Cash Kwong Capital

May-01 Kwong started her own

business by depositing
P250,000 in a bank
account in the name of
Kwong Webpage 250 000 250 000
Express at BPI –
Angeles City Branch.

Computer Equipment Notes Payable

May-02 Computer equipment is
acquired by issuing a
P50,000 note payable to
Microsoft Office 50 000 50 000
Systems. The note due
in six months.

Prepaid Rent Cash

May-03 Kwong paid P15,000 to
KB Arizona Tower for
rent on the office studio 15 000 15 000
for the months of May,
June and July.

Cash Unearned Revenue

May-04 Received advance
payment of P18,000
from Clark Mimosa
Leisure Hotel for 18 000
website updating for the
next three months.

Computer Equipment Cash

May-05 Computer equipment
costing P178,000 is
acquired on cash basis.
178 000 178 000

Computer Supplies Accounts Payable

May-09 Computer supplies in
the amount of P9,000
are purchased on
account. 9 000 9 000

Cash Service Revenue

May-11 Kwong Web Page
Express collected
P77,000 in cash for 77 000 77 000
designing web sites.

utilities Expense cash

May-16 Kwong paid P15,000 to
Bills Unlimited for the
semi – monthly utilities
15 000 15 000

Accounts Receivable Service Revenue

May-17 Kwong billed clients
P25,000 for services
already rendered during
the month. 25 000 25 000

Accounts Payable Cash

May-19 Kwong partially paid
P7,000 for May 9
purchase of computer
supplies. 7 000 7 000

Cash Accounts Receivable

May-20 Received checks
totaling P21,000 from
clients for billings dated
May 17. 21 000 21 000

Kwong Withdrawal Cash

May-21 Kwong withdrew
P20,000 from the
business for her
personal use. 20 000 20 000

Advertising Expense Accounts Payable

May-27 Home Page billed
Kwong for P8,000
internet ads. Kwong
will pay next month. 8 000 8 000

Salaries Expense Cash

May-31 Kwong paid her
assistant web designer
salaries of P15,000 for
the month. 15 000 15 000