I think I still need to feed you guise sa samples. Nakuha ko itong sample na idi-discuss ko sa assignment ng NCIII bookkeeping.
JOURNALIZING, POSTING AND PREPARATION OF TRIAL BALANCE
Panama Co opened a P CO portrait studio on June 01, 2019. The following transaction during the month:
June 01 Start business by depositing 200,000 in business checking accounts
01 Paid two months rent in advance for the studio 30,000
02 Bought photography equipment on account
05 Purchase office equipment for cash 50,000
15 Received cash for portraits 60,000
16 Billed customers for portraits 25,000
21 Paid utility bills for the month of June 15, 2020 15,000
22 Paid one half of the photography equipment purchased on June 02, 50,000
28 Received payment from customers billed on June 16, 12,000
29 Panama Co withdrew cash for personal use, 20,000
30 Received cash from customers for portraits, 22,000
30 Paid salary of employee, 22,800. The payroll voucher showed the following data:
Gross pay 25,000
Less Deduction
Withholding tax 1,200
SSS Contribution 600
Philhealth cont 200
HDMF Cont 200 2,200
Net Pay 22,800
**********************************************************************************
CHART OF ACCOUNTS
ASSETS
Cash
Accounts Receivable
Supplies
Prepaid Rent
Equipment
LIABILITIES
Accounts Payable
Wages Payable
Utilities Payable
Withholding Tax Payable
SSS Premium Payable
Philhealth Payable
HDMF Payable
CAPITAL
Panama Co, Capital
Panama Co, Drawing
REVENUE
Service Income
Interest Income
EXPENSES
Salaries and Wages
Utilities Expense
Supplies Expense
Rent Expense
Miscellaneous Expense
**********************************************************************************
Prepare:
1. Journal Entries to record the business transactions of P Co Portrait Studio
2. Posting of entries from the journal to the ledger
3. Trial Balance
**********************************************************************************
Before turning on the next page, try to answer first. Then check niyo sagot niyo if tama. Way to assess yourself.
That's only my suggestion. Ganyan ako mag review before.
BTW, on my previous update, I gave the answer those who commented and PM's their answer. If you want the answer, try to answer it first. Hindi ko na po-post ang answer.
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Introdution to Accounting
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