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Prepare the chart of accounts - accounts that you will use

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Reference no: EM132955364

Question - Mr Santos opened a barbershop called "Gupitan Shop" on February 1, 20x3. The following were the transactions during the first week of operations:

February

1 Provided P300,000 cash as an initial investment to the business.

2 Acquired furniture and fixture for P200,00 cash.

4 Purchased supplies for P30,000 cash.

5 Rendered services worth P20,000 on cash basis

7 Paid P10,000 salaries of employees

Requirements -

A. Prepare the chart of accounts - accounts that you will use.

B. Provide the journal entries.

C. Post the entries to the ledger (use T-accounts).

D. Prepare the unadjusted trial balance.

Reference no: EM132955364

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