Mr. Santos opened a barber shop called “Gupitan Shop” on February 1, 20X3, The following were the transactions during the first week of operations.
Mr. Santos opened a barber shop called “Gupitan Shop” on February 1, 20X3, The following were the transactions during the first week of operations.
February | Transactions |
1 | Provided P300, 000 cash as initial investment to the business. |
2 | Acquired furniture and fixture for P200, 000 cash. |
4 | Purchased supplies for P30.000 cash. |
5 | Rendered services worth P20,000 on cash basis. |
7 | Paid P10,000 salaries of employees. |
Requirement:
A. Provide the journal entries.
B. Prepare the unadjusted trial balance.
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Mr. Santos opened a barber shop called “Gupitan Shop” on February 1, 20X3, The following were the transactions during the first week of operations.
Mr. Santos opened a barber shop called “Gupitan Shop” on February 1, 20X3, The following were the transactions during the first week of operations.
Mr. Santos opened a barber shop called “Gupitan Shop” on February 1, 20X3, The following were the transactions during the first week of operations.FebruaryTransactions1Provided P300, 000 cash as initial investment to the business.2Acquired furniture and fixture for P200, 000 cash.4Purchased supplies for P30.000 cash.5Rendered services worth P20,000 on cash basis.7Paid P10,000 salaries of employees.Requirement:A. Provide the journal entries.B. Post the entries to the ledger (use T-accounts).C. Prepare the unadjusted trial balance.
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