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Problem
Date Transaction
Sept 1 Niko Ong invested P500,000 in setting up his art gallery.
1 Acquired transportation equipment to be used for delivery worth P300,000. Paid in cash.
1 Rented office space and paid two month rent in advance, P30,000.
2 Niko Ong issued a promissory note for a P200,000 loan from Metro Bank. The note carrier a 12% interest per
annum. The interest and the principal are payable after one year.
4 Paid Insular Life Insurance Co. P18,000 for one year insurance of the art gallery.
5 Acquired office equipment from Abenson’s worth P50,000, paying P20,000 in cash and the balance at the end
of the month.
8 Purchased P12,000 worth of art supplies from Enriquez Art Supplies on account.
10 Paid Enriquez Supplies P5,000 of the amount owed on purchase of art supplies.
11 Painted the portrait of Don Enrique Zobel, receiving P200,000 cash for the completed portrait.
15 Paid secretary’s salary for half month, P2,500.
17 Received P250,000 cash for a contract to paint the portrait of Doña Susana.
21 Delivered and billed Mr. Sy P150,000 for a landscape painting.
23 Niko Ong withdrew P30,000 for personal use.
23 Received bill from PLDT, P900.
25 Received P100,000 from Mr. Sy as partial payment for landscape painting delivered last Sept 21.
30 Paid electricity bill for the month, P4,000.
Chart of Accounts
2 Cash 200,000
Notes Payable 200,000
Borrowed money from the bank issuing a promissory note
11 Cash 200,000
Painting Revenue 200,000
Received cash for painting a portrait
17 Cash 250,000
Unearned Painting Revenue 250,000
Received cash for painting services to be rendered
25 Cash 100,000
Accounts Receivable 100,000
Received cash as partial collection from Mr. Sy