Problem 3

Jenny Jones Review Center( entered into the following transactions during October 2020:
1 Jones made an investment of P50,000 in the business
2 Bought liability insurance for one year. P14,500
3 Received a bill for advertisement with BMC, P3,200
4 Paid rent for the month, P8,900
5 Billed tuition fee from student, P10,000
7 Received a bill for repairs on equipment from E Hipolito, P2,880
10 Received and deposited tuition from students, P62,500
11 Received and paid telephone bill, P2,300
15 Bought chairs from Tiong San, P18,800, paying P8,800 in cash and the balance on account
18 Paid accounts with BMC, P3,200
21 Jones withdrew P8,000 for personal use
24 Received bill for gas and oil from Caltex, P1,800
25 Received and deposited tuition fees, P61,400
27 Paid salaries, P12,000
28 Bought Photocopier on account, P7,500
29 Received P7,000 from the student in October 5 transaction
30 Received and paid Utility bill, P3,600
31 Paid for flower arrangement in office, P620
31 Jones invested a personal computer with fair market value of P12,300 in the business.
The company uses the following account titles: Cash; Accounts Receivable; Prepaid Insurance;
Equipment; Furniture; Accounts Payable; Jones Capital; Jones Drawings; School Revenues; Salaries
Expense; Rent expense; Gas and oil expense; Advertising expense; Repair Expense; Supplies Expense;
Utilities expense; Telecommunications expense; Miscellaneous expense
Required:
1) Prepare the Journal entries in good form, present solutions in Excel
2) Post transactions in T Accounts and get the ending balances
3) Prepare a Trial Balance