Juliano Juliano is a painting contractor. During the month of April, he completed the following transactions: -
Question:
Juliano Juliano is a painting contractor. During the month of April, he completed the following transactions:
- Invested in the business painting equipment valued at P12,300 and placed P71,000 in a business checking account.
- Acquired a service vehicle costing P80,000. Paid P50,000 cash and signed a note for the balance.
- Purchased painting supplies on account for P3,200.
- Completed a painting job and billed the customer P4,800.
- Received P1,500 cash for painting an apartment room.
- Purchased painting supplies for P1,600 cash.
- Received a P4,800 check from the customer billed on April 5.
- Paid P4,000 fo an insurance policy for a one-year coverage.
- Billed a customer P6,200 for a painting job.
- Paid the assistant P1,500 for twenty-five hours work.
- Paid P400 for a tune-up of the service vehicle.
- Paid for the painting supplies purchased on April 4.
- Purchased a new ladder for P6,000 and painting supplies for P2,900, on account.
- Received a telephone bill for P600, due next month.
- Received P3,300 in cash from the customer billed on April 13.
- Transferred P3,000 to a personal checking account.
- Received P3,600 in cash for paiting a two-room apartment.
- Paid P2,000 on the note signed for the service vehicle.
- Paid the assistant P1,800 for thirty hours' work.
Required:
A. Record the April Transactions using the following account titles: Cash; Accounts Receivable; Painting Supplies; Prepaid Insurance; Painting Equipment; Service Vehicle; Notes Payable; Accounts Payable; Juliano, Capital; Juliano, Drawings; Painting Revenue; Wages Expenses; Utilities Expense; and Maintenance Expense.
Of the given transactions compute the following balances:
| How much is the total cash collection? | |
|---|---|
| How much is the total revenues on account? | |
| How much is the total revenues earned on cash? | |
| How much is the total Revenues? | |
| How much is the total payments of Accounts Payable and Notes Payable? | |
| How much is the total expenses? | |
| What is the balance of the Accounts Payable? | |
| What is the balance of the Note Payable? |
Expert Answer:
A Record the April Transactions using the following account titles Cash Accounts Receivable Pa... View the full answer
