Create a T-Accounts and General Journal.Note: Office supplies has a P575 balance at the end of the year. On November 10, 2014, Flash Trucking Services started its operation. The following are the transactions of the company for 2014.DateTransactionNov.Mr. Mario Cruz invested P1,500,000 and three trucks with fair market value of P1,800,000 in the business.8 Paid insurance for the three trucks up to the end of the year, P45,000.10 Paid taxes and licenses, P5,500.11 Hired an office secretary and a driver with P8,000 and P10,000 each monthly salary to start work tomorrow.12 Called Acer Book Store to order office supplies worth P2,000.14 Office supplies delivered by Acer Book Store was paid in cash.18 Purchased office furniture and fixtures on account, 12,000.20 Bought office equipment for cash, P21,000.25 Delivered cargo to La Union for Mr. Val Montero. 50% of the total service of P35,000 was received for trucking services rendered.1 Trucking services rendered to B2B Trading on account, P33,000.3 Partial payment for furniture and fixtures, P6,000.5 Received a note from B2B Trading for one-third of the account.Dec.10 Delivered cargo to Isabela for Mr. William Jose on credit, P55,000.12 Paid secretary's and driver's salary, P18,000.15 Paid P3,500 for utilities.18 Proceeds of loan from Allied Bank P500,000.20 Mr. Cruz withdrew P50,000 for holiday personal use.24 Paid secretary's and driver's salary, P18,000.24 Received utilities bill for payment on January 3, P5,000.

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Description: Create a T-Accounts and General Journal.Note: Office supplies has a P575 balance at the end of the year. On November 10, 2014, Flash Trucking Services started its operation. The following are the transactions of the company for 2014.DateTransactionNo

Journal is a book in which all business financial transactions are recorded when they occur. All…

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Create a T-Accounts and General Journal. Note: Office supplies has a P575 balance at the end of the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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