zeromanov

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Cor Jesu College

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I Major in Accounting. I can help in Accounting, Business, PH Business Law, Finance, Marketing and Management related topics or questions.

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Management3Business1Accounting3Mathematics5Economics1
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Romina Mondragon hired a lawyer to help her start Mondragon repair Service. On March 1, Romina deposited P143,750 in a bank account in the name of the entity. When the entity paid the lawyers bill of P8,750, the lawyer advised the entity to hire an accountant to keep its records. Romina was so busy that it was already March 31 when she hired Daniela Bartolome to straighten out her records. Daniela first task is to develop a trial balance based on March transactions, which are described in the next two paragraphs.

After the business began and the entity had paid the lawyers bill, the entity borrowed P62,500 from a bank.It later paid P3,250, including interest of P750, on this loan. It also acquired a second hand service vehicle in the entity’ name, paying P31,250 down and financing P92,500. The first payment on the vehicle is due April 15. The entity then leased an office and paid two month’s rent, P11,250 in advance. Credit acquisitions of office equipment of P10,000 and repair tools of P6,250 must be paid by April 10.

 

 

 

In March, Mondragon repair service completed repairs of P16,250, of which P5,000 were cash transactions. Of the credit transactions, P3,750 were collected during March, and P7,500 remained uncollected at the end of March. The entity paid salaries of P5,620 to its employees. On March 31, the entity received a P930 bill for the March utilities expense and a P620 check from a customer for work to be completed in April. A customer requested a repair on March 31 to be done the following week and agreed to pay P2,500 for it.

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