Nick Elodeon established HBO Link Data Encoder on May 20CY. The following transa
ID: 2386992 • Letter: N
Question
Nick Elodeon established HBO Link Data Encoder on May 20CY. The following transactions occurred during the month:May 1-Mr. Elodeon invested P250,000 into his business.
1-Rented office space and paid two months’ rent in advance, P8,000.
2-Issued a promissory notes for a P210,000 loan from the BANK Savings Bank.
4-Acquire service vehicle for P420,000.
4-Paid P14,400 for a one-year comprehensive insurance coverage on the service vehicle.
5-Acquire office equipment P60,000; paying P15,000 in cash and the balance next month.
8-Purchase supplies on credit for P18,000.
9-Paid merchandising P10,000 of the amount owed.
10-Collected P8,800 fees for service rendered.
13-Paid salaries, P6,600.
15-Received cash payment in advance from the client, P10,000.
19-Received from three clients, P12,000 per client for service rendered.
25-Withdrew P14,000 for personal expenses.
27-Paid salaries, P7,200.
30-Received telephone bill, P1,400.
30-Received P24,000 from two clients for service billed last May 19.
31-Settle the electricity bill of P3,000 for the month.
Prepare a trial balace.
Explanation / Answer
L.F.
Debit
Credit
Capital
250,000
Office Rent
8,000
Promissry Note
210,000
Vechile Purchase
420,000
Vehicle Insurance
14,400
Office Equipment
15,000
Purchase
18000
Merchandising
10,000
Fees Collected
8,800
Salary
6,600
Advance Receipt
10,000
Receipt
36000
Withdrawl
14,000
Salary Paid
7,200
Telephone Bill
1400
Electricity Bill
3,000
250,000
516,200
516,200
L.F.
Debit
Credit
Capital
250,000
Office Rent
8,000
Promissry Note
210,000
Vechile Purchase
420,000
Vehicle Insurance
14,400
Office Equipment
15,000
Purchase
18000
Merchandising
10,000
Fees Collected
8,800
Salary
6,600
Advance Receipt
10,000
Receipt
36000
Withdrawl
14,000
Salary Paid
7,200
Telephone Bill
1400
Electricity Bill
3,000
250,000
516,200
516,200
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.