Accounting Essay

267 words - 2 pages

Mr. Cazalno opened a laundry and dry cleaning services. Transactions for the first month of operations are the following for the month of June 2013.

June 1- Mr. Cazalno invested Cash P50,000.; Equipment P35,000.
2- He bought furnitures worth P10,000.
4- He received P5,000 worth of Cash on 2 year notes, interest to be paid and recognized upon maturity (Inquire if you want to have an interest to be post).
5- He ...view middle of the document...

9- Withdrew P15,000 cash for personal use.
10- Paid advertisement for P2,000.
11- Paid the salary of his employee worth P1,000.
12- Received P3,000 cash for services rendered to customers.
13- Bought tools on cash for P1,000.
14- Rendered services to a customer for P5,000 on account.
15- Mr. Cazalno made an additional investment worth P20,000.
16- Deposited half of his investment in bank.
17- Collected P5,000.00 from service rendered last June 14.
18- Purchased additional equipment for P10,000.
19- Paid Meralco for P1,800.
20- Withdrew P2,500 for personal use.
21- Collected balances of accounts receivables from customers.
23- Paid the rent of the building for P5,200.
30- Paid the balance of his accounts.

Additional Information:

1- Used supplies was P4,000.
2- Depreciation of P1,046 Equipment 5yrs life, 767 and Furnitures, 3yrs.
3- Accrued Salaries was P500.
4- Unposted Service Income rendered to a customer on account worth P2,500.
5- Unrecorded repairs expense P500.

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