Answered

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As a newly hired bookkeeper, you are assigned to do the journal entries of Soriano Law Firm last MAY, 2020. The following transactions are: 3- He invested additional cash, P100,000.00 in the business. 5 - Purchased additional tables and chairs, P10,000.00 and office supplies, P5,000.00 from Valenzuela Marketing on credit with down payment of P3,000.00 7- Bought new office equipment, P45,000.00, and giving a promissory note to Arellano Trading. 8- Completed legal work for Mr. Timothy Umali and collected P12,000.00 in full payment. 12- Received payment from a client, P50,000.00 15- Paid Valenzuela Marketing for the items purchased on the 5th day of the month. 16- Paid the salary of the 3 secretaries, P 4,000 each. 18- Complete legal work on credit to Mr. Montenegro, P15,000.00. 22- Billed Mr. Thomas Tuazon, P75,000 after completion of legal services. 27 - Withdraw for personal use, P5,000.00 30 - Paid the salary of the 3 secretaries, P12,000.0 and the rent of the office space, P6,000.00​

Sagot :

Answer:

May 3   Cash                                    100,000.00 (debit)

           Soriano Law Firm, Capital   100,000.00 (credit)

           Invested cash in the business.  

Explanation:

That is based on my knowledge.

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