Professional Documents
Culture Documents
INSTRUCTIONS:
(1) Prepare a journal entry for the below transactions.
(2) Use proper accounting titles.
(3) When saving this file, use file name: Seat Work 01_<Last Name>
(4) Deadline: Refer to the LMS.
PROBLEM:
Maria Concepcion Jennifer Perez-Manalo started her own business under the name of MCJPM Trading. For the year of
operations Mrs. Manalo had the following:
1. Maria Concepcion Jennifer Perez-Manalo is a social entrepreneur from the south. She invested P250,000 into this entity
to start her own consultancy.
2. Rented Office space and paid two months' rent in advance. P6,000 per month.
3. Mrs Perez-Manalo issued a promissory note for a P210,000 loan from Metrobank.
4. Acquired service vehicle for P420,000 cash.
5. Paid prudential guarantee and assurance, Inc. P14,400 for a one-year comprehensive insurance coverage on the service
vehicle.
6. Acquired office equipment from Fair and Square Emporium for P60,000; paying P15,000 in cash and the balance next
month.
7. Purchased supplies on credit for P18,000 from San Jose Merchandising.
8. Paid San Jose Merchandising P10,000 of the amount owed.
9. Mr Perez-Manalo withdrew P14,000 for personal expenses.
10. Received the ICC-Bayan Tel Telephone bill, P1,400.
11. Settled the electricity bill of P3,000 for the month.
12. Total sales for the year, P590,000. 10% of which are returned by the customer. 5% discount was also given.
3 Cash 210,000
Notes Payable 210,000
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7 Supplies 18,000
Accounts Payable 18,000
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