Nick Elodeon established HBO Link Data Encoder on May 20CY. The following transa
ID: 2387044 • 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.
if you want you can also balance it
Explanation / Answer
pls rate
Particulars Debit Credit Advance rent A/C…….DrTo cash
8,000.00 8,000.00 Cash…….Dr
To Loans
210,000.00 210,000.00 Vehicle A/C…….Dr
To Cash
420,000.00 420,000.00 Prepaid Insurance A/c…..Dr
To Cash
14,400.00 14,400.00 Equipment A/c…..Dr
To Cash
To accounts payable
60,000.00 15000
45000
Supplies A/c…Dr
To accounts payable
18,000.00 18,000.00
Merchandising A/c…Dr
Fees A/c…Dr
Salaries A/c…Dr
To cash
10000
8800
6600 24,500.00
Cash A/c…Dr
To Cleint
10,000.00 10,000.00
Cash A/c…Dr
To Income statement
12,000.00 12,000.00
Cash A/c…Dr
To Drawings
14000 14000
Salaries A/c…Dr
To Cash
7200 7200
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