The following transactions of Willy Manalo, an attorney, took place during January 2016 Manalo started his own professional practice with a cash deposit of P90,000 3 - Paid rent for the month of January, P2,500. 5 - Purchased office furniture from Charm Furniture Co on account, P30,000. 9 - Sent bill to Polly Trading Corp for professional services rendered, P10,000 12 - Sent bill to Ralph Co for professional services rendered, P3,000. 15 - Paid Charm Furniture Co , P20,000, and gave them a 60-day, non-interest bearıng January 2 note for the balance due 23 - Received check from Polly Tradıng Corp in payment of bill rendered on Jan 9 Withdrew P4,000 for personal use Received check from Ralph Co in payment of bill rendered on January 12 24 30 31 - Paid salaries, P5,000 Required 1) Journalize and post the above transactions using the following chart of accounts Manalo, Capital Manalo, Drawing 101 Cash 301 111 Accounts Receivable 340 Income from Fees Salaries Expense Rent Expense 162 Office Furniture 424 520 Accounts Payable Notes Payable 201 524 202 2) Prepare a trial balance
The following transactions of Willy Manalo, an attorney, took place during January 2016 Manalo started his own professional practice with a cash deposit of P90,000 3 - Paid rent for the month of January, P2,500. 5 - Purchased office furniture from Charm Furniture Co on account, P30,000. 9 - Sent bill to Polly Trading Corp for professional services rendered, P10,000 12 - Sent bill to Ralph Co for professional services rendered, P3,000. 15 - Paid Charm Furniture Co , P20,000, and gave them a 60-day, non-interest bearıng January 2 note for the balance due 23 - Received check from Polly Tradıng Corp in payment of bill rendered on Jan 9 Withdrew P4,000 for personal use Received check from Ralph Co in payment of bill rendered on January 12 24 30 31 - Paid salaries, P5,000 Required 1) Journalize and post the above transactions using the following chart of accounts Manalo, Capital Manalo, Drawing 101 Cash 301 111 Accounts Receivable 340 Income from Fees Salaries Expense Rent Expense 162 Office Furniture 424 520 Accounts Payable Notes Payable 201 524 202 2) Prepare a trial balance
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...
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