Reference no: EM132732216
Question - After several years with a large accounting firm, Peter Pan decided to establish his own accounting practiced. The following transactions of Peter Pan, CPA, were completed during May 2019:
May 2 Transferred P92, 500 cash from a personal savings account to a checking account, Peter Pan, CPA.
May 3 Acquired office equipment on account from Tinker Bell Furniture, P36, 800.
May 4 Acquired office supplies on account from Captain Hook Office Supply Company, P17, 100.
May 6 Performed accounting services for Tiger Lily Computer Company and submitted a bill of P29, 200 for those services.
May 7 Paid for accounting and tax books for use in the practice, P19, 500.
May 8 Paid Captain Hook Office Supply Company, P4, 100 on account.
May 10 Acquired a condominium unit for the accounting practice, P265, 000. A down payment of P38, 000 was made and issued a note payable for the remaining P227, 000.
May 12 Paid salaries, P14, 200.
May 13 Received P9, 750 from Tiger Lily Computer Company, billed on May 6.
May 16 Paid telephone expense, P650.
May 19 Received cash in the amount of P14, 600 from Smee Book Company for accounting services rendered for the month.
May 22 Acquired office supplies on account from Captain Hook Office Supply Company, P4, 650.
May 23 Withdrew P8, 150 for personal use.
May 25 Paid salaries, P10, 300.
May 26 Billed Wendy Darling Exporters P31, 600 for accounting services rendered.
May 27 Paid PICPA P5, 500 for professional dues.
May 28 Paid P3, 250 rent on an office-copying machine.
Required -
1. Prepare the journal entries for the May transactions.
2. Post the entries to the ledger accounts.
3. Prepare the unadjusted trial balance.