Listed below are the charts of accounts of Rash Castillo Consultancy : 101 CASH 102 ACCOUNT RECEIVABLES
Question:
Listed below are the charts of accounts of Rash Castillo Consultancy :
101 CASH
102 ACCOUNT RECEIVABLES
103 NOTES RECEIVABLES
104 OFFICE SUPPLIES
105 LAND
106 BUILDING
107 OFFICE FURNITURE AND FIXTURES
108 OFFICE EQUIPMENT
201 ACCOUNTS PAYABLE
301 RASH CASTILLO, CAPITAL
302 RASH CASTILLO, DRAWING
401 PROFESSIONAL INCOME
501 SALARIES EXPENSE
502 RENT EXPENSE
503 COMMUNICATION EXPENSE
504 UTILITIES EXPENSE
505 REPAIR EXPENSE
506 TAXES AND LICENSE
TRANSACTIONS FOR THE MONTH OF MARCH 2011 AS FOLLOWS :
GJ-1
MARCH
2 Rash Castillo invested 1,500,000 cash, Land amounting to 500,000 and building worth 800,000.
3 Paid business permit taxes and licenses 4,550
4 Purchased office furniture worth 84,560 on account from office ware company.
5 Paid rent for the month, 18,000
7 Rendered services to customers on account 176,590
8 Purchased office supplies for cash 6,580
9 Purchased a computer for 50,000 paying 50% down.
10 Received cash for the services rendered, 67,700
11 Received 120,000 from customer on account.
GJ-2
March
15 Paid semi-monthly salaries of employees, 18,200
16 Rendered services to customers 60,000. The customer pays 30% and issued a note for the balance payable after 30 days.
18 The owner withdrew 350,000 for personal use
19 Paid telephone 8,300
20 Paid the utilities 36,000
22 Paid office ware company 40,000
25 Paid the repairman for fixing the faucet 900
30 Paid salaries for the second half of MARCH, 11,000
REQUIRED :
PREPARE JOURNAL ENTRIES TO RECORD THE ABOVE TRANSACTIONS.
USE THE ACCOUNT TITLE LISTED. PREPARE THE GENERAL LEDGER AND THE TRIAL BALANCE, INCOME STATEMENT, FINANCIAL POSITION AND OWNERS EQUITY.