INCOME STATEMENT WORKSHEET Part II. The following are the transactions on Bookchoice for December. Dec. 1 Dec. 3 Dec. 6 Dec. 17 Dec. 20 Dec. 22 Dec. 31 Maria A. Ganda deposited P300,000 of her personal funds in a special checking account for Bookchoice Services. Maria purchased the printing equipment she needed for P120,000 cash Purchased P20,000 worth of office supplies on credit Maria billed her client for P50,000 from services performed during the first half of December. Maria issued a P10,000 check to the supplier from whom office supplies had been purchased on Dec. 6. Maria received P50,000 from clients in response to the bills sent out on Dec. 17. Maria paid salaries of P20,000 to the workers she hired to assist her in the business operation. AP10,000 check was written to pay December's rent for the office -Maria billed her client for services performed during the last half of December -Maria withdrew P5,000 from the business for her personal use. Maria paid P5,000 for utility services received to P1,000 Required: Based on the above-numbered transactions, prepare an income statement using a single-step form INCOME STATEMENT BOOKCHOICE December 2022

INCOME STATEMENT WORKSHEET Part II. The following are the transactions on Bookchoice for December. Dec. 1 Dec. 3 Dec. 6 Dec. 17 Dec. 20 Dec. 22 Dec. 31 Maria A. Ganda deposited P300,000 of her personal funds in a special checking account for Bookchoice Services. Maria purchased the printing equipment she needed for P120,000 cash Purchased P20,000 worth of office supplies on credit Maria billed her client for P50,000 from services performed during the first half of December. Maria issued a P10,000 check to the supplier from whom office supplies had been purchased on Dec. 6. Maria received P50,000 from clients in response to the bills sent out on Dec. 17. Maria paid salaries of P20,000 to the workers she hired to assist her in the business operation. AP10,000 check was written to pay December's rent for the office -Maria billed her client for services performed during the last half of December -Maria withdrew P5,000 from the business for her personal use. Maria paid P5,000 for utility services received to P1,000 Required: Based on the above-numbered transactions, prepare an income statement using a single-step form INCOME STATEMENT BOOKCHOICE December 2022

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 10SPB: CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates a retail variety store. The books include a...

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CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates a retail variety store. The books include a general journal and an accounts payable ledger. Selected account balances on May 1 are as follows: The following transactions are related to cash payments for the month of May: May 1Issued Check No. 326 in payment of May rent (Rent Expense), 2,600. 4Issued Check No. 327 to Cortez Distributors in payment of merchandise purchased on account, 4,200, less a 3% discount. Check was written for 4,074. 7Issued Check No. 328 to Indra Velga in partial payment of merchandise purchased on account, 6,200. A cash discount was not allowed. 11Issued Check No. 329 to Toy Corner for merchandise purchased on account, 4,600, less a 1% discount. Check was written for 4,554. 15Issued Check No. 330 to County Power and Light (Utilities Expense), 1,500. 19Issued Check No. 331 to Builders Warehouse for a cash purchase of merchandise, 3,500. 25Issued Check No. 332 to Troutman Outlet for merchandise purchased on account, 4,400, less a 2% discount. Check was written for 4,312. May 30Issued Check No. 333 to Rapid Transit Company for freight charges on merchandise purchased (Freight-In), 800. 31Issued Check No. 334 to City Merchants for a cash purchase of merchandise, 2,350. Required 1. Enter the transactions starting with page 9 of a general journal. 2. Post from the general journal to the general ledger and the accounts payable ledger. Use general ledger account numbers as shown in the chapter.