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    I. Problem Solving. Journal, Ledger & Trial Balance

    Uploaded by

    Marcel Velasco
    The document outlines transactions made by Darlene Company from July 1-31, including investments, purchases, sales, bills, wages, and withdrawals. It also provides a chart of accounts for the company's assets, liabilities, equity, income, and expenses. Darrel Rei Velasco needs to prepare the company's monthly financial statements and will use the journal, ledger, and trial balance to do so based on the outlined transactions during the month.

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    I. Problem Solving. Journal, Ledger & Trial Balance

    Uploaded by

    Marcel Velasco
    86 views1 page
    The document outlines transactions made by Darlene Company from July 1-31, including investments, purchases, sales, bills, wages, and withdrawals. It also provides a chart of accounts for the company's assets, liabilities, equity, income, and expenses. Darrel Rei Velasco needs to prepare the company's monthly financial statements and will use the journal, ledger, and trial balance to do so based on the outlined transactions during the month.

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    Problem

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    The document outlines transactions made by Darlene Company from July 1-31, including investments, purchases, sales, bills, wages, and withdrawals. It also provides a chart of accounts for the company's assets, liabilities, equity, income, and expenses. Darrel Rei Velasco needs to prepare the company's monthly financial statements and will use the journal, ledger, and trial balance to do so based on the outlined transactions during the month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    86 views1 page

    I. Problem Solving. Journal, Ledger & Trial Balance

    Uploaded by

    Marcel Velasco
    The document outlines transactions made by Darlene Company from July 1-31, including investments, purchases, sales, bills, wages, and withdrawals. It also provides a chart of accounts for the company's assets, liabilities, equity, income, and expenses. Darrel Rei Velasco needs to prepare the company's monthly financial statements and will use the journal, ledger, and trial balance to do so based on the outlined transactions during the month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    I. Problem Solving. Journal, Ledger & Trial Balance.

    Darrel Rei Velasco began professional practice as an accountant of Darlene Company on June 1. He
    plans to prepare a monthly financial statement. During June, the owner completed these transactions.

    July 1 Owner invested P 500,000 cash along with computer equipment that had a market value of
    P 120,000 two years ago but was now worth P 100,000 only.
    2 Paid P 15,000 cash for the rent of office space for the month.
    4 Purchased P 12,000 of additional equipment on credit (due within 30 days).
    8 Completed a work for a client and immediately collected the P 32,000 cash.
    10 Completed work for a client and sent a bill for P 27,000 to be paid within 30 days.
    12 Purchased additional equipment for P 8,000 in cash.
    15 Paid an assistant P 6,200 cash as wages for 15 days.
    18 Collected P 15,000 on the amount owed by the client.
    25 Paid P 12,000 cash to settle the liability on the equipment purchased.
    28 Owner withdrew P 500 cash for personal use.
    30 Completed work for another client who paid only P 40,000 for 50% completion of the project.
    31 Paid salary of assistant P 700.
    31 Received PLDT bill, P 1,800 and Meralco bill P 3,800.

    Chart of Accounts
    Cash Accounts Payable Rent Expense
    Accounts Receivable Darlene, Capital Salaries Expense
    Computer Equipment Darlene, Drawings Telephone/Internet Expense
    Equipment Service Income Electricity Expense

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