Kathang Gleana is an experienced events planner. The transactions of the business are as follows:
1. Invested P100,000.00 in cash to start her own business.
2. Paid P5,000.00 for one month's rent.
3. Bought office furniture for P15,000.00 in cash.
4. Received delivery of laptop computer, P54,000.00. Paid 50% down, balance due in 30 days.
5. Performed services for P12,000.00 in cash.
6. Performed services for P10,800.00 on credit.
7. Acquired a fax machine for P7,500.00; paid P3,000.00 in cash, balance due in 10 days.
8. Received P5,400.00 from clients on account.
9. Paid P10,000.00 for salaries.
10 Settled in full the P4,500.00 balance for the fax machine.
11. Received P7,000.00 in cash for services performed.
12. Performed services for P12,000.00 on credit.
13. Paid P1,350.00 for the monthly telephone bill.
14. Paid P2,400.00 for the electric and water bills.
15. Collected P2,000.00 from clients on account.
16. Kathang Gleana withdrew P7,000.00 in cash for personal expense.
Prepare:
1. Journal Entries to record the business transactions of Kathang Gleana.
2. Posting of entries from the journal to the ledger.
3. Trial Balance
Use the chart of accounts on the next page.
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Introdution to Accounting
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