Reference no: EM133026942
Question - Maria Wing began a professional practice system analyst on July 1. She plans to prepare monthly financial statements. During July, the owner completed the following transactions:
July 01 Owner invested P50,000 cash along with furniture and fixtures that had a P20,000 market value two years ago but was now worth P10,000 only.
July 02 Paid P25,000 cash for July rent (including P500 water bill) of a fully furnished office space at the Madrigal Building.
July 04 Purchased P120,000 worth of state-of-the-art equipment on credit for thirty monthly installment payments.
July 06 Purchased office supplies for cash, P2,500.
July 08 Completed work for a client and immediately collected the P32,000 cash earned.
July 10 Completed work for a client and sent a bill for P27,000 to be paid within thirty days.
July 15 Paid an assistant P6,200 cash as wages for 15 days.
July 18 Collected P15,000 cash on the amount owed by the client.
July 25 Completed work for another client who paid only P40,000 or 40% of the total computerized system. The client promised to pay the balance in thirty days.
July 28 Owner withdrew p5,000 cash for personal use.
July 28 Paid the first installment to settle the liability on the equipment purchased.
July 30 Paid salary of assistant.
July 31 Received PLDT bill, P1800 and Meralco bill, P3,800.
July 31 Used up P2,000 worth of supplies.
Required -
1. Please make the journal entries.
2. Please make the ledger.
3. Please make the trial balance.
4. Please make income statement.
5. Please make financial position.
6. Please make statement of Owner's Equity.
7. Please make the statement of cash flows.
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