Posting and Trial Balance

On March 1, 2016, Gigi Reyes opened her Computer Shop. During March, the following transactions were completed:

March 1 Reyes deposited P250,000 in a bank account in the name of the business.
2 Bought Service vehicle cash, P50,000.
4 Bought Computer supplies on account From Chingkee Company, P3,250.
5 Billed customers P5,000 For professional services performed.
6 Paid rent For the month, P5,750.
7 Bought printers and computer set from Sandy Computer Company, P120,000, paying P30,000 on cash
and the balance on account.
10 Revenues earned on cash basis, P20,000
12 Bought insurance For one year, P5,600.
13 Received P900.00 From previously billed in transaction. (5)
15 Paid accounts to Sandy Computer Company Equipment Company, P15,000
17 Received and paid electric bill, P2,400
20 Revenues earned on cash basis, P22,000
22 Paid salaries of the assistant, P8,000
24 Reyes withdrew cash For personal use, P7,000
28 Paid accounts to Chingkee company, P2,500
30 Paid the Computer owners Association For membership, P3,000.

Required:
1. Prepare the Posting entries for March Transactions.
2. Set up the following ledger accounts and post all the journal entries : Cash; Accounts Receivable; Prepaid Insurance; Supplies; Office
Equipment; Service vehicle; Account Payable; Villanueva, capital; Villanueva, withdrawals; Service Revenues; Salaries expense;
Supplies expense; Rental expense; Utilities Expense and Miscellaneous Expense.

Posting and Trial Balance

On March 1, 2016, Gigi Reyes opened her Computer Shop. During March, the following transactions were completed:

March 1 Reyes deposited P250,000 in a bank account in the name of the business.
2 Bought Service vehicle cash, P50,000
4 Bought Computer supplies on account From Chingkee Company, P3,250.
5 Billed customers P5,000 For professional services performed.
6 Paid rent For the month, P5,750.
7 Bought printers and computer set From Sandy Computer Company, P120,000, paying P30,000 on cash
and the balance on account.
10 Revenues earned on cash basis, P20,000
12 Bought insurance For one year, P5,600.
13 Received P900.00 From previously billed in transaction. (5)
15 Paid accounts to Sandy Computer Company Equipment Company, P15,000
17 Received and paid electric bill, P2,400
20 Revenues earned on cash basis, P22,000
22 Paid salaries of the assistant, P8,000
24 Reyes withdrew cash For personal use, P7,000
28 Paid accounts to Chingkee company, P2,500
30 Paid the Computer owners Association For membership, P3,000.

Required:
1. Prepare the Posting entries or March Transactions.
2. Set up the following ledger accounts and post all the journal entries : Cash; Accounts Receivable; Prepaid Insurance; Supplies; Office
Equipment; Service vehicle; Account Payable; Villanueva, capital; Villanueva, withdrawals; Service Revenues; Salaries expense;
Supplies expense; Rental expense; Utilities Expense and Miscellaneous Expense.

Posting and Trial Balance

On March 1, 2016, Gigi Reyes opened her Computer Shop. During March, the following transactions were completed:

March 1 Reyes deposited P250,000 in a bank account in the name of the business.
2 Bought Service vehicle cash, P50,000
4 Bought Computer supplies on account From Chingkee Company, P3,250.
5 Billed customers P5,000 For professional services performed.
6 Paid rent For the month, P5,750.
7 Bought printers and computer set From Sandy Computer Company, P120,000, paying P30,000 on cash
and the balance on account.
10 Revenues earned on cash basis, P20,000
12 Bought insurance For one year, P5,600.
13 Received P900.00 From previously billed in transaction. (5)
15 Paid accounts to Sandy Computer Company Equipment Company, P15,000
17 Received and paid electric bill, P2,400
20 Revenues earned on cash basis, P22,000
22 Paid salaries of the assistant, P8,000
24 Reyes withdrew cash For personal use, P7,000
28 Paid accounts to Chingkee company, P2,500
30 Paid the Computer owners Association For membership, P3,000.

Required:
1. Prepare the Posting entries or March Transactions.
2. Set up the following ledger accounts and post all the journal entries : Cash; Accounts Receivable; Prepaid Insurance; Supplies; Office
Equipment; Service vehicle; Account Payable; Villanueva, capital; Villanueva, withdrawals; Service Revenues; Salaries expense; Supplies
expense; Rental expense; Utilities Expense and Miscellaneous Expense.