Dec 1 Miranda invested P150,000 in the firm. 2 Paid rent for December to Recoletos Realty, P8,000. 2 Purchased supplies on account, P7,200 3 Acquired P75,000 of office equipment, paying P37,000 down payment with the balance due in 30 days. 8 Paid P7,200 on account of supplies purchased. 14 Paid assistant’s salaries for two weeks, P6,000. 20 He has performed consulting services for cash, P20,000. 28 Paid assistant’s salaries for two weeks, P6,000. 30 Billed clients for December consulting services P48,000. 31 Miranda withdrew P12,000 from the business. a. Supplies on hand at December 31 amounted to P4,700
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Dec |
1 |
Miranda invested P150,000 in the firm. |
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2 |
Paid rent for December to Recoletos Realty, P8,000. |
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2 |
Purchased supplies on account, P7,200 |
|
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3 |
Acquired P75,000 of office equipment, paying P37,000 down payment with the balance due in 30 days. |
|
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8 |
Paid P7,200 on account of supplies purchased. |
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14 |
Paid assistant’s salaries for two weeks, P6,000. |
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20 |
He has performed consulting services for cash, P20,000. |
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28 |
Paid assistant’s salaries for two weeks, P6,000. |
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30 |
Billed clients for December consulting services P48,000. |
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31 |
Miranda withdrew P12,000 from the business. |
a. Supplies on hand at December 31 amounted to P4,700
b. Salaries of P1,800 have accrued at month-end.
c.
d. Miranda spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed P500 per hour. Note: The firm users the account Fees receivable to reflect the amounts earned but not yet billed.
- Journalize and post adjusting and closing entries.
- Prepare a post-closing
trial balance .
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