Prepare the Trial Balance Transcribed Image Text: GLOBE MB
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Journalizing, Posting and Preparing a Trial Balance
Joel Feliciano Communications is a public relation firm. During the month of
August, the entity completed the following transactions:
Aug.2
Paid rent for August, P6,500
Received cash from customers on account, P23,000
Ordered supplies P3,800
Billed customers for services rendered, P28,000
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Made a payment on accounts payable, P11,000.
Received the supplies ordered on August 7 and agreed to pay in
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thirty days, P3,800
Paid salaries for the first half of August, P19,000
Discovered some of the supplies were not as ordered and returned
them in full credit, P800.
Received cash from a customer for services rendered, P48,000
Paid the electric and water bill for August, P1,600
Paid the telephone bill for August, P1,200.
Received a bill, to be paid in September, for advertisement placed in
a national newspaper during the month of August to promote Joel
Feliciano Communications, P7,000
Billed a customer for services rendered, P27,000
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Paid salaries for the second half of August, P19,000
Withdrew cash for personal use, P12,000
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Required:
Prepare the journal entries for the August transactions using General
Journal page 22 and 23
Open the following accounts in the ledger: Cash (111), P102,000; Accounts
Receivable (113), P55,000.00; Supplies (115), P6,100; Office Equipment
(141), P42,000; Accounts Payable (211), P26,000; Feliciano, Capital (311),
P179,100; Feliciano, Withdrawals (312); Public Relations Revenues (411);
Salaries Expense (511); Rent Expense (521); Utilities Expense (513); and
Advertising Expense (514).
Post entries to the ledger accounts. Make the appropriate posting
references in the journal and ledger.
Prepare a trial balance.
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