PROBLEM 3: Accounting Cycle: Journal Entries w/o Chart of Accounts

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Arcenalyn Lustado is a painting contractor. During the month of April, she completed the following transactions:

2021

April 2 Invested in the business painting equipment valued at P12,300 and placed P71,000 in a business checking
account.

3 Acquired a service vehicle costing P80,000. Paid P50,000 cash and signed a note for the balance.

4 Purchased painting supplies on account for P3,200.

5 Completed a painting job and billed the customer P4,800.

7 Received P1,500 cash for painting an apartment room.

10 Purchased painting supplies for P1,600 cash.

11 Received a P4,800 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 P6,200 for a painting job.

14 Paid the assistant P1,500 for twenty-five hours’ work.

15 Paid P400 for a tune-up of the service vehicle.

18 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 P600, due next month.

23 Received P3,300 in cash form the customer billed on April 13.

24 Transferred P3,000 to a personal checking account.

25 Received P3,600 in cash for painting a two-room apartment.

27 Paid P2,000 on the note signed for the service vehicle.

29 Paid the assistant P1,800 for thirty hours’ work.