Problem - Recording transaction in T-accounts

Assignment Help Accounting Basics

Reference no: EM132830274

Problem - Recording transaction in T-accounts - In May 2018, Irene Nepomuceno established the business, Nepomucento Dental Clinic. Transactions completed during the month follows:

1. Deposit P600,000 in bank account for business.

2. Paid office rent for the month P15,000.

3. Bought dental equipment for P275,000, 50% paid in cash and the balance on credit.

4. Bought dental supplies P7500 paid in cash.

5. Bought office supplies on credit, P1900.

6. Bought Office Tables and chairs for P18,000, paid cash for P8,000 and balance on account.

7. Received bill from the Daily Inquirer for advertising, P2,800.

8. Performed services for cash, P95,000.

9. Received and paid telephone bill P1,990.

10. Received Meralco bill for P8,500.

11. Paid salaries for her assistant and staff, P35,000.

12. Performed services worht P18,000 on credit.

13. Irene Nepomuceno withdrew cash for personal use, P30,000.

Required -

1. With the help of T-account, record the transactions listed above. Use the following accounts:

Cash Irene Nepomuceno, Capital

Accounts Receivable Irene Nepomuceno, Withdrawal

Dental Equipment Service Revenue

Office Furniture's Rent Expense

Dental Supplies Communication Expense

Office Supplies Utilities Expense

Accounts Payable Salaries Expense

Advertising expense

2. Prepare Trial Balance?

Reference no: EM132830274

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