MADALING Repair Shop started business in May of the current year and had the following transaction...

 

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MADALING Repair Shop started business in May of the current year and had the following transaction during the month as follows June 2 Mr. Richard Yap, the owner invests P 150,000 cash in thr business 2 Paid taxes and licenses, P 2,500. 3. Paid the current month's rent P 5,000. 4 Purchase repair equipment. P40,000. Paid a down payment of P20,000 and the balance on account. 5 Purchase repair supplies for cash, P4,000. 6 Received cash from customer for repair and services rendered to them, P 35,000. 9 Rendered repair services on credit. P 20,000. 10 Purchase additional repair supplies on credit P 23,000. 11 Bought P 2000 worth of repair supplies on account. 12 Received payment form customers for the repairs completed, P23,000. 15 Received payment form customers on account, P 10,000. 15 Paid employees salaries, P 18.500. 20 Mr. Yap, withdrew cash P 7.000 cash from from the business for his personal use. 25 issued check payment for the repair supplies purchase on a ac count on June 10. 31 Recieved electric bill for the month amounting to P 10,000 to be paid next month. 31 Paid employees salaries, P 20,000. Required: a) Prepare the jounal entries to record the above transaction in a 2 column journal. b) Post entries from the journal to T-accounts, O Prepare Trial balance for Madaling Repair Shop MADALING Repair Shop started business in May of the current year and had the following transaction during the month as follows June 2 Mr. Richard Yap, the owner invests P 150,000 cash in thr business 2 Paid taxes and licenses, P 2,500. 3. Paid the current month's rent P 5,000. 4 Purchase repair equipment. P40,000. Paid a down payment of P20,000 and the balance on account. 5 Purchase repair supplies for cash, P4,000. 6 Received cash from customer for repair and services rendered to them, P 35,000. 9 Rendered repair services on credit. P 20,000. 10 Purchase additional repair supplies on credit P 23,000. 11 Bought P 2000 worth of repair supplies on account. 12 Received payment form customers for the repairs completed, P23,000. 15 Received payment form customers on account, P 10,000. 15 Paid employees salaries, P 18.500. 20 Mr. Yap, withdrew cash P 7.000 cash from from the business for his personal use. 25 issued check payment for the repair supplies purchase on a ac count on June 10. 31 Recieved electric bill for the month amounting to P 10,000 to be paid next month. 31 Paid employees salaries, P 20,000. Required: a) Prepare the jounal entries to record the above transaction in a 2 column journal. b) Post entries from the journal to T-accounts, O Prepare Trial balance for Madaling Repair Shop

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