Questions


September 2021 1 33 Report
Please help me :(

A. Prepare a journal entry for the following transactions:


1. Leira Wellness Center was a sole proprietorship-service business established by M. Leira with an initial capital of P200,000.00.


2. A rental agreement for the wellness center location for 1-year was signed and paid for P120,000.00.


3. Ms. Leira bought chairs for P50,000.00 mirrors for P30,000.00, a cash register for P10,000.00, all on credit.


4. Supplies was purchased on credit worth P150,000.00.

5. Linen Supplies amounting to P20,000.00 was bought on cash.


6. Service Income made during the 1st month amounts to P75,000.00 on cash and P55,000.00 on credit.


7. Beauty supplies used amounts to P95,000.00.


8. Electric and water invoice of P12,000.00 was received but not paid.


9. Telephone bills of P1,750 was paid.


10. Salaries paid to helpers amounted to P9,950.00.


11. Ms. Leira paid P50,000.00 on credit made for the purchase of chairs/mirrors and cash register and another P30,000.00 payment on the beauty supplies.


12. An emergency arises and Ms. Leira took P15,000.00 from the business without any intention of returning the money back.​

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