Reference no: EM132813329
Several transactions of the Consultancy and Law Services owned during the month of January 2021 were presented below.
January
- 1 Transferred P300,000 from his personal savings account to a checking account opened in the name of his Consultancy and Law Services.
- 1 Purchased the law books for office library for P30,000 from National Book Store paying cash of P15,000, and signed a 60-day promissory note at an interest rate of 6% on the balance
- 1 Purchased office supplies from National Book Store for COD, P1,500
- 1 Purchase office equipment from Nick Furniture, P25,000, paying cash of P5,000 and the balance on terms:30 days
- 10 Completed legal and consultancy services for Abraham Com on credit, P65,500
- 14 Received cash of P35,000 from Philippine Lawyers Association for the legal services completed.
- 20 Received cash of P10,000 to apply on account from Abraham Company
- 21 Cash of P15,000 was received from Burnham Company for work completed.
- 24 Paid for the salaries and wages of office staff, P19,500.
- 28 A. Santos took P5,000 cash for personal expenses.
- 31 Billed A. Reves for legal services rendered, P10,000
Additional Information
a. The office equipment has a salvage value Of 4,000 and the estimated useful life is 5 years.
b. Office supplies on hand at the end of January, P500
c. Accrued interest on the notes payable (assume 360 days)
Instructions
Question 1: How much is the total assets at January 31, 2021?
Question 2: How much is A. Santos, Capital at January 31, 2021?
Question 3: How much is the Adjusted Trial balance on January 31, 2021?
Question 4: How much is the net income for the month ended January 31, 2021?
Question 5: How much is the total credits of the post-closing trial balance on January 31, 2021?
Question 6: How much is the book value of the office equipment at December 31, 2025?
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