journal entries

Problem: Mr. Panatag opened the Panatag Security Services with the following Chart of Accounts: Cash Accounts Receivable Supplies Prepaid Rent Furniture Car Chart of Accounts Accounts Payable Loans Payable Panatag Drawing Panatag Capital Service Income Salaries Expense Utilities Expense One of the business transactions is: On July 1, Mr. Panatag invested his savings in the business amounting to P895,000, and his old car with market value of P545,000. Comp transaction: Date Account Title Debit Credit July 01 Car 545,000 INSTRUCTIONS