from the South. She is into a lot of interesting causes. Her fine taste is preeminent such that she is considered an authority in planning weddings. Upon the advice of a trustee associate, Marco llano, Yacapin decided to organize her wedding consultancy. She invested P250,000 into this entity. May 1, 2009 Rent Paid in Advance (Exchange of Assets) paid two months' rent in advance, P8,000 May 2, 2009 Rented office space and Note Issued for Cash (Source of Assets) Virginia Yacapin issued a promissory note for a P210,000 loan from Metrobank. This availment will be used for the acquisition of a service vehicle. The note carries a 20% interest per annum. The arrangement with the bank is that both the interest and the principal are payable in full in one year May 4, 2009 Service Vehicle Acquired for Cash (Exchange of Assets) service vehicle for P420,000. Acquired May 4, 2009 Insurance Premiums Paid (Exchange of Assets) Paid Prudential Guarantee and Assurance, Inc. P14,400 for a one-year comprehensive insurance coverage on the service vehicle. May 5, 2009 Office Equipment Acquired on Account (Exchange and Source of Assets) May 8, 2009 Acquired office equipment from Fair and Square Emporium for P60,000; paying P15,000 in cash and the balance next month. Supplies Purchased on Account (Source of Assets) Purchased May 9, 2009 supplies on credit for P18,000 from San Jose Merchandising. Accounts Payable Partially Settled (Use of Assets) Merchandising P10,000 of the amount owed. Paid San Jose Revenues Earned and Cash Collected (Source of Assets) Coordinated May 10, 2009 and finalized simple bridal arrangements for three couples and collected fees of P8,800 per couple. Service include prospecting and selecting the church and reception location, couturier, caterer, car service, flowers, souvenirs and invitations. Salaries Paid (Use of Assets) May 13, 2009. Paid Salaries, P6,600. The entity pays salaries every two saturdays. Unearned Revenue Collected (Source of Assets) The May 15, 2009 May 19, 2009 entity is earning additional revenues by referring consulting clients to friendly hotels, caterers, printers, and couturiers. Received P10,000 advance fees for three clients referred. Revenue Earned on Account (Source of Assets) Coordinated and finalized elaborate bridal arrangements for three couples and billed fees of P12,000 per couple. Additional services include documents preparation, consultation with a feng shui expert as to the ideal wedding date for prosperity and harmony, provision for limousine service and honeymoon trip. Withdrawal of Cash by Owner (Use of Assets) May 25, 2009. Yacapin withdrew P14,000 for personal expenses. May 27, 2009 Salaries Paid (Use of Assets) May 30, 2009 Expense Incurred but Unpaid (Exchange of Claims) Received the ICC-Bayan Tel telephone bill P1,400. May 30, 2009 Accounts Receivable Partially Collected (Exchange of Assets) Received P24,000 from two clients for services billed last May 19. May 31, 2009. Expense Incurred and Paid (Use of Assets) electricity bill of P3,000 for the month. Paid Salaries, P7200. Settled the 09:10 86 cdn.fbsbx.com Done p 1. Transactions Chart of Accounts Step 2. Journal Entry Step 3. Post Date May 1, 2009 Transactions Initial Investment (Source of Assets) Virginia Yacapin is a cultured woman from the South. She is into a lot of interesting causes. Her fine taste is preeminent such that she is considered an authority in planning weddings. Upon the advice of a trustee associate, Marco llano, Yacapin decided to organize her wedding consultancy. She invested P250,000 into this entity. May 1, 2009 Rent Paid in Advance (Exchange of Assets) paid two months' rent in advance, P8,000 May 2, 2009 Rented office space and Note Issued for Cash (Source of Assets) Virginia Yacapin issued a promissory note for a P210,000 loan from Metrobank. This availment will be used for the acquisition of a service vehicle. The note carries a 20% interest per annum. The arrangement with the bank is that both the interest and the principal are payable in full in one year May 4, 2009 Service Vehicle Acquired for Cash (Exchange of Assets) service vehicle for P420,000. Acquired May 4, 2009 Insurance Premiums Paid (Exchange of Assets) Paid Prudential Guarantee and Assurance, Inc. P14,400 for a one-year comprehensive insurance coverage on the service vehicle. May 5, 2009 Office Equipment Acquired on Account (Exchange and Source of Assets) May 8, 2009 Acquired office equipment from Fair and Square Emporium for P60,000; paying P15,000 in cash and the balance next month. Supplies Purchased on Account (Source of Assets) Purchased May 9, 2009 supplies on credit for P18,000 from San Jose Merchandising. Accounts Payable Partially Settled (Use of Assets) Merchandising P10,000 of the amount owed. Paid San Jose Revenues Earned and Cash Collected (Source of Assets) Coordinated May 10, 2009 and finalized simple bridal arrangements for three couples and collected fees of P8,800 per couple. Service include prospecting and selecting the church and reception location, couturier, caterer, car service, flowers, souvenirs and invitations. Salaries Paid (Use of Assets) May 13, 2009. Paid Salaries, P6,600. The entity pays salaries every two saturdays. Unearned Revenue Collected (Source of Assets) The May 15, 2009 May 19, 2009 entity is earning additional revenues by referring consulting clients to friendly hotels, caterers, printers, and couturiers. Received P10,000 advance fees for three clients referred. Revenue Earned on Account (Source of Assets) Coordinated and finalized elaborate bridal arrangements for three couples and billed fees of P12,000 per couple. Additional services include documents preparation, consultation with a feng shui expert as to the ideal wedding date for prosperity and harmony, provision for limousine service and honeymoon trip. Withdrawal of Cash by Owner (Use of Assets) May 25, 2009. Yacapin withdrew P14,000 for personal expenses. May 27, 2009 Salaries Paid (Use of Assets) May 30, 2009 Expense Incurred but Unpaid (Exchange of Claims) Received the ICC-Bayan Tel telephone bill P1,400. May 30, 2009 Accounts Receivable Partially Collected (Exchange of Assets) Received P24,000 from two clients for services billed last May 19. May 31, 2009. Expense Incurred and Paid (Use of Assets) electricity bill of P3,000 for the month. Paid Salaries, P7200. Settled the

Answer rating: 100% (QA)

Thank you for providing the transactions Lets go through each step Step 1 Chart of Accounts Ill skip this step as youve provided the transactions dire... View the full answer