The entries will be recorded in the General Journal as follows:
General Journal | |||||
Date | Particulars | Post.ref. | Debit | Credit | |
May | 1 | Cash | P210,000 | ||
Buddy Bungal, Capital | #100 | P210,000 | |||
Capital invested by Buddy Bungal vide deposit slip #100 | |||||
3 | Equipment | A998 | P30,000 | ||
Cash | #4801 | P18,000 | |||
Accounts Payable | P12,000 | ||||
Repair equipment purchased partly vide check #4801 and party on account | |||||
8 | Accounts Receivable | P5,000 | |||
Repair Services Revenue | #690 | P5,000 | |||
Services rendered on account vide bill #690 | |||||
10 | Cash | #398765 | P7,040 | ||
Accounts Receivable | P1,760 | ||||
Repair Services Revenue | #691 | P8,800 | |||
Services rendered in cash and on account, vide bill #691 | |||||
12 | Communications Expense | P3,000 | |||
Cash | #4802 | P3,000 | |||
Telephone expense paid vide check #4802 | |||||
13 | Repair Supplies | P2,500 | |||
Cash | #4803 | P2,500 | |||
Repair supplies purchased vide check #4803 | |||||
14 | Cash | #459086 | P5,000 | ||
Accounts Receivable | #690 | P5,000 | |||
Receivables vide bill #690 collected vide deposit slip #459086 | |||||
18 | Accounts Payable | P9,000 | |||
Cash | #4804 | P9,000 | |||
Accounts Payable for bill A998 paid partly vide check #4804 | |||||
20 | Cash | #789190 | P6,000 | ||
Repair Services Revenue | #692 | P6,000 | |||
Repair services vide bill #692 collected in cash vide deposit slip #789190 | |||||
21 | Utilities Expense | P1,500 | |||
Accrued Expense | P1,500 | ||||
Electric bill for the month of May due to be paid |
Working notes:
1. On May 1, capital is contributed, so cash is debited and capital is credited.
2. On May 3, equipment is purchased (so asset is debited), partly in cash (credited) and partly on account (so accounts payable credited).
3. On May 8, services provided on account. So, accounts receivable debited and services revenue credited.
4. On May 10, services rendered partly on cash and partly on account. So, cash and accounts receivable debited and revenue credited.
5. On May 12, expenses debited and cash credited.
6. On May 13, supplies bought (debited) and cash credited.
7. On May 14, previous accounts receivable settled. So, cash received (debited) and accounts receivable account credited.
8. On May 18, previous accounts payable settled. So, accounts payable debited and cash credited.
9. On May 20, services rendered in cash.
10. On May 21, electricity expenses accrued but not paid. So, expenses debited and accrued expenses (liability) credited.
Create a journal entry the following transactions using journal sheets.
Create a journal entry the following transactions using journal sheets.May 1 Buddy Bungal invested P210,000 in Bud’s Computer Repair Shop.2 Purchased repair equipment from Ocean Park for P30,000. Check was issued in the amount of P18,000 with the balance being placed on account.8 Repaired a customer’s computer billing him, for P5,000.10 Repaired a customer’s computer for P8,800 of which 80% was collected with the balance on account.12 Received and paid the telephone bill by issuing check in the amount of...
Create a journal entry the following transactions using journal sheets.May 1 Buddy Bungal invested P210,000 in Bud’s Computer Repair Shop.2 Purchased repair equipment from Ocean Park for P30,000. Check was issued in the amount of P18,000 with the balance being placed on account.8 Repaired a customer’s computer billing him, for P5,000.10 Repaired a customer’s computer for P8,800 of which 80% was collected with the balance on account.12 Received and paid the telephone bill by issuing check in the amount of...
Recording Transactions USING A 2-COLUMN GENERAL JOURNAL, prepare JOURNAL ENTRIES for the following transactions including explanation. Use the following accounts: Cash; Accounts Receivable; Repair Supplies; Equipment; Accounts Payable; Accrued Expense; Buddy Bungal, Capital; Repair Services Revenue; Communications Expense; Utilities Expense. Buddy Bungal invested P210,000 in the business named Bud's Computer Repair Shop. The deposit slip was # 100 May 1 3 Purchased repair equipment from the Ocean Park for P30,000. Check # 4801 was issued in the amount of P18,000...
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