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Trial Balance Wk17 Generalization

Nelson Daganta started the Liceo Sign Company on October 1, 2020 with a P250,000 deposit. Throughout the month, the company acquired a service vehicle for P195,000, supplies for P57,000, painted signs for customers earning P205,000 in revenue, and incurred various expenses. By October 31, 2020, the company's trial balance showed assets of P567,500 equal to liabilities and capital.

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Yenique Salonga
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487 views1 page

Trial Balance Wk17 Generalization

Nelson Daganta started the Liceo Sign Company on October 1, 2020 with a P250,000 deposit. Throughout the month, the company acquired a service vehicle for P195,000, supplies for P57,000, painted signs for customers earning P205,000 in revenue, and incurred various expenses. By October 31, 2020, the company's trial balance showed assets of P567,500 equal to liabilities and capital.

Uploaded by

Yenique Salonga
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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GENERALIZATION:

Solve this transaction using Trial Balance

NELSON DAGANTA
Nelson Daganta formed the LICEO SIGN COMPANY on October 1, 2020. He deposited P250,
000 in G.E. Money Bank under the name of the new business entity.

Oct. 2 Acquired a service vehicle in the amount of P195, 000 on account

Oct. 3 Acquired supplies for cash P57, 000

Oct. 9 Received P87, 500 cash for signs painted

Oct. 10 Paid the month’s rent P25, 000

Oct. 11 Painted signs for Cagayan Company on account P170, 000

Oct. 12 Paid P55, 000 on account from Oct.2

Oct. 16 Withdrew P25, 000 for personal use

Oct. 23 Collected P35, 000 from Cagayan Company

Oct. 27 Paid salaries of P57, 000 for the month

Oct. 30 Paid BayanTel P7, 500 for communication for the month

Oct. 31 Paid a bill from AdAsia for P5, 000 of advertising for the month

Nelson Daganta's LICEO Company


Trial Balance
October 31,2020

Accounts Title Debit Credit

Cash ₱ 141,000
Service vehicle ₱195,000
Supplies. ₱ 57,000
Accounts Receivable ₱ 112,500
Prepaid Insurance ₱ 7,500
Accounts Payable ₱ 55,000
Daganta’s Capital ₱ 250,000
Daganta’s Drawing ₱ 25,000
Service Revenue ₱ 205,000
Rent Expense ₱ 25,000
Salaries Expense ₱ 57,000
Advertisement Expense ₱ 5,000
₱ 567,500 ₱ 567,500

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