Using the account titles listed below, journalize on separate columnar sheets the following transactions of Gian Angelo, a CPA, for the month of July 2020: Financial Accounting Assignment, NEU, Singapore

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University New Era University (NEU)
Subject Financial Accounting

I. Using the account titles listed below, journalize on separate columnar sheets the following transactions of Gian Angelo, a CPA, for the month of July 2020:

  • Professional fees earned
  • Salary expense
  • Taxes and licenses
  • Gian Angelo capital
  • Gian Angelo drawing
  • Office equipment
  • Office furniture and fixtures
  • Accounts receivable
  • Accounts payable
  • Cash
  • Notes receivable
  • Notes payable
  • Interest income
  • Interest expense
  • Rent expense
  • Light and water
  • Communication expense
  • Office supplies on hand
  • Prepaid insurance
  • Transportation equipment
  • Unearned rent income

July 1 – Gian Angelo invested cash of P100,000 and office equipment valued at P200,000.
1 – Paid business license, P7,000.
1 – Paid 3-month rental effective July 1, P36,000.
2 – Purchased tables and chairs from Durable Trading, P32,000. Terms: n/10.
2 – Bought bond papers, pens and other supplies from Great Enterprises amounting to P20,000. Terms: 20% down, balance n/15.
3 – Billed Orgalink Corp. for consultancy services rendered, P10,000.
3 – Filed a complaint for minor scratches on tables purchased from Durable Trading and granted allowance for P2,000.
4 – Received cash from Dimmer Inc. for services rendered, P15,000.
5 – Billed Pacific Summit Corp. for services rendered, P30,000.
7 – Billed Tramcor Inc. for consultancy services rendered, P40,000.
8 – Paid Great Enterprises to apply on account, P5,000.
10 – Rendered professional services to Amnex Co., P50,000. Terms: 20% downpayment; balance, 15-day, 9% note.
11 – Billed Buildwell Co. for consultancy services performed, P60,000.
12 – Issued a 15-day, 6% note in full settlement of the account with Durable Trading.
15 – Received P6,000 representing 3-month advance rental from a newspaper vendor who subleased a portion of leased unit effective July 16.
16 – Purchased a vehicle amounting to P300,000. Terms: 30% down; balance payable in 3 years at 6% interest per annum.
16 – Paid the annual insurance premium for the vehicle purchased, P6,000.
16 – Received P30,000 from Amaram Inc. for a 60-day consultancy work effective today.
17 – Paid Great Enterprises in full.
18 – Received the account of Orgalink Corp. less P1,000 discount.
19 – Paid telephone bill, P2,500.
20 – Collected P10,000 from Tramcor Inc.
21 – Received a 30-day 6% promissory note form Buildwell Co. in settlement of its account.
23 – Issued cash to Gian Angelo for personal use, P5,000.
24 – Purchased office supplies, P5,000. Terms: COD.
25 – Amnex Co. settled its note.
27 – Paid the note issued to Durable Trading.
29 – Received the account of Tramcor Inc. in full.
30 – Paid electricity bill, P3,000.
31 – Paid salaries of staff, P15,000.

II. The trial balance of Durian Enterprises on December 31, 2020 appears as follows:

Ending merchandise inventory amounted to P250,000

Based on the above information, prepare the following:
1. Income Statement (Multiple Step)
2. Balance Sheet (Report Form)

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