Question

. A B D E G H 1 1 2 Filename: Mod 5 - Joumalizing transactions of Taal Restaurant Give the joumal entries for the transactions of Ton Restaurant 4 5 6 7 1. Mr. Co invested P200,000 to start Taal Restaurant Said amount was deposited in a bank account opened in the name of the restaurant Cr 10 12 13 2. A business license application is filed. The year's fee is P24.000 payable with the application 14 15 | 16 17 50 3. A bank loan of PRO0.000 is negotiated, and the proceeds of the loan are deposted in the organization's bank account. The bank, caling for annual interest of 12% issues a note 20 21 22 23 25 26 4. Alease is signed for a fully equipped building for two years, with the right to renew for two additional years. The annual cost is P480,000 payable monthly in advance. The first month's rent P20.000) is paid 5. Food Inventory is purchased for P2,000. Supplers require cash payment by new accounts, and to payment is Collect on delivery (COON 28 29 30 31 32 33 34 35 36 JT 38 39 40 41 42 6. Sales for the first week were P20,000 P10,000 in cash, P8,000 paid by credit cards and P4.000 on open scoount 44 45 46 47 40 49 7. Food costing P8.000 was consumed in making the sales for the first week

journal entry

Answer 1

Credit 30 31 32 Date 1 Account Titles and Explanation Bank Mr. Co-Capital Debit P200,000 P200,000 33 2 P24,000 Legal expenses Accounts payable P24,000 34 35 36 37 3 P600,000 Cash Notes payable P600,000 38 39 40 4 Rent expense P40,000 41 Cash P40,000 42 43 5 P40,000 Inventory Accounts payable P40,000 44 45 6 46 47 Cash Credit cards Accounts receivable Sales revenue P10,000 P6,000 P4,000 48 49 P20,000 50 7 P8,000 51 52 53 Cost of goods sold Inventory P8,000