PROBLEM #2
John Legend is a painting contractor. During the month of September 2017, he completed the following transactions: SEP. -Transferred P 250,000 to the companys cach from bank accounts. personal saving account 3-Acquire service vehicle costing P 50,000. Paid P30,000 cash and signed a note for the balance. 4 -Purchased painting supplies on account for P 3,300. 5-Completed a painting job and billed the customer P4,500 8 -Received P 2,500 cach for painting an apartment room 15- Paid assistant P7,500. 20 -Received a check from the customer billed on April 5. 22-Paid electricity bill. P 800. 23 -Paid P 5,000 on the note (signal) signed for the service vehicle. 20 - Received P 5,000 in cash for painting two-room apartment. dito need napo to mamaya Sana journal notebook sa business yung credit and debit po
John Legend is a painting contractor. During the month of September 2017, he completed the following transactions: SEP. -Transferred P 250,000 to the companys cach from bank accounts. personal saving account 3-Acquire service vehicle costing P 50,000. Paid P30,000 cash and signed a note for the balance. 4 -Purchased painting supplies on account for P 3,300. 5-Completed a painting job and billed the customer P4,500 8 -Received P 2,500 cach for painting an apartment room 15- Paid assistant P7,500. 20 -Received a check from the customer billed on April 5. 22-Paid electricity bill. P 800. 23 -Paid P 5,000 on the note (signal) signed for the service vehicle. 20 - Received P 5,000 in cash for painting two-room apartment. dito need napo to mamaya Sana journal notebook sa business yung credit and debit po
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Step-by-step explanation:
To solve John Legend's September 2017 transactions, let's break down each transaction:
1. SEP. - Transferred P 250,000 to the company's cash from bank accounts.
- This transaction increases the company's cash by P 250,000.
2. 3 - Acquire service vehicle costing P 50,000. Paid P 30,000 cash and signed a note for the balance.
- This transaction increases the company's service vehicle by P 50,000 and decreases the cash by P 30,000. The remaining balance of P 20,000 is recorded as a liability (note payable).
3. 4 - Purchased painting supplies on account for P 3,300.
- This transaction increases the company's painting supplies by P 3,300 and creates a liability for accounts payable.
4. 5 - Completed a painting job and billed the customer P 4,500.
- This transaction increases the accounts receivable by P 4,500 as the customer owes the company that amount.
5. 8 - Received P 2,500 cash for painting an apartment room.
- This transaction increases the company's cash by P 2,500.
6. 15 - Paid assistant P 7,500.
- This transaction decreases the company's cash by P 7,500.
7. 20 - Received a check from the customer billed on April 5.
- This transaction increases the company's cash, but the amount is not specified in the provided information.
8. 22 - Paid electricity bill. P 800.
- This transaction decreases the company's cash by P 800.
9. 23 - Paid P 5,000 on the note (signal) signed for the service vehicle.
- This transaction decreases the liability (note payable) by P 5,000.
10. 26 - Received P 5,000 in cash for painting two-room apartment.
- This transaction increases the company's cash by P 5,000.
Please note that the information provided is limited, and there may be additional transactions or details missing that could influence the final solution.