Question

In: Accounting

Please prepare the following A. An entry for the following transactions of Elirene Mosquera Automobile Shop...

Please prepare the following

A. An entry for the following transactions of Elirene Mosquera Automobile Shop for the month of October, 2020:

B. Prepare trial balance, income statement and balance sheet.

October 1 Elirene Mosquera invested P420,000 in the business.

4 Purchased shop supplies for cash, P3,000.

6 Purchased additional supplies, P3,000, and shop equipment, P2,500 on credit from Rio Feliciano Trading.

10 Repaired the cargo truck of Jet payapag, P5,600 and collected P3,200.

11 Paid Rio Feliciano Trading, P1,200 as partial settlement of the account due to it.

14 Repaired the stare car of Maileen Flores on credit, P12,000.

19 Paid 1/2 of the amount still due to Rio Feliciano Trading.

20 Bought additional supplies from Mahilom Trading, P10,000 in cash.

25 Rendered service to Erika Bernasol on credit amounting to P1,300.

27 Paid water bill for the month, P2,100.

29 Collected P500 from Erika Bernasol as partial settlement of the account.

30 Paid the remaining balance owed to Rio Feliciano.

31 Paid telephone bill for the month amounting to P3,000.

Expert Solution

ekkarill92 answered 3 months ago

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