Journalizing, Posting and Preparing a Trial Balance After several years with a large accounting firm, Aleksander Zirlin decided to establish his own accounting practice. The following transactions of Aleksander Zirlin, CPA, were completed during February 2021: Feb 2 Transferred P92,500 cash from a personal savings account to a checking account, Aleksander Zirlin, CPA. Acquired office equipment on account from Sena Furniture, P36,800. Acquired office supplies on account from Chance Office Supply, P17,100. Performed accounting services for Super Computers and submitted a bill of P29,200 for those services. Paid for accounting and tax books for use in the practice, P19,500. 8 3 4 7 Paid Chance Office Supply, P4,100 on account. 10 Acquired a condominium unit for the accounting practice, P265,000. Paid salaries, P14,200. 13 12 Received P9,750 from Super Computers, billed on Feb. 6. Paid telephone expense, P650. Received cash in the amount of P14,600 from Nice Books for accounting services rendered for the month. Acquired office supplies on account from Chance Office Supply, P4,650. Withdrew P8,150 for personal use. Paid salaries, P10,300. Billed Aboitiz Exporters P31,600 for accounting services rendered. Paid PICPA-Nueva Ecija P5,500 for professional dues. Paid P3,250 rent on an office-copying machine. 16 19 22 23 25 26 27 28 Required: 1. Prepare the journal entries for February transactions. 2. Post the entries to the ledger accounts, using account numbers for cross-reference and using journal page number 1. The following accounts will be needed: Cash (110); Accounts Receivable (120); Office Supplies (130); Office Condominium (140); Office Equipment (150); Accounting Library (160); Notes Payable (210); Accounts Payable (220); Zirlin, Capital (310); Zirlin, Withdrawals (320); Accounting Revenues (410); Salaries Expense (510); Rent Expense (520); Telephone Expense (530) and Professional Dues Expense (540). 3. Prepare a trial balance.
Journalizing, Posting and Preparing a Trial Balance After several years with a large accounting firm, Aleksander Zirlin decided to establish his own accounting practice. The following transactions of Aleksander Zirlin, CPA, were completed during February 2021: Feb 2 Transferred P92,500 cash from a personal savings account to a checking account, Aleksander Zirlin, CPA. Acquired office equipment on account from Sena Furniture, P36,800. Acquired office supplies on account from Chance Office Supply, P17,100. Performed accounting services for Super Computers and submitted a bill of P29,200 for those services. Paid for accounting and tax books for use in the practice, P19,500. 8 3 4 7 Paid Chance Office Supply, P4,100 on account. 10 Acquired a condominium unit for the accounting practice, P265,000. Paid salaries, P14,200. 13 12 Received P9,750 from Super Computers, billed on Feb. 6. Paid telephone expense, P650. Received cash in the amount of P14,600 from Nice Books for accounting services rendered for the month. Acquired office supplies on account from Chance Office Supply, P4,650. Withdrew P8,150 for personal use. Paid salaries, P10,300. Billed Aboitiz Exporters P31,600 for accounting services rendered. Paid PICPA-Nueva Ecija P5,500 for professional dues. Paid P3,250 rent on an office-copying machine. 16 19 22 23 25 26 27 28 Required: 1. Prepare the journal entries for February transactions. 2. Post the entries to the ledger accounts, using account numbers for cross-reference and using journal page number 1. The following accounts will be needed: Cash (110); Accounts Receivable (120); Office Supplies (130); Office Condominium (140); Office Equipment (150); Accounting Library (160); Notes Payable (210); Accounts Payable (220); Zirlin, Capital (310); Zirlin, Withdrawals (320); Accounting Revenues (410); Salaries Expense (510); Rent Expense (520); Telephone Expense (530) and Professional Dues Expense (540). 3. Prepare a trial balance.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...
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Transcribed Image Text:Transaction in February 10 is incomplete.
Please note:
Acquired a condominium unit for
the accounting practice, P265,000. A
downpayment of P38,000 was made and
issued a note payable for the remaining
P227,000.
Transcribed Image Text:Journalizing, Posting and Preparing a Trial Balance
After several years with a large accounting firm, Aleksander Zirlin decided to establish his
own accounting practice. The following transactions of Aleksander Zirlin, CPA, were
completed during February 2021:
Feb
2
Transferred P92,500 cash from a personal savings account to a checking
account, Aleksander Zirlin, CPA.
Acquired office equipment on account from Sena Furniture, P36,800.
Acquired office supplies on account from Chance Office Supply, P17,100.
Performed accounting services for Super Computers and submitted a bill
of P29,200 for those services.
Paid for accounting and tax books for use in the practice, P19,500.
Paid Chance Office Supply, P4,100 on account.
10
7
Acquired a condominium unit for the accounting practice, P265,000.
Paid salaries, P14,200.
Received P9,750 from Super Computers, billed on Feb. 6.
Paid telephone expense, P650.
Received cash in the amount of P14,600 from Nice Books for accounting
13
16
19
services rendered for the month.
Acquired office supplies on account from Chance Office Supply, P4,650.
Withdrew P8,150 for personal use.
Paid salaries, P10,300.
Billed Aboitiz Exporters P31,600 for accounting services rendered.
Paid PICPA-Nueva Ecija P5,500 for professional dues.
Paid P3,250 rent on an office-copying machine.
22
23
25
26
27
28
Required:
1. Prepare the journal entries for February transactions.
2. Post the entries to the ledger accounts, using account numbers for cross-reference
and using journal page number 1.
The following accounts will be needed: Cash (110); Accounts Receivable (120);
Office Supplies (130); Office Condominium (140); Office Equipment (150);
Accounting Library (160); Notes Payable (210); Accounts Payable (220); Zirlin,
Capital (310); Zirlin, Withdrawals (320); Accounting Revenues (410); Salaries
Expense (510); Rent Expense (520); Telephone Expense (530) and Professional
Dues Expense (540).
3. Prepare a trial balance.
O2360
346
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