Journalize the Transaction. Prepare Trial Balance and the STATEMENT OF FINANCIAL POSITION. Thankyouuu so so...

90.2K

Verified Solution

Question

Accounting

image

Journalize the Transaction. Prepare Trial Balance and the STATEMENT OF FINANCIAL POSITION. Thankyouuu so so much

2. Prepare a Trial Balance 3. Prepare the Statement of Financial Position E. Flores is a painting contractor. During the month of April of the current year, he completed the following transactions: April 2 Invested in the business painting equipment valued at P52,300 and placed P271,000 in a business checking account. 2 Acquired a service vehicle costing P280,000. Paid P50,000 cash and signed a note for the balance. 3 Purchased painting supplies on account for P13,200. 4 Completed a painting job and billed the customer, P14,800. 7 Received a P12,500 cash for painting an apartment room. 10 Purchased painting supplies for P7,600 cash. 11 Received a P14,800 check from the customer billed on April 5. 12 Paid P4,000 for an insurance policy for a one-year coverage. 13 Billed a customer P16,200 for a painting job. 14 Paid the assistant P9,500 for twenty-five hours' work. 15 Paid P1,400 for a tune-up of the service vehicle. 13 Paid for the painting supplies purchased on April 4. 20 Purchased a new ladder for P6,000 and painting supplies for P2,900 on account. 22 Received a telephone bill for P700, due next month. 20 Received P16,200 in cash from the customer billed on April 13. 21 Transferred P30,000 to a personal checking account. 22 Received P13,600 in cash for painting a two-room apartment. 27 Paid P72,000 on the note signed for the service vehicle. 29 Paid the assistant P8,700 for thirty hours' work

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students