Reference no: EM132788492
The following were the transactions of Izzy Toledo for the month of November 2018.
Nov. 2 - Started a sewing business with an initial investment of P150,000.
3 - Purchased three sewing machines at a total cost of P150,000 under the following terms:
Downpayment, 30%
Balance payable in 3 equal monthly installments.
4 - Bought sewing supplies on cash, P5,000
5 - Rendered services to various customers:
On cash basis, P25,000
On account, P40,000
8 - Paid the space rent for the month, P8,000.
9 - Paid the following expenses:
Business Permit, P2,500
Salaries of the workers, P6,000
Repairs and Maintenance, P1,5000
10 - Received notes as payment of the account on November 5 transaction
15 - Billed various customers for services rendered, P12,000
18 - Withdrew P3,000 for personal use
20 - Opened a checking account with Summit Bank and deposited, P100,000
22 - Collected 50% of the notes received on November 10
25 - Paid the salaries of the workers for the remaining half-month, P6,000
28 - Received a bill from Daily News for the advertisement, P5,000
30 - Collected in full the November 15 transaction.
Required:
Question 1: Accounting Cycle:
- Jounalizing
- Ledger
- Unadjusted trial balance