Persia Sicat is a financial planning consultant. She completed the following transactions during the month of December
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Question:
Persia Sicat is a financial planning consultant. She completed the following transactions during the month of December 31, 2022.
December 1 | Sicat invested cash in the business P200,000 |
3 | Paid December office rent, P10,000 |
4 | Received P25,000 from a client, Paz Gamino for services rendered |
7 | Received P20,000 from Tereso Campillo, a client for services rendered |
12 | Paid cash to Shell Super Service for gasoline purchases, P600 |
14 | Paid cash to Tulungan Manpower Services in payment for contractual secretarial services during the past two weeks, P6,000 |
17 | Bought office supplies on account, P2,800 |
20 | Paid telephone bills, P1,000 |
21 | Sicat withdrew cash for personal use, P11,000 |
24 | Donated cash to the Phil National Red Cross, P1,000 |
27 | Received P20,000 from Teresa Medina, a client for services rendered. |
28 | Paid cash to Tulungan Manpower Services in payment for contractual secretarial services during the past two weeks, P6,000 |
28 | Paid electric bill, P750 |
29 | Made partial payment on supplies purchased on account, P1,000 |
Required:
- Prepare the journal entries for the December transaction.
- Set up the following ledger account and post all the journal entries: Cash; Account Receivable; Office supplies; Account payable; Sicat capital; Sicat Withdrawals; Consulting revenue; rent expense; salaries expense; utilities expense; gasoline expense; and Charitable Contribution Expense
- Prepare trial Balance.
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