Prepare the journal entries of each transaction. Post the journal entries using T-accounts each account.
Prepare the trial balance at Dec. 31, 2021
Dec-01
Taylor Swift invested P 500,000 cash into the business.
Dec-02
Paid P 50,000 cash for equipment.
Dec-03
Purchased truck costing P180,000 on account.
Dec-03
Provided P 250,000 of services to customers on account.
Dec-08
Signed a note with a bank for P 100,000 loan.
Dec-09
Collected P 95,000 cash from customers.
Dec-10
Purchased land, P 100,000, and a building, P 600,000, for P 150,000 cash and a 30-year mortage of P 550,000.
Dec-15
Made a first paymeny of P 27,500 on the mortgage principal plus 10% in interest.
Dec-15
Paid P 120,000 of accounts payable.
Dec-16
Purchased P 15,000 of supplies on account.
Dec-17
Paid P 25,000 of accounts payable.
Dec-17
Paid P 75,000 in wages during the year.
Dec-18
Received P 100,000 cash and P 30,000 of notes in settlement of customer’s account.
Dec-19
Received P 32,500 in payment of a note receivable of P 30,000 plus interest of P 2,500.
Dec-20
Paid P 6,000 cash for a utility bill.
Dec-22
Sold excess land for its cost of P 30,000.
Dec-27
Received P 15,000 in rent for an unused part of a building.
Dec-28
Paid off P 100,000 note plus interest of 12%.